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Apollo Global Management (APO) Financials

Apollo Global Management logo
$128.50 -0.01 (-0.01%)
Closing price 05/22/2026 03:59 PM Eastern
Extended Trading
$128.64 +0.14 (+0.11%)
As of 05/22/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Apollo Global Management

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 120 1,802 -1,961 5,001 4,480 3,395
Consolidated Net Income / (Loss)		 467 4,267 -3,507 6,509 6,373 5,401
Net Income / (Loss) Continuing Operations		 416 5,019 -3,507 6,509 6,373 5,401
Total Pre-Tax Income 		553 4,861 -4,246 5,586 7,435 6,677
Total Operating Income		 908 6,848 -4,943 5,313 7,132 6,760
Total Gross Profit		 1,265 8,237 9,025 29,922 23,506 29,056
Total Revenue		 2,354 11,730 10,968 32,644 26,114 32,049
Operating Revenue		 2,354 11,730 10,968 32,644 26,114 32,049
Total Cost of Revenue		 1,089 3,493 1,943 2,722 2,608 2,993
Operating Cost of Revenue		 1,089 3,493 1,943 2,722 2,608 2,993
Total Operating Expenses		 357 1,389 13,968 24,609 16,374 22,296
Selling, General & Admin Expense		 357 482 682 2,709 3,306 3,824
Other Operating Expenses / (Income)		 0.00 907 13,286 21,900 13,068 18,472
Total Other Income / (Expense), net		 -406 -1,235 697 273 303 -83
Other Income / (Expense), net		 36 -1,235 697 273 303 -83
Income Tax Expense		 86 594 -739 -923 1,062 1,276
Preferred Stock Dividends Declared		 37 37 0.00 46 97 97
Net Income / (Loss) Attributable to Noncontrolling Interest		 310 2,428 -1,546 1,462 1,796 1,909
Basic Earnings per Share		 $0.44 $7.32 ($3.43) $8.32 $7.39 $5.58
Weighted Average Basic Shares Outstanding		 227.53M 236.57M 584.69M 581.38M 586.07M 589.45M
Diluted Earnings per Share		 $0.44 $7.32 ($3.43) $8.28 $7.33 $5.54
Weighted Average Diluted Shares Outstanding		 227.53M 236.57M 584.69M 588.85M 604.04M 593.66M
Weighted Average Basic & Diluted Shares Outstanding		 - - 570.65M 568.16M 570.48M 578.25M
Cash Dividends to Common per Share		 $2.31 $2.10 $1.60 $1.69 $1.81 $1.99

Quarterly Income Statements for Apollo Global Management

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 660 2,732 1,427 853 811 1,438 442 630 1,736 587 -1,906
Consolidated Net Income / (Loss)		 640 3,581 1,765 1,177 1,769 1,662 938 842 2,461 1,160 -1,411
Net Income / (Loss) Continuing Operations		 808 2,814 1,765 1,177 1,769 358 938 842 2,461 1,160 -1,411
Total Pre-Tax Income 		883 1,961 2,187 1,438 2,086 1,724 1,181 845 2,899 1,752 283
Total Operating Income		 3,386 593 2,149 1,434 1,957 2,330 1,206 1,096 2,753 1,705 380
Total Gross Profit		 3,606 9,794 6,373 5,414 7,168 5,340 4,803 6,212 9,062 8,979 4,348
Total Revenue		 4,163 10,773 7,040 6,018 7,773 6,072 5,548 6,814 9,823 9,864 5,059
Operating Revenue		 4,163 10,773 7,040 6,018 7,773 6,072 5,548 6,814 9,823 9,864 5,059
Total Cost of Revenue		 557 979 667 604 605 732 745 602 761 885 711
Operating Cost of Revenue		 557 979 667 604 605 732 745 602 761 885 711
Total Operating Expenses		 220 9,201 4,224 3,980 5,211 3,010 3,597 5,116 6,309 7,274 3,968
Selling, General & Admin Expense		 220 229 240 319 996 285 850 370 982 2,164 1,065
Other Operating Expenses / (Income)		 0.00 8,972 3,984 3,661 4,215 2,725 2,747 4,746 5,327 5,110 2,903
Total Other Income / (Expense), net		 -2,335 601 38 4.00 129 -1,910 -25 -251 146 47 -97
Interest & Investment Income		 -2,357 - 25 1.00 44 - 211 4.00 35 - -15
Other Income / (Expense), net		 22 171 13 3.00 85 235 -236 -255 111 297 -82
Income Tax Expense		 243 -1,620 422 261 317 62 243 3.00 438 592 1,694
Preferred Stock Dividends Declared		 22 24 24 25 24 24 24 25 24 24 24
Net Income / (Loss) Attributable to Noncontrolling Interest		 -42 825 338 324 958 176 496 212 725 476 495
Basic Earnings per Share		 $1.10 $4.55 $2.31 $1.36 $1.30 $2.42 $0.68 $1.00 $2.82 $1.08 ($3.27)
Weighted Average Basic Shares Outstanding		 578.80M 581.38M 588.12M 587.10M 585.38M 586.07M 587.26M 586.67M 589.38M 589.45M 594.85M
Diluted Earnings per Share		 $1.10 $4.52 $2.28 $1.35 $1.29 $2.41 $0.68 $0.99 $2.78 $1.09 ($3.27)
Weighted Average Diluted Shares Outstanding		 578.80M 588.85M 605.38M 590.17M 588.54M 604.04M 592.98M 590.37M 607.82M 593.66M 594.85M
Weighted Average Basic & Diluted Shares Outstanding		 567.56M 568.16M 569.00M 569.53M 565.82M 570.48M 571.49M 572.03M 580.42M 578.25M 576.52M
Cash Dividends to Common per Share		 $0.43 - $0.43 - - - $0.46 - - - $0.51

