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.
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Item 8. Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities | |||
| Net income (loss) | $5,401 | $6,373 | $6,509 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Equity-based compensation | 789 | 721 | 1,026 |
| Net investment income | (1,371) | (1,359) | (1,140) |
| Net recognized (gains) losses on investments and derivatives | (3,472) | (3,526) | (2,073) |
| Depreciation and amortization | 1,431 | 1,075 | 803 |
| Net amortization (accretion) of net investment premiums, discount and other | (202) | (123) | 81 |
| Policy acquisition costs deferred | (1,876) | (1,507) | (1,570) |
| Other non-cash amounts included in net income (loss), net | 593 | 92 | (415) |
| Changes in consolidation | (42) | 248 | (54) |
| Changes in operating assets and liabilities: | |||
| Purchases of investments by funds and VIEs | (6,891) | (5,591) | (5,744) |
| Proceeds from sale of investments by funds and VIEs | 6,685 | 4,714 | 5,464 |
| Interest sensitive contract liabilities | 7,678 | 5,677 | 3,917 |
| Future policy benefits, market risk benefits and reinsurance recoverable | (367) | (1,969) | 4,333 |
| Other assets and liabilities, net | (1,110) | (1,572) | (4,815) |
| Net cash provided by operating activities | 7,246 | 3,253 | 6,322 |
| Cash Flows from Investing Activities | |||
| Purchases of investments and contributions to equity method investments | (9,198) | (3,835) | (4,650) |
| Purchases of available-for-sale securities | (93,472) | (80,168) | (37,263) |
| Purchases of mortgage loans | (41,406) | (28,168) | (20,972) |
| Purchases of investment funds | (4,276) | (2,833) | (2,678) |
| Purchases of U.S. Treasury securities | (455) | — | (490) |
| Purchases of derivatives instruments and other investments | (6,178) | (5,032) | (5,637) |
| Sales, maturities and repayments of investments and distributions from equity method investments | 92,605 | 59,426 | 29,052 |
| Acquisition of subsidiaries, net of cash acquired | 99 | — | — |
| Other investing activities, net | (1,691) | (1,191) | 231 |
| Net cash used in investing activities | (63,972) | (61,801) | (42,407) |
| Cash Flows from Financing Activities | |||
| Issuance of debt | 7,218 | 7,945 | 4,912 |
| Repayment of debt | (4,644) | (5,259) | (3,780) |
| Redemption of subsidiary equity interests | — | — | (575) |
| Repurchase of common stock | (773) | (890) | (561) |
| Common stock dividends | (1,201) | (1,092) | (1,012) |
| Preferred stock dividends | (97) | (97) | (22) |
| Distributions paid to non-controlling interests | (1,925) | (1,299) | (766) |
| Contributions from non-controlling interests | 2,934 | 3,132 | 2,863 |
| Distributions to redeemable non-controlling interests | — | — | (1,072) |
| Issuance of Mandatory Convertible Preferred Stock, net of issuance costs | — | — | 1,398 |
| Deposits on investment-type policies and contracts | 81,183 | 71,323 | 53,660 |
| Withdrawals on investment-type policies and contracts | (22,657) | (19,119) | (14,125) |
| Subsidiary issuance of equity interests to non-controlling interests | — | — | 632 |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 340 | 4,116 | 829 |
| Other financing activities, net | (178) | (788) | 257 |
| Net cash provided by financing activities | 60,200 | 57,972 | 42,638 |
| (Continued) | |||
| Years ended December 31, | |||
|---|---|---|---|
| (In millions) | 2025 | 2024 | 2023 |
| Effect of exchange rate changes on cash and cash equivalents | 5 | (3) | 10 |
| Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities | 3,479 | (579) | 6,563 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period | 17,112 | 17,691 | 11,128 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period | $20,591 | $17,112 | $17,691 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for taxes | $590 | $1,048 | $358 |
| Cash paid for interest | 994 | 805 | 720 |
| Non-cash transactions | |||
| Non-cash investing activities | |||
| Asset Management and Other | |||
| Purchase of investments | 61 | 14 | 10 |
| Retirement Services | |||
| Investments received from settlements on reinsurance agreements | — | 48 | 1,129 |
| Investments received at inception of reinsurance agreements | — | — | 2,158 |
| Investments received from pension group annuity premiums | 540 | 521 | 4,776 |
| Reduction in investments relating to recapture of reinsurance agreement | — | — | 482 |
| Investments exchanged with third-party cedants | — | — | 145 |
| Non-cash financing activities | |||
| Asset Management and Other | |||
| Capital increases related to equity-based compensation | 640 | 606 | 867 |
| Issuance of warrants | 54 | 109 | — |
| Issuance of restricted shares | 55 | 52 | 41 |
| Issuance of common stock related to equity transactions | — | 12 | — |
| Subsidiary issuance of equity interest | — | 72 | — |
| Issuance of common stock to donor-advise fund | 200 | — | — |
| Retirement Services | |||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | (1,775) | (4,057) | 99 |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | 5,773 | 8,479 | 12,430 |
| Distribution of investments to non-controlling interests of consolidated VIEs | — | 1,107 | — |
| Borrowings of VIEs settled with investments | — | — | 52 |
| Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the consolidated Statements of Financial Condition: | |||
| Cash and cash equivalents | $18,344 | $15,425 | $15,768 |
| Restricted cash and cash equivalents | 1,351 | 946 | 1,763 |
| Cash and cash equivalents held at consolidated variable interest entities | 896 | 741 | 160 |
| Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities | $20,591 | $17,112 | $17,691 |
| (Concluded) | |||
| See accompanying notes to the consolidated financial statements. | |||
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