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olivLaw · US equity research

Apollo Global Management, Inc. APO

Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)

113.55USD−4.95% · 1 dayClose 03 Nov 2026

Apollo Global Management is a global alternative asset manager and retirement services provider with three reportable segments: Asset Management, Retirement Services and Principal Investing. Total AUM rose from $938.4 billion at December 31, 2025 to $1.05 trillion at June 30, 2026. Credit remains the largest strategy, with $849 billion of AUM at June 30, 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, Apollo Global Management, Inc. (APO) stock was 113.55 USD (−4.95% on the day), with market capitalisation 67.1 bn USD, P/E 40.5 on diluted EPS of 2.80 USD over the last 12 months, dividend yield 1.84%, beta 1.58, 52-week range 100.30–152.70 USD. Latest reported quarter (Q2 2026): revenue of 11.2 bn USD (+63.7% YoY), net income of 1.4 bn USD (+116.0% YoY), diluted EPS 2.15 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
67.1 bn USD
shares as of 05 Aug 2026
P/E (TTM)
40.5
Diluted EPS TTM 2.80 · TTM to 30 Jun 2026
E/P (TTM)
2.47%
TTM to 30 Jun 2026
Dividend yield
1.84%
DPS 12m 2.09
Beta (2y)
1.58
Volatility (1y) 37%
52-week range
100.30152.70

Price history

Loading chart…

Technical reading

RSI (14)
44.5
weak (30–45)
Bollinger (20, 2)
109.21 – 119.99
in the lower half of the band · %B 0.40 · band width 9.4%
SMA 50 / 200
121.60 / 123.13
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.28 / -2.13
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.4%−2.0%+1.6 pp—
3 months−14.8%−2.2%−12.6 pp—
6 months−12.9%+4.3%−17.1 pp—
Year to date−21.6%+10.6%−32.1 pp—
1 year−8.4%+10.5%−18.9 pp+3.8%
3 years+33.5%+73.7%−40.1 pp+26.6%
5 years+46.9%+61.7%−14.8 pp—
Max drawdown (1y)
−34.3%
06 Jan 2026 → 12 Mar 2026
Max drawdown (5y)
−43.8%
11 Dec 2024 → 12 Mar 2026
Compound annual growth (5y)
+8.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
11.2 bn USD
+63.7% YoY
Net income
1.4 bn USD
+116.0% YoY
Diluted EPS
2.15
+117.2% YoY
net / operating
12.2% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue7.8 bn5.3 bn5.5 bn6.8 bn9.8 bn9.9 bn5.1 bn11.2 bn
Depreciation & amortisation281.0 m ≈296.0 m308.0 m332.0 m ≈400.0 m ≈391.0 m397.0 m414.0 m ≈
Interest expense120.0 m141.0 m135.0 m143.0 m166.0 m174.0 m179.0 m190.0 m
Pre-tax income2.1 bn1.7 bn1.2 bn845.0 m2.9 bn1.8 bn283.0 m2.5 bn
Income tax317.0 m62.0 m243.0 m3.0 m438.0 m592.0 m1.7 bn396.0 m
Net income811.0 m1.5 bn442.0 m630.0 m1.7 bn684.0 m-1.9 bn1.4 bn
Diluted EPS1.292.30 ≈0.680.992.781.14 ≈-3.272.15
Operating cash flow1.9 bn ≈-4.0 m1.0 bn1.3 bn ≈303.0 m ≈4.7 bn1.6 bn2.9 bn ≈
Dividends paid277.0 m ≈277.0 m278.0 m306.0 m ≈306.0 m ≈311.0 m312.0 m342.0 m ≈
Share repurchases453.0 m ≈102.0 m193.0 m0 ≈340.0 m ≈240.0 m632.0 m97.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 87 percentile of its own 15-quarter history (min 9.6, median 19.7, max 67.8; quarters with earnings only).