Annual Cash Flow Statements for Apollo Global Management

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 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 2,929 4,156 14,995 6,563 -579 3,479
Net Cash From Operating Activities		 -1,616 1,064 3,789 6,322 3,253 7,246
Net Cash From Continuing Operating Activities		 -1,616 1,064 3,789 6,322 3,253 7,246
Net Income / (Loss) Continuing Operations		 467 4,267 -3,507 6,509 6,373 5,401
Consolidated Net Income / (Loss)		 467 4,267 -3,507 6,509 6,373 5,401
Depreciation Expense		 19 27 529 803 1,075 1,431
Amortization Expense		 0.00 0.00 285 81 -123 -202
Non-Cash Adjustments To Reconcile Net Income		 2,913 -1,555 7,466 6,725 6,567 10,860
Changes in Operating Assets and Liabilities, net		 -5,015 -1,675 -984 -7,796 -10,639 -10,244
Net Cash From Investing Activities		 -838 -1,552 -23,444 -42,407 -61,801 -63,972
Net Cash From Continuing Investing Activities		 1,245 1,982 -17,489 -42,407 -61,801 -63,972
Acquisitions		 - - - 0.00 0.00 99
Purchase of Investments		 -2,658 -5,515 -54,931 -50,718 -91,868 -113,579
Sale and/or Maturity of Investments		 3,906 7,566 40,250 29,052 59,426 92,605
Other Investing Activities, net		 -52 -69 -13,228 -20,741 -29,359 -43,097
Net Cash From Financing Activities		 3,300 109 28,710 42,638 57,972 60,200
Net Cash From Continuing Financing Activities		 3,300 1,110 28,710 42,638 57,972 60,200
Repayment of Debt		 -1,082 -2,155 -12,018 -17,648 -25,166 -27,479
Repurchase of Preferred Equity		 - 0.00 0.00 -575 0.00 0.00
Repurchase of Common Equity		 -92 -299 -635 -561 -890 -773
Payment of Dividends		 -1,442 -1,051 -2,788 -2,872 -2,488 -3,223
Issuance of Debt		 4,300 1,334 5,745 4,912 7,945 7,218
Issuance of Preferred Equity		 - 0.00 0.00 1,398 0.00 0.00
Issuance of Common Equity		 843 3,281 4,816 2,863 3,132 2,934
Other Financing Activities, net		 773 0.00 33,590 55,121 75,439 81,523
Effect of Exchange Rate Changes		 0.00 - -15 10 -3.00 5.00
Cash Interest Paid		 307 556 566 720 805 994
Cash Income Taxes Paid		 37 121 1,007 358 1,048 590

Quarterly Cash Flow Statements for Apollo Global Management

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1,104 5,063 3,021 685 1,302 371 -1,599 809 8,145 -6,005 3,157
Net Cash From Operating Activities		 -364 2,064 70 1,333 1,854 -4.00 1,012 1,262 303 4,669 1,620
Net Cash From Continuing Operating Activities		 -364 2,064 70 1,333 1,854 -4.00 1,012 1,262 303 4,669 1,620
Net Income / (Loss) Continuing Operations		 640 3,581 1,765 1,177 1,769 1,662 938 842 2,461 1,160 -1,411
Consolidated Net Income / (Loss)		 640 3,581 1,765 1,177 1,769 1,662 938 842 2,461 1,160 -1,411
Depreciation Expense		 241 217 238 260 281 296 308 332 400 391 397
Amortization Expense		 22 11 -5.00 -22 -20 -76 -42 -48 -45 -67 -65
Non-Cash Adjustments To Reconcile Net Income		 1,981 2,079 762 3,048 2,195 562 2,072 2,363 914 5,511 4,760
Changes in Operating Assets and Liabilities, net		 -3,248 -3,824 -2,690 -3,130 -2,371 -2,448 -2,264 -2,227 -3,427 -2,326 -2,061
Net Cash From Investing Activities		 -10,211 -14,688 -16,385 -14,700 -14,466 -16,250 -16,888 -19,629 -13,237 -14,218 -8,334
Net Cash From Continuing Investing Activities		 -8,750 -12,889 -15,389 -12,282 -12,808 -15,364 -16,888 -18,278 -11,322 -19,613 -8,334
Purchase of Investments		 -11,451 -15,478 -20,567 -22,825 -27,808 -20,668 -27,753 -28,579 -28,502 -28,745 -24,561
Sale and/or Maturity of Investments		 8,360 9,286 10,597 17,654 21,910 15,223 18,976 20,235 25,424 25,841 22,587
Other Investing Activities, net		 -5,659 -6,697 -5,419 -7,111 -6,910 -9,919 -8,111 -9,934 -8,343 -16,709 -6,360
Net Cash From Financing Activities		 10,221 15,880 18,342 11,634 12,251 15,745 14,274 17,815 19,164 8,947 9,872
Net Cash From Continuing Financing Activities		 10,221 15,880 18,342 11,634 12,251 15,745 14,274 17,815 19,164 8,947 9,872
Repayment of Debt		 -4,130 -3,934 -6,052 -9,482 -5,733 -3,899 -6,829 -4,630 -8,059 -7,961 -9,458
Repurchase of Common Equity		 - -26 -260 -75 -453 -102 -193 - -340 -240 -632
Payment of Dividends		 -581 -725 -588 -661 -498 -741 -512 -1,151 -615 -945 -1,227
Issuance of Debt		 1,404 1,091 2,827 2,825 472 1,821 294 2,338 2,070 2,516 3,146
Issuance of Common Equity		 1,041 1,097 1,001 999 476 656 607 584 1,006 737 947
Other Financing Activities, net		 11,665 18,376 21,414 18,028 17,987 18,010 20,907 20,674 25,102 14,840 17,096
Effect of Exchange Rate Changes		 -3.00 8.00 -2.00 - 5.00 -6.00 3.00 10 - -8.00 -1.00
Cash Interest Paid		 188 187 167 180 264 194 321 264 219 190 220
Cash Income Taxes Paid		 28 196 338 209 92 409 310 105 112 63 -157

