Apollo Global Management (APO) Financials

$141.99 +0.88 (+0.62%)

Closing price 03:59 PM Eastern

Extended Trading

$142.04 +0.04 (+0.03%)

As of 07:53 PM Eastern

Annual Income Statements for Apollo Global Management

This table shows Apollo Global Management's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	120	1,802	-1,961	5,001	4,480
Consolidated Net Income / (Loss)	467	4,267	-3,507	6,509	6,373
Net Income / (Loss) Continuing Operations	416	5,019	-3,507	6,509	6,373
Total Pre-Tax Income	553	4,861	-4,246	5,586	7,435
Total Operating Income	908	6,848	-4,943	5,313	7,132
Total Gross Profit	1,265	8,237	9,025	29,922	23,506
Total Revenue	2,354	11,730	10,968	32,644	26,114
Operating Revenue	2,354	11,730	10,968	32,644	26,114
Total Cost of Revenue	1,089	3,493	1,943	2,722	2,608
Operating Cost of Revenue	1,089	3,493	1,943	2,722	2,608
Total Operating Expenses	357	1,389	13,968	24,609	16,374
Selling, General & Admin Expense	357	482	682	872	1,170
Other Operating Expenses / (Income)	0.00	907	13,286	23,737	15,204
Total Other Income / (Expense), net	-406	-1,235	697	273	303
Other Income / (Expense), net	36	-1,235	697	273	303
Income Tax Expense	86	594	-739	-923	1,062
Preferred Stock Dividends Declared	37	37	0.00	46	97
Net Income / (Loss) Attributable to Noncontrolling Interest	310	2,428	-1,546	1,462	1,796
Basic Earnings per Share	$0.44	$7.32	($3.43)	$8.32	$7.39
Weighted Average Basic Shares Outstanding	227.53M	236.57M	584.69M	581.38M	586.07M
Diluted Earnings per Share	$0.44	$7.32	($3.43)	$8.28	$7.33
Weighted Average Diluted Shares Outstanding	227.53M	236.57M	584.69M	588.85M	604.04M
Weighted Average Basic & Diluted Shares Outstanding	-	-	570.65M	568.16M	570.48M
Cash Dividends to Common per Share	$2.31	$2.10	$1.60	$1.69	$1.81

This table shows Apollo Global Management's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	640	1,010	599	660	2,732	1,427	853	787	1,438	442	630
Consolidated Net Income / (Loss)	1,007	1,538	750	640	3,581	1,765	1,177	1,769	1,662	938	842
Net Income / (Loss) Continuing Operations	714	1,790	1,097	808	2,814	1,765	1,177	2,321	358	938	842
Total Pre-Tax Income	1,230	1,791	951	883	1,961	2,187	1,438	2,086	1,724	1,181	845
Total Operating Income	-8,090	775	559	3,386	593	2,149	1,434	2,568	2,330	1,206	1,096
Total Gross Profit	2,130	3,648	12,874	3,606	9,794	6,373	5,414	7,779	5,340	4,803	6,212
Total Revenue	1,194	4,318	13,390	4,163	10,773	7,040	6,018	8,384	6,072	5,548	6,814
Operating Revenue	1,194	4,318	13,390	4,163	10,773	7,040	6,018	8,384	6,072	5,548	6,814
Total Cost of Revenue	-936	670	516	557	979	667	604	605	732	745	602
Operating Cost of Revenue	-936	670	516	557	979	667	604	605	732	745	602
Total Operating Expenses	6,814	2,873	12,315	220	9,201	4,224	3,980	5,211	3,010	3,597	5,116
Selling, General & Admin Expense	358	197	226	220	229	240	319	326	285	308	370
Other Operating Expenses / (Income)	9,862	2,676	12,089	0.00	8,972	3,984	3,661	4,885	2,725	3,289	4,746
Total Other Income / (Expense), net	9,027	1,268	739	-2,335	601	38	4.00	70	-1,910	-25	-251
Interest & Investment Income	-	1,296	691	-2,357	-	25	1.00	-	-	211	4.00
Other Income / (Expense), net	648	32	48	22	171	13	3.00	70	235	-236	-255
Income Tax Expense	223	253	201	243	-1,620	422	261	317	62	243	3.00
Preferred Stock Dividends Declared	-	0.00	0.00	22	24	24	25	24	24	24	25
Net Income / (Loss) Attributable to Noncontrolling Interest	367	528	151	-42	825	338	324	958	176	496	212
Basic Earnings per Share	$1.07	$1.67	$1.00	$1.10	$4.55	$2.31	$1.36	$1.30	$2.42	$0.68	$1.00
Weighted Average Basic Shares Outstanding	584.69M	584.12M	578.98M	578.80M	581.38M	588.12M	587.10M	585.38M	586.07M	587.26M	586.67M
Diluted Earnings per Share	$1.07	$1.66	$1.00	$1.10	$4.52	$2.28	$1.35	$1.29	$2.41	$0.68	$0.99
Weighted Average Diluted Shares Outstanding	584.69M	584.24M	578.98M	578.80M	588.85M	605.38M	590.17M	588.54M	604.04M	592.98M	590.37M
Weighted Average Basic & Diluted Shares Outstanding	570.65M	567.40M	566.81M	567.56M	568.16M	569.00M	569.53M	565.82M	570.48M	571.49M	572.03M

