Detailed financial statements for Apollo Global Management, Inc. (APO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Apollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spectrum of transactions, ranging from traditional management buyouts, recapitalizations, and distressed acquisitions to corporate carve-outs, growth capital infusions, turnaround financing, bridge loans, strategic acquisitions, and indu...
Analysis Summary
Apollo Global Management, Inc. reported revenue of $32.05B in the most recent fiscal year, growing at a 5-year CAGR of 68.6%. Net income reached $3.49B, with a 86.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 84.5%, operating margin 24.1%, net margin 5.2%.
At the current price of $115.35, APO trades at a P/E of 24.68 and an ROE of 14.96%. Market capitalisation stands at $66.4B, placing it among large-cap names.
Balance sheet quality for APO: current ratio of 0.8, net cash position of $234.70B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $7.45B represents 213% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.07B | $2.77B | $1.09B | $2.93B | $2.35B | $5.95B | $10.97B | $32.64B | $26.11B | $32.05B |
| Cost of Revenue | $849.2M | $1.04B | $459.6M | $514.5M | $628.0M | $778.0M | $927.0M | $1.03B | $1.14B | $1.44B |
| Gross Profit | $1.22B | $1.74B | $633.5M | $2.42B | $1.73B | $5.17B | $10.04B | $31.62B | $24.97B | $30.61B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $247.0M | $257.9M | $381.8M | $1.08B | $818.0M | $3.20B | $1.70B | $2.57B | $2.64B | $3.10B |
| Operating Expenses | $247.0M | $257.9M | $381.8M | $1.08B | $818.0M | $3.20B | $14.42B | $25.47B | $16.68B | $22.35B |
| Operating Income | $977.4M | $1.48B | $251.6M | $1.34B | $908.0M | $1.98B | -$4.38B | $6.15B | $8.30B | $8.26B |
| EBITDA | $1.12B | $1.84B | $211.2M | $1.55B | $953.0M | $5.79B | -$3.50B | $6.65B | $8.85B | $8.48B |
| Interest Expense | $43.5M | $52.9M | $90.7M | $126.8M | $381.0M | $907.0M | $124.0M | $258.0M | $226.0M | $370.0M |
| Pre-tax Income | $1.06B | $1.77B | $105.3M | $1.41B | $553.0M | $4.86B | -$4.25B | $5.59B | $7.43B | $6.68B |
| Income Tax | $90.7M | $325.9M | $86.0M | -$129.0M | $86.0M | $594.0M | -$739.0M | -$923.0M | $1.06B | $1.28B |
| Net Income | $388.0M | $608.5M | -$28.5M | $808.0M | $157.0M | $1.84B | -$1.96B | $4.88B | $4.43B | $3.49B |
| EPS | $2.11 | $3.12 | $-0.30 | $3.72 | $0.44 | $7.32 | $-3.43 | $8.32 | $7.39 | $5.58 |
| EPS (Diluted) | $2.11 | $3.10 | $-0.30 | $3.71 | $0.44 | $7.32 | $-3.43 | $8.28 | $7.33 | $5.54 |
| Shares Outstanding (Diluted) | $184.0M | $192.6M | $199.9M | $208.7M | $227.5M | $236.6M | $584.7M | $588.8M | $604.0M | $607.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.82B | $9.86B | $5.06B | $11.21B |
| Gross Profit | $9.45B | $9.45B | $4.64B | $6.82B |
| Operating Income | $3.17B | $2.10B | $794.0M | $2.60B |
| EBITDA | $3.39B | $2.26B | $815.0M | $2.99B |
| Net Income | $1.74B | $684.0M | -$1.91B | $1.36B |
| EPS | $2.82 | $2.78 | $-3.24 | $2.26 |
| EPS (Diluted) | $2.78 | $2.78 | $-3.24 | $2.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $855.0M | $479.5M | $659.4M | $1.60B | $2.45B | $1.38B | $9.45B | $15.93B | $16.17B | $19.24B |