Annual Balance Sheets for Apollo Global Management

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 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 30,502 257,217 313,488 377,895 460,949
Total Current Assets		 1,625 13,111 18,300 19,021 21,917
Cash & Equivalents		 917 9,924 16,088 16,907 19,240
Restricted Cash		 708 2,722 1,763 946 1,351
Accounts Receivable		 - 465 449 1,168 1,326
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 28,414 245,624 295,348 363,005 443,204
Goodwill		 117 4,322 4,329 4,327 5,920
Other Noncurrent Operating Assets		 28,297 241,302 291,019 358,678 437,284
Total Liabilities & Shareholders' Equity		 30,502 257,217 313,488 377,895 460,949
Total Liabilities		 18,538 241,819 288,243 346,915 418,434
Total Current Liabilities		 2,847 2,975 3,338 4,979 5,810
Accounts Payable		 2,847 2,975 3,338 4,979 5,810
Total Noncurrent Liabilities		 15,691 238,852 284,905 341,936 412,624
Long-Term Debt		 5,745 6,522 8,092 10,588 13,364
Other Noncurrent Operating Liabilities		 9,946 232,330 276,813 331,348 399,260
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 1,770 1,032 12 16 0.00
Total Equity & Noncontrolling Interests		 10,194 14,366 25,233 30,964 42,515
Total Preferred & Common Equity		 3,789 6,640 14,044 17,253 23,341
Preferred Stock		 554 0.00 1,398 1,398 1,398
Total Common Equity		 3,235 6,640 12,646 15,855 21,943
Common Stock		 2,096 14,982 15,249 15,327 16,954
Retained Earnings		 1,144 -1,007 2,972 6,022 7,634
Accumulated Other Comprehensive Income / (Loss)		 -5.00 -7,335 -5,575 -5,494 -2,645
Noncontrolling Interest		 6,405 7,726 11,189 13,711 19,174

Quarterly Balance Sheets for Apollo Global Management

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 281,984 283,235 313,488 334,051 346,504 368,689 377,895 395,045 419,550 449,543 467,530
Total Current Assets		 15,346 15,796 18,300 20,573 19,492 18,606 18,437 16,553 16,271 24,449 26,619
Cash & Equivalents		 12,070 13,524 16,088 18,555 17,918 17,067 16,907 13,706 13,785 19,879 23,719
Restricted Cash		 2,773 1,764 1,763 1,577 1,095 967 946 2,213 1,723 2,786 1,178
Accounts Receivable		 503 508 449 441 479 572 584 634 763 1,784 1,722
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		 266,697 268,300 295,348 313,894 328,042 350,490 360,199 378,898 403,816 432,096 446,222
Goodwill		 4,329 4,324 4,329 4,328 4,328 4,335 4,327 4,331 4,339 5,900 5,912
Other Noncurrent Operating Assets		 262,368 263,976 291,019 309,566 323,714 346,155 355,872 374,567 399,477 426,196 440,310
Total Liabilities & Shareholders' Equity		 281,984 283,235 313,488 334,051 346,504 368,689 377,895 395,045 419,550 449,543 467,530
Total Liabilities		 264,657 265,273 288,243 307,035 318,090 337,148 346,915 362,701 385,689 409,746 427,997
Total Current Liabilities		 3,286 3,657 3,338 3,425 3,638 3,908 3,616 3,773 4,079 7,430 6,787
Accounts Payable		 3,286 3,657 3,338 3,425 3,638 3,908 3,616 3,773 4,079 7,430 6,787
Total Noncurrent Liabilities		 262,263 261,616 284,905 302,785 313,698 333,240 343,299 358,928 381,610 402,316 421,210
Long-Term Debt		 6,722 7,037 8,092 9,596 9,815 9,807 10,588 10,581 12,144 12,631 14,220
Other Noncurrent Operating Liabilities		 255,541 254,579 276,813 293,189 303,883 323,433 332,711 348,347 369,466 389,685 406,990
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		 285 287 12 13 14 15 16 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 17,042 17,675 25,233 27,003 28,400 31,526 30,964 32,344 33,861 39,797 39,533
Total Preferred & Common Equity		 8,229 8,442 14,044 14,787 15,273 17,863 17,253 17,976 19,321 23,137 19,951
Preferred Stock		 - 1,397 1,398 1,398 1,398 1,398 1,398 1,398 1,398 1,398 1,398
Total Common Equity		 8,229 7,045 12,646 13,389 13,875 16,465 15,855 16,578 17,923 21,739 18,553
Common Stock		 14,468 14,605 15,249 15,167 15,319 15,073 15,327 15,527 15,697 16,925 16,540
Retained Earnings		 153 535 2,972 3,862 4,376 4,865 6,022 5,634 5,919 7,306 5,157
Accumulated Other Comprehensive Income / (Loss)		 -6,392 -8,095 -5,575 -5,640 -5,820 -3,473 -5,494 -4,583 -3,693 -2,492 -3,144
Noncontrolling Interest		 8,813 9,233 11,189 12,216 13,127 13,663 13,711 14,368 14,540 16,660 19,582