This table details how cash moves in and out of Apollo Global Management's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	2,929	4,156	14,995	12,495	5,379
Net Cash From Operating Activities	-1,616	1,064	3,789	6,322	3,253
Net Cash From Continuing Operating Activities	-1,616	1,064	3,789	6,322	3,253
Net Income / (Loss) Continuing Operations	467	4,267	-3,507	6,509	6,373
Consolidated Net Income / (Loss)	467	4,267	-3,507	6,509	6,373
Depreciation Expense	19	27	529	803	1,075
Amortization Expense	0.00	0.00	285	81	-123
Non-Cash Adjustments To Reconcile Net Income	2,913	-1,555	7,466	6,725	6,567
Changes in Operating Assets and Liabilities, net	-5,015	-1,675	-984	-7,796	-10,639
Net Cash From Investing Activities	-838	-1,552	-23,444	-42,407	-61,801
Net Cash From Continuing Investing Activities	1,245	1,982	-17,489	-36,475	-55,843
Purchase of Investments	-2,658	-5,515	-54,931	-50,718	-91,868
Divestitures	49	0.00	10,420	0.00	0.00
Sale and/or Maturity of Investments	3,906	7,566	40,250	34,984	65,384
Other Investing Activities, net	-52	-69	-13,228	-20,741	-29,359
Net Cash From Financing Activities	3,300	109	28,710	42,638	57,972
Net Cash From Continuing Financing Activities	3,300	1,110	28,710	42,638	57,972
Repayment of Debt	-1,082	-2,155	-12,018	-17,648	-25,166
Repurchase of Preferred Equity	-	0.00	0.00	-575	0.00
Repurchase of Common Equity	-92	-299	-635	-561	-890
Payment of Dividends	-1,442	-1,051	-2,788	-2,872	-2,488
Issuance of Debt	4,300	1,334	5,745	4,912	7,945
Issuance of Preferred Equity	-	0.00	0.00	1,398	0.00
Issuance of Common Equity	843	3,281	4,816	2,863	3,132
Other Financing Activities, net	773	0.00	33,590	55,121	75,439
Effect of Exchange Rate Changes	0.00	-	-15	10	-3.00
Cash Interest Paid	307	556	566	720	805
Cash Income Taxes Paid	37	121	1,007	358	1,048

This table details how cash moves in and out of Apollo Global Management's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-1,138	9,025	-2,697	1,104	5,063	3,021	685	1,302	371	530	809
Net Cash From Operating Activities	1,465	1,071	3,551	-364	2,064	70	1,333	1,854	-4.00	1,012	1,262
Net Cash From Continuing Operating Activities	1,465	1,071	3,551	-364	2,064	70	1,333	1,854	-4.00	1,012	1,262
Net Income / (Loss) Continuing Operations	1,007	1,538	750	640	3,581	1,765	1,177	1,769	1,662	938	842
Consolidated Net Income / (Loss)	1,007	1,538	750	640	3,581	1,765	1,177	1,769	1,662	938	842
Depreciation Expense	153	165	180	241	217	238	260	281	296	308	332
Amortization Expense	51	30	18	22	11	-5.00	-22	-20	-76	-42	-48
Non-Cash Adjustments To Reconcile Net Income	1,150	1,714	951	1,981	2,079	762	3,048	2,195	562	2,072	2,363
Changes in Operating Assets and Liabilities, net	-896	-2,376	1,652	-3,248	-3,824	-2,690	-3,130	-2,371	-2,448	-2,264	-2,227
Net Cash From Investing Activities	-11,273	-5,640	-11,868	-10,211	-14,688	-16,385	-14,700	-14,466	-16,250	-16,888	-19,629
Net Cash From Continuing Investing Activities	-10,285	-3,572	-11,264	-8,750	-12,889	-15,389	-12,282	-12,808	-15,364	-14,759	-18,278
Purchase of Investments	-12,382	-9,498	-14,291	-11,451	-15,478	-20,567	-22,825	-27,808	-20,668	-27,753	-28,579
Sale and/or Maturity of Investments	6,000	8,397	8,941	8,360	9,286	10,597	17,654	21,910	15,223	21,105	20,235
Other Investing Activities, net	-3,903	-2,471	-5,914	-5,659	-6,697	-5,419	-7,111	-6,910	-9,919	-8,111	-9,934
Net Cash From Financing Activities	7,697	11,523	5,014	10,221	15,880	18,342	11,634	12,251	15,745	14,274	17,815
Net Cash From Continuing Financing Activities	7,697	11,523	5,014	10,221	15,880	18,342	11,634	12,251	15,745	14,274	17,815
Repayment of Debt	-5,013	-4,910	-4,674	-4,130	-3,934	-6,052	-9,482	-5,733	-3,899	-6,829	-4,630
Payment of Dividends	-256	-424	-1,142	-581	-725	-588	-661	-498	-741	-512	-1,151
Issuance of Debt	1,994	1,203	1,214	1,404	1,091	2,827	2,825	472	1,821	294	2,338
Issuance of Common Equity	861	617	108	1,041	1,097	1,001	999	476	656	607	584
Other Financing Activities, net	10,283	15,495	9,585	11,665	18,376	21,414	18,028	17,987	18,010	20,907	20,674
Effect of Exchange Rate Changes	-	3.00	2.00	-3.00	8.00	-2.00	-	5.00	-6.00	3.00	10
Cash Interest Paid	134	169	176	188	187	167	180	264	194	321	264
Cash Income Taxes Paid	245	35	99	28	196	338	209	92	409	310	105

This table presents Apollo Global Management's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	30,502	257,217	313,488	377,895
Total Current Assets	1,625	13,111	18,300	17,696
Cash & Equivalents	917	9,924	16,088	16,166
Restricted Cash	708	2,722	1,763	946
Accounts Receivable	-	465	449	584
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00
Total Noncurrent Assets	28,414	245,624	295,348	360,199
Goodwill	117	4,322	4,329	4,327
Other Noncurrent Operating Assets	28,297	241,302	291,019	355,872
Total Liabilities & Shareholders' Equity	30,502	257,217	313,488	377,895
Total Liabilities	18,538	241,819	288,243	346,915
Total Current Liabilities	2,847	2,975	3,338	3,616
Accounts Payable	2,847	2,975	3,338	3,616
Total Noncurrent Liabilities	15,691	238,852	284,905	343,299
Long-Term Debt	5,745	6,522	8,092	10,588
Other Noncurrent Operating Liabilities	9,946	232,330	276,813	332,711
Commitments & Contingencies	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,770	1,032	12	16
Total Equity & Noncontrolling Interests	10,194	14,366	25,233	30,964
Total Preferred & Common Equity	3,789	6,640	14,044	17,253
Preferred Stock	554	0.00	1,398	1,398
Total Common Equity	3,235	6,640	12,646	15,855
Common Stock	2,096	14,982	15,249	15,327
Retained Earnings	1,144	-1,007	2,972	6,022
Accumulated Other Comprehensive Income / (Loss)	-5.00	-7,335	-5,575	-5,494
Noncontrolling Interest	6,405	7,726	11,189	13,711

