Cash flow conversion is highly erratic, with OCF/NI ratios fluctuating from 0.05 in 2024Q1 to 2.38 in 2025Q1, highlighting the impact of working capital swings on liquidity.
| 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 |
|---|
| Cash from Operations | 4.38B | 7.45B | 3.25B | 6.32B | 3.79B | 1.06B | -1.62B | 1.08B | 814.26M | 808.26M | 615.26M | 582.67M | -372.92M | 1.03B | 265.55M | 743.82M | -218.05M | 107.99M | 153.07M | 855.74M | -1.83B |
| Operating CF Margin % | - | 24.59% | 12.46% | 19.37% | 34.55% | 17.88% | -68.67% | 36.93% | 74.49% | 29.16% | 29.67% | 55.94% | -23.9% | 27.46% | 9.29% | 433.38% | -10.33% | 11.17% | -57.39% | 134.16% | -526.87% |
| Operating CF Growth % | 70386.02% | 129.08% | -48.54% | 66.85% | 256.09% | 165.83% | -249.3% | 32.97% | 0.74% | 31.37% | 5.59% | 256.25% | -136.37% | 286.13% | -64.3% | 441.12% | -301.91% | -29.45% | -82.11% | 146.88% | - |
| Net Income | 2.15B | 3.38B | 1.66B | 4.88B | -3.51B | 4.27B | 466.8M | 1.54B | 19.25M | 1.44B | 970.31M | 350.5M | 729.92M | 2.37B | 3.05B | -1.3B | 543.22M | -95.39M | -2.89B | -569.65M | 1.79B |
| Depreciation & Amortization | 1.12B | 1.43B | 1.07B | 803M | 529M | 27.33M | 18.83M | 15.76M | 15.23M | 18.38M | 18.73M | 44.47M | 45.07M | 54.24M | 53.24M | 26.26M | 24.25M | 24.3M | 22.1M | 7.87M | 3.29M |
| Stock-Based Compensation | 622M | 699M | 721M | 1.03B | 540M | 1.18B | 213M | 189.65M | 173.23M | 91.45M | 102.98M | 97.68M | 126.65M | 126.61M | 598.65M | 1.15B | 1.12B | 1.1B | 1.13B | 989.85M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 107.59M | 464.73M | 23.62M | -95.13M | 79.19M | 314.13M | 81.88M | 26.43M | 80.36M | 62.7M | 55.31M | 10.58M | 71.24M | 19.06M | -44.05M | -866K | 360K |
| Other Non-Cash Items | -5.98B | -4.26B | -2.34B | -3.82B | 174.41M | -5.84B | -2.03B | -753.1M | 933.28M | -543.63M | -175.11M | -286.99M | -1.93B | -1.74B | -2.79B | 200.86M | -985.43M | -157.46M | 1.38B | 341M | -4.22B |
| Working Capital Changes | 6.56B | 6.2B | 2.14B | 3.44B | 5.95B | 966.64M | -308.05M | 188.67M | -405.92M | -515.71M | -383.54M | 350.58M | 572.31M | 144.92M | -699.35M | 660.56M | -989.75M | -782.62M | 564.44M | 87.54M | -23.19M |
| Change in Receivables | 0 | 0 | 0 | 0 | -232.76M | 995K | -2.82M | 4.38M | 660K | -643.09M | -617.28M | 304.8M | 1.38B | -408.82M | -973.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 491.43M | 43.89M | 191.5M | -339.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 22.14M | 25.07M | 25.62M | 23.49M | 2M | 11.41M | -34.36M | 49.4M | 33.99M | 34.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -44.5B | -61.24B | -61.8B | -42.41B | -23.44B | -1.55B | -837.66M | -263.97M | -247.26M | -417.01M | -182.76M | -202.94M | 13.43M | 111.73M | -84.79M | -129.54M | -9.67M | -16.87M | -186.46M | -29.11M | -9.41M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -202.53M | -64.74M | -59.56M | -39.49M | -14.74M | -8.53M | -6.36M | -6.2M | -5.95M | -7.58M | -11.26M | -21.29M | -5.6M | -15.85M | -57.3M | -6.86M | -7.04M |
| CapEx % of Revenue | 0% | - | - | - | 1.85% | 1.09% | 2.53% | 1.35% | 1.35% | 0.31% | 0.31% | 0.6% | 0.38% | 0.2% | 0.39% | 12.4% | 0.27% | 1.64% | -21.49% | 1.07% | 2.03% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 399.33B | 386.6B | 315.33B | 261.02B | 216.79B | 26.09B | 19.13B | 5.38B | 4.29B | 5.49B | 2.41B | 2.07B | 18.54B | 16.52B | 14.83B | 5.16B | 3.26B | 1.55B | 958.64M | 2.16B | 10.76B |
| Other Investing | -6.8B | -1.69B | 63.83B | 13.56B | -27.94B | 318.81M | 210.87M | 125.01M | 118.48M | 3.77M | -7.35M | 37.65M | 2.85M | 217.73M | -70K | -1.09M | 255K | -974K | -129.16M | -22.26M | -2.37M |
| Cash from Financing | 45.19B | 57.27B | 57.97B | 42.64B | 28.71B | 109M | 3.3B | 139.71M | -752.18M | -453.63M | -236.16M | -968.08M | 485.61M | -1.01B | 21.96M | -251.82M | 243.76M | -106.26M | -348.3M | -272.92M | 1.8B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -580M | -773M | -890M | 837M | -635M | 702M | -188.26M | -110.73M | 198.91M | 245.94M | -13.38M | -3.12M | -312K | -62.33M | -102.07M | 381.52M | -51.69M | -3.48M | -2.5M | 818.89M | 0 |
| Dividends Paid | -996M | -1.3B | -1.19B | -1.03B | -962M | -553.96M | -586.19M | -471.93M | -438.52M | -380.24M | -239.11M | -433.3M | -1.21B | -1B | -467.34M | -102.6M | -74.56M | -16.87M | -72.78M | 0 | -190.5M |
| Share Repurchases | -580M | -773M | -890M | -561M | -635M | -299M | -92M | -110.73M | -90.91M | -18.46M | -13.38M | -3.12M | -312K | -62.33M | -128.06M | -2.47M | -51.69M | -3.48M | 0 | 0 | 0 |
| Other Financing | 43.67B | 56.76B | 57.37B | 41.7B | 28.59B | 594.96M | 699.04M | -591.52M | -423.68M | -429.28M | -315.37M | -610.52M | -442.9M | -479.31M | -279.38M | -550.21M | -220.22M | -30.13M | -241.13M | -953.83M | 1.92B |