Fiscal years

Fiscal year202020212022202320242025
Revenue2.4 bn6.0 bn11.0 bn32.6 bn26.1 bn32.0 bn
Revenue YoYunavailable+152.8%+84.3%+197.6%−20.0%+22.7%
Net income157.0 m1.8 bn-2.0 bn5.0 bn4.6 bn3.5 bn
Net income YoYunavailable+1,071.3%−206.6%unavailable−9.3%−23.7%
Diluted EPS0.447.32-3.438.287.335.54
Diluted EPS YoYunavailable+1,563.6%−146.9%unavailable−11.5%−24.4%
net %6.7%30.9%-17.9%15.5%17.5%10.9%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
20.6 bn USD
Financial debt
13.4 bn USD
Net debt
-7.2 bn USD
Equity
42.5 bn USD
Total assets
460.9 bn USD
Debt / equity
0.31x
Current ratio
unavailable
ROE
9.5%
ROA
0.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
32.6 bn
2024
26.1 bn
2025
32.0 bn

SEC (XBRL)· 25 Feb 2026verified

Depreciation & amortisation
2023
803.0 m
2024
1.1 bn
2025
1.4 bn

SEC (XBRL)· 25 Feb 2026verified

Interest expense
2023
268.0 m
2024
474.0 m
2025
618.0 m

SEC (XBRL)· 25 Feb 2026verified

Pre-tax income
2023
5.6 bn
2024
7.4 bn
2025
6.7 bn

SEC (XBRL)· 25 Feb 2026verified

Income tax
2023
-923.0 m
2024
1.1 bn
2025
1.3 bn

SEC (XBRL)· 25 Feb 2026verified

Net income
2023
5.0 bn
2024
4.6 bn
2025
3.5 bn

SEC (XBRL)· 25 Feb 2026verified

Diluted EPS
2023
8.28
2024
7.33
2025
5.54

SEC (XBRL)· 25 Feb 2026verified

Weighted average diluted shares
2023
588.8 m
2024
604.0 m
2025
593.7 m

SEC (XBRL)· 25 Feb 2026verified

Dividend per share
2023
1.69
2024
1.81
2025
1.99

SEC (XBRL)· 25 Feb 2026verified

Balance sheet · USD

Cash
2023
17.7 bn
2024
17.1 bn
2025
20.6 bn

SEC (XBRL)· 25 Feb 2026verified

Goodwill
2023
4.3 bn
2024
4.3 bn
2025
5.9 bn

SEC (XBRL)· 25 Feb 2026verified

Total assets
2023
313.5 bn
2024
377.9 bn
2025
460.9 bn

SEC (XBRL)· 25 Feb 2026verified

Long-term debt
2023
8.1 bn
2024
10.6 bn
2025
13.4 bn

SEC (XBRL)· 25 Feb 2026verified

Total liabilities
2023
288.2 bn
2024
346.9 bn
2025
418.4 bn

SEC (XBRL)· 25 Feb 2026verified

Equity
2023
25.2 bn
2024
31.0 bn
2025
42.5 bn

SEC (XBRL)· 25 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
6.3 bn
2024
3.3 bn
2025
7.2 bn

SEC (XBRL)· 25 Feb 2026verified

Investing cash flow
2023
-42.4 bn
2024
-61.8 bn
2025
-64.0 bn

SEC (XBRL)· 25 Feb 2026verified

Financing cash flow
2023
42.6 bn
2024
58.0 bn
2025
60.2 bn

SEC (XBRL)· 25 Feb 2026verified

Dividends paid
2023
1.0 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 25 Feb 2026verified

Share repurchases
2023
561.0 m
2024
890.0 m
2025
773.0 m

SEC (XBRL)· 25 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
22.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
43.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
68.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-23.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
86.0%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-24.4%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
66.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
5.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
9.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
0.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
74.6%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-14.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
9.5 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
67.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
52.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
35.8x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
40.5x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
2.5%
computed by olivLawTTM to 30 Jun 2026
P/B
3.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
1.8%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
3.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 31.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

113.55 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 67.1 bn USD

Key indicators

Market capitalisation
67.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
40.5x
computed by olivLawTTM to 30 Jun 2026
P/B
3.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
9.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
5.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
22.7%
computed by olivLawFY 2025
Dividend yield
1.8%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 05 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 632derived 53

Score by group

31% · Insufficient data

Estimated value range

Low
28.99
USD per share
Mid
45.48
USD per share
High
54.68
USD per share
Price: 113.55 USD
The price is above the range
Potential to the central value: -59.9% (value / price − 1)
Margin of safety: -149.7% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.15 – 74.20 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E31.84 – 74.20 (Mid 60.96)
    5 companies used · median multiple 21.7x · quartiles 11.4x – 26.5x
    AMP, BEN, BX, KKR, TROW
  • Dividend discount (DDM)26.15 – 35.17 (Mid 30.00)
Multiple comparisons use the SIC vertical: Investment Advice (SIC 6282)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality5.2%0 (vs peers)20%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth43.0%100 (on a fixed band)27%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation40.5x0 (vs peers)33%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns3.8%55 (on a fixed band)20%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partial55/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

APOLLO GLOBAL MANAGEMENT, INC. (APO). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 32.0 bn USD in 2025; YoY growth 22.7%; net margin 5.2%; ROE 9.3%.