This table presents Apollo Global Management's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	257,217	270,324	281,984	283,235	313,488	334,051	346,504	368,689	377,895	395,045	419,550
Total Current Assets	13,111	17,308	15,346	15,796	18,300	20,573	19,492	18,606	18,437	16,553	16,271
Cash & Equivalents	9,924	15,099	12,070	13,524	16,088	18,555	17,918	17,067	16,907	13,706	13,785
Restricted Cash	2,722	2,209	2,773	1,764	1,763	1,577	1,095	967	946	2,213	1,723
Accounts Receivable	465	-	503	508	449	441	479	572	584	634	763
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	245,624	252,239	266,697	268,300	295,348	313,894	328,042	350,490	360,199	378,898	403,816
Goodwill	4,322	4,325	4,329	4,324	4,329	4,328	4,328	4,335	4,327	4,331	4,339
Other Noncurrent Operating Assets	241,302	221,150	262,368	263,976	291,019	309,566	323,714	346,155	355,872	374,567	399,477
Total Liabilities & Shareholders' Equity	257,217	270,324	281,984	283,235	313,488	334,051	346,504	368,689	377,895	395,045	419,550
Total Liabilities	241,819	252,590	264,657	265,273	288,243	307,035	318,090	337,148	346,915	362,701	385,689
Total Current Liabilities	2,975	3,189	3,286	3,657	3,338	3,425	3,638	3,908	3,616	3,773	4,079
Accounts Payable	2,975	3,189	3,286	3,657	3,338	3,425	3,638	3,908	3,616	3,773	4,079
Total Noncurrent Liabilities	238,852	249,401	262,263	261,616	284,905	302,785	313,698	333,240	343,299	358,928	381,610
Long-Term Debt	6,522	6,507	6,722	7,037	8,092	9,596	9,815	9,807	10,588	10,581	12,144
Other Noncurrent Operating Liabilities	232,330	242,894	255,541	254,579	276,813	293,189	303,883	323,433	332,711	348,347	369,466
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,032	1,042	285	287	12	13	14	15	16	0.00	0.00
Total Equity & Noncontrolling Interests	14,366	16,692	17,042	17,675	25,233	27,003	28,400	31,526	30,964	32,344	33,861
Total Preferred & Common Equity	6,640	8,074	8,229	8,442	14,044	14,787	15,273	17,863	17,253	17,976	19,321
Preferred Stock	0.00	-	-	1,397	1,398	1,398	1,398	1,398	1,398	1,398	1,398
Total Common Equity	6,640	8,074	8,229	7,045	12,646	13,389	13,875	16,465	15,855	16,578	17,923
Common Stock	14,982	14,408	14,468	14,605	15,249	15,167	15,319	15,073	15,327	15,527	15,697
Retained Earnings	-1,007	-172	153	535	2,972	3,862	4,376	4,865	6,022	5,634	5,919
Accumulated Other Comprehensive Income / (Loss)	-7,335	-6,162	-6,392	-8,095	-5,575	-5,640	-5,820	-3,473	-5,494	-4,583	-3,693
Noncontrolling Interest	7,726	8,618	8,813	9,233	11,189	12,216	13,127	13,663	13,711	14,368	14,540

