APO Apollo Global Management
FY2025 10-K
Apollo Global Management (APO) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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%)
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
Financial SummaryXBRL
Revenue
$32.0B
Net Income
$3.5B
Net Margin
10.9%
ROE
15.0%
Total Assets
$460.9B
EPS (Diluted)
$5.54
Operating Cash Flow
$7.2B
Source: XBRL data from Apollo Global Management FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Apollo Global Management Annual Reports
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