What is Apollo Global Management's operating income?

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

Apollo Global Management (APO) Financials

$142.26 -1.32 (-0.92%)

As of 10:12 AM Eastern

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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

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	2,732	1,427	853	811	1,438	442	630	1,736	587	-1,906	1,361
Consolidated Net Income / (Loss)	3,581	1,765	1,177	1,769	1,662	938	842	2,461	1,160	-1,411	2,089
Net Income / (Loss) Continuing Operations	2,814	1,765	1,177	1,769	358	938	842	2,461	1,160	-1,411	2,089
Total Pre-Tax Income	1,961	2,187	1,438	2,086	1,724	1,181	845	2,899	1,752	283	2,485
Total Operating Income	593	2,149	1,434	1,957	2,330	1,206	1,096	2,753	1,705	380	2,412
Total Gross Profit	9,794	6,373	5,414	7,168	5,340	4,803	6,212	9,062	8,979	4,348	10,226
Total Revenue	10,773	7,040	6,018	7,773	6,072	5,548	6,814	9,823	9,864	5,059	11,153
Operating Revenue	10,773	7,040	6,018	7,773	6,072	5,548	6,814	9,823	9,864	5,059	11,153
Total Cost of Revenue	979	667	604	605	732	745	602	761	885	711	927
Operating Cost of Revenue	979	667	604	605	732	745	602	761	885	711	927
Total Operating Expenses	9,201	4,224	3,980	5,211	3,010	3,597	5,116	6,309	7,274	3,968	7,814
Selling, General & Admin Expense	229	240	319	996	285	850	920	982	2,164	1,065	1,092
Other Operating Expenses / (Income)	8,972	3,984	3,661	4,215	2,725	2,747	4,196	5,327	5,110	2,903	6,722
Total Other Income / (Expense), net	601	38	4.00	129	-1,910	-25	-251	146	47	-97	73
Interest & Investment Income	-	25	1.00	44	-	211	4.00	35	-	-15	-7.00
Other Income / (Expense), net	171	13	3.00	85	235	-236	-255	111	297	-82	80
Income Tax Expense	-1,620	422	261	317	62	243	3.00	438	592	1,694	396
Preferred Stock Dividends Declared	24	24	25	24	24	24	25	24	24	24	25
Net Income / (Loss) Attributable to Noncontrolling Interest	825	338	324	958	176	496	212	725	476	495	728
Basic Earnings per Share	$4.55	$2.31	$1.36	$1.30	$2.42	$0.68	$1.00	$2.82	$1.08	($3.27)	$2.18
Weighted Average Basic Shares Outstanding	581.38M	588.12M	587.10M	585.38M	586.07M	587.26M	586.67M	589.38M	589.45M	594.85M	591.76M
Diluted Earnings per Share	$4.52	$2.28	$1.35	$1.29	$2.41	$0.68	$0.99	$2.78	$1.09	($3.27)	$2.15
Weighted Average Diluted Shares Outstanding	588.85M	605.38M	590.17M	588.54M	604.04M	592.98M	590.37M	607.82M	593.66M	594.85M	610.22M
Weighted Average Basic & Diluted Shares Outstanding	568.16M	569.00M	569.53M	565.82M	570.48M	571.49M	572.03M	580.42M	578.25M	576.52M	590.54M

