Apollo Global Management
APO · NYSEInvestment Advice · Fiscal year ends Dec 31
Apollo Global Management reported revenue of $32B in the fiscal year ended Dec 2025, up 22.7% from the year before. Net income was $3.5B. It held more cash than debt (net cash $7.2B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6B | $11B | $32.6B | $26.1B | $32B |
| Interest expense | $138M | $222M | $268M | $474M | $618M |
| Pre-tax income | $4.9B | −$4.2B | $5.6B | $7.4B | $6.7B |
| Income tax | $594M | −$739M | −$923M | $1.1B | $1.3B |
| Net income | $1.8B | −$2B | $5B | $4.6B | $3.5B |
| Diluted EPS | 7.32 | −3.43 | 8.28 | 7.33 | 5.54 |
| Diluted shares | 237M | 585M | 589M | 604M | 594M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $917M | $9B | $17.7B | $17.1B | $20.6B |
| Goodwill | $117M | $4.3B | $4.3B | $4.3B | $5.9B |
| Total assets | $30.5B | $257B | $313B | $378B | $461B |
| Long-term debt | $3.1B | $6.5B | $8.1B | $10.6B | $13.4B |
| Total liabilities | $18.5B | $242B | $288B | $347B | $418B |
| Shareholders' equity | $3.8B | $6.6B | $14B | $17.3B | $23.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $3.8B | $6.3B | $3.3B | $7.2B |
| Depreciation & amortisation | $27M | $529M | $803M | $1.1B | $1.4B |
| Stock-based compensation | $1.2B | $540M | $1B | $721M | $789M |
| Acquisitions | – | – | $0 | $0 | −$99M |
| Share buybacks | $299M | $635M | $561M | $890M | $773M |
| Dividends paid | $517M | $962M | $1B | $1.1B | $1.2B |
| Dividend per share | 2.10 | 1.60 | 1.69 | 1.81 | 1.99 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 84.3% | 197.6% | −20.0% | 22.7% |
| EPS growth (YoY) | – | −146.9% | – | −11.5% | −24.4% |
| Net margin | 30.9% | −17.9% | 15.5% | 17.5% | 10.9% |
| Return on equityBlank when equity is negative | 48.5% | −29.5% | 35.9% | 26.5% | 15.0% |
| Cash conversion (CFO ÷ net income) | 0.58x | −1.93x | 1.25x | 0.71x | 2.08x |
| Debt ÷ equity | 0.83x | 0.97x | 0.58x | 0.61x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.2B | −$2.5B | −$9.6B | −$6.5B | −$7.2B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.