APO Apollo Global Management, Inc.

Overview and Growth

In fiscal 2025, Apollo Global Management, Inc. recorded $32.05B of revenue, net income of $3.49B, and an operating cash inflow of $7.25B. Revenue of $32.05B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 22.7% above fiscal 2024 revenue of $26.11B, marking a year-over-year increase. The company reported diluted EPS of $5.54, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 24.4% decrease from fiscal 2024 diluted EPS of $7.33. Diluted shares averaged 593.66M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 1.7% from 604.04M in fiscal 2024, leaving the current share base lower year over year. Total assets stood at $460.95B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.07x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Net income came to $3.49B, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 10.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $6.68B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 20.8%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $1.28B, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 19.1%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 8.2% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 0.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $4.58B to $3.49B, with the current outcome ending below that comparison.

Liquidity and Capital Structure

The company held $460.95B of assets against $418.43B of liabilities and $42.52B of equity, revealing how the asset base was financed. The company held $20.59B in cash and equivalents, a narrower liquidity measure than total current assets. Borrowings totaled $13.36B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.31x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 2.9%, comparing borrowing with the total asset balance. Book equity represented 9.2% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 90.8%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 4.5%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 22.0% from $377.89B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 37.3% from $30.96B in fiscal 2024, placing the current capital base higher year over year. Compared with $17.11B in fiscal 2024, the current cash balance moved 20.3% and finished higher.

Cash Flow and Earnings Quality

The company reported $7.25B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 2.08x, showing the relationship between accrual earnings and operating cash. The operating cash outcome moved from $3.25B in fiscal 2024 to $7.25B, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.