NYSE: APO
Apollo Global Management
Financials · Investment Advice
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$69.9B
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| Period | Market cap |
|---|---|
| FY2020, ended Dec 31, 2020 | $11.1B |
| FY2021, ended Dec 31, 2021 | $41.6B |
| FY2022, ended Dec 31, 2022 | $36.4B |
| FY2023, ended Dec 31, 2023 | $52.9B |
| FY2024, ended Dec 31, 2024 | $94.2B |
| FY2025, ended Dec 31, 2025 | $83.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $69.9B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$35.9B
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| Period | Revenue |
|---|---|
| FY2020, ended Dec 31, 2020 | $2.35B |
| FY2021, ended Dec 31, 2021 | $5.95B |
| FY2022, ended Dec 31, 2022 | $11.0B |
| FY2023, ended Dec 31, 2023 | $32.6B |
| FY2024, ended Dec 31, 2024 | $26.1B |
| FY2025, ended Dec 31, 2025 | $32.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $35.9B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.88B
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| Period | Net income |
|---|---|
| FY2020, ended Dec 31, 2020 | $157M |
| FY2021, ended Dec 31, 2021 | $1.84B |
| FY2022, ended Dec 31, 2022 | −$1.96B |
| FY2023, ended Dec 31, 2023 | $5.05B |
| FY2024, ended Dec 31, 2024 | $4.58B |
| FY2025, ended Dec 31, 2025 | $3.49B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.88B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$28.4B
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| Period | Cash and cash equivalents |
|---|---|
| FY2020, ended Dec 31, 2020 | $1.56B |
| FY2021, ended Dec 31, 2021 | $917M |
| FY2022, ended Dec 31, 2022 | $8.98B |
| FY2023, ended Dec 31, 2023 | $17.7B |
| FY2024, ended Dec 31, 2024 | $17.1B |
| FY2025, ended Dec 31, 2025 | $20.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $28.4B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.7B
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| Period | Total debt |
|---|---|
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | $3.13B |
| FY2022, ended Dec 31, 2022 | $6.47B |
| FY2023, ended Dec 31, 2023 | $8.09B |
| FY2024, ended Dec 31, 2024 | $10.6B |
| FY2025, ended Dec 31, 2025 | $13.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.7B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 160% since 2020.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.591M
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| Period | Shares outstanding |
|---|---|
| FY2020, ended Dec 31, 2020 | 228M |
| FY2021, ended Dec 31, 2021 | 574M |
| FY2022, ended Dec 31, 2022 | 571M |
| FY2023, ended Dec 31, 2023 | 568M |
| FY2024, ended Dec 31, 2024 | 570M |
| FY2025, ended Dec 31, 2025 | 578M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 591M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $357M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2020, ended Dec 31, 2020 | $92.0M | $213M | — |
| FY2021, ended Dec 31, 2021 | $299M | $1.18B | — |
| FY2022, ended Dec 31, 2022 | $635M | $540M | $18.0B |
| FY2023, ended Dec 31, 2023 | $561M | $1.03B | — |
| FY2024, ended Dec 31, 2024 | $890M | $721M | — |
| FY2025, ended Dec 31, 2025 | $773M | $789M | $1.85B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.31B | $952M | — |
Revenue (TTM)
$35.9B
+41.2% YoY
Net income (TTM)
$1.88B
−44.3% YoY
Cash
$28.4B
+89.8% YoY
Total debt
$13.7B
+13.0% YoY
Valuation
At current price- Market Cap
- $68.4B
- P/E
- 36.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.9×
- Price / Book
- 3.3×
- EV / EBITDA
- 5.5×
Growth
Trailing 12 months- Revenue (TTM)
- $35.9B
- Revenue Growth YoY
- 41.2%
- Revenue CAGR 3Y
- 43.0%
- Revenue CAGR 5Y
- 68.6%
- EPS Growth YoY
- −47.6%
- Net Income Growth YoY
- −44.3%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 5.2%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 9.3%
Earnings
Trailing 12 months- Net Income
- $1.88B
- EPS (diluted)
- $2.81
- EBITDA
- $9.73B
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $28.4B
- Total Debt
- $13.7B
- Net Cash
- $14.7B
- Total Assets
- $494B
- Total Liabilities
- $453B
- Shareholders' Equity
- $21.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $9.47B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.9%
- Dividend / Share
- $2.15
- Beta (5Y)
- 1.58
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 41.2% over the last year, to $35.9B.
