Total assets surged to $467.5 billion by 2026Q1, yet equity growth remains muted at $20.0 billion, reflecting a rapid expansion of the firm's insurance-heavy balance sheet.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 34.62B | 260.36B | 215.7B | 176.61B | 133.87B | 2.58B | 3.02B | 2.14B | 1.11B | 1.35B | 2.46B | 1.62B | 3.55B | 4.82B | 4.72B | 7.19B | 5.79B | 2.54B | 1.57B | 4.31B | 11.14B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.35B | 946M | 1.76B | 1.61B | 650.24M | 17.71M | 19.78M | 3.46M | 3.88M | 4.68M | 5.7M | 6.35M | 15.61M | 8.36M | 72.2M | 43.32M | 6.82M | 5.84M | 3.36M | 5.99M |
| Total Non-Current Assets | 432.92B | 200.59B | 162.19B | 136.88B | 123.34B | 27.92B | 20.65B | 6.4B | 4.88B | 5.64B | 3.17B | 2.94B | 19.62B | 17.66B | 15.92B | 786.7M | 764.63M | 840.47M | 906.41M | 803.76M | 44.04M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 877.14M | 576.71M | 375.13M | 232.71M | 19.99M | 19.18M | 25.15M | 31.64M | 35.91M | 40.25M | 53.45M | 52.68M | 44.7M | 67.79M | 68.06M | 20.18M | 36.45M |
| Fixed Asset Turnover | - | - | - | - | 12.50x | 10.32x | 6.28x | 12.60x | 54.68x | 144.49x | 82.43x | 32.93x | 43.45x | 92.76x | 53.51x | 3.26x | 47.21x | 14.26x | -3.92x | 31.61x | 9.51x |
| Goodwill | 0 | 5.92B | 4.33B | 4.33B | 4.32B | 117M | 116.96M | 93.91M | 88.85M | 88.85M | 88.85M | 88.85M | 49.24M | 49.24M | 48.89M | 48.89M | 48.89M | 47.9M | 47.9M | 40.06M | 0 |
| Intangible Assets | 5.91B | 0 | 0 | 0 | 0 | 0 | 23.59M | 20.61M | 18.9M | 18.84M | 22.72M | 28.62M | 60.04M | 94.93M | 137.86M | 81.85M | 64.57M | 69.05M | 81.73M | 95.65M | 0 |
| Long-Term Investments | 843.3B | 157.78B | 125.52B | 106.7B | 98.87B | 26.09B | 19.13B | 5.38B | 4.29B | 5.12B | 2.41B | 2.07B | 18.54B | 16.52B | 14.83B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 467.53B | 460.95B | 377.89B | 313.49B | 257.22B | 30.5B | 23.67B | 8.54B | 5.99B | 6.99B | 5.63B | 4.56B | 23.17B | 22.48B | 20.64B | 7.98B | 6.55B | 3.39B | 2.47B | 5.12B | 11.18B |
| Asset Turnover | 0.07x | 0.07x | 0.07x | 0.10x | 0.04x | 0.20x | 0.10x | 0.34x | 0.18x | 0.40x | 0.37x | 0.23x | 0.07x | 0.17x | 0.14x | 0.02x | 0.32x | 0.29x | -0.11x | 0.12x | 0.03x |
| Asset Growth % | 83.34% | 21.98% | 20.55% | 21.88% | 743.28% | 28.87% | 177.09% | 42.57% | -14.3% | 24.19% | 23.46% | -80.32% | 3.09% | 8.92% | 158.74% | 21.73% | 93.56% | 36.8% | -51.63% | -54.24% | - |
| Total Current Liabilities | 0 | 331.9B | 269.62B | 216.44B | 184.33B | 4.11B | 1.64B | 1.49B | 1.13B | 1.75B | 1.78B | 1.69B | 1.78B | 2.66B | 1.68B | 1.24B | 1.53B | 936.35M | 1.07B | 1.03B | 259.09M |
| Accounts Payable | 0 | 3.86B | 3.62B | 3.34B | 2.98B | 2.85B | 119.98M | 94.36M | 70.88M | 68.87M | 57.47M | 92.01M | 44.25M | 40.67M | 42.32M | 33.55M | 517.64M | 548.59M | 48.89M | 42.05M | 19.72M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 31M | 35M | 38M | 40.53M | 54.47M | 71.36M | 370.86M | 362.07M | 530.7M | 534.06M | 750M | 728.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.02M | 0 | 14.45M |
| Current Ratio | - | 0.78x | 0.80x | 0.82x | 0.73x | 0.63x | 1.84x | 1.43x | 0.98x | 0.77x | 1.38x | 0.96x | 1.99x | 1.81x | 2.81x | 5.78x | 3.78x | 2.72x | 1.47x | 4.18x | 42.98x |