Annual Metrics And Ratios for Apollo Global Management

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 398.30% -6.50% 197.63% -20.00% 22.73%
EBITDA Growth		 0.00% 485.67% -160.85% 288.52% 29.63% -5.74%
EBIT Growth		 0.00% 494.60% -175.65% 231.56% 33.10% -10.20%
NOPAT Growth		 0.00% 683.94% -157.56% 278.92% -1.25% -10.55%
Net Income Growth		 0.00% 813.70% -182.19% 285.60% -2.09% -15.25%
EPS Growth		 0.00% 1,563.64% -146.86% 341.40% -11.47% -24.42%
Operating Cash Flow Growth		 0.00% 165.84% 256.11% 66.85% -48.54% 122.75%
Free Cash Flow Firm Growth		 0.00% 0.00% 114.33% -3.49% -302.93% -0.97%
Invested Capital Growth		 0.00% 0.00% -30.96% 45.09% 56.31% 41.71%
Revenue Q/Q Growth		 0.00% 0.00% -32.17% 37.60% -15.63% 16.68%
EBITDA Q/Q Growth		 0.00% 0.00% -146.68% 495.48% 24.45% 4.11%
EBIT Q/Q Growth		 0.00% 0.00% -163.04% 323.80% 28.66% 3.22%
NOPAT Q/Q Growth		 0.00% 0.00% -167.50% 395.26% -0.37% -7.34%
Net Income Q/Q Growth		 0.00% 0.00% 10.12% 65.41% -23.14% -8.50%
EPS Q/Q Growth		 0.00% 0.00% 7.30% 71.43% -22.35% -19.24%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 202.88% 10.47% -38.86% 181.62%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 103.80% 61.55% 13.96%
Invested Capital Q/Q Growth		 0.00% 0.00% 148.38% 47.99% 3.10% 7.33%
Profitability Metrics		 - - - - - -
Gross Margin		 53.74% 70.22% 82.28% 91.66% 90.01% 90.66%
EBITDA Margin		 40.91% 48.08% -31.29% 19.82% 32.12% 24.67%
Operating Margin		 38.57% 58.38% -45.07% 16.28% 27.31% 21.09%
EBIT Margin		 40.10% 47.85% -38.71% 17.11% 28.47% 20.83%
Profit (Net Income) Margin		 19.84% 36.38% -31.97% 19.94% 24.40% 16.85%
Tax Burden Percent		 84.45% 87.78% 82.60% 116.52% 85.72% 80.89%
Interest Burden Percent		 58.58% 86.60% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 15.55% 12.22% 0.00% -16.52% 14.28% 19.11%
Return on Invested Capital (ROIC)		 0.00% 76.96% -26.21% 46.85% 30.49% 16.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -18.43% -16.41% 42.37% 27.27% 18.42%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -5.63% 0.57% -14.82% -7.82% -1.55%
Return on Equity (ROE)		 0.00% 71.33% -25.63% 32.03% 22.67% 14.70%
Cash Return on Invested Capital (CROIC)		 0.00% -123.04% 10.43% 10.06% -13.45% -18.26%
Operating Return on Assets (OROA)		 0.00% 18.40% -2.95% 1.96% 2.15% 1.59%
Return on Assets (ROA)		 0.00% 13.99% -2.44% 2.28% 1.84% 1.29%
Return on Common Equity (ROCE)		 0.00% 19.29% -9.25% 15.20% 11.49% 7.56%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 112.62% -52.82% 46.35% 36.94% 0.00%
Net Operating Profit after Tax (NOPAT)		 767 6,011 -3,460 6,191 6,113 5,468
NOPAT Margin		 32.57% 51.25% -31.55% 18.96% 23.41% 17.06%
Net Nonoperating Expense Percent (NNEP)		 0.00% 95.39% -9.80% 4.48% 3.22% -2.17%
Return On Investment Capital (ROIC_SIMPLE)		 - - -16.57% 18.58% 14.71% 9.79%
Cost of Revenue to Revenue		 46.26% 29.78% 17.72% 8.34% 9.99% 9.34%
SG&A Expenses to Revenue		 15.17% 4.11% 6.22% 2.67% 4.48% 11.93%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 15.17% 11.84% 127.35% 75.39% 62.70% 69.57%
Earnings before Interest and Taxes (EBIT)		 944 5,613 -4,246 5,586 7,435 6,677
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 963 5,640 -3,432 6,470 8,387 7,906
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 5.28 4.11 5.88 3.81
Price to Tangible Book Value (P/TBV)		 0.00 0.00 15.13 6.25 8.08 5.22
Price to Revenue (P/Rev)		 0.00 0.00 3.20 1.59 3.57 2.61
Price to Earnings (P/E)		 0.00 0.00 0.00 10.39 20.80 24.65
Dividend Yield		 5.19% 3.08% 2.61% 1.85% 1.10% 1.38%
Earnings Yield		 0.00% 0.00% 0.00% 9.62% 4.81% 4.06%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 3.50 3.50 4.13 2.44
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 3.44 1.68 3.87 3.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 8.47 12.05 12.16
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 9.81 13.59 14.40
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 8.85 16.53 17.58
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 9.95 8.67 31.06 13.27
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 27.38 41.24 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.48 0.42 0.32 0.34 0.31
Long-Term Debt to Equity		 0.00 0.48 0.42 0.32 0.34 0.31
Financial Leverage		 0.00 0.31 -0.04 -0.35 -0.29 -0.08
Leverage Ratio		 0.00 2.55 10.52 14.04 12.30 11.41
Compound Leverage Factor		 0.00 2.21 10.52 14.04 12.30 11.41
Debt to Total Capital		 0.00% 32.44% 29.75% 24.27% 25.47% 23.92%
Short-Term Debt to Total Capital		 0.00% 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% 23.92%
Preferred Equity to Total Capital		 0.00% 3.13% 0.00% 4.19% 3.36% 2.50%
Noncontrolling Interests to Total Capital		 0.00% 46.16% 39.95% 33.60% 33.02% 34.31%
Common Equity to Total Capital		 0.00% 18.27% 30.29% 37.93% 38.14% 39.27%
Debt to EBITDA		 0.00 1.02 -1.90 1.25 1.26 1.69
Net Debt to EBITDA		 0.00 0.73 1.78 -1.51 -0.87 -1.03
Long-Term Debt to EBITDA		 0.00 1.02 -1.90 1.25 1.26 1.69
Debt to NOPAT		 0.00 0.96 -1.88 1.31 1.73 2.44
Net Debt to NOPAT		 0.00 0.69 1.77 -1.58 -1.19 -1.49
Long-Term Debt to NOPAT		 0.00 0.96 -1.88 1.31 1.73 2.44
Altman Z-Score		 0.00 0.00 0.12 0.34 0.36 0.30
Noncontrolling Interest Sharing Ratio		 0.00% 72.96% 63.91% 52.55% 49.31% 48.57%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 0.57 4.41 5.48 5.10 3.93
Quick Ratio		 0.00 0.32 3.49 4.95 4.84 3.69
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -9,610 1,377 1,329 -2,697 -6,146
Operating Cash Flow to CapEx		 0.00% 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 0.00
Operating Cash Flow to Interest Expense		 -4.24 0.00 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 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.38 0.08 0.11 0.08 0.08
Accounts Receivable Turnover		 0.00 0.00 0.00 71.43 50.56 25.70
Inventory Turnover		 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
Accounts Payable Turnover		 0.00 1.23 0.67 0.86 0.75 0.55
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 5.11 7.22 14.20
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 297.50 546.84 423.26 486.62 657.87
Cash Conversion Cycle (CCC)		 0.00 -297.50 -546.84 -418.15 -479.40 -643.66
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 15,621 10,784 15,646 24,456 39,460
Invested Capital Turnover		 0.00 1.50 0.83 2.47 1.30 0.95
Increase / (Decrease) in Invested Capital		 0.00 15,621 -4,837 4,862 8,810 11,614
Enterprise Value (EV)		 0.00 0.00 37,698 54,805 101,045 96,129
Market Capitalization		 0.00 0.00 35,064 51,965 93,185 83,680
Book Value per Share		 $0.00 $13.67 $11.60 $22.28 $28.02 $37.81
Tangible Book Value per Share		 $0.00 $13.18 $4.05 $14.65 $20.37 $27.61
Total Capital		 0.00 17,709 21,920 33,337 41,568 55,879
Total Debt		 0.00 5,745 6,522 8,092 10,588 13,364
Total Long-Term Debt		 0.00 5,745 6,522 8,092 10,588 13,364
Net Debt		 0.00 4,120 -6,124 -9,759 -7,265 -8,123
Capital Expenditures (CapEx)		 0.00 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 -4,484
Debt-free Net Working Capital (DFNWC)		 0.00 -1,222 10,136 14,962 14,821 17,003
Net Working Capital (NWC)		 0.00 -1,222 10,136 14,962 14,821 17,003
Net Nonoperating Expense (NNE)		 300 1,744 47 -318 -260 67
Net Nonoperating Obligations (NNO)		 0.00 3,657 -4,614 -9,599 -6,524 -3,055
Total Depreciation and Amortization (D&A)		 19 27 814 884 952 1,229
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -24.27% -22.88% -8.85% -11.61% -13.99%
Debt-free Net Working Capital to Revenue		 0.00% -10.42% 92.41% 45.83% 56.76% 53.05%
Net Working Capital to Revenue		 0.00% -10.42% 92.41% 45.83% 56.76% 53.05%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($5.57) $8.32 $7.39 $5.58
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 584.69M 581.38M 586.07M 589.45M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($5.57) $8.28 $7.33 $5.54
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 584.69M 588.85M 604.04M 593.66M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 578.25M
Normalized Net Operating Profit after Tax (NOPAT)		 767 6,011 -3,460 3,719 6,113 5,468
Normalized NOPAT Margin		 32.57% 51.25% -31.55% 11.39% 23.41% 17.06%
Pre Tax Income Margin		 23.49% 41.44% -38.71% 17.11% 28.47% 20.83%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 2.48 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 2.01 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 2.48 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 2.01 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 308.78% 24.63% -79.50% 44.12% 39.04% 59.67%
Augmented Payout Ratio		 328.48% 31.64% -97.60% 52.74% 53.00% 73.99%

