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Apollo Global Management vs Ares Management: revenue, profit, margins and growth compared

Apollo Global Management brought in $32B of revenue in fiscal 2025, Ares Management $5.6B in fiscal 2025. Revenue changed by +22.7% at Apollo Global Management and +44.2% at Ares Management on the year before, so Ares Management grew faster. Apollo Global Management kept 10.9% of its revenue as net profit, Ares Management 9.4%.

Side by side, latest fiscal year

APOARES
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32B$5.6B
Revenue growth+22.7%+44.2%
Net income$3.5B$527.4M
Net margin10.9%9.4%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$5.54n/a
Cash$20.6B$488.9M
Debt$13.4Bn/a
Price to earnings22.0n/a
Market value$71.9B$40.3B
Dividend yield1.64%n/a
Rank by revenue in sector#17 of 444 · Finance#93 of 444 · Finance

Over the years

Revenue
APO FY2020: $2.4BAPO FY2022: $6BAPO FY2022: $11BAPO FY2023: $32.6BAPO FY2024: $26.1BAPO FY2025: $32BARES FY2018: $1.2BARES FY2019: $1.8BARES FY2020: $1.8BARES FY2021: $4.2BARES FY2022: $3.1BARES FY2023: $3.6BARES FY2024: $3.9BARES FY2025: $5.6BFY18FY19FY20FY21FY22FY23FY24FY25
APO $32BARES $5.6B
Net income
APO FY2020: $157MAPO FY2022: $1.8BAPO FY2022: -$2BAPO FY2023: $5BAPO FY2024: $4.6BAPO FY2025: $3.5BARES FY2018: $57MARES FY2019: $148.9MARES FY2020: $152.1MARES FY2021: $408.8MARES FY2022: $167.5MARES FY2023: $474.3MARES FY2024: $463.7MARES FY2025: $527.4MFY18FY19FY20FY21FY22FY23FY24FY25
APO $3.5BARES $527.4M
Net margin
APO FY2020: 6.7%APO FY2022: 30.9%APO FY2022: -17.9%APO FY2023: 15.5%APO FY2024: 17.5%APO FY2025: 10.9%ARES FY2018: 4.7%ARES FY2019: 8.4%ARES FY2020: 8.6%ARES FY2021: 9.7%ARES FY2022: 5.5%ARES FY2023: 13.1%ARES FY2024: 11.9%ARES FY2025: 9.4%FY18FY19FY20FY21FY22FY23FY24FY25
APO 10.9%ARES 9.4%
Revenue growth
APO FY2022: +152.8%APO FY2022: +84.3%APO FY2023: +197.6%APO FY2024: -20.0%APO FY2025: +22.7%ARES FY2019: +44.9%ARES FY2020: -0.1%ARES FY2021: +138.8%ARES FY2022: -27.5%ARES FY2023: +18.9%ARES FY2024: +7.0%ARES FY2025: +44.2%FY19FY20FY21FY22FY23FY24FY25
APO +22.7%ARES +44.2%

Fiscal years as each company reports them; the two may end in different months.

Questions about Apollo Global Management and Ares Management

Which is bigger by revenue, Apollo Global Management or Ares Management?

Apollo Global Management is bigger by revenue: $32B in fiscal 2025, against $5.6B for Ares Management in fiscal 2025.

Which keeps more of its revenue as profit, Apollo Global Management or Ares Management?

Apollo Global Management had a net margin of 10.9% in fiscal 2025; Ares Management had 9.4% in fiscal 2025.

Which grew revenue faster, Apollo Global Management or Ares Management?

In their latest fiscal years revenue changed by +22.7% at Apollo Global Management and +44.2% at Ares Management.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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