Note
Net margin of 5.2% over the last 12 months.
Watch
Share count is up 3.2% in a year, diluting holders.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K57Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 24, 2025 · Read the filing on EDGAR
- Total revenue fell 20% to $26.1B, mainly because pension annuity premiums dropped $9.5B. Pre-tax income still rose 33% to $7.4B.
- Net income slipped 2% to $6.4B. 2023 had a one-time Bermuda tax benefit, while 2024 carried a $1.06B tax charge.
- Fee-related earnings rose 17% to $2.06B and assets under management grew 15% to $751B. Athene's spread earnings rose only 4% as its interest margin narrowed.
- Principal Investing income more than tripled to $271M on higher realized performance fees.
Business momentum
Mixed
“Premiums were $1.3 billion in 2024, a decrease of $11.4 billion from $12.7 billion in 2023, primarily driven by a $9.5 billion decrease in pension group annuity premiums compared to 2023”
Outlook
Positive
“we believe the business environment remains generally accommodative to raise larger successor funds, launch new products, and pursue attractive strategic growth opportunities.”
Financial stress
Low
Tone against the previous report
About the same
Red flags
- Minor
Other
“$152 million of expense related to guaranty association assessments levied against Athene in connection with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies”
Positives
Fee-related earnings grew 17%
“FRE was $2,063 million in 2024, an increase of $295 million compared to $1,768 million in 2023.”
Assets under management reached $751B
“Total AUM was $751.0 billion at December 31, 2024, an increase of $100.3 billion, or 15.4%, compared to $650.8 billion at December 31, 2023.”
Athene investment income up 30% on strong inflows
“Net investment income was $15.7 billion in 2024, an increase of $3.6 billion from $12.1 billion in 2023, primarily driven by significant growth in Athene’s investment portfolio attributable to strong net flows in 2024”
Concerns
Athene's interest margin narrowed
“Net investment spread was 1.78% in 2024, a decrease of 15 basis points compared to 1.93% in 2023, primarily driven by higher cost of funds, partially offset by a higher net investment earned rate.”
Net income to common shareholders fell 10%
“Net income (loss) available to Apollo Global Management, Inc. common stockholders $ 4,480 $ 5,001 $ (521) (10.4)%”
Fund VIII is below its required escrow level and performance fees are held back
“the remaining investments and escrow cash of Fund VIII was valued at 86% of the fund’s unreturned capital, which was below the required escrow ratio of 115%.”
New risks since the previous report
Tariffs and policy shifts under new US administration
“Market uncertainty and volatility could also be magnified as a result of the new U.S. administration and resulting uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies”
Artificial intelligence disruption and legal risk
“AI Technologies could significantly disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs”
Anti-ESG laws could deter some investors
“so-called “anti-ESG” and “anti-DEI” sentiment has also gained momentum across the U.S., with several states and federal authorities having enacted or proposed “anti-ESG” policies”
Redemption pressure in products sold to individual investors
“Challenging market or economic conditions and liquidity needs could cause elevated share redemption or repurchase requests from investors in such products.”
Biggest risks named
- Interest-rate and market swings hitting Athene's investments and liabilities
- Volatile performance fees and possible clawbacks
- Illiquid, hard-to-value assets
- Tariffs and economic policy uncertainty
- Tax changes including Bermuda CIT and OECD minimum tax
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 57 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 24, 2025 | 57 | Mixed | 1 minor | |
| 10-K | Feb 27, 2024 | 74 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2023 | 47 | Sharp deterioration | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 10, 2026. View filings on SEC EDGAR