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

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	5,063	3,021	685	1,302	371	-1,599	809	8,145	-6,005	3,157	4,671
Net Cash From Operating Activities	2,064	70	1,333	1,854	-4.00	1,012	1,262	303	4,669	1,620	2,881
Net Cash From Continuing Operating Activities	2,064	70	1,333	1,854	-4.00	1,012	1,262	303	4,669	1,620	2,881
Net Income / (Loss) Continuing Operations	3,581	1,765	1,177	1,769	1,662	938	842	2,461	1,160	-1,411	2,089
Consolidated Net Income / (Loss)	3,581	1,765	1,177	1,769	1,662	938	842	2,461	1,160	-1,411	2,089
Depreciation Expense	217	238	260	281	296	308	332	400	391	397	414
Amortization Expense	11	-5.00	-22	-20	-76	-42	-48	-45	-67	-65	-48
Non-Cash Adjustments To Reconcile Net Income	2,079	762	3,048	2,195	562	2,072	2,363	914	5,511	4,760	3,303
Changes in Operating Assets and Liabilities, net	-3,824	-2,690	-3,130	-2,371	-2,448	-2,264	-2,227	-3,427	-2,326	-2,061	-2,877
Net Cash From Investing Activities	-14,688	-16,385	-14,700	-14,466	-16,250	-16,888	-19,629	-13,237	-14,218	-8,334	-15,537
Net Cash From Continuing Investing Activities	-12,889	-15,389	-12,282	-12,808	-15,364	-16,888	-18,278	-11,322	-19,613	-8,334	-15,537
Purchase of Investments	-15,478	-20,567	-22,825	-27,808	-20,668	-27,753	-28,579	-28,502	-28,745	-24,561	-25,786
Sale and/or Maturity of Investments	9,286	10,597	17,654	21,910	15,223	18,976	20,235	25,424	25,841	22,587	12,311
Other Investing Activities, net	-6,697	-5,419	-7,111	-6,910	-9,919	-8,111	-9,934	-8,343	-16,709	-6,360	-2,062
Net Cash From Financing Activities	15,880	18,342	11,634	12,251	15,745	14,274	17,815	19,164	8,947	9,872	17,326
Net Cash From Continuing Financing Activities	15,880	18,342	11,634	12,251	15,745	14,274	17,815	19,164	8,947	9,872	17,326
Repayment of Debt	-3,934	-6,052	-9,482	-5,733	-3,899	-6,829	-4,630	-8,059	-7,961	-9,458	-9,652
Repurchase of Common Equity	-26	-260	-75	-453	-102	-193	-	-340	-240	-632	-97
Payment of Dividends	-725	-588	-661	-498	-741	-512	-1,151	-615	-945	-1,227	-883
Issuance of Debt	1,091	2,827	2,825	472	1,821	294	2,338	2,070	2,516	3,146	2,623
Issuance of Common Equity	1,097	1,001	999	476	656	607	584	1,006	737	947	722
Other Financing Activities, net	18,376	21,414	18,028	17,987	18,010	20,907	20,674	25,102	14,840	17,096	24,613
Cash Interest Paid	187	167	180	264	194	321	264	219	190	220	322
Cash Income Taxes Paid	196	338	209	92	409	310	105	112	63	-157	134