This table displays calculated financial ratios and metrics derived from Apollo Global Management's official financial filings.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	398.30%	-6.50%	197.63%	-20.00%
EBITDA Growth	0.00%	485.67%	-160.85%	288.52%	29.63%
EBIT Growth	0.00%	494.60%	-175.65%	231.56%	33.10%
NOPAT Growth	0.00%	683.94%	-157.56%	278.92%	-1.25%
Net Income Growth	0.00%	813.70%	-182.19%	285.60%	-2.09%
EPS Growth	0.00%	1,563.64%	-146.86%	341.40%	-11.47%
Operating Cash Flow Growth	0.00%	165.84%	256.11%	66.85%	-48.54%
Free Cash Flow Firm Growth	0.00%	0.00%	114.33%	-3.49%	-302.93%
Invested Capital Growth	0.00%	0.00%	-30.96%	45.09%	56.31%
Revenue Q/Q Growth	0.00%	0.00%	-32.17%	37.60%	-15.63%
EBITDA Q/Q Growth	0.00%	0.00%	-146.68%	495.48%	24.45%
EBIT Q/Q Growth	0.00%	0.00%	-163.04%	323.80%	28.66%
NOPAT Q/Q Growth	0.00%	0.00%	-167.50%	395.26%	-0.37%
Net Income Q/Q Growth	0.00%	0.00%	10.12%	65.41%	-23.14%
EPS Q/Q Growth	0.00%	0.00%	7.30%	71.43%	-22.35%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	202.88%	10.47%	-38.86%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	103.80%	61.55%
Invested Capital Q/Q Growth	0.00%	0.00%	148.38%	47.99%	3.10%
Profitability Metrics	-	-	-	-	-
Gross Margin	53.74%	70.22%	82.28%	91.66%	90.01%
EBITDA Margin	40.91%	48.08%	-31.29%	19.82%	32.12%
Operating Margin	38.57%	58.38%	-45.07%	16.28%	27.31%
EBIT Margin	40.10%	47.85%	-38.71%	17.11%	28.47%
Profit (Net Income) Margin	19.84%	36.38%	-31.97%	19.94%	24.40%
Tax Burden Percent	84.45%	87.78%	82.60%	116.52%	85.72%
Interest Burden Percent	58.58%	86.60%	100.00%	100.00%	100.00%
Effective Tax Rate	15.55%	12.22%	0.00%	-16.52%	14.28%
Return on Invested Capital (ROIC)	0.00%	76.96%	-26.21%	46.85%	30.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-18.43%	-16.41%	42.37%	27.27%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-5.63%	0.57%	-14.82%	-7.82%
Return on Equity (ROE)	0.00%	71.33%	-25.63%	32.03%	22.67%
Cash Return on Invested Capital (CROIC)	0.00%	-123.04%	10.43%	10.06%	-13.45%
Operating Return on Assets (OROA)	0.00%	18.40%	-2.95%	1.96%	2.15%
Return on Assets (ROA)	0.00%	13.99%	-2.44%	2.28%	1.84%
Return on Common Equity (ROCE)	0.00%	19.29%	-9.25%	15.20%	11.49%
Return on Equity Simple (ROE_SIMPLE)	0.00%	112.62%	-52.82%	46.35%	36.94%
Net Operating Profit after Tax (NOPAT)	767	6,011	-3,460	6,191	6,113
NOPAT Margin	32.57%	51.25%	-31.55%	18.96%	23.41%
Net Nonoperating Expense Percent (NNEP)	0.00%	95.39%	-9.80%	4.48%	3.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-16.57%	18.58%	14.71%
Cost of Revenue to Revenue	46.26%	29.78%	17.72%	8.34%	9.99%
SG&A Expenses to Revenue	15.17%	4.11%	6.22%	2.67%	4.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.17%	11.84%	127.35%	75.39%	62.70%
Earnings before Interest and Taxes (EBIT)	944	5,613	-4,246	5,586	7,435
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	963	5,640	-3,432	6,470	8,387
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.28	4.11	5.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	15.13	6.25	8.08
Price to Revenue (P/Rev)	0.00	0.00	3.20	1.59	3.57
Price to Earnings (P/E)	0.00	0.00	0.00	10.39	20.80
Dividend Yield	5.19%	3.08%	2.61%	1.85%	1.10%
Earnings Yield	0.00%	0.00%	0.00%	9.62%	4.81%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	3.50	3.50	4.13
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	3.44	1.68	3.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	8.47	12.05
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	9.81	13.59
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	8.85	16.53
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	9.95	8.67	31.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	27.38	41.24	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.48	0.42	0.32	0.34
Long-Term Debt to Equity	0.00	0.48	0.42	0.32	0.34
Financial Leverage	0.00	0.31	-0.04	-0.35	-0.29
Leverage Ratio	0.00	2.55	10.52	14.04	12.30
Compound Leverage Factor	0.00	2.21	10.52	14.04	12.30
Debt to Total Capital	0.00%	32.44%	29.75%	24.27%	25.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	32.44%	29.75%	24.27%	25.47%
Preferred Equity to Total Capital	0.00%	3.13%	0.00%	4.19%	3.36%
Noncontrolling Interests to Total Capital	0.00%	46.16%	39.95%	33.60%	33.02%
Common Equity to Total Capital	0.00%	18.27%	30.29%	37.93%	38.14%
Debt to EBITDA	0.00	1.02	-1.90	1.25	1.26
Net Debt to EBITDA	0.00	0.73	1.78	-1.51	-0.87
Long-Term Debt to EBITDA	0.00	1.02	-1.90	1.25	1.26
Debt to NOPAT	0.00	0.96	-1.88	1.31	1.73
Net Debt to NOPAT	0.00	0.69	1.77	-1.58	-1.19
Long-Term Debt to NOPAT	0.00	0.96	-1.88	1.31	1.73
Altman Z-Score	0.00	0.00	0.12	0.34	0.36
Noncontrolling Interest Sharing Ratio	0.00%	72.96%	63.91%	52.55%	49.31%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	0.57	4.41	5.48	5.10
Quick Ratio	0.00	0.32	3.49	4.95	4.84
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-9,610	1,377	1,329	-2,697
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-4.24	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-4.24	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.38	0.08	0.11	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	71.43	50.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	1.23	0.67	0.86	0.75
Days Sales Outstanding (DSO)	0.00	0.00	0.00	5.11	7.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	297.50	546.84	423.26	486.62
Cash Conversion Cycle (CCC)	0.00	-297.50	-546.84	-418.15	-479.40
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	15,621	10,784	15,646	24,456
Invested Capital Turnover	0.00	1.50	0.83	2.47	1.30
Increase / (Decrease) in Invested Capital	0.00	15,621	-4,837	4,862	8,810
Enterprise Value (EV)	0.00	0.00	37,698	54,805	101,045
Market Capitalization	0.00	0.00	35,064	51,965	93,185
Book Value per Share	$0.00	$13.67	$11.60	$22.28	$28.02
Tangible Book Value per Share	$0.00	$13.18	$4.05	$14.65	$20.37
Total Capital	0.00	17,709	21,920	33,337	41,568
Total Debt	0.00	5,745	6,522	8,092	10,588
Total Long-Term Debt	0.00	5,745	6,522	8,092	10,588
Net Debt	0.00	4,120	-6,124	-9,759	-7,265
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-2,847	-2,510	-2,889	-3,032
Debt-free Net Working Capital (DFNWC)	0.00	-1,222	10,136	14,962	14,821
Net Working Capital (NWC)	0.00	-1,222	10,136	14,962	14,821
Net Nonoperating Expense (NNE)	300	1,744	47	-318	-260
Net Nonoperating Obligations (NNO)	0.00	3,657	-4,614	-9,599	-6,524
Total Depreciation and Amortization (D&A)	19	27	814	884	952
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-24.27%	-22.88%	-8.85%	-11.61%
Debt-free Net Working Capital to Revenue	0.00%	-10.42%	92.41%	45.83%	56.76%
Net Working Capital to Revenue	0.00%	-10.42%	92.41%	45.83%	56.76%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($5.57)	$8.32	$7.39
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	584.69M	581.38M	586.07M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($5.57)	$8.28	$7.33
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	584.69M	588.85M	604.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	570.65M	568.16M	570.48M
Normalized Net Operating Profit after Tax (NOPAT)	767	6,011	-3,460	3,719	6,113
Normalized NOPAT Margin	32.57%	51.25%	-31.55%	11.39%	23.41%
Pre Tax Income Margin	23.49%	41.44%	-38.71%	17.11%	28.47%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	2.48	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	2.01	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	2.48	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	2.01	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	308.78%	24.63%	-79.50%	44.12%	39.04%
Augmented Payout Ratio	328.48%	31.64%	-97.60%	52.74%	53.00%

