Apollo Global Management, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
APO$122.74+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
| Years ended December 31, | |||
|---|---|---|---|
| (In millions, except per share data) | 2025 | 2024 | 2023 |
| Revenues | |||
| Asset Management | |||
| Management fees | $2,378 | $1,899 | $1,772 |
| Advisory and transaction fees, net | 1,202 | 822 | 623 |
| Investment income (loss) | 1,143 | 1,305 | 1,032 |
| Incentive fees | 245 | 150 | 80 |
| Property management, development and other fees | 32 | — | — |
| 5,000 | 4,176 | 3,507 | |
| Retirement Services | |||
| Premiums | 2,628 | 1,318 | 12,749 |
| Product charges | 1,137 | 1,016 | 848 |
| Net investment income | 19,245 | 15,718 | 12,080 |
| Investment related gains (losses) | 1,544 | 2,045 | 1,428 |
| Revenues of consolidated variable interest entities | 2,470 | 1,822 | 1,441 |
| Other revenues | 25 | 19 | 591 |
| 27,049 | 21,938 | 29,137 | |
| Total Revenues | 32,049 | 26,114 | 32,644 |
| Expenses | |||
| Asset Management | |||
| Compensation and benefits | 2,993 | 2,608 | 2,722 |
| Interest expense | 256 | 226 | 145 |
| General, administrative and other | 1,546 | 1,170 | 872 |
| 4,795 | 4,004 | 3,739 | |
| Retirement Services | |||
| Interest sensitive contract benefits | 12,089 | 8,949 | 6,229 |
| Future policy and other policy benefits | 4,433 | 3,054 | 14,434 |
| Market risk benefits remeasurement (gains) losses | 452 | (102) | 404 |
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 1,242 | 941 | 688 |
| Policy and other operating expenses | 2,278 | 2,136 | 1,837 |
| 20,494 | 14,978 | 23,592 | |
| Total Expenses | 25,289 | 18,982 | 27,331 |
| Other income (loss) – Asset Management | |||
| Net gains (losses) from investment activities | (251) | 58 | 7 |
| Net gains (losses) from investment activities of consolidated variable interest entities | 304 | 90 | 130 |
| Other income (loss), net | (136) | 155 | 136 |
| Total Other income (loss) | (83) | 303 | 273 |
| Income (loss) before income tax (provision) benefit | 6,677 | 7,435 | 5,586 |
| Income tax (provision) benefit | (1,276) | (1,062) | 923 |
| Net income (loss) | 5,401 | 6,373 | 6,509 |
| Net (income) loss attributable to non-controlling interests | (1,909) | (1,796) | (1,462) |
| Net income (loss) attributable to Apollo Global Management, Inc. | 3,492 | 4,577 | 5,047 |
| Preferred stock dividends | (97) | (97) | (46) |
| Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | $3,395 | $4,480 | $5,001 |
| Earnings (loss) per share | |||
| Net income (loss) attributable to common stockholders – Basic | $5.58 | $7.39 | $8.32 |
| Net income (loss) attributable to common stockholders – Diluted | $5.54 | $7.33 | $8.28 |
| Weighted average shares outstanding – Basic | 589.5 | 586.1 | 581.4 |
| Weighted average shares outstanding – Diluted | 593.7 | 604.0 | 588.8 |
| See accompanying notes to the consolidated financial statements. | |||
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