Quarterly Metrics And Ratios for Apollo Global Management

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 578,247,338.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 578,247,338.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -3.30
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -27.56% 802.26% 26.08% -53.59% 101.39% -43.64% -21.19% 13.23% 26.37% 86.71% -8.81%
EBITDA Growth		 82.36% 113.71% -19.06% 135.03% -21.03% 180.75% -48.39% -32.84% 39.77% 15.49% -49.03%
EBIT Growth		 90.92% 110.27% -28.38% 172.49% -22.59% 235.73% -55.13% -41.48% 40.25% 11.59% -69.28%
NOPAT Growth		 99.54% 116.35% -26.76% 202.63% -11.26% 107.43% -44.77% -6.95% 40.82% -26.45% -297.80%
Net Income Growth		 175.38% 255.61% 14.76% 56.93% 176.41% -53.59% -46.86% -28.46% 39.12% -30.20% -250.43%
EPS Growth		 212.24% 322.43% 37.35% 35.00% 17.27% -46.68% -70.18% -26.67% 115.50% -54.77% -580.88%
Operating Cash Flow Growth		 -115.53% 40.89% -93.46% -62.46% 609.34% -100.19% 1,345.71% -5.33% -83.66% 116,825.00% 60.08%
Free Cash Flow Firm Growth		 -229.28% -111.56% -381.97% 94.74% 63.92% -73.69% 76.14% 21.93% 6.81% 1.69% 0.96%
Invested Capital Growth		 147.43% 45.09% 185.99% 150.81% 124.38% 56.31% 54.69% 47.78% 54.99% 41.71% 24.64%
Revenue Q/Q Growth		 -68.91% 158.78% -46.12% 14.14% 34.92% -27.58% -8.63% 22.82% 44.16% 0.42% -48.71%
EBITDA Q/Q Growth		 356.02% -72.98% -36.09% 133.29% 53.22% -3.93% -55.62% -8.98% 186.13% -27.74% -72.91%
EBIT Q/Q Growth		 461.45% -77.58% -44.48% 186.16% 59.49% -2.77% -62.18% -13.30% 240.55% -30.10% -85.11%
NOPAT Q/Q Growth		 456.69% -55.88% -73.49% 173.70% 63.23% 3.14% -57.36% 14.02% 114.00% -51.70% -267.83%
Net Income Q/Q Growth		 -14.67% 459.53% -50.71% -33.31% 50.30% -6.05% -43.56% -10.23% 192.28% -52.86% -221.64%
EPS Q/Q Growth		 10.00% 310.91% -49.56% -40.79% -4.44% 86.82% -71.78% 45.59% 180.81% -60.79% -400.00%
Operating Cash Flow Q/Q Growth		 -110.25% 667.03% -96.61% 1,804.29% 39.08% -100.22% 25,400.00% 24.70% -75.99% 1,440.92% -65.30%
Free Cash Flow Firm Q/Q Growth		 85.84% 87.57% -1,151.74% 70.16% 2.85% 40.17% -33.05% -2.39% -19.74% 2.07% 17.51%
Invested Capital Q/Q Growth		 26.26% 47.99% 13.26% 18.50% 12.96% 3.10% 12.09% 13.21% 18.47% 7.33% -13.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 86.62% 90.91% 87.75% 90.28% 92.78% 87.94% 86.57% 91.17% 92.25% 91.03% 85.95%
EBITDA Margin		 88.18% 9.21% 14.90% 30.45% 34.58% 45.87% 22.28% 16.51% 32.77% 23.58% 12.45%
Operating Margin		 81.34% 5.50% 11.09% 26.23% 30.63% 38.37% 21.74% 16.08% 28.03% 17.29% 7.51%
EBIT Margin		 81.86% 7.09% 10.62% 26.62% 31.46% 42.24% 17.48% 12.34% 29.16% 20.30% 5.89%
Profit (Net Income) Margin		 15.37% 33.24% 32.42% 18.94% 21.10% 27.37% 16.91% 12.36% 25.05% 11.76% -27.89%
Tax Burden Percent		 72.48% 182.61% 80.70% 81.85% 84.80% 96.40% 79.42% 99.65% 84.89% 66.21% -498.59%
Interest Burden Percent		 25.91% 256.68% 378.37% 86.94% 79.08% 67.21% 121.75% 100.48% 101.22% 87.51% 94.97%
Effective Tax Rate		 27.52% -82.61% 19.30% 18.15% 15.20% 3.60% 20.58% 0.36% 15.11% 33.79% 598.59%
Return on Invested Capital (ROIC)		 0.00% 24.83% 0.00% 39.08% 46.89% 48.18% 18.84% 15.66% 21.61% 10.90% -38.39%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -10.32% 0.00% 41.00% 52.26% 55.43% 19.12% 20.54% 19.32% 9.89% -47.78%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 3.61% 0.00% -14.67% -16.06% -15.89% -4.58% -3.38% -2.94% -0.83% 6.85%
Return on Equity (ROE)		 37.75% 28.44% 30.11% 24.41% 30.83% 32.29% 14.26% 12.28% 18.67% 10.07% -31.54%
Cash Return on Invested Capital (CROIC)		 -330.68% 10.06% -181.83% -37.01% -40.90% -13.45% -19.29% -18.49% -23.62% -18.26% -11.76%
Operating Return on Assets (OROA)		 7.28% 0.81% 1.19% 2.26% 2.99% 3.19% 1.18% 0.82% 1.96% 1.55% 0.43%
Return on Assets (ROA)		 1.37% 3.80% 3.64% 1.61% 2.00% 2.07% 1.14% 0.82% 1.68% 0.90% -2.04%
Return on Common Equity (ROCE)		 10.33% 13.50% 14.44% 11.79% 14.64% 16.37% 7.20% 6.27% 10.00% 5.18% -15.42%
Return on Equity Simple (ROE_SIMPLE)		 46.61% 0.00% 45.55% 46.90% 46.42% 0.00% 30.85% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 2,454 1,083 487 1,334 2,178 2,246 958 1,092 2,337 1,129 -1,895