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 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	3/31/2026	6/30/2026
Total Assets	283,235	313,488	334,051	346,504	368,689	377,895	395,045	419,550	449,543	467,530	494,048
Total Current Assets	15,796	18,300	20,573	19,492	18,606	18,437	16,553	16,271	24,449	26,619	31,786
Cash & Equivalents	13,524	16,088	18,555	17,918	17,067	16,907	13,706	13,785	19,879	23,719	28,258
Restricted Cash	1,764	1,763	1,577	1,095	967	946	2,213	1,723	2,786	1,178	1,602
Accounts Receivable	508	449	441	479	572	584	634	763	1,784	1,722	1,926
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	268,300	295,348	313,894	328,042	350,490	360,199	378,898	403,816	432,096	446,222	468,381
Goodwill	4,324	4,329	4,328	4,328	4,335	4,327	4,331	4,339	5,900	5,912	5,912
Other Noncurrent Operating Assets	263,976	291,019	309,566	323,714	346,155	355,872	374,567	399,477	426,196	440,310	462,469
Total Liabilities & Shareholders' Equity	283,235	313,488	334,051	346,504	368,689	377,895	395,045	419,550	449,543	467,530	494,048
Total Liabilities	265,273	288,243	307,035	318,090	337,148	346,915	362,701	385,689	409,746	427,997	452,566
Total Current Liabilities	3,657	3,338	3,425	3,638	3,908	3,616	3,773	4,079	7,430	6,787	7,977
Accounts Payable	3,657	3,338	3,425	3,638	3,908	3,616	3,773	4,079	7,430	6,787	7,977
Total Noncurrent Liabilities	261,616	284,905	302,785	313,698	333,240	343,299	358,928	381,610	402,316	421,210	444,589
Long-Term Debt	7,037	8,092	9,596	9,815	9,807	10,588	10,581	12,144	12,631	14,220	13,727
Other Noncurrent Operating Liabilities	254,579	276,813	293,189	303,883	323,433	332,711	348,347	369,466	389,685	406,990	430,862
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	287	12	13	14	15	16	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	17,675	25,233	27,003	28,400	31,526	30,964	32,344	33,861	39,797	39,533	41,482
Total Preferred & Common Equity	8,442	14,044	14,787	15,273	17,863	17,253	17,976	19,321	23,137	19,951	21,006
Preferred Stock	1,397	1,398	1,398	1,398	1,398	1,398	1,398	1,398	1,398	1,398	1,398
Total Common Equity	7,045	12,646	13,389	13,875	16,465	15,855	16,578	17,923	21,739	18,553	19,608
Common Stock	14,605	15,249	15,167	15,319	15,073	15,327	15,527	15,697	16,925	16,540	16,668
Retained Earnings	535	2,972	3,862	4,376	4,865	6,022	5,634	5,919	7,306	5,157	6,149
Accumulated Other Comprehensive Income / (Loss)	-8,095	-5,575	-5,640	-5,820	-3,473	-5,494	-4,583	-3,693	-2,492	-3,144	-3,209
Noncontrolling Interest	9,233	11,189	12,216	13,127	13,663	13,711	14,368	14,540	16,660	19,582	20,476