| Quick Ratio | - | 0.78x | 0.80x | 0.82x | 0.73x | 0.63x | 1.84x | 1.43x | 0.98x | 0.77x | 1.38x | 0.96x | 1.99x | 1.81x | 2.81x | 5.78x | 3.78x | 2.72x | 1.47x | 4.18x | 42.98x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 428B | 86.54B | 77.3B | 71.8B | 57.49B | 14.43B | 15.73B | 4.01B | 2.41B | 2.35B | 1.98B | 1.48B | 15.45B | 13.13B | 12.58B | 4.08B | 1.94B | 975.2M | 1.08B | 1.08B | 588.84M |
| Long-Term Debt | 14.22B | 13.36B | 10.59B | 8.06B | 6.49B | 13.65B | 14.25B | 3.45B | 2.14B | 1.99B | 1.78B | 1.3B | 14.62B | 12.42B | 11.84B | 3.93B | 751.52M | 933.83M | 1.03B | 1.06B | 93.74M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 428B | 418.43B | 346.92B | 288.24B | 241.82B | 18.54B | 17.37B | 5.5B | 3.54B | 4.09B | 3.76B | 3.17B | 17.23B | 15.79B | 14.93B | 5.33B | 3.47B | 2.09B | 2.15B | 2.71B | 847.93M |
| Total Debt | 14.22B | 13.36B | 10.59B | 8.09B | 7.19B | 14.19B | 14.62B | 3.71B | 2.22B | 2.36B | 2.14B | 1.83B | 15.15B | 13.17B | 12.57B | 3.93B | 751.52M | 933.83M | 1.03B | 1.06B | 93.74M |
| Net Debt | -9.23B | -5.88B | -5.58B | -7.84B | -2.27B | 12.81B | 12.17B | 2.11B | 1.56B | 1.52B | 1.28B | 1.15B | 12.86B | 11B | 9.94B | 3.02B | 281.7M | 567.61M | 644.64M | 294.71M | -115.61M |
| Debt / Equity | 0.36x | 0.31x | 0.34x | 0.32x | 0.47x | 1.19x | 2.32x | 1.22x | 0.90x | 0.82x | 1.15x | 1.32x | 2.55x | 1.97x | 2.20x | 1.48x | 0.24x | 0.72x | 3.15x | 0.44x | 0.01x |
| Debt / EBITDA | 1.42x | 1.17x | 1.13x | 1.16x | - | 7.09x | 15.77x | 2.74x | 8.30x | 1.58x | 2.15x | 6.22x | 25.28x | 6.87x | 14.53x | - | - | - | - | - | 60.79x |
| Net Debt / EBITDA | -0.92x | -0.51x | -0.60x | -1.13x | - | 6.40x | 13.13x | 1.55x | 5.83x | 1.02x | 1.29x | 3.92x | 21.45x | 5.74x | 11.49x | - | - | - | - | - | -74.97x |
| Interest Coverage | 26.54x | 28.98x | 34.40x | 22.65x | -32.46x | 6.36x | 2.45x | 12.10x | 2.16x | 34.47x | 25.40x | 13.54x | 40.17x | 85.81x | 84.88x | -30.63x | 18.92x | -0.33x | -45.74x | 4.60x | 203.90x |
| Total Equity | 39.53B | 42.52B | 30.98B | 25.25B | 15.4B | 11.96B | 6.3B | 3.04B | 2.45B | 2.9B | 1.87B | 1.39B | 5.94B | 6.69B | 5.7B | 2.65B | 3.08B | 1.3B | 325.79M | 2.41B | 10.33B |
| Equity Growth % | 104.81% | 37.23% | 22.72% | 63.95% | 28.7% | 90.03% | 107.23% | 23.91% | -15.39% | 55.17% | 34.45% | -76.63% | -11.14% | 17.28% | 115.36% | -14.06% | 137.19% | 298.76% | -86.47% | -76.69% | - |
| Book Value per Share | 66.44 | 69.94 | 51.29 | 42.87 | 26.34 | 50.57 | 27.67 | 14.55 | 12.26 | 15.05 | 10.15 | 8.02 | 38.26 | 47.03 | 44.03 | 22.76 | 25.47 | 10.74 | 2.69 | 24.84 | 106.55 |
| Total Shareholders' Equity | 19.95B | 23.34B | 17.25B | 14.04B | 6.64B | 3.79B | 1.43B | 1.85B | 1.38B | 1.46B | 835.12M | 649.5M | 1.79B | 2.64B | 2.67B | 726.4M | 150.9M | -304.04M | -497.06M | 96.04M | 484.92M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 5.16B | 7.63B | 6.02B | 2.97B | -1.01B | 1.14B | 0 | 0 | -473.28M | -379.46M | -986.19M | -1.35B | -1.4B | -1.57B | -2.14B | -2.43B | -1.94B | -2.03B | -1.87B | -962.11M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.14B | -2.65B | -5.49B | -5.58B | -7.33B | -5M | -2.07M | -4.58M | -4.16M | -1.81M | -8.72M | -7.62M | 932.86M | 1.58B | 144K | -488K | -1.53M | -4.09M | -6.84M | -6.03M | 0 |
| Minority Interest | 19.58B | 19.17B | 13.73B | 11.2B | 8.76B | 8.18B | 4.87B | 1.19B | 1.08B | 1.43B | 1.03B | 739.48M | 4.16B | 4.05B | 3.04B | 1.92B | 2.93B | 1.6B | 822.84M | 2.31B | 9.85B |
Insurance liability volatility
