Apollo Global Management (APO) financials
NYSE · Financial Services · Asset Management · 6,140 employees · CEO Marc Jeffrey Rowan
- Price
- $115.84 -2.29%
- Market cap
- $68.4B
- Enterprise value
- $55.3B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-03 EPS est. $2.19
Revenue (TTM)$36B+41.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)24.1%-4.0 pp vs a year agoOperating income $8.68B
Net income (TTM)$1.88B-43.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$7.99B+93.7% vs a year agoCapex $0
Diluted EPS (TTM)$4.47-16.4% vs a year agoSum of the last 4 quarters
Net cash$13.1B-94.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $68.4B EV $55.3B
- Revenue
- $36B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 5.2% Net income / revenue, TTM
- P/E
- 25.1×
- P/S
- 1.9× Price / sales, TTM
- EV / EBITDA
- 5.9× TTM
- Free cash flow
- $7.99B Trailing 12 months
- Net income
- $1.88B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-03 Revenue est. $5.79B
- Dividend
- $2.15 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-04): revenue beat by 97.4%, EPS missed by 2.3%Revenue $11.2B vs $5.65B expected (+97.4%); EPS $2.11 vs $2.16 (-2.3%).
- Revenue growth accelerating: 64.5% year on yearQ2 '26 revenue $11.2B, against an average of 29.4% over the four quarters before.
- Operating margin 24.1% (TTM), -4.0 pp on a year agoOperating income grew 21.2% while revenue grew 41.4%.
- 16.9% of pre-tax profit is eaten by non-operating lossesPre-tax income $7.42B vs operating income $8.68B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $7.99B = 426.0% of net income.
- Returned $2.24B to shareholders = 28.0% of free cash flowBuybacks $1.31B (a year earlier $748M), dividends $929M, stock-based pay $900M (TTM).
- Diluted share count up 3.3% in a year610M diluted shares in Q2 '26, 590M a year earlier.
- Net cash $13.1BCash + short-term investments $26.8B, debt incl. leases $13.7B; a year ago net cash $219B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $11.2B | $6.81B | +64.5% |
| Gross margin | 60.8% | 95.2% | -34.3 pp |
| Operating income | $2.61B | $1.45B | +79.9% |
| Operating margin | 23.2% | 21.3% | +2.0 pp |
| Net income | $1.36B | $630M | +116.0% |
| Diluted EPS | $2.15 | $0.99 | +117.2% |
| Operating cash flow | $3.25B | $1.26B | +157.1% |
| Capex | $0 | $0 | – |
| Free cash flow | $3.25B | $1.26B | +157.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $212M | $166M | +27.7% |
Reported vs consensus
2026-08-04| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $11.2B | $5.65B | +97.4% |
| EPS (as estimated) | $2.11 | $2.16 | -2.3% |
From the report of 2026-08-04 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Retirement Services Segment | $9.53B | +3,376.6% | 85.4% | – | – | |
| Asset Management Segment | $1.63B | +2,482.5% | 14.6% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Private Equity Segment | $176M | +18.1% | 100.0% | $634M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $7.99B
- Capex
- $0
- Buybacks
- -$1.31B
- Dividends
- -$929M
- Acquisitions
- -$13.3B
- Net debt issued
- $2.19B
- Stock-based compensation
- $900M
- Free cash flow
- $7.99B
- Returned to shareholders / FCF
- 28.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 25.1× | 17.3× 4 of 5 years | 9.9× – 25.9× |
| EV / EBITDA | 5.9× | 8.0× 4 of 5 years | 5.2× – 10.3× |
| EV / Sales | 1.5× | 3.1× | 1.4× – 5.0× |
| Price / FCF | 8.6× | 15.5× | 8.6× – 29.8× |
| Price / Book | 3.3× | 4.7× | 3.8× – 5.6× |
| FCF yield | 11.7% | 7.8% | 3.4% – 11.7% |
| Return on invested capital | 1.0% | 3.9% | -5.0% – 6.6% |
| Return on equity | 8.6% | 18.9% | -29.5% – 48.5% |
Analysts
Consensus target $136.00 (+17.4%)
range $127.00 – $145.00 · rating Buy
Strong buy0
Buy23
Hold5
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 273 figures Apollo Global Management, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accretion (Amortization) of Discounts and Premiums, Investments | $48M | $48M | 0.0% | $202M | $123M | +64.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.21B | -$3.69B | +13.1% | -$2.65B | -$5.49B | +51.9% |
| Additional Paid in Capital | $16.7B | $15.7B | +6.2% | $17B | $15.3B | +10.6% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $02025-12-31 | – | – | $54M | $109M | -50.5% |
| AociMarketRiskBenefitInstrumentSpecificCreditRiskBeforeTax | -$224M | -$176M | -27.3% | -$260M | -$157M | -65.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $216M | $145M | +49.0% | $710M | $649M | +9.4% |
| Assets | $494B | $420B | +17.8% | $461B | $378B | +22.0% |
| Assets Held-in-trust | $33.2B2025-12-31 | $26.1B | +27.2% | $33.2B | $26.1B | +27.2% |
| Assets Sold under Agreements to Repurchase, Carrying Amount | $3.24B | $3.54B | -8.3% | $6.04B | $5.72B | +5.7% |