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%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	578,247,338.00	576,517,513.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	578,247,338.00	576,517,513.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-3.30	2.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	802.26%	26.08%	-53.59%	101.39%	-43.64%	-21.19%	13.23%	26.37%	86.71%	-8.81%	63.68%
EBITDA Growth	113.71%	-19.06%	135.03%	-21.03%	180.75%	-48.39%	-32.84%	39.77%	15.49%	-49.03%	154.04%
EBIT Growth	110.27%	-28.38%	172.49%	-22.59%	235.73%	-55.13%	-41.48%	40.25%	11.59%	-69.28%	196.31%
NOPAT Growth	116.35%	-26.76%	202.63%	-11.26%	107.43%	-44.77%	-6.95%	40.82%	-26.45%	-297.80%	85.66%
Net Income Growth	255.61%	14.76%	56.93%	176.41%	-53.59%	-46.86%	-28.46%	39.12%	-30.20%	-250.43%	148.10%
EPS Growth	322.43%	37.35%	35.00%	17.27%	-46.68%	-70.18%	-26.67%	115.50%	-54.77%	-580.88%	117.17%
Operating Cash Flow Growth	40.89%	-93.46%	-62.46%	609.34%	-100.19%	1,345.71%	-5.33%	-83.66%	116,825.00%	60.08%	128.29%
Free Cash Flow Firm Growth	-111.56%	-381.97%	94.74%	63.92%	-73.69%	76.14%	21.93%	6.81%	1.69%	0.96%	117.82%
Invested Capital Growth	45.09%	185.99%	150.81%	124.38%	56.31%	54.69%	47.78%	54.99%	41.71%	24.64%	1.40%
Revenue Q/Q Growth	158.78%	-46.12%	14.14%	34.92%	-27.58%	-8.63%	22.82%	44.16%	0.42%	-48.71%	120.46%
EBITDA Q/Q Growth	-72.98%	-36.09%	133.29%	53.22%	-3.93%	-55.62%	-8.98%	186.13%	-27.74%	-72.91%	353.65%
EBIT Q/Q Growth	-77.58%	-44.48%	186.16%	59.49%	-2.77%	-62.18%	-13.30%	240.55%	-30.10%	-85.11%	736.24%
NOPAT Q/Q Growth	-55.88%	-73.49%	173.70%	63.23%	3.14%	-57.36%	14.02%	114.00%	-51.70%	-267.83%	207.02%
Net Income Q/Q Growth	459.53%	-50.71%	-33.31%	50.30%	-6.05%	-43.56%	-10.23%	192.28%	-52.86%	-221.64%	248.05%
EPS Q/Q Growth	310.91%	-49.56%	-40.79%	-4.44%	86.82%	-71.78%	45.59%	180.81%	-60.79%	-400.00%	165.75%
Operating Cash Flow Q/Q Growth	667.03%	-96.61%	1,804.29%	39.08%	-100.22%	25,400.00%	24.70%	-75.99%	1,440.92%	-65.30%	77.84%
Free Cash Flow Firm Q/Q Growth	87.57%	-1,151.74%	70.16%	2.85%	40.17%	-33.05%	-2.39%	-19.74%	2.07%	17.51%	118.42%
Invested Capital Q/Q Growth	47.99%	13.26%	18.50%	12.96%	3.10%	12.09%	13.21%	18.47%	7.33%	-13.41%	-7.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.91%	87.75%	90.28%	92.78%	87.94%	86.57%	91.17%	92.25%	91.03%	85.95%	91.69%
EBITDA Margin	9.21%	14.90%	30.45%	34.58%	45.87%	22.28%	16.51%	32.77%	23.58%	12.45%	25.63%
Operating Margin	5.50%	11.09%	26.23%	30.63%	38.37%	21.74%	16.08%	28.03%	17.29%	7.51%	21.63%
EBIT Margin	7.09%	10.62%	26.62%	31.46%	42.24%	17.48%	12.34%	29.16%	20.30%	5.89%	22.34%
Profit (Net Income) Margin	33.24%	32.42%	18.94%	21.10%	27.37%	16.91%	12.36%	25.05%	11.76%	-27.89%	18.73%
Tax Burden Percent	182.61%	80.70%	81.85%	84.80%	96.40%	79.42%	99.65%	84.89%	66.21%	-498.59%	84.06%
Interest Burden Percent	256.68%	378.37%	86.94%	79.08%	67.21%	121.75%	100.48%	101.22%	87.51%	94.97%	99.72%
Effective Tax Rate	-82.61%	19.30%	18.15%	15.20%	3.60%	20.58%	0.36%	15.11%	33.79%	598.59%	15.94%
Return on Invested Capital (ROIC)	24.83%	0.00%	39.08%	46.89%	48.18%	18.84%	15.66%	21.61%	10.90%	-38.39%	20.88%
