Apollo Commercial Real Estate Finance, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Apollo Commercial Real Estate Finance, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue				334	279	285	304	345	304	272
General and administrative	25	20.7	20.5	24.1	26.8	28.8	29.7	29.5	29.6	27.4
Operating expenses	48.4	52.4	56.9	64.8	66.6	89.6	121	149	159	158
Interest expense	63.8	78.1	115	153	149	163	271	466
Interest income	39.1	14.6	0
Pre-tax income						224	265	58.6	-119	127
Income tax						0	0	0.44	0.39	0.33
Income from continuing operations						-19.9	-52.4
Net income	158	193	220	230	18.4	224	265	58.1	-120	127
EPS, basic	1.74	1.54	1.52	1.41	0.01	1.48	1.77	0.29	-0.97	0.81
EPS, diluted	1.74	1.54	1.48	1.40	0.01	1.46	1.68	0.29	-0.97	0.81
Shares, basic (weighted)	72.4	99.9	124	147	148	140	141	141	140	139
Shares, diluted (weighted)	73.3	101	154	176	148	168	166	141	140	139
Dividend per share	1.84	1.84	1.84	1.84	1.45	1.40	1.40	1.40	1.20	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	201	77.7	110	452	325	343	222	225	317	140
Total assets	3,483	4,089	5,096	6,888	6,940	8,417	9,568	9,297	8,412	9,901
Total liabilities	1,551	2,000	2,586	4,258	4,669	6,122	7,214	7,088	6,537	8,045
Paid-in capital	1,983	2,170	2,638	2,825	2,708	2,721	2,717	2,727	2,696	2,704
Retained earnings	-48.1	-83.1	-130	-197	-439	-428	-364	-520	-823	-850
Other comprehensive income	-3.81	0
Shareholders' equity	1,932	2,088	2,510	2,630	2,271	2,295	2,355	2,209	1,874	1,856
Total equity	1,932	2,088	2,510	2,630	2,271	2,295	2,355	2,209	1,874	1,856
Total liabilities and equity	3,483	4,089	5,096	6,888	6,940	8,417	9,568	9,297	8,412	9,901
Shares outstanding	91.4	107	134	154	139	140	141	141	138	139

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	158	193	220	230	18.4	224	265	58.1	-120	127
Depreciation and amortization				0	0	2.65	0.7	8.25	11.7	11.2
Stock-based compensation	4.46	11	8.81	15.9	16.8	17.6	18.3	17.4	16.5	13.6
Change in payables	-8.5
Cash from operations	124	155	266	273	164	199	268	274	200	143
Sales and maturities of investments	140	468	0	0
Cash from investing	1,067	-721	-999	-1,435	-216	-1,357	-1,339	68.4	577	-1,387
Debt issued					0	297	0	0
Debt repaid							-8	-8	-8	-15
Stock issued	178	280	276	315	0	0
Share buybacks	0	0	0	0	-128	0	0	0	-40.8	0
Dividends paid	-132	-184	-227	-269	-238	-200	-201	-202	-186	-141
Cash from financing	-1,025	380	765	1,504	-75.1	1,175	958	-343	-689	1,065
Exchange rate effect					0	0	-1.73	-0.61	3.26	2.2
Net change in cash	166	-186	32.1	342	-127	17.6	-119	-1.08	88.1	-180
Interest paid	52.7	55.8	97.9	133	130	138	246	444	495	456
Income taxes paid						0	0	0.8	0.03	0.19

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 $6.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	55.6%	Pre-tax income / revenue.
Net margin	55.5%	Net income / revenue.
Operating cash flow margin	36.3%	Cash from operations / revenue.
Effective tax rate	0.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-21.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	47.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-21.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	140.8%	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	-28.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-19.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-16.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-10.6%	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	-7.2%	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	-1.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	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	-5.7%	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	-1.3%	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
Liabilities / assets	41.3%	Total liabilities / total assets.
Tangible book value	$1.25B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.00	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	$1.81	Revenue / diluted weighted shares.
Operating cash flow per share	$0.66	Cash from operations / diluted weighted shares.
Book value per share	$9.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.79	Tangible book value / shares outstanding.
Cash per share	$9.67	(Cash + short-term investments) / shares outstanding.
Payout ratio	106.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$800.0M	Share price x shares outstanding.
Enterprise value	-$439.4M	Market cap + total debt - cash - short-term investments.
P/E	6.06x	Market cap / net income. Only when net income is positive.
P/S	3.36x	Market cap / revenue.
P/B	0.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.64x	Market cap / tangible book value, when positive.
P/OCF	9.25x	Market cap / cash from operations, when positive.
Earnings yield	16.5%	Net income / market cap (the inverse of P/E).
Dividend yield	17.6%	Dividends paid over the period / market cap.
Shareholder yield	33.1%	(Dividends paid + share buybacks) / market cap.

What was Apollo Commercial Real Estate Finance, Inc.'s revenue in fiscal 2025?

Apollo Commercial Real Estate Finance, Inc. reported revenue of $271.6M for fiscal 2025, 10.6% lower than the year before.

Was Apollo Commercial Real Estate Finance, Inc. profitable in fiscal 2025?

Yes. Net income was $126.7M, a net margin of 46.7%.

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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