This table displays calculated financial ratios and metrics derived from Apollo Global Management's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-81.33%	0.00%	232.51%	-27.56%	802.26%	26.08%	-53.59%	101.39%	-43.64%	-21.19%	13.23%
EBITDA Growth	-304.12%	172.45%	-74.65%	82.36%	113.71%	-19.06%	135.03%	-21.03%	180.75%	-48.39%	-32.84%
EBIT Growth	-310.29%	151.66%	-79.58%	90.92%	110.27%	-28.38%	172.49%	-22.59%	235.73%	-55.13%	-41.48%
NOPAT Growth	-283.48%	160.87%	-78.67%	99.54%	116.35%	-26.76%	202.63%	-11.26%	107.43%	-44.77%	-6.95%
Net Income Growth	64.54%	245.23%	128.78%	175.38%	255.61%	14.76%	56.93%	176.41%	-53.59%	-46.86%	-28.46%
EPS Growth	33.75%	337.14%	135.46%	212.24%	322.43%	37.35%	35.00%	17.27%	-46.68%	-70.18%	-26.67%
Operating Cash Flow Growth	236.53%	126.82%	-10.62%	-115.53%	40.89%	-93.46%	-62.46%	609.34%	-100.19%	1,345.71%	-5.33%
Free Cash Flow Firm Growth	0.00%	98.54%	-202.81%	-229.28%	-111.56%	-381.97%	94.74%	63.92%	-73.69%	76.14%	21.93%
Invested Capital Growth	-30.96%	-162.42%	104.05%	147.43%	45.09%	185.99%	150.81%	124.38%	56.31%	54.69%	47.78%
Revenue Q/Q Growth	-79.22%	133.03%	210.10%	-68.91%	158.78%	-46.12%	14.14%	34.92%	-27.58%	-8.63%	22.82%
EBITDA Q/Q Growth	-459.56%	114.08%	-19.66%	356.02%	-72.98%	-36.09%	133.29%	53.22%	-3.93%	-55.62%	-8.98%
EBIT Q/Q Growth	-516.92%	111.03%	-24.78%	461.45%	-77.58%	-44.48%	186.16%	59.49%	-2.77%	-62.18%	-13.30%
NOPAT Q/Q Growth	-638.52%	111.13%	-33.76%	456.69%	-55.88%	-73.49%	173.70%	63.23%	3.14%	-57.36%	14.02%
Net Income Q/Q Growth	218.61%	52.73%	-51.24%	-14.67%	459.53%	-50.71%	-33.31%	50.30%	-6.05%	-43.56%	-10.23%
EPS Q/Q Growth	209.18%	55.14%	-39.76%	10.00%	310.91%	-49.56%	-40.79%	-4.44%	86.82%	-71.78%	45.59%
Operating Cash Flow Q/Q Growth	-37.50%	-26.89%	231.56%	-110.25%	667.03%	-96.61%	1,804.29%	39.08%	-100.22%	25,400.00%	24.70%
Free Cash Flow Firm Q/Q Growth	-107.59%	1,271.86%	-1,699.63%	85.84%	87.57%	-1,151.74%	70.16%	2.85%	40.17%	-33.05%	-2.39%
Invested Capital Q/Q Growth	148.38%	-291.10%	140.63%	26.26%	47.99%	13.26%	18.50%	12.96%	3.10%	12.09%	13.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	178.39%	84.48%	96.15%	86.62%	90.91%	87.75%	90.28%	92.78%	87.94%	86.57%	91.17%
EBITDA Margin	-606.20%	23.21%	6.01%	88.18%	9.21%	14.90%	30.45%	34.58%	45.87%	22.28%	16.51%
Operating Margin	-677.55%	17.95%	4.17%	81.34%	5.50%	11.09%	26.23%	30.63%	38.37%	21.74%	16.08%
EBIT Margin	-623.28%	18.69%	4.53%	81.86%	7.09%	10.62%	26.62%	31.46%	42.24%	17.48%	12.34%
Profit (Net Income) Margin	84.34%	35.62%	5.60%	15.37%	33.24%	32.42%	18.94%	21.10%	27.37%	16.91%	12.36%
Tax Burden Percent	81.87%	85.87%	78.86%	72.48%	182.61%	80.70%	81.85%	84.80%	96.40%	79.42%	99.65%
Interest Burden Percent	-16.53%	221.93%	156.67%	25.91%	256.68%	378.37%	86.94%	79.08%	67.21%	121.75%	100.48%
Effective Tax Rate	18.13%	14.13%	21.14%	27.52%	-82.61%	19.30%	18.15%	15.20%	3.60%	20.58%	0.36%
Return on Invested Capital (ROIC)	-460.83%	0.00%	0.00%	0.00%	24.83%	0.00%	39.08%	46.89%	48.18%	18.84%	15.66%
ROIC Less NNEP Spread (ROIC-NNEP)	-2,055.45%	0.00%	0.00%	0.00%	-10.32%	0.00%	41.00%	52.26%	55.43%	19.12%	20.54%
Return on Net Nonoperating Assets (RNNOA)	71.89%	0.00%	0.00%	0.00%	3.61%	0.00%	-14.67%	-16.06%	-15.89%	-4.58%	-3.38%
Return on Equity (ROE)	-388.94%	-4.79%	19.19%	37.75%	28.44%	30.11%	24.41%	30.83%	32.29%	14.26%	12.28%
Cash Return on Invested Capital (CROIC)	10.43%	0.00%	-2,609.89%	-330.68%	10.06%	-181.83%	-37.01%	-40.90%	-13.45%	-19.29%	-18.49%
Operating Return on Assets (OROA)	-47.52%	1.12%	0.43%	7.28%	0.81%	1.19%	2.26%	2.99%	3.19%	1.18%	0.82%
Return on Assets (ROA)	6.43%	2.14%	0.54%	1.37%	3.80%	3.64%	1.61%	2.00%	2.07%	1.14%	0.82%
Return on Common Equity (ROCE)	-140.37%	-2.40%	8.97%	10.33%	13.50%	14.44%	11.79%	14.64%	16.37%	7.20%	6.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-11.27%	29.72%	46.61%	0.00%	45.55%	46.90%	46.42%	0.00%	30.85%	0.00%
Net Operating Profit after Tax (NOPAT)	-6,623	666	441	2,454	1,083	487	1,334	2,178	2,246	958	1,092
NOPAT Margin	-554.71%	15.41%	3.29%	58.95%	10.05%	8.95%	21.47%	25.98%	36.99%	17.26%	16.03%
Net Nonoperating Expense Percent (NNEP)	1,594.62%	2.63%	0.28%	-11.14%	35.15%	5.36%	-1.92%	-5.37%	-7.25%	-0.28%	-4.88%
