Apollo Global Management, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Apollo Global Management, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	2,354	5,951	10,968	32,644	26,114	32,049
Operating expenses	1,579	4,113	15,911	27,331	18,982	25,289
Interest expense	133	138	222	268	474	618
Pre-tax income	553	4,861	-4,246	5,586	7,435	6,677
Income tax	86	594	-739	-923	1,062	1,276
Net income to minority interests	310	2,428	-1,546	1,462	1,796	1,909
Net income	157	1,839	-1,961	5,047	4,577	3,492
EPS, basic	0.44	7.32	-3.43	8.32	7.39	5.58
EPS, diluted	0.44	7.32	-3.43	8.28	7.33	5.54
Shares, basic (weighted)	228	237	585	581	586	589
Shares, diluted (weighted)	228	237	585	589	604	594
Dividend per share	2.31	2.10	1.60	1.69	1.81	1.99

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,556	917	8,980	17,691	17,112	20,591
Goodwill		117	4,322	4,329	4,327	5,920
Total assets		30,502	257,217	313,488	377,895	460,949
Total liabilities		18,538	241,819	288,243	346,915	418,434
Total debt		3,134	6,472	8,092	10,588	13,364
Paid-in capital		2,096	14,982	15,249	15,327	16,954
Retained earnings		1,144	-1,007	2,972	6,022	7,634
Other comprehensive income		-5	-7,335	-5,575	-5,494	-2,645
Shareholders' equity		3,789	6,640	14,044	17,253	23,341
Minority interests		6,405	7,726	11,189	13,711	19,174
Total equity	5,513	10,194	14,366	25,233	30,964	42,515
Total liabilities and equity		30,502	257,217	313,488	377,895	460,949
Shares outstanding			570	568	566	579

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	467	4,267	-3,507	6,509	6,373	5,401
Depreciation and amortization	19	27	529	803	1,075	1,431
Stock-based compensation	213	1,181	540	1,026	721	789
Deferred income tax	35	475	-1,254	-1,900	-99	643
Cash from operations	-1,616	1,064	3,789	6,322	3,253	7,246
Acquisitions				0	0	99
Purchases of investments	0	0	-36,684	0	0	-444
Sales and maturities of investments			9,421	0	0	444
Cash from investing	-838	-1,552	-23,444	-42,407	-61,801	-63,972
Debt issued	4,300	1,334	5,745	4,912	7,945	7,218
Debt repaid	-925	-1,968	-4,033	-3,780	-5,259	-4,644
Share buybacks	-92	-299	-635	-561	-890	-773
Dividends paid	-550	-517	-962	-1,012	-1,092	-1,201
Cash from financing	3,300	109	28,710	42,638	57,972	60,200
Exchange rate effect	0	0	-15	10	-3	5
Net change in cash	846	-379	9,040	6,563	-579	3,479
Interest paid	307	556	566	720	805	994
Income taxes paid	37	121	1,007	358	1,048	590

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $121.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	20.7%	Pre-tax income / revenue.
Net margin	5.2%	Net income / revenue.
Operating cash flow margin	26.4%	Cash from operations / revenue.
Effective tax rate	42.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	43.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	68.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	86.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-24.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	66.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	122.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-2.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	35.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	52.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	22.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	21.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-1.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	21.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.8%	Total debt / total assets.
Liabilities / assets	91.6%	Total liabilities / total assets.
Net debt	-$14.69B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$21.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$58.83	Revenue / diluted weighted shares.
Operating cash flow per share	$15.52	Cash from operations / diluted weighted shares.
Book value per share	$36.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.47	Tangible book value / shares outstanding.
Cash per share	$49.34	(Cash + short-term investments) / shares outstanding.
Payout ratio	67.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$71.86B	Share price x shares outstanding.
Enterprise value	$57.17B	Market cap + total debt - cash - short-term investments.
P/E	38.3x	Market cap / net income. Only when net income is positive.
P/S	2.00x	Market cap / revenue.
P/B	3.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.42x	Market cap / tangible book value, when positive.
P/OCF	7.59x	Market cap / cash from operations, when positive.
EV/Sales	1.59x	Enterprise value / revenue.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.

What was Apollo Global Management, Inc.'s revenue in fiscal 2025?

Apollo Global Management, Inc. reported revenue of $32.05B for fiscal 2025, 22.7% higher than the year before.

Was Apollo Global Management, Inc. profitable in fiscal 2025?

Yes. Net income was $3.49B, a net margin of 10.9%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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