Apollo Global Management

Financials Asset Management & Custody Banks New York City, New York Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$32.0B
                    3y CAGR +43.0%
                    
                    P95
                    
                    +22.7%
                    
                    Net income
                    FY2025
                
$3.5B
                    Net margin +10.9%
                    
                    P18
                    
                    -23.7%
                    
                    Total assets
                    FY2025
                
$460.9B
                    ROA +0.8%
                    
                    P10
                    
                    +22.0%
                    
                    Operating cash flow
                    FY2025
                
$7.2B
                    
                    +122.7%

6 yrs · FY2020–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

14 accounts · 3 years

Total assets $460.9B

Total liabilities $418.4B

Shareholders equity $23.3B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	64.2%	65.5%	54.2%
Total Assets	1438.3%	1447.1%	960.3%
Liabilities
Current Portion of Long Term Debt	41.7%	40.5%	24.8%
Total Current Liabilities	1305.6%	1328.5%	883.0%
Long Term Debt	41.7%	40.5%	24.8%
Total Liabilities	1305.6%	1328.5%	883.0%
Equity
Preferred Stock	4.4%	5.4%	4.3%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	52.9%	58.7%	46.7%
Retained Earnings	23.8%	23.1%	9.1%
Accumulated Other Comprehensive Income	-8.3%	-21.0%	-17.1%
Noncontrolling Interest	59.8%	52.5%	34.3%
Total Stockholders Equity	72.8%	66.1%	43.0%
Total Liabilitiesand Equity	1438.3%	1447.1%	960.3%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $32.0B

Operating income $3.5B

Net income $3.5B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Depreciation and Amortization	4.5%	4.1%	2.5%
Expenses Share Based Compensation	2.5%	2.8%	3.1%
Expenses Operating Expenses	78.9%	72.7%	83.7%
Other Income Expense Operating Income	10.9%	17.5%	15.5%
Other Income Expense Interest Income	4.3%	5.2%	3.5%
Other Income Expense Interest Expense	1.9%	1.8%	0.8%
Other Income Expense Other Income/expense	-1.9%	-0.4%	1.3%
Other Income Expense Income Before Tax	20.8%	28.5%	17.1%
Income Tax Income Tax Expense	4.0%	4.1%	-2.8%
net Income net Income	10.9%	17.5%	15.5%
net Income Comprehensive Income	19.8%	17.8%	20.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.8%	2.2%	1.8%
Earnings Per Share Weighted Average Shares Diluted	1.9%	2.3%	1.8%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $7.2B

Investing cash flow $-64.0B

Financing cash flow $60.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	10.9%	17.5%	15.5%
Operating Activities Depreciation and Amortization	4.5%	4.1%	2.5%
Operating Activities Stock Based Compensation	2.5%	2.8%	3.1%
Operating Activities Deferred Income Taxes	2.0%	-0.4%	-5.8%
Operating Activities Changes In Operating Assets and Liabilities	3.5%	6.0%	14.8%
Operating Activities net Cash From Operating Activities	22.6%	12.5%	19.4%
Investing Activities Business Acquisitions	-0.3%	0.0%	0.0%
Investing Activities Purchases of Investments	1.4%	0.0%	0.0%
Investing Activities Other Investing Activities	5.3%	4.6%	-0.7%
Investing Activities net Cash From Investing Activities	-199.6%	-236.7%	-129.9%
Financing Activities Proceeds From Debt	22.5%	30.4%	15.0%
Financing Activities Repayment of Debt	14.5%	20.1%	11.6%
Financing Activities Repurchase of Common Stock	2.4%	3.4%	1.7%
Financing Activities Dividends Paid	3.7%	4.2%	3.1%
Financing Activities Tax Withholding On Stock Based Compensation	1.8%	1.3%	0.8%
Financing Activities Other Financing Activities	-0.6%	-3.0%	0.8%
Financing Activities net Cash From Financing Activities	187.8%	222.0%	130.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	10.9%	-2.2%	20.1%
Cash Reconciliation Cash At Beginning of Period	64.2%	65.5%	54.2%
Cash Reconciliation Cash At End of Period	64.2%	65.5%	54.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+10.9%	+17.5%	+15.5%
Net margin	+10.9%	+17.5%	+15.5%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+43.0%	+63.7%	+140.3%
Returns
ROE	+15.0%	+26.5%	+35.9%
ROA	+0.8%	+1.2%	+1.6%
ROIC	+9.6%	+18.4%	+40.3%
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	17.93x	20.11x	20.52x
Interest coverage	5.65x	9.66x	18.83x
Efficiency
Asset turnover	0.07x	0.07x	0.10x
Cash conversion cycle	—	—	—

Valuation

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Apollo Global Management

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