ROIC Less NNEP Spread (ROIC-NNEP)	-10.32%	0.00%	41.00%	52.26%	55.43%	19.12%	20.54%	19.32%	9.89%	-47.78%	19.93%
Return on Net Nonoperating Assets (RNNOA)	3.61%	0.00%	-14.67%	-16.06%	-15.89%	-4.58%	-3.38%	-2.94%	-0.83%	6.85%	-3.40%
Return on Equity (ROE)	28.44%	30.11%	24.41%	30.83%	32.29%	14.26%	12.28%	18.67%	10.07%	-31.54%	17.49%
Cash Return on Invested Capital (CROIC)	10.06%	-181.83%	-37.01%	-40.90%	-13.45%	-19.29%	-18.49%	-23.62%	-18.26%	-11.76%	12.05%
Operating Return on Assets (OROA)	0.81%	1.19%	2.26%	2.99%	3.19%	1.18%	0.82%	1.96%	1.55%	0.43%	1.76%
Return on Assets (ROA)	3.80%	3.64%	1.61%	2.00%	2.07%	1.14%	0.82%	1.68%	0.90%	-2.04%	1.47%
Return on Common Equity (ROCE)	13.50%	14.44%	11.79%	14.64%	16.37%	7.20%	6.27%	10.00%	5.18%	-15.42%	8.71%
Return on Equity Simple (ROE_SIMPLE)	0.00%	45.55%	46.90%	46.42%	0.00%	30.85%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,083	487	1,334	2,178	2,246	958	1,092	2,337	1,129	-1,895	2,028
NOPAT Margin	10.05%	8.95%	21.47%	25.98%	36.99%	17.26%	16.03%	23.79%	11.44%	-37.45%	18.18%
Net Nonoperating Expense Percent (NNEP)	35.15%	5.36%	-1.92%	-5.37%	-7.25%	-0.28%	-4.88%	2.28%	1.01%	9.39%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	3.25%	-	-	-	5.41%	2.23%	2.37%	4.46%	2.02%	-3.52%	3.67%
Cost of Revenue to Revenue	9.09%	12.25%	9.72%	7.22%	12.06%	13.43%	8.83%	7.75%	8.97%	14.05%	8.31%
SG&A Expenses to Revenue	2.13%	4.41%	5.13%	3.89%	4.69%	5.55%	5.43%	10.00%	21.94%	21.05%	9.79%
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	85.41%	76.65%	64.05%	62.15%	49.57%	64.83%	75.08%	64.23%	73.74%	78.43%	70.06%
Earnings before Interest and Taxes (EBIT)	764	578	1,654	2,638	2,565	970	841	2,864	2,002	298	2,492
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	992	811	1,892	2,899	2,785	1,236	1,125	3,219	2,326	630	2,858
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.11	4.73	4.82	4.32	5.88	4.71	4.52	3.51	3.81	3.47	3.48
Price to Tangible Book Value (P/TBV)	6.25	6.99	7.01	5.86	8.08	6.38	5.97	4.81	5.22	5.10	4.98
Price to Revenue (P/Rev)	1.59	1.87	2.50	2.30	3.57	3.17	3.19	2.78	2.61	2.04	1.90
Price to Earnings (P/E)	10.39	11.68	11.85	12.32	20.80	22.35	24.78	18.16	24.65	61.54	38.36
Dividend Yield	1.85%	1.54%	1.49%	1.43%	1.10%	1.35%	1.34%	1.46%	1.38%	1.83%	1.77%
Earnings Yield	9.62%	8.56%	8.44%	8.12%	4.81%	4.47%	4.04%	5.51%	4.06%	1.63%	2.61%
Enterprise Value to Invested Capital (EV/IC)	3.50	3.75	3.44	3.29	4.13	3.23	3.02	2.29	2.44	2.19	2.35
Enterprise Value to Revenue (EV/Rev)	1.68	1.96	2.70	2.52	3.87	3.60	3.68	3.07	3.00	2.37	2.06
Enterprise Value to EBITDA (EV/EBITDA)	8.47	10.33	9.62	11.57	12.05	12.25	14.02	11.10	12.16	10.24	8.19
Enterprise Value to EBIT (EV/EBIT)	9.81	12.07	11.03	13.50	13.59	14.18	16.58	13.02	14.40	12.44	9.66
Enterprise Value to NOPAT (EV/NOPAT)	8.85	10.87	10.05	12.71	16.53	16.59	17.93	14.28	17.58	23.85	17.60
Enterprise Value to Operating Cash Flow (EV/OCF)	8.67	12.48	23.28	14.66	31.06	21.11	22.71	32.75	13.27	9.52	7.81
Enterprise Value to Free Cash Flow (EV/FCFF)	41.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.63