The estimated value range is 28.99–54.68 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 45.48 USD, the price of 113.55 USD leaves a potential of -59.9% (value / price − 1) and a margin of safety of -149.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 43.0%

What contradicts it

  • Net margin: 5.2%
  • P/E (TTM): 40.5x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 5 companies

Only companies with a capitalisation between 8.5 bn and 542.5 bn (within 8× of the company's); 36 of the vertical were left out.

Multiples and returns vs the median

P/E
40.5x
vertical median 21.7x
above median (+86.3%)
EV/EBITDA
—
vertical median —
P/S
1.9x
vertical median 2.9x
below median (−36.5%)
P/B
3.2x
vertical median 2.8x
above median (+15.0%)
ROE
9.3%
vertical median 19.7%
below median (−52.9%)
Net margin
5.2%
vertical median 20.7%
below median (−74.7%)
EBIT margin
—
vertical median —
Revenue YoY
22.7%
vertical median 3.5%
above median (+558.3%)
Net debt/EBITDA
—
vertical median —
Dividend yield
1.8%
vertical median 4.0%
below median (−54.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BXBlackstone Inc.88.7 bn26.540.5%21.8%+9.2%−19% / +5%
KKRKkr & Co. Inc.86.2 bn27.310.6%14.8%−11.0%−22% / +27%
APOApollo Global Management, Inc.67.1 bn40.59.3%5.2%+22.7%−8% / +34%
AMPAmeriprise Financial, Inc.43.8 bn11.472.0%20.7%+5.5%+11% / +43%
TROWPrice T Rowe Group Inc22.7 bn10.719.7%28.4%+3.1%+4% / +6%
BENFranklin Resources Inc16.4 bn21.76.8%8.7%+3.5%+43% / +30%

1- and 3-year price returns: for APO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
84.02
Total return -24% · Per year -24%
147.87
Total return 33% · Per year 33%
221.80
Total return 98% · Per year 98%
3 years
99.66
Total return -6% · Per year -2%
195.55
Total return 81% · Per year 22%
319.39
Total return 192% · Per year 43%
5 years
118.22
Total return 15% · Per year 3%
258.62
Total return 144% · Per year 20%
459.92
Total return 326% · Per year 34%
What moves the 3-year price the most
  • Exit P/E± 48.89
  • Net margin± 34.22
  • Annual revenue growth± 25.52
  • Annual dilution± 2.88

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 8-K (05 Oct 2026 · results).

In brief

Apollo Global Management is a global alternative asset manager and retirement services provider with three reportable segments: Asset Management, Retirement Services and Principal Investing. Total AUM rose from $938.4 billion at December 31, 2025 to $1.05 trillion at June 30, 2026 12. Credit remains the largest strategy, with $849 billion of AUM at June 30, 2026 2.

SWOT

Strengths

  • The integrated platform across credit, equity and origination offers a broad range of solutions to investors 1.
  • The link with Athene provides long-term funding for credit activity 12.

Weaknesses

  • Performance fee income is variable and can fluctuate from quarter to quarter 1.
  • Principal Investing is cyclical and more volatile than the other segments 12.
  • Fund returns depend on the performance of a few very large funds, which concentrates risk 1.

Opportunities

  • Growth in AUM could support fee income if fundraising continues 12.
  • The Bridge integration could extend the company's real estate offering 1.
  • Expansion toward individual investors and defined contribution plans is presented as a growth direction 1.

Threats

  • Trade policy uncertainty could affect valuations and exit conditions 1.
  • High interest rates could affect both assets and interest-sensitive liabilities 1.
  • Geopolitical conflicts could lead to sanctions and disruptions in energy and shipping markets 2.

Risks

  • Earnings volatilitymedium

    Performance fees and other revenues can vary significantly, which may make steady quarterly earnings growth difficult 1.