NOPAT Margin		 58.95% 10.05% 8.95% 21.47% 25.98% 36.99% 17.26% 16.03% 23.79% 11.44% -37.45%
Net Nonoperating Expense Percent (NNEP)		 -11.14% 35.15% 5.36% -1.92% -5.37% -7.25% -0.28% -4.88% 2.28% 1.01% 9.39%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.25% - - - 5.41% 2.23% 2.37% 4.46% 2.02% -3.52%
Cost of Revenue to Revenue		 13.38% 9.09% 12.25% 9.72% 7.22% 12.06% 13.43% 8.83% 7.75% 8.97% 14.05%
SG&A Expenses to Revenue		 5.28% 2.13% 4.41% 5.13% 3.89% 4.69% 5.55% 5.43% 10.00% 21.94% 21.05%
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		 5.28% 85.41% 76.65% 64.05% 62.15% 49.57% 64.83% 75.08% 64.23% 73.74% 78.43%
Earnings before Interest and Taxes (EBIT)		 3,408 764 578 1,654 2,638 2,565 970 841 2,864 2,002 298
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 3,671 992 811 1,892 2,899 2,785 1,236 1,125 3,219 2,326 630
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 7.10 4.11 4.73 4.82 4.32 5.88 4.71 4.52 3.51 3.81 3.47
Price to Tangible Book Value (P/TBV)		 18.38 6.25 6.99 7.01 5.86 8.08 6.38 5.97 4.81 5.22 5.10
Price to Revenue (P/Rev)		 2.11 1.59 1.87 2.50 2.30 3.57 3.17 3.19 2.78 2.61 2.04
Price to Earnings (P/E)		 17.20 10.39 11.68 11.85 12.32 20.80 22.35 24.78 18.16 24.65 61.54
Dividend Yield		 1.88% 1.85% 1.54% 1.49% 1.43% 1.10% 1.35% 1.34% 1.46% 1.38% 1.83%
Earnings Yield		 5.82% 9.62% 8.56% 8.44% 8.12% 4.81% 4.47% 4.04% 5.51% 4.06% 1.63%
Enterprise Value to Invested Capital (EV/IC)		 4.98 3.50 3.75 3.44 3.29 4.13 3.23 3.02 2.29 2.44 2.19
Enterprise Value to Revenue (EV/Rev)		 2.22 1.68 1.96 2.70 2.52 3.87 3.60 3.68 3.07 3.00 2.37
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 8.47 10.33 9.62 11.57 12.05 12.25 14.02 11.10 12.16 10.24
Enterprise Value to EBIT (EV/EBIT)		 0.00 9.81 12.07 11.03 13.50 13.59 14.18 16.58 13.02 14.40 12.44
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 8.85 10.87 10.05 12.71 16.53 16.59 17.93 14.28 17.58 23.85
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.21 8.67 12.48 23.28 14.66 31.06 21.11 22.71 32.75 13.27 9.52
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 41.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.39 0.32 0.36 0.35 0.31 0.34 0.33 0.36 0.32 0.31 0.36
Long-Term Debt to Equity		 0.39 0.32 0.36 0.35 0.31 0.34 0.33 0.36 0.32 0.31 0.36
Financial Leverage		 -1.56 -0.35 -1.06 -0.36 -0.31 -0.29 -0.24 -0.16 -0.15 -0.08 -0.14
Leverage Ratio		 25.59 14.04 13.51 13.74 13.17 12.30 12.28 12.30 11.47 11.41 12.00
Compound Leverage Factor		 6.63 36.04 51.10 11.95 10.41 8.26 14.95 12.36 11.61 9.99 11.40
Debt to Total Capital		 28.15% 24.27% 26.21% 25.67% 23.72% 25.47% 24.65% 26.40% 24.09% 23.92% 26.45%
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		 28.15% 24.27% 26.21% 25.67% 23.72% 25.47% 24.65% 26.40% 24.09% 23.92% 26.45%
Preferred Equity to Total Capital		 5.59% 4.19% 3.82% 3.66% 3.38% 3.36% 3.26% 3.04% 2.67% 2.50% 2.60%
Noncontrolling Interests to Total Capital		 38.08% 33.60% 33.40% 34.37% 33.08% 33.02% 33.47% 31.61% 31.78% 34.31% 36.43%
Common Equity to Total Capital		 28.18% 37.93% 36.57% 36.29% 39.82% 38.14% 38.62% 38.96% 41.46% 39.27% 34.52%
Debt to EBITDA		 -4.30 1.25 1.49 1.31 1.46 1.26 1.46 1.82 1.66 1.69 1.95
Net Debt to EBITDA		 5.04 -1.51 -1.64 -1.22 -1.22 -0.87 -0.74 -0.50 -1.32 -1.03 -1.46
Long-Term Debt to EBITDA		 -4.30 1.25 1.49 1.31 1.46 1.26 1.46 1.82 1.66 1.69 1.95
Debt to NOPAT		 -3.36 1.31 1.57 1.36 1.60 1.73 1.98 2.32 2.14 2.44 4.54
Net Debt to NOPAT		 3.94 -1.58 -1.73 -1.28 -1.34 -1.19 -1.00 -0.64 -1.70 -1.49 -3.41
Long-Term Debt to NOPAT		 -3.36 1.31 1.57 1.36 1.60 1.73 1.98 2.32 2.14 2.44 4.54
Altman Z-Score		 0.29 0.29 0.31 0.29 0.30 0.32 0.26 0.25 0.26 0.27 0.23
Noncontrolling Interest Sharing Ratio		 72.63% 52.55% 52.04% 51.68% 52.51% 49.31% 49.52% 48.94% 46.45% 48.57% 51.12%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.32 5.48 6.01 5.36 4.76 5.10 4.39 3.99 3.29 3.93 3.92
Quick Ratio		 3.84 4.95 5.55 5.06 4.51 4.84 3.80 3.57 2.92 3.69 3.75
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -30,409 -3,779 -37,842 -11,293 -10,971 -6,564 -8,733 -8,942 -10,707 -10,485 -8,650
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 0.00 -497.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.11 0.11 0.09 0.10 0.08 0.07 0.07 0.07 0.08 0.07
