Apollo Global Management, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 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
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2026 | 2025 |
| Cash Flows from Operating Activities | ||
| Net income (loss) | $(444) | $4,241 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Equity-based compensation | 722 | 523 |
| Net investment income | (557) | (1,119) |
| Net recognized (gains) losses on investments and derivatives | 180 | (2,754) |
| Depreciation and amortization | 1,349 | 1,040 |
| Net amortization (accretion) of net investment premiums, discount and other | (160) | (135) |
| Policy acquisition costs deferred | (1,446) | (1,493) |
| Other non-cash amounts included in net income (loss), net | 39 | 357 |
| Changes in consolidation | (63) | (23) |
| Changes in operating assets and liabilities: | ||
| Purchases of investments by funds and VIEs | (6,610) | (4,554) |
| Proceeds from sale of investments by funds and VIEs | 5,623 | 2,498 |
| Interest sensitive contract liabilities | 6,865 | 5,867 |
| Future policy benefits, market risk benefits and reinsurance recoverable | (1,970) | (1,521) |
| Other assets and liabilities, net | 1,109 | (350) |
| Net cash provided by operating activities | 4,637 | 2,577 |
| Cash Flows from Investing Activities | ||
| Purchases of: | ||
| Available-for-sale securities | (76,551) | (70,985) |
| Mortgage loans | (25,830) | (25,977) |
| Investment funds and contributions to equity method investments | (11,203) | (2,434) |
| Trading securities, equity securities, derivatives and other investments | (6,669) | (11,415) |
| Sales, maturities and repayments of: | ||
| Available-for-sale securities | 46,248 | 43,678 |
| Mortgage loans | 14,881 | 9,882 |
| Investment funds and distributions from equity method investments | 6,276 | 1,530 |
| Trading securities, equity securities, derivatives and other investments | 8,547 | 6,279 |
| Acquisition of subsidiaries, net of cash acquired | (148) | 99 |
| Other investing activities, net | 4,827 | (411) |
| Net cash used in investing activities | (39,622) | (49,754) |
| Cash Flows from Financing Activities | ||
| Issuance of debt | 8,905 | 4,702 |
| Repayment of debt | (6,284) | (2,199) |
| Repurchase of common stock | (847) | (533) |
| Common stock dividends | (1,005) | (890) |
| Preferred stock dividends | (73) | (73) |
| Distributions paid to non-controlling interests | (1,954) | (1,315) |
| Contributions from non-controlling interests | 3,243 | 2,197 |
| Deposits on investment-type policies and contracts | 60,237 | 69,269 |
| Withdrawals on investment-type policies and contracts | (24,433) | (16,821) |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | (10) | (2,586) |
| Other financing activities, net | (532) | (498) |
| Net cash provided by financing activities | 37,247 | 51,253 |
| (Continued) | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine months ended September 30, | ||
|---|---|---|
| (In millions) | 2026 | 2025 |
| Effect of exchange rate changes on cash and cash equivalents | (2) | 13 |
| Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities | 2,260 | 4,089 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period | 20,591 | 17,112 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period | $22,851 | $21,201 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid (refunded) for taxes | $150 | $527 |
| Cash paid for interest | 804 | 804 |
| Non-cash transactions | ||
| Non-cash investing activities | ||
| Asset Management and Other | ||
| Purchase of investments | 115 | 61 |
| Sale of investments | 158 | — |
| Retirement Services | ||
| Exchange of interests in consolidated variable interest entities for related party investments | 450 | — |
| Non-cash financing activities | ||
| Asset Management and Other | ||
| Capital increases related to equity-based compensation | 667 | 407 |
| Issuance of warrants | — | 54 |
| Issuance of restricted shares | 28 | 35 |
| Contributions from non-controlling interests | 416 | — |
| Issuance of common stock to donor-advised fund | — | 200 |
| Retirement Services | ||
| Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | (1,323) | (1,388) |
| Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) | 3,493 | 4,402 |
| Reconciliation of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities to the condensed consolidated Statements of Financial Condition: | ||
| Cash and cash equivalents | $21,330 | $16,951 |
| Restricted cash and cash equivalents | 1,069 | 2,786 |
| Cash and cash equivalents held at consolidated variable interest entities | 452 | 1,464 |
| Total cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities | $22,851 | $21,201 |
| (Concluded) | ||
| See accompanying notes to the unaudited condensed consolidated financial statements. | ||
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