As reported in financial statements, Apollo's total assets surged from $313.5 billion in 2023Q4 to $467.5 billion by 2026Q1, while equity growth remained significantly more muted, rising from $14.0 billion to $20.0 billion over the same period, indicating a rapid expansion of the firm's consolidated insurance-heavy balance sheet.
The widening gap between asset growth and equity accumulation suggests that the firm is increasingly reliant on leverage to scale its retirement services segment. Investors should monitor whether this trajectory reflects sustainable business expansion or an aggressive accumulation of insurance liabilities that may require additional capital support in future periods.
Based on reported figures, Apollo's total debt increased from $8.1 billion in 2023Q4 to $14.2 billion in 2026Q1, maintaining a relatively stable debt-to-equity ratio that fluctuated between 0.31 and 0.36, which appears to reflect a disciplined approach to corporate leverage despite the massive scale of consolidated insurance assets.
While the debt-to-equity ratio remains low, the absolute increase in debt warrants investigation into the firm's financing costs and the maturity profile of these obligations. The leverage appears strategic, supporting the firm's credit origination platform, yet the reliance on consolidated insurance liabilities makes traditional debt metrics less indicative of overall financial risk.
According to recent SEC filings, Apollo's cash position reached $23.4 billion in 2026Q1, though this figure must be interpreted with caution as a significant portion of these funds is likely restricted for regulatory capital requirements within the Athene insurance subsidiaries rather than available for corporate use.
The current ratio, which has hovered around 0.80, suggests a structural liquidity profile that is typical for insurance-integrated asset managers rather than pure-play firms. Analysts should distinguish between operational cash available for management fee-related activities and the capital locked within the insurance balance sheet to assess true liquidity risk.
As evidenced by the quarterly balance sheet data, the firm's equity base is heavily influenced by retained earnings volatility, which grew from $3.0 billion in 2023Q4 to $5.2 billion in 2026Q1, reflecting the impact of consolidated investment gains and losses on the firm's reported book value.
The reliance on consolidated insurance results makes the reported equity figure a potentially misleading indicator of the asset management business's intrinsic value. Investors should be wary of the volatility introduced by unrealized investment fluctuations, which may obscure the underlying stability of the fee-related earnings stream.
Quick answers to the most common questions about buying APO stock.
As of 2025, Apollo Global Management, Inc. (APO) had total assets of $460.95B including $260.36B in current assets.
Apollo Global Management, Inc. (APO) carries total debt of $13.36B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apollo Global Management, Inc. (APO) has total shareholders' equity (book value) of $23.34B ($69.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apollo Global Management, Inc. (APO) reported a current ratio of 0.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.