| Short-term Investments | 0 | $364.6M | 0 | 0 | 0 | 0 | $117.92B | $154.31B | $189.81B | $228.82B |
| Receivables | $1.52B | $315.0M | $395.4M | $465.6M | $510.6M | $490.0M | $4.82B | $4.60B | $8.78B | $10.95B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.46B | $1.35B | $1.11B | $2.14B | $3.02B | $2.58B | $133.87B | $176.61B | $215.70B | $260.36B |
| Property, Plant & Equipment | $25.2M | $19.2M | $20.0M | $232.7M | $375.1M | $576.7M | $877.1M | 0 | 0 | 0 |
| Goodwill | $88.9M | $88.9M | $88.9M | $93.9M | $117.0M | $117.0M | $4.32B | $4.33B | $4.33B | $5.92B |
| Intangible Assets | $22.7M | $18.8M | $18.9M | $20.6M | $23.6M | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.63B | $6.99B | $5.99B | $8.54B | $23.67B | $30.50B | $257.22B | $313.49B | $377.89B | $460.95B |
| Accounts Payable | $57.5M | $68.9M | $70.9M | $94.4M | $120.0M | $2.85B | $2.98B | $3.34B | $3.62B | $3.86B |
| Short-term Debt | $362.1M | $370.9M | $71.4M | $54.5M | $40.5M | $38.0M | $35.0M | $31.0M | 0 | 0 |
| Total Current Liabilities | $1.78B | $1.75B | $1.13B | $1.49B | $1.64B | $4.11B | $184.33B | $216.44B | $269.62B | $331.90B |
| Long-term Debt | $1.78B | $1.99B | $2.14B | $3.45B | $14.25B | $13.65B | $6.49B | $8.06B | $10.59B | $13.36B |
| Total Liabilities | $3.76B | $4.09B | $3.54B | $5.50B | $17.37B | $18.54B | $241.82B | $288.24B | $346.92B | $418.43B |
| Retained Earnings | -$986.2M | -$379.5M | -$473.3M | 0 | 0 | $1.14B | -$1.01B | $2.97B | $6.02B | $7.63B |
| Total Equity | $835.1M | $1.46B | $1.38B | $1.85B | $1.43B | $3.79B | $6.64B | $14.04B | $17.25B | $23.34B |
| Total Debt | $2.14B | $2.36B | $2.22B | $3.71B | $14.62B | $14.19B | $7.19B | $8.09B | $10.59B | $13.36B |
| Net Debt | $1.28B | $1.52B | $1.56B | $2.11B | $12.17B | $12.81B | -$120.19B | -$162.15B | -$195.39B | -$234.70B |
| Working Capital | $672.8M | -$395.6M | -$23.0M | $648.6M | $1.38B | -$1.53B | -$50.46B | -$39.84B | -$53.91B | -$71.54B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $18.41B | $19.24B | $22.57B | $26.82B |
| Total Assets | $449.54B | $460.95B | $467.53B | $494.05B |
| Total Liabilities | $409.75B | $418.43B | $428.00B | $452.57B |
| Total Equity | $23.14B | $23.34B | $19.95B | $21.01B |
| Total Debt | $12.63B | $13.36B | $14.22B | $13.73B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $970.3M | $1.44B | $19.3M | $1.54B | $466.8M | $4.27B | -$3.51B | $4.88B | $1.66B | $3.38B |
| Depreciation & Amortization | $18.7M | $18.4M | $15.2M | $15.8M | $18.8M | $27.3M | $529.0M | $803.0M | $1.07B | $1.43B |
| Stock-based Compensation | $103.0M | $91.5M | $173.2M | $189.6M | $213.0M | $1.18B | $540.0M | $1.03B | $721.0M | $699.0M |
| Change in Working Capital | -$383.5M | -$515.7M | -$405.9M | $188.7M | -$308.1M | $966.6M | $5.95B | $3.44B | $2.14B | $6.20B |
| Operating Cash Flow | $615.3M | $808.3M | $814.3M | $1.08B | -$1.62B | $1.06B | $3.79B | $6.32B | $3.25B | $7.45B |
| Capital Expenditure | -$6.4M | -$8.5M | -$14.7M | -$39.5M | -$59.6M | -$64.7M | -$202.5M | 0 | 0 | 0 |
| Acquisitions | -$224.9M | -$153.3M | -$268.9M | -$187.0M | -$168.5M | -$366.8M | $30.30B | $24.40B | $55.59B | $99.0M |