Accounts Receivable Turnover		 0.00 71.43 0.00 54.44 57.32 50.56 45.81 40.93 23.32 25.70 26.79
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		 0.24 0.86 0.82 0.81 0.75 0.75 0.75 0.70 0.50 0.55 0.56
Days Sales Outstanding (DSO)		 0.00 5.11 0.00 6.70 6.37 7.22 7.97 8.92 15.65 14.20 13.62
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)		 1,512.69 423.26 443.93 450.17 483.58 486.62 489.07 524.72 728.59 657.87 651.30
Cash Conversion Cycle (CCC)		 -1,512.69 -418.15 -443.93 -443.47 -477.21 -479.40 -481.10 -515.80 -712.93 -643.66 -637.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,572 15,646 17,721 21,000 23,721 24,456 27,412 31,034 36,765 39,460 34,167
Invested Capital Turnover		 -4.05 2.47 -23.49 1.82 1.81 1.30 1.09 0.98 0.91 0.95 1.03
Increase / (Decrease) in Invested Capital		 32,863 4,862 38,329 12,627 13,149 8,810 9,691 10,034 13,044 11,614 6,755
Enterprise Value (EV)		 52,688 54,805 66,391 72,243 77,990 101,045 88,550 93,652 84,258 96,129 74,731
Market Capitalization		 50,022 51,965 63,300 66,902 71,141 93,185 78,122 81,078 76,234 83,680 64,428
Book Value per Share		 $12.43 $22.28 $22.77 $24.38 $28.91 $28.02 $29.06 $31.36 $38.00 $37.81 $32.08
Tangible Book Value per Share		 $4.80 $14.65 $15.41 $16.78 $21.30 $20.37 $21.47 $23.77 $27.69 $27.61 $21.86
Total Capital		 24,999 33,337 36,612 38,229 41,348 41,568 42,925 46,005 52,428 55,879 53,753
Total Debt		 7,037 8,092 9,596 9,815 9,807 10,588 10,581 12,144 12,631 13,364 14,220
Total Long-Term Debt		 7,037 8,092 9,596 9,815 9,807 10,588 10,581 12,144 12,631 13,364 14,220
Net Debt		 -8,251 -9,759 -10,536 -9,198 -8,227 -7,265 -5,338 -3,364 -10,034 -8,123 -10,677
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)		 -3,149 -2,889 -2,984 -3,159 -3,336 -3,032 -3,139 -3,316 -5,646 -4,484 -5,065
Debt-free Net Working Capital (DFNWC)		 12,139 14,962 17,148 15,854 14,698 14,821 12,780 12,192 17,019 17,003 19,832
Net Working Capital (NWC)		 12,139 14,962 17,148 15,854 14,698 14,821 12,780 12,192 17,019 17,003 19,832
Net Nonoperating Expense (NNE)		 1,814 -2,498 -1,278 157 409 584 20 250 -124 -31 -484
Net Nonoperating Obligations (NNO)		 -7,390 -9,599 -9,295 -7,414 -7,820 -6,524 -4,932 -2,827 -3,032 -3,055 -5,366
Total Depreciation and Amortization (D&A)		 263 228 233 238 261 220 266 284 355 324 332
Debt-free, Cash-free Net Working Capital to Revenue		 -13.27% -8.85% -8.80% -11.82% -10.78% -11.61% -12.75% -13.05% -20.55% -13.99% -16.05%
Debt-free Net Working Capital to Revenue		 51.17% 45.83% 50.57% 59.31% 47.49% 56.76% 51.90% 47.97% 61.96% 53.05% 62.84%
Net Working Capital to Revenue		 51.17% 45.83% 50.57% 59.31% 47.49% 56.76% 51.90% 47.97% 61.96% 53.05% 62.84%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.10 $4.55 $2.31 $1.36 $1.30 $2.42 $0.68 $1.00 $2.82 $1.08 ($3.27)
Adjusted Weighted Average Basic Shares Outstanding		 578.80M 581.38M 588.12M 587.10M 585.38M 586.07M 587.26M 586.67M 589.38M 589.45M 594.85M
Adjusted Diluted Earnings per Share		 $1.10 $4.52 $2.28 $1.35 $1.29 $2.41 $0.68 $0.99 $2.78 $1.09 ($3.27)
Adjusted Weighted Average Diluted Shares Outstanding		 578.80M 588.85M 605.38M 590.17M 588.54M 604.04M 592.98M 590.37M 607.82M 593.66M 594.85M
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		 567.56M 568.16M 569.00M 569.53M 565.82M 570.48M 571.49M 572.03M 580.42M 578.25M 576.52M
Normalized Net Operating Profit after Tax (NOPAT)		 2,454 415 487 1,334 2,178 2,246 958 1,092 2,337 1,129 266
Normalized NOPAT Margin		 58.95% 3.85% 8.95% 21.47% 25.98% 36.99% 17.26% 16.03% 23.79% 11.44% 5.26%
Pre Tax Income Margin		 21.21% 18.20% 40.17% 23.14% 24.88% 28.39% 21.29% 12.40% 29.51% 17.76% 5.59%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 7.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 6.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 7.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 6.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 61.07% 44.12% 45.07% 35.67% 29.81% 39.04% 43.49% 55.69% 51.14% 59.67% 129.03%
Augmented Payout Ratio		 79.03% 52.74% 50.46% 40.71% 39.63% 53.00% 58.33% 70.04% 61.90% 73.99% 168.74%