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.36	0.35	0.31	0.34	0.33	0.36	0.32	0.31	0.36	0.33
Long-Term Debt to Equity	0.32	0.36	0.35	0.31	0.34	0.33	0.36	0.32	0.31	0.36	0.33
Financial Leverage	-0.35	-1.06	-0.36	-0.31	-0.29	-0.24	-0.16	-0.15	-0.08	-0.14	-0.17
Leverage Ratio	14.04	13.51	13.74	13.17	12.30	12.28	12.30	11.47	11.41	12.00	12.13
Compound Leverage Factor	36.04	51.10	11.95	10.41	8.26	14.95	12.36	11.61	9.99	11.40	12.09
Debt to Total Capital	24.27%	26.21%	25.67%	23.72%	25.47%	24.65%	26.40%	24.09%	23.92%	26.45%	24.86%
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	24.27%	26.21%	25.67%	23.72%	25.47%	24.65%	26.40%	24.09%	23.92%	26.45%	24.86%
Preferred Equity to Total Capital	4.19%	3.82%	3.66%	3.38%	3.36%	3.26%	3.04%	2.67%	2.50%	2.60%	2.53%
Noncontrolling Interests to Total Capital	33.60%	33.40%	34.37%	33.08%	33.02%	33.47%	31.61%	31.78%	34.31%	36.43%	37.09%
Common Equity to Total Capital	37.93%	36.57%	36.29%	39.82%	38.14%	38.62%	38.96%	41.46%	39.27%	34.52%	35.52%
Debt to EBITDA	1.25	1.49	1.31	1.46	1.26	1.46	1.82	1.66	1.69	1.95	1.52
Net Debt to EBITDA	-1.51	-1.64	-1.22	-1.22	-0.87	-0.74	-0.50	-1.32	-1.03	-1.46	-1.79
Long-Term Debt to EBITDA	1.25	1.49	1.31	1.46	1.26	1.46	1.82	1.66	1.69	1.95	1.52
Debt to NOPAT	1.31	1.57	1.36	1.60	1.73	1.98	2.32	2.14	2.44	4.54	3.27
Net Debt to NOPAT	-1.58	-1.73	-1.28	-1.34	-1.19	-1.00	-0.64	-1.70	-1.49	-3.41	-3.84
Long-Term Debt to NOPAT	1.31	1.57	1.36	1.60	1.73	1.98	2.32	2.14	2.44	4.54	3.27
Altman Z-Score	0.29	0.31	0.29	0.30	0.32	0.26	0.25	0.26	0.27	0.23	0.26
Noncontrolling Interest Sharing Ratio	52.55%	52.04%	51.68%	52.51%	49.31%	49.52%	48.94%	46.45%	48.57%	51.12%	50.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.48	6.01	5.36	4.76	5.10	4.39	3.99	3.29	3.93	3.92	3.98
Quick Ratio	4.95	5.55	5.06	4.51	4.84	3.80	3.57	2.92	3.69	3.75	3.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,779	-37,842	-11,293	-10,971	-6,564	-8,733	-8,942	-10,707	-10,485	-8,650	1,594
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	-497.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.92	0.00	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	0.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.09	0.10	0.08	0.07	0.07	0.07	0.08	0.07	0.08
Accounts Receivable Turnover	71.43	0.00	54.44	57.32	50.56	45.81	40.93	23.32	25.70	26.79	26.70
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	0.86	0.82	0.81	0.75	0.75	0.75	0.70	0.50	0.55	0.56	0.54
Days Sales Outstanding (DSO)	5.11	0.00	6.70	6.37	7.22	7.97	8.92	15.65	14.20	13.62	13.67
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)	423.26	443.93	450.17	483.58	486.62	489.07	524.72	728.59	657.87	651.30	669.98
Cash Conversion Cycle (CCC)	-418.15	-443.93	-443.47	-477.21	-479.40	-481.10	-515.80	-712.93	-643.66	-637.68	-656.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,646	17,721	21,000	23,721	24,456	27,412	31,034	36,765	39,460	34,167	31,468
Invested Capital Turnover	2.47	-23.49	1.82	1.81	1.30	1.09	0.98	0.91	0.95	1.03	1.15
Increase / (Decrease) in Invested Capital	4,862	38,329	12,627	13,149	8,810	9,691	10,034	13,044	11,614	6,755	434
Enterprise Value (EV)	54,805	66,391	72,243	77,990	101,045	88,550	93,652	84,258	96,129	74,731	73,949