Return On Investment Capital (ROIC_SIMPLE)	-31.71%	-	-	-	3.25%	-	-	-	5.41%	2.23%	2.37%
Cost of Revenue to Revenue	-78.39%	15.52%	3.85%	13.38%	9.09%	12.25%	9.72%	7.22%	12.06%	13.43%	8.83%
SG&A Expenses to Revenue	29.98%	4.56%	1.69%	5.28%	2.13%	4.41%	5.13%	3.89%	4.69%	5.55%	5.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	570.69%	66.54%	91.97%	5.28%	85.41%	76.65%	64.05%	62.15%	49.57%	64.83%	75.08%
Earnings before Interest and Taxes (EBIT)	-7,442	807	607	3,408	764	578	1,654	2,638	2,565	970	841
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-7,238	1,002	805	3,671	992	811	1,892	2,899	2,785	1,236	1,125
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.28	4.34	5.18	7.10	4.11	4.73	4.82	4.32	5.88	4.71	4.52
Price to Tangible Book Value (P/TBV)	15.13	9.34	10.93	18.38	6.25	6.99	7.01	5.86	8.08	6.38	5.97
Price to Revenue (P/Rev)	3.20	2.20	1.68	2.11	1.59	1.87	2.50	2.30	3.57	3.17	3.19
Price to Earnings (P/E)	0.00	0.00	25.28	17.20	10.39	11.68	11.85	12.32	20.80	22.35	24.78
Dividend Yield	2.61%	2.61%	2.17%	1.88%	1.85%	1.54%	1.49%	1.43%	1.10%	1.35%	1.34%
Earnings Yield	0.00%	0.00%	3.96%	5.82%	9.62%	8.56%	8.44%	8.12%	4.81%	4.47%	4.04%
Enterprise Value to Invested Capital (EV/IC)	3.50	0.00	5.21	4.98	3.50	3.75	3.44	3.29	4.13	3.23	3.02
Enterprise Value to Revenue (EV/Rev)	3.44	0.45	1.72	2.22	1.68	1.96	2.70	2.52	3.87	3.60	3.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	8.47	10.33	9.62	11.57	12.05	12.25	14.02
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	9.81	12.07	11.03	13.50	13.59	14.18	16.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	8.85	10.87	10.05	12.71	16.53	16.59	17.93
Enterprise Value to Operating Cash Flow (EV/OCF)	9.95	0.80	5.17	9.21	8.67	12.48	23.28	14.66	31.06	21.11	22.71
Enterprise Value to Free Cash Flow (EV/FCFF)	27.38	0.62	0.00	0.00	41.24	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.37	0.39	0.39	0.32	0.36	0.35	0.31	0.34	0.33	0.36
Long-Term Debt to Equity	0.42	0.37	0.39	0.39	0.32	0.36	0.35	0.31	0.34	0.33	0.36
Financial Leverage	-0.04	-1.75	-8.78	-1.56	-0.35	-1.06	-0.36	-0.31	-0.29	-0.24	-0.16
Leverage Ratio	10.52	13.99	20.79	25.59	14.04	13.51	13.74	13.17	12.30	12.28	12.30
Compound Leverage Factor	-1.74	31.05	32.57	6.63	36.04	51.10	11.95	10.41	8.26	14.95	12.36
Debt to Total Capital	29.75%	26.84%	27.95%	28.15%	24.27%	26.21%	25.67%	23.72%	25.47%	24.65%	26.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.75%	26.84%	27.95%	28.15%	24.27%	26.21%	25.67%	23.72%	25.47%	24.65%	26.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	5.59%	4.19%	3.82%	3.66%	3.38%	3.36%	3.26%	3.04%
Noncontrolling Interests to Total Capital	39.95%	39.85%	37.83%	38.08%	33.60%	33.40%	34.37%	33.08%	33.02%	33.47%	31.61%
Common Equity to Total Capital	30.29%	33.31%	34.22%	28.18%	37.93%	36.57%	36.29%	39.82%	38.14%	38.62%	38.96%
Debt to EBITDA	-1.90	-7.05	-2.04	-4.30	1.25	1.49	1.31	1.46	1.26	1.46	1.82
Net Debt to EBITDA	1.78	40.70	2.47	5.04	-1.51	-1.64	-1.22	-1.22	-0.87	-0.74	-0.50
Long-Term Debt to EBITDA	-1.90	-7.05	-2.04	-4.30	1.25	1.49	1.31	1.46	1.26	1.46	1.82
Debt to NOPAT	-1.88	-5.10	-1.97	-3.36	1.31	1.57	1.36	1.60	1.73	1.98	2.32
Net Debt to NOPAT	1.77	29.44	2.38	3.94	-1.58	-1.73	-1.28	-1.34	-1.19	-1.00	-0.64
Long-Term Debt to NOPAT	-1.88	-5.10	-1.97	-3.36	1.31	1.57	1.36	1.60	1.73	1.98	2.32
Altman Z-Score	0.08	0.21	0.25	0.29	0.29	0.31	0.29	0.30	0.32	0.26	0.25
Noncontrolling Interest Sharing Ratio	63.91%	49.84%	53.28%	72.63%	52.55%	52.04%	51.68%	52.51%	49.31%	49.52%	48.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.41	5.43	4.67	4.32	5.48	6.01	5.36	4.76	5.10	4.39	3.99
Quick Ratio	3.49	4.73	3.83	3.84	4.95	5.55	5.06	4.51	4.84	3.80	3.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,786	13,421	-214,678	-30,409	-3,779	-37,842	-11,293	-10,971	-6,564	-8,733	-8,942
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	223.68	0.00	0.00	0.00	-497.92	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	17.85	0.00	0.00	0.00	0.92	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	17.85	0.00	0.00	0.00	0.92	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.06	0.10	0.09	0.11	0.11	0.09	0.10	0.08	0.07	0.07