| Net Change in Cash | 7.94B | 3.48B | -579M | 6.56B | 9.04B | -378.2M | 845.22M | 958.43M | -185.19M | -62.39M | 196.34M | -588.34M | 126.13M | 132.09M | 202.72M | 362.46M | 16.04M | -15.14M | -381.69M | 553.71M | -30.88M |
| Free Cash Flow | 4.38B | 7.45B | 3.25B | 6.32B | 3.59B | 999.31M | -1.68B | 1.04B | 799.52M | 799.73M | 608.9M | 576.47M | -378.87M | 1.02B | 254.29M | 722.54M | -223.65M | 92.14M | 95.77M | 848.88M | -1.83B |
| FCF Margin % | 14.77% | 24.59% | 12.46% | 19.37% | 32.7% | 16.79% | -71.2% | 35.58% | 73.14% | 28.85% | 29.37% | 55.34% | -24.29% | 27.26% | 8.89% | 420.98% | -10.6% | 9.53% | -35.91% | 133.09% | -528.9% |
| FCF Growth % | 4.51% | 129.08% | -48.54% | 76.27% | 258.9% | 159.62% | -260.66% | 30.48% | -0.03% | 31.34% | 5.63% | 252.16% | -137.22% | 300.25% | -64.81% | 423.06% | -342.72% | -3.79% | -88.72% | 146.32% | - |
| FCF per Share | 7.37 | 12.26 | 5.39 | 10.74 | 6.13 | 4.22 | -7.37 | 5.00 | 4.00 | 4.15 | 3.31 | 3.33 | -2.44 | 7.16 | 1.96 | 6.21 | -1.85 | 0.76 | 0.79 | 8.75 | -18.90 |
| FCF Conversion (FCF/Net Income) | 2.04x | 1.66x | 0.73x | 1.30x | -1.93x | 0.58x | -10.30x | 1.34x | -28.58x | 1.33x | 1.59x | 5.50x | -2.22x | 1.56x | 0.85x | -1.59x | -2.30x | -0.70x | -0.17x | -1.50x | -4.89x |
| Interest Paid | 673M | 994M | 805M | 720M | 566M | 556M | 307M | 96.11M | 71.69M | 70.52M | 62.73M | 49.84M | 180M | 163.91M | 165.98M | 70.19M | 50.84M | 51.85M | 63.44M | 95.61M | 5.45M |
| Taxes Paid | 280M | 590M | 1.05B | 358M | 1.01B | 121M | 37M | 42.84M | 10.22M | 13.62M | 8.35M | 7.92M | 57.28M | 9.23M | 7.13M | 10.73M | 13.47M | 6.65M | 14.84M | 5.44M | 5.95M |
Insurance liability volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.05 in 2024Q1 to 2.38 in 2025Q1, indicating that GAAP earnings are a poor proxy for the firm's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio suggests that non-cash adjustments related to the Athene insurance consolidation frequently distort the firm's reported profitability. Investors should monitor whether these discrepancies represent genuine timing differences in investment gains or structural challenges in converting accounting income into distributable cash.
Based on recent SEC filings, Apollo's free cash flow trajectory remains highly inconsistent, ranging from a $4.0 million outflow in 2024Q4 to a $2.8 billion inflow in 2025Q4, reflecting the inherent volatility of a business model tethered to consolidated insurance investment performance.
The lack of a stable FCF trend complicates the assessment of the firm's ability to sustain dividends and share repurchases. This volatility appears to be a direct consequence of the firm's integrated insurance model, where investment portfolio fluctuations can temporarily mask the underlying stability of fee-related earnings.
According to quarterly data, working capital changes have become the primary driver of operating cash flow, with fluctuations as large as $2.8 billion in 2025Q3, suggesting that the firm's cash position is heavily influenced by the timing of insurance-related asset and liability movements.
The significant reliance on working capital shifts to generate positive operating cash flow warrants further investigation into the nature of these accruals. It remains unclear whether these movements represent sustainable operational efficiency or merely the cyclical nature of insurance premium inflows and claim outflows.
As reported in financial statements, Apollo consistently utilizes cash for dividends and share repurchases while simultaneously managing massive net acquisition activity, such as the $33.4 billion net acquisition outflow observed in 2025Q3, highlighting the firm's aggressive strategy of scaling its asset management and insurance footprint.
The firm's ability to balance shareholder returns with large-scale acquisitions suggests a high degree of confidence in its capital-light fee model. However, the sheer scale of these acquisition outflows relative to operating cash flow may indicate a reliance on external financing or balance sheet leverage that could become strained in a liquidity-constrained environment.
Quick answers to the most common questions about buying APO stock.
Apollo Global Management, Inc. (APO) generated $7.45B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apollo Global Management, Inc. (APO) generated $7.45B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Apollo Global Management, Inc. (APO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Apollo Global Management, Inc. (APO) returned $1.30B to shareholders via cash dividends and spent $773.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.