Financials Breakdown Chart

Key Financial Trends

Apollo Global Management (APO) has provided four years of quarterly data across income statements, cash flow statements, and balance sheets. Below is a concise, data-driven read on notable trends from that period, intended for retail investors looking for a quick sense of the company’s trajectory.

  • Operating revenue in 2025 rebounded to about $9.86B in Q4, up from $6.07B in Q4 2024, signaling a strong top-line recovery.
  • Net cash from continuing operating activities was robust in Q4 2025 (approximately $4.67B), with positive cash generation observed in most 2025 quarters.
  • Net cash from financing activities stayed sizable in 2025 (example: +$19.16B in Q3 2025 and +$8.95B in Q4 2025), helping liquidity despite large investing outflows.
  • Total assets grew meaningfully across 2025, rising from roughly $395B at the start of the year to about $450B by Q3 2025, driven by investment activity and asset growth.
  • Total Common Equity expanded to about $21.74B by Q3 2025, up from roughly the mid-teens of 2024, indicating a stronger equity base to support growth and capital deployment.
  • Investing activities show sustained large cash outflows due to purchases of investments in 2025 quarters (eg, Q4 2025 Purchase of Investments: -$28.745B; Net Cash From Continuing Investing Activities: -$19.613B).
  • Non-cash adjustments contributed to reported cash flow in several quarters (notably, substantial non-cash adjustments in Q4 2025), which may not reflect ongoing cash generation.
  • Net change in cash and equivalents was negative in Q4 2025, at about -$6.005B, reflecting the substantial investing outflows even as operating and financing cash flows were positive.
  • Leverage and liabilities trended higher, with long-term debt around $12.6B by Q3 2025 and total liabilities remaining very large relative to equity, signaling increased financial risk if market conditions sour.
05/26/26 12:15 AM ETAI Generated. May Contain Errors.

Apollo Global Management Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Apollo Global Management's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Apollo Global Management's net income appears to be on an upward trend, with a most recent value of $5.40 billion in 2025, rising from $467 million in 2020. The previous period was $6.37 billion in 2024. Find out what analysts predict for Apollo Global Management in the coming months.

Apollo Global Management's total operating income in 2025 was $6.76 billion, based on the following breakdown:
  • Total Gross Profit: $29.06 billion
  • Total Operating Expenses: $22.30 billion

Over the last 5 years, Apollo Global Management's total revenue changed from $2.35 billion in 2020 to $32.05 billion in 2025, a change of 1,261.5%.

Apollo Global Management's total liabilities were at $418.43 billion at the end of 2025, a 20.6% increase from 2024, and a 2,157.2% increase since 2021.

In the past 4 years, Apollo Global Management's cash and equivalents has ranged from $917 million in 2021 to $19.24 billion in 2025, and is currently $19.24 billion as of their latest financial filing in 2025.

Over the last 5 years, Apollo Global Management's book value per share changed from 0.00 in 2020 to 37.81 in 2025, a change of 3,780.5%.


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Financial statements for NYSE:APO last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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