Short answer
Apollo Global Management (APO) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $32.0B (+22.7% year over year) and net income of $3.5B.
- Top risk flagged: ERISA class actions filed March 2024 against Athene pension group annuity customers; Athene not named but reputationally harmed, threatening PRT business inflows
FY2025 key financial metrics · XBRL
- Revenue
- $32.0B
- +22.7% YoY
- Net income
- $3.5B
- −23.7% YoY
- EPS (diluted)
- $5.54
- −24.4% YoY
- ROE
- 15.0%
- −11.6 pp YoY
- Operating cash flow
- $7.2B
- +122.7% YoY
Source: XBRL data from the Apollo Global Management (APO) FY2025 10-K on SEC EDGAR. USD.
Apollo Global Management FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global alternative asset manager + retirement services provider (Athene); three segments: Asset Management, Retirement Services, Principal Investing; AUM $938.4B as of Dec 31, 2025
- Completed acquisition of Bridge Investment Group (real estate fund manager, residential/industrial focus) in September 2025, adding 600 employees and expanding real estate equity to $47.9B AUM
- Vitera (rebranded Advantage Retirement Solutions) launched guaranteed lifetime income solution for defined contribution/401(k) target date funds, targeting new institutional buyer pool beyond traditional alternatives
- Origination volumes $309B for FY2025; perpetual capital $535.6B (~57% of total AUM), representing Apollo's core scalability advantage over traditional closed-end peers
- Athene's deployable capital $8.6B ($3.2B excess equity + $2.6B untapped leverage + $2.8B ACRA undrawn); insurance subsidiaries rated "A+" or "A1" across all four major rating agencies
Management Discussion & Analysis
- Total revenues $32.0B in 2025, up $5.9B (+22.7% YoY) from $26.1B; Retirement Services drove bulk at $27.0B (+23.3%), Asset Management $5.0B (+19.7%)
- Effective tax rate 19.1% vs 14.3% in 2024; net income attributable to AGM $3.5B vs $4.6B (-23.7%); GAAP income before tax $6.7B vs $7.4B (-10.2%)
- Best segment: Asset Management FRE $2.5B (+22.5% YoY); Retirement Services SRE $3.4B (+4.2%); net investment spread compressed to 1.61% vs 1.78% (-17 bps) as cost of funds rose 40 bps to 3.69%
- Operating cash flow $7.2B vs $3.3B in 2024; investing outflows $64.0B driven by Athene portfolio growth; $18.3B unrestricted cash plus $5.1B available credit facilities at year-end
- Key risks: tariff uncertainty threatening stagflationary environment, trade policy overhang on GDP/corporate earnings, continued spread compression as cost of funds outpaces investment earned rate gains
Risk Factors
- ERISA class actions filed March 2024 against Athene pension group annuity customers; Athene not named but reputationally harmed, threatening PRT business inflows
- NAIC RBC reforms effective Jan 1 2025 may increase capital requirements for U.S. insurance subsidiaries via less favorable asset-backed securities classification under Schedule BA
- Significant single-issuer concentration risk in Athora, a European life insurer with volatile EU regulatory and economic exposure within retirement services portfolio
- AI Technologies disruption risk: competitors may outpace Apollo in adoption, while digital infrastructure asset valuations (significant strategy exposure) threatened by AI efficiency gains
- Key-person provisions in fund governing documents: failure of key personnel to devote requisite time triggers automatic investment period termination across multiple funds
Generated from the filing text; verify against the original. How to read a 10-K
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