Market Capitalization	51,965	63,300	66,902	71,141	93,185	78,122	81,078	76,234	83,680	64,428	68,208
Book Value per Share	$22.28	$22.77	$24.38	$28.91	$28.02	$29.06	$31.36	$38.00	$37.81	$32.08	$34.01
Tangible Book Value per Share	$14.65	$15.41	$16.78	$21.30	$20.37	$21.47	$23.77	$27.69	$27.61	$21.86	$23.76
Total Capital	33,337	36,612	38,229	41,348	41,568	42,925	46,005	52,428	55,879	53,753	55,209
Total Debt	8,092	9,596	9,815	9,807	10,588	10,581	12,144	12,631	13,364	14,220	13,727
Total Long-Term Debt	8,092	9,596	9,815	9,807	10,588	10,581	12,144	12,631	13,364	14,220	13,727
Net Debt	-9,759	-10,536	-9,198	-8,227	-7,265	-5,338	-3,364	-10,034	-8,123	-10,677	-16,133
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)	-2,889	-2,984	-3,159	-3,336	-3,032	-3,139	-3,316	-5,646	-4,484	-5,065	-6,051
Debt-free Net Working Capital (DFNWC)	14,962	17,148	15,854	14,698	14,821	12,780	12,192	17,019	17,003	19,832	23,809
Net Working Capital (NWC)	14,962	17,148	15,854	14,698	14,821	12,780	12,192	17,019	17,003	19,832	23,809
Net Nonoperating Expense (NNE)	-2,498	-1,278	157	409	584	20	250	-124	-31	-484	-61
Net Nonoperating Obligations (NNO)	-9,599	-9,295	-7,414	-7,820	-6,524	-4,932	-2,827	-3,032	-3,055	-5,366	-10,014
Total Depreciation and Amortization (D&A)	228	233	238	261	220	266	284	355	324	332	366
Debt-free, Cash-free Net Working Capital to Revenue	-8.85%	-8.80%	-11.82%	-10.78%	-11.61%	-12.75%	-13.05%	-20.55%	-13.99%	-16.05%	-16.86%
Debt-free Net Working Capital to Revenue	45.83%	50.57%	59.31%	47.49%	56.76%	51.90%	47.97%	61.96%	53.05%	62.84%	66.32%
Net Working Capital to Revenue	45.83%	50.57%	59.31%	47.49%	56.76%	51.90%	47.97%	61.96%	53.05%	62.84%	66.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.55	$2.31	$1.36	$1.30	$2.42	$0.68	$1.00	$2.82	$1.08	($3.27)	$2.18
Adjusted Weighted Average Basic Shares Outstanding	581.38M	588.12M	587.10M	585.38M	586.07M	587.26M	586.67M	589.38M	589.45M	594.85M	591.76M
Adjusted Diluted Earnings per Share	$4.52	$2.28	$1.35	$1.29	$2.41	$0.68	$0.99	$2.78	$1.09	($3.27)	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	588.85M	605.38M	590.17M	588.54M	604.04M	592.98M	590.37M	607.82M	593.66M	594.85M	610.22M
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	568.16M	569.00M	569.53M	565.82M	570.48M	571.49M	572.03M	580.42M	578.25M	576.52M	590.54M
Normalized Net Operating Profit after Tax (NOPAT)	415	487	1,334	2,178	2,246	958	1,092	2,337	1,129	266	2,028
Normalized NOPAT Margin	3.85%	8.95%	21.47%	25.98%	36.99%	17.26%	16.03%	23.79%	11.44%	5.26%	18.18%
Pre Tax Income Margin	18.20%	40.17%	23.14%	24.88%	28.39%	21.29%	12.40%	29.51%	17.76%	5.59%	22.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	7.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	6.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	7.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	6.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	44.12%	45.07%	35.67%	29.81%	39.04%	43.49%	55.69%	51.14%	59.67%	129.03%	85.37%
Augmented Payout Ratio	52.74%	50.46%	40.71%	39.63%	53.00%	58.33%	70.04%	61.90%	73.99%	168.74%	115.82%