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	71.43	0.00	54.44	57.32	50.56	45.81	40.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.67	0.13	0.20	0.24	0.86	0.82	0.81	0.75	0.75	0.75	0.70
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	5.11	0.00	6.70	6.37	7.22	7.97	8.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	546.84	2,721.33	1,785.69	1,512.69	423.26	443.93	450.17	483.58	486.62	489.07	524.72
Cash Conversion Cycle (CCC)	-546.84	-2,721.33	-1,785.69	-1,512.69	-418.15	-443.93	-443.47	-477.21	-479.40	-481.10	-515.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,784	-20,608	8,373	10,572	15,646	17,721	21,000	23,721	24,456	27,412	31,034
Invested Capital Turnover	0.83	-1.12	-0.26	-4.05	2.47	-23.49	1.82	1.81	1.30	1.09	0.98
Increase / (Decrease) in Invested Capital	-4,837	-12,755	215,119	32,863	4,862	38,329	12,627	13,149	8,810	9,691	10,034
Enterprise Value (EV)	37,698	7,105	43,598	52,688	54,805	66,391	72,243	77,990	101,045	88,550	93,652
Market Capitalization	35,064	35,010	42,621	50,022	51,965	63,300	66,902	71,141	93,185	78,122	81,078
Book Value per Share	$11.60	$14.15	$14.50	$12.43	$22.28	$22.77	$24.38	$28.91	$28.02	$29.06	$31.36
Tangible Book Value per Share	$4.05	$6.57	$6.87	$4.80	$14.65	$15.41	$16.78	$21.30	$20.37	$21.47	$23.77
Total Capital	21,920	24,241	24,049	24,999	33,337	36,612	38,229	41,348	41,568	42,925	46,005
Total Debt	6,522	6,507	6,722	7,037	8,092	9,596	9,815	9,807	10,588	10,581	12,144
Total Long-Term Debt	6,522	6,507	6,722	7,037	8,092	9,596	9,815	9,807	10,588	10,581	12,144
Net Debt	-6,124	-37,565	-8,121	-8,251	-9,759	-10,536	-9,198	-8,227	-7,265	-5,338	-3,364
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,510	-3,189	-2,783	-3,149	-2,889	-2,984	-3,159	-3,336	-3,032	-3,139	-3,316
Debt-free Net Working Capital (DFNWC)	10,136	14,119	12,060	12,139	14,962	17,148	15,854	14,698	14,821	12,780	12,192
Net Working Capital (NWC)	10,136	14,119	12,060	12,139	14,962	17,148	15,854	14,698	14,821	12,780	12,192
Net Nonoperating Expense (NNE)	-7,630	-872	-309	1,814	-2,498	-1,278	157	409	584	20	250
Net Nonoperating Obligations (NNO)	-4,614	-38,342	-8,954	-7,390	-9,599	-9,295	-7,414	-7,820	-6,524	-4,932	-2,827
Total Depreciation and Amortization (D&A)	204	195	198	263	228	233	238	261	220	266	284
Debt-free, Cash-free Net Working Capital to Revenue	-22.88%	-20.00%	-11.00%	-13.27%	-8.85%	-8.80%	-11.82%	-10.78%	-11.61%	-12.75%	-13.05%
Debt-free Net Working Capital to Revenue	92.41%	88.55%	47.65%	51.17%	45.83%	50.57%	59.31%	47.49%	56.76%	51.90%	47.97%
Net Working Capital to Revenue	92.41%	88.55%	47.65%	51.17%	45.83%	50.57%	59.31%	47.49%	56.76%	51.90%	47.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.07	$1.67	$1.00	$1.10	$4.55	$2.31	$1.36	$1.30	$2.42	$0.68	$1.00
Adjusted Weighted Average Basic Shares Outstanding	584.69M	584.12M	578.98M	578.80M	581.38M	588.12M	587.10M	585.38M	586.07M	587.26M	586.67M
Adjusted Diluted Earnings per Share	$1.07	$1.66	$1.00	$1.10	$4.52	$2.28	$1.35	$1.29	$2.41	$0.68	$0.99
Adjusted Weighted Average Diluted Shares Outstanding	584.69M	584.24M	578.98M	578.80M	588.85M	605.38M	590.17M	588.54M	604.04M	592.98M	590.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	570.65M	567.40M	566.81M	567.56M	568.16M	569.00M	569.53M	565.82M	570.48M	571.49M	572.03M
Normalized Net Operating Profit after Tax (NOPAT)	-6,623	666	441	2,454	415	487	1,334	2,178	2,246	958	1,092
Normalized NOPAT Margin	-554.71%	15.41%	3.29%	58.95%	3.85%	8.95%	21.47%	25.98%	36.99%	17.26%	16.03%
Pre Tax Income Margin	103.02%	41.48%	7.10%	21.21%	18.20%	40.17%	23.14%	24.88%	28.39%	21.29%	12.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	13.45	0.00	0.00	0.00	7.61	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	11.09	0.00	0.00	0.00	6.41	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	13.45	0.00	0.00	0.00	7.61	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	11.09	0.00	0.00	0.00	6.41	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-79.50%	-258.24%	88.84%	61.07%	44.12%	45.07%	35.67%	29.81%	39.04%	43.49%	55.69%
Augmented Payout Ratio	-97.60%	-353.52%	118.81%	79.03%	52.74%	50.46%	40.71%	39.63%	53.00%	58.33%	70.04%