| Assets, Fair Value Disclosure | $420B | – | – | $387B | $306B | +26.2% |
| Assumed Premiums Earned | – | – | – | $1.66B | $313M | +430.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $28.4B | $15B | +89.8% | $20.6B | $17.1B | +20.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $4.67B | -$542M | +961.4% | $3.48B | -$579M | +700.9% |
| Ceded Premiums Earned | – | – | – | $87M | $84M | +3.6% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $82.56 | $82.73 | -0.2% | $82.56 | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 2.6M2025-04-30 | – | – |
| Common Stock, Dividends, Per Share, Declared | $0.56 | $0.51 | +10.3% | $1.99 | $1.81 | +9.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 90B | 90B | 0.0% | 90B | 90B | 0.0% |
| Common Stock, Shares, Issued | 576M | 572M | +0.7% | 579M | 566M | +2.3% |
| Common Stock, Shares, Outstanding | 576M | 572M | +0.7% | 579M | 566M | +2.3% |
| Common Stock, Value, Issued | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $586M | $435M | +34.7% | $2.4B | $1.7B | +41.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.3B | $1.52B | -14.7% | $6.34B | $4.66B | +36.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $1.88B | $1.96B | -3.7% | $8.74B | $6.36B | +37.5% |
| Contract with Customer, Liability, Revenue Recognized | $6M | $12M | -50.0% | $99M | $155M | -36.1% |
| Convertible Preferred Stock, Shares Issued upon Conversion | 1002025-12-31 | 235 | -57.4% | 100 | 235 | -57.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $474M | $1.08B | -56.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $86M | $23M | +273.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $633M | $1.16B | -45.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $73M | $55M | +32.7% |
| Debt Instrument, Fair Value Disclosure | $13.1B | $11.8B | +11.0% | $13.1B | $10.2B | +28.9% |
| Debt Securities, Available-for-sale | $230B | $210B | +9.3% | $219B | $184B | +18.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $2.03B | $3.43B | -40.7% | $3.54B | $1.26B | +181.5% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $13.1B | $13.6B | -3.4% | $12.3B | $16.3B | -24.4% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $704M | $761M | -7.5% | $758M | $709M | +6.9% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $1M | $42M | -97.6% | $55M | $118M | -53.4% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | -$13M | $15M | -186.7% | $65M | $41M | +58.5% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | $15M | $56M | -73.2% | – | – | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Securities Sold | $28M | $5M | +460.0% | $71M | $41M | +73.2% |
| Debt Securities, Available-for-sale, Amortized Cost | $242B | $221B | +9.2% | $228B | $200B | +14.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $50.9B | $58.7B | -13.4% | $56B | $62.8B | -10.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $11.3B | $12.3B | -7.9% | $11.3B | $14B | -19.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 4,820 position | 5,525 position | -12.8% | 5,112 position | 6,087 position | -16.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $68.1B | $37.3B | +82.6% | $45.9B | $41.8B | +9.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $1.46B | $939M | +55.1% | $665M | $1.32B | -49.8% |
| Debt Securities, Available-for-sale, Realized Gain | $745M | $1.52B | -51.0% | $2.74B | $977M | +180.7% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $323M | $1.38B | -76.6% | $1.51B | -$1B | +250.3% |
| Debt Securities, Available-for-sale, Realized Loss | $422M | $142M | +197.2% | $1.24B | $1.98B | -37.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $119B | $96B | +23.9% | $102B | $105B | -2.5% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $12.8B | $13.2B | -3.4% | $11.9B | $15.3B | -22.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 6,551 position | 6,857 position | -4.5% | 6,492 position | 7,745 position | -16.2% |
| Debt Securities, Trading, Realized Gain (Loss) | $64M | $261M | -75.5% | $380M | -$170M | +323.5% |
| Debt Securities, Trading, Unrealized Gain (Loss) | $87M | $118M | -26.3% | $222M | -$42M | +628.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $349M | -$77M | +553.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $274M | -$30M | +1,013.3% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $643M | -$99M | +749.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $20M | $8M | +150.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $1.7B2026-03-31 | – | – | $1.7B | $66M | +2,475.8% |
| Deferred Tax Assets, Valuation Allowance | $251M2025-12-31 | $75M | +234.7% | $251M | $75M | +234.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01