Financials Breakdown Chart

Key Financial Trends

Apollo Global Management (NYSE: APO) showed a sharp rebound in profitability in 2025 after a weak start to the year, but Q1 2026 was a notable setback on the income statement. Over the last several years, Apollo has also grown its balance sheet substantially, with assets, liabilities, and equity all expanding as the firm scaled its asset management platform.

Revenue remains large and resilient. Q1 2026 operating revenue was $5.1 billion, roughly in line with the recent quarterly run rate, and well above Q1 2025’s $5.5 billion and Q1 2024’s $4.3 billion.
Q4 2025 marked a strong profit quarter. Apollo generated $1.16 billion of net income in Q4 2025, with $1.08 basic EPS, showing the business can still produce meaningful earnings power.
Operating cash flow stayed positive in Q1 2026. The company produced $1.62 billion of operating cash flow, which is a healthy sign even though reported net income was negative.
Cash and liquidity are substantial. Cash and equivalents rose to $23.7 billion in Q1 2026, up from $16.9 billion at year-end 2024 and $19.9 billion in Q3 2025.
Book equity improved versus 2024. Total common equity reached $18.6 billion in Q1 2026, above $15.9 billion at year-end 2024.
Debt remains manageable relative to Apollo’s asset base. Long-term debt was $14.2 billion in Q1 2026, which is modest compared with total assets of $467.5 billion.
Non-cash accounting items heavily influence results. Apollo’s earnings and cash flow show large adjustments from non-cash items, which is typical for an asset manager but makes quarter-to-quarter profit comparisons less straightforward.
Balance sheet growth has been dramatic. Total assets increased from $270.3 billion in Q1 2023 to $467.5 billion in Q1 2026, while liabilities also expanded sharply. That points to a much larger business, but also a more complex balance sheet.
Noncontrolling interest is large. Apollo carries significant noncontrolling interests, including $19.6 billion in Q1 2026, which can dilute the economics available to common shareholders.
Q1 2026 was a loss quarter for common shareholders. Apollo reported a net loss attributable to common shareholders of $1.9 billion, or $(3.27) per share, versus positive earnings in late 2025.
Pre-tax income collapsed in Q1 2026. Pre-tax income fell to just $283 million from $1.75 billion in Q4 2025 and $2.9 billion in Q3 2025.
Q1 2026 was pressured by taxes and other items. Income tax expense of $1.7 billion overwhelmed pre-tax profit and pushed the quarter deep into the red.
Investing activity remains a major cash use. Q1 2026 investing cash flow was a $8.3 billion outflow, reflecting Apollo’s continued heavy investment activity and balance sheet deployment.
Operating capital swings can be significant. In Q1 2026, changes in operating assets and liabilities used $2.1 billion of cash, highlighting volatility in working capital and asset/liability timing.

Bottom line: Apollo’s long-term picture looks mixed but still constructive. The company has built a larger, highly liquid platform with strong cash generation and a powerful earnings profile in better quarters. However, Q1 2026 showed that results can be volatile, with profitability pressured by taxes and other items. For investors, APO still looks like a scaled alternative asset manager with solid liquidity, but quarterly earnings can swing sharply.

08/14/26 08:16 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 financial year ends in December. Their financial 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. View Apollo Global Management's forecast to see where analysts expect Apollo Global Management to go next.

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 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Apollo Global Management (APO) Financials

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Apollo Global Management (APO) Financials

Annual Income Statements for Apollo Global Management

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Quarterly Cash Flow Statements for Apollo Global Management

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Quarterly Metrics And Ratios for Apollo Global Management

Financials Breakdown Chart

Key Financial Trends

Apollo Global Management Financials - Frequently Asked Questions

When does Apollo Global Management's fiscal year end?

How has Apollo Global Management's net income changed over the last 5 years?

What is Apollo Global Management's operating income?

How has Apollo Global Management's revenue changed over the last 5 years?

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How has Apollo Global Management's book value per share changed over the last 5 years?

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