  • Macroeconomic conditionshigh

    Changes in interest rates, inflation and political conditions could affect investment values and the financing capacity of portfolio companies 1.

  • Trade policymedium

    Tariffs and trade measures could change demand and costs for portfolio companies, and their effect remains uncertain 12.

  • Interest rate risk at Athenemedium

    If rates fell significantly, yields on new investments could decline; if they rose, the value of existing investments could decline 1.

  • Geopolitical risklow

    Sanctions and conflicts in the Middle East and Ukraine could affect markets and portfolio companies 2.

Investment thesis

What would need to be true (bull case)

  • If fundraising for new funds continues, growth in AUM could support fee income 12.
  • Combining asset management with Athene may provide long-term capital, which could partly stabilize earnings 1.
  • The historical returns of the private equity funds described in the sources may sustain investor interest in the strategy 12.

What would break the thesis

  • Performance income is variable, and if markets weaken, exits could be delayed or reduced 1.
  • If rates remain high or rise, financing costs and asset values could be negatively affected 1.
  • Concentration of revenue in a few very large funds could make results more sensitive to their performance 1.

What to watch

  • AUM trends and newly raised fundsQ1 2027
  • Effect of tariff policy on portfolio companies2027
  • Interest rate trends and Athene yieldsQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 8-K (05 Oct 2026 · results).

The business

Founded in 1990, Apollo conducts its business primarily in the U.S. through three segments: Asset Management, Retirement Services and Principal Investing 1. Asset Management focuses on credit and equity strategies and earns management fees, performance fees and capital solutions fees; its primary performance measure is 'Fee Related Earnings' or 'FRE' 1. Retirement Services is conducted by Athene, which issues, reinsures and acquires retirement savings products, mainly annuities, and earns spread income 1.

The company operates an origination ecosystem of 16 origination platforms across corporate credit, asset-backed finance, real estate and infrastructure 1. Origination volumes were $309 billion for fiscal 2025, mostly from core credit and origination platforms 1. The acquisition of Bridge, completed on September 2, 2025 in an all-stock transaction, added a U.S. real estate fund manager focused on residential and industrial properties 12.

Segments

Asset Management

This is the largest generator of AUM, comprising credit and equity. Credit AUM was $749.2 billion and equity AUM was $189.2 billion at December 31, 2025 1. By June 30, 2026 these had grown to $849 billion and $198 billion respectively 2.

Retirement Services

Athene generates earnings by sourcing long-term liabilities and investing them in assets with preferred risk and return characteristics 12. The company reports AUM in Athene-related accounts of $392.2 billion at December 31, 2025 1.

Principal Investing

This segment includes realized performance fee income, realized investment income from balance sheet investments and certain corporate expenses. Because realized performance fees are cyclical, the segment is more volatile than the other two 12.

Market context

Apollo states that the business environment remains generally accommodative for raising larger successor funds and launching new products, as institutional investors continue to allocate to alternative managers 1. Trade policy and geopolitical tensions remain sources of uncertainty 2.

Trends

  • Trade policy and tariffsheadwind

    Tariffs and trade uncertainty could slow economic growth and raise inflationary pressure, and their effect on portfolio company earnings remains unclear 12.

  • Demand for alternative capitaltailwind

    Institutional investors continue to allocate capital to alternative managers, which supports new fundraising 1.

  • Interest rates and monetary policymixed

    Elevated or volatile rates could raise financing costs and affect asset values, but may improve yields on new Athene investments 1.

  • Geopolitical tensionsheadwind

    Conflicts in the Middle East, including with Iran, and between Ukraine and Russia could lead to sanctions and disruptions in energy and shipping markets 2.

Competitive position

Apollo operates in a competitive market of global alternative asset managers. The sources do not explicitly name direct competitors, so the list below is limited to what the provided texts allow.

Differentiation rests, according to the sources, on integrating credit and equity strategies and on the link to Athene for long-duration funding 1.

  • Other global alternative asset managers

    The source texts do not name specific competitors; the market is described as competitive.

  • Private credit managers

    Competition in credit strategies is mentioned without naming firms.

  • Annuity and retirement product providers

    Athene competes in annuities, but the sources do not name competitors.

  • Real estate fund managers

    Bridge and the real estate strategies operate in a competitive market; no competitor names appear in the texts.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Apollo Global Management, Inc. · 25 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Apollo Global Management, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.