Revenue volatility remains high, with top-line figures swinging from $11.0 billion in 2023Q4 to $4.9 billion in 2026Q1, while net margins contracted sharply to -38.6% due to unrealized investment losses.
| 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 |
|---|
| Sales/Revenue | 29.68B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 26.52B | 26.8B | 24.97B | 31.62B | 10.04B | 5.17B | 1.73B | 2.42B | 633.46M | 1.74B | 1.22B | 504.24M | 819.52M | 2.14B | 1.11B | -1.17B | 166.55M | -528.28M | -1.11B | -812.48M | 79.71M |
| Gross Margin % | 89.33% | 88.47% | 95.63% | 96.85% | 91.55% | 86.93% | 73.32% | 82.45% | 57.95% | 62.65% | 59.05% | 48.41% | 52.53% | 57.3% | 38.97% | -681.19% | 7.89% | -54.65% | 416.3% | -127.38% | 23.01% |
| Gross Profit Growth % | - | 7.33% | -21.01% | 214.88% | 94.1% | 199.71% | -28.6% | 