| Stock Repurchased | -$13.4M | -$18.5M | -$90.9M | -$110.7M | -$92.0M | -$299.0M | -$635.0M | -$561.0M | -$890.0M | -$773.0M |
| Dividends Paid | -$239.1M | -$380.2M | -$438.5M | -$471.9M | -$586.2M | -$554.0M | -$962.0M | -$1.03B | -$1.19B | -$1.30B |
| Free Cash Flow | $608.9M | $799.7M | $799.5M | $1.04B | -$1.68B | $999.3M | $3.59B | $6.32B | $3.25B | $7.45B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $303.0M | $2.82B | $1.62B | $3.25B |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $303.0M | $2.82B | $1.62B | $3.25B |
| Dividends Paid | -$330.0M | -$335.0M | -$336.0M | 0 |
| Stock-based Compensation | $208.0M | $248.0M | $232.0M | $212.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.7% | -60.6% | +168.2% | -19.7% | +152.8% | +84.3% | +197.6% | -20.0% | +22.7% | |
| Net Income Growth (YoY) | +56.8% | -104.7% | +2,935.5% | -80.6% | +1,071.3% | -206.6% | +348.9% | -9.3% | -21.1% | |
| EPS Growth (YoY) | +47.7% | -109.7% | +1,336.3% | -88.2% | +1,563.6% | -146.9% | +342.6% | -11.2% | -24.5% | |
| Shares Change (YoY) | +4.7% | +3.8% | +4.4% | +9.0% | +4.0% | +147.2% | +0.7% | +2.6% | +0.6% | |
| FCF Growth (YoY) | +31.3% | -0.0% | +30.5% | -260.7% | +159.6% | +258.9% | +76.3% | -48.5% | +129.1% | |
| Gross Margin | 59.0% | 62.6% | 58.0% | 82.5% | 73.3% | 86.9% | 91.5% | 96.9% | 95.6% | 95.5% |
| Operating Margin | 47.1% | 53.3% | 23.0% | 45.7% | 38.6% | 33.2% | -39.9% | 18.8% | 31.8% | 25.8% |
| EBITDA Margin | 54.2% | 66.4% | 19.3% | 52.9% | 40.5% | 97.4% | -31.9% | 20.4% | 33.9% | 26.5% |
| Net Margin | 18.7% | 22.0% | -2.6% | 27.6% | 6.7% | 30.9% | -17.9% | 15.0% | 16.9% | 10.9% |
| FCF Margin | 29.4% | 28.9% | 73.1% | 35.6% | -71.2% | 16.8% | 32.7% | 19.4% | 12.5% | 23.3% |
| Effective Tax Rate | 8.5% | 18.4% | 81.7% | -9.2% | 15.6% | 12.2% | 17.4% | -16.5% | 14.3% | 19.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.31 | $4.15 | $4.00 | $5.00 | $-7.37 | $4.22 | $6.13 | $10.74 | $5.39 | $12.26 |
| Dividends Per Share | $1.30 | $1.97 | $2.19 | $2.26 | $2.58 | $2.34 | $1.65 | $1.76 | $1.97 | $2.14 |
| Shares Outstanding (Basic) | $184.0M | $190.9M | $199.9M | $207.1M | $227.5M | $236.6M | $584.7M | $581.4M | $586.1M | $607.9M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 14.96% |
| Return on Invested Capital | 5.18% |
| Return on Assets | 0.76% |
| Gross Margin | 84.45% |
| Operating Margin | 24.13% |
| Net Margin | 5.22% |
Financial Health
| Debt / Equity | 0.65 |
| Current Ratio | 3.21 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.09 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.18 | 10.74 | -81.56 | 12.83 | 111.32 | 9.89 | -18.60 | 11.20 | 22.35 | 25.94 |
| P/B | 4.27 | 4.37 | 3.57 | 5.33 | 7.80 | 4.52 | 5.62 | 3.86 | 5.61 | 3.77 |
| P/S | 1.72 | 2.31 | 4.49 | 3.37 | 4.73 | 2.88 | 3.40 | 1.66 | 3.71 | 2.75 |
| Gross Margin | 59.0% | 62.6% | 58.0% | 82.5% | 73.3% | 86.9% | 91.5% | 96.9% | 95.6% | 95.5% |
| Operating Margin | 47.1% | 53.3% | 23.0% | 45.7% | 38.6% | 33.2% | -39.9% | 18.8% | 31.8% | 25.8% |
| Net Margin | 18.7% | 22.0% | -2.6% | 27.6% | 6.7% | 30.9% | -17.9% | 15.0% | 16.9% | 10.9% |
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