Key Financial Trends

Apollo Global Management (NYSE: APO) displays a dynamic financial performance over the last four years through its quarterly data, with several key trends worth noting:

Consistent Net Income: Apollo's net income attributable to common shareholders has generally grown, with Q1 2025 at $442 million compared to $1.01 billion in Q1 2023, showing profitability amidst fluctuations.
Increasing Operating Revenues over time: Operating revenues rose notably from about $4.3 billion in Q1 2023 to approximately $5.5 billion in Q1 2025, reflecting revenue growth potential.
Stable Earnings per Share (EPS): The diluted EPS in Q1 2025 stood at $0.68, with historically higher quarterly EPS values in 2023 and 2024, indicating relatively steady shareholder returns despite market variability.
Positive Operating Cash Flow in Recent Quarters: Apollo generated $1.01 billion in net cash from operating activities in Q1 2025 after recovering from an operating cash flow deficit at the end of 2024, signaling improving core cash generation.
Controlled Dividend Payments: Quarterly dividends per common share have increased moderately from $0.40 in early 2023 to $0.46 in 2025, illustrating management's confidence in distributing capital to shareholders.
Significant Non-Cash Adjustments and Operating Expenses: The company reported large other operating expenses, such as $3.29 billion in Q1 2025, which requires monitoring for sustainability and impact on profitability.
Heavy Investment Activity: Large amounts of purchase and sale of investments indicate active capital management, with purchase outpacing sales in recent quarters, which could affect liquidity and returns depending on market performance.
Stable Long-Term Debt Levels: Long-term debt ranged roughly between $6 billion and $11 billion quarterly over four years, suggesting manageable leverage but warrants watching amid rising interest rates.
High Noncurrent Operating Liabilities: The "Other Noncurrent Operating Liabilities" category increased from $232 billion in end-2022 to about $348 billion by Q1 2025, indicating substantial obligations that could pressure future cash flows.
Decreasing Cash & Equivalents: Cash and cash equivalents peaked near $18.5 billion in early 2024 but declined to around $13.7 billion by Q1 2025, reflecting increased capital deployment or cash outflows that may stress liquidity if not balanced by incoming cash flows.

Summary: Apollo Global Management has demonstrated solid revenue growth and profitability recovery in recent quarters, supported by improving operating cash flows and consistent dividend increases. However, investors should be mindful of rising operating expenses and liabilities, as well as active investment and financing activities that could impact liquidity and risk profile. Overall, Apollo appears well-positioned but with some financial risks that merit monitoring in upcoming reports.

08/08/25 10:38 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Apollo Global Management's Financials

When does Apollo Global Management's financial year end?

According to the most recent income statement we have on file, Apollo Global Management's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Apollo Global Management's net income changed over the last 4 years?

Apollo Global Management's net income appears to be on an upward trend, with a most recent value of $6.37 billion in 2024, rising from $467 million in 2020. The previous period was $6.51 billion in 2023. See where experts think Apollo Global Management is headed by visiting Apollo Global Management's forecast page.

What is Apollo Global Management's operating income?

Apollo Global Management's total operating income in 2024 was $7.13 billion, based on the following breakdown:

Total Gross Profit: $23.51 billion
Total Operating Expenses: $16.37 billion

How has Apollo Global Management's revenue changed over the last 4 years?

Over the last 4 years, Apollo Global Management's total revenue changed from $2.35 billion in 2020 to $26.11 billion in 2024, a change of 1,009.3%.

How much debt does Apollo Global Management have?

Apollo Global Management's total liabilities were at $346.92 billion at the end of 2024, a 20.4% increase from 2023, and a 1,771.4% increase since 2021.

How much cash does Apollo Global Management have?

In the past 3 years, Apollo Global Management's cash and equivalents has ranged from $917 million in 2021 to $16.17 billion in 2024, and is currently $16.17 billion as of their latest financial filing in 2024.

How has Apollo Global Management's book value per share changed over the last 4 years?

Over the last 4 years, Apollo Global Management's book value per share changed from 0.00 in 2020 to 28.02 in 2024, a change of 2,802.2%.

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This page (NYSE:APO) was last updated on 8/8/2025 by MarketBeat.com Staff

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Apollo Global Management (APO) Financials

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Apollo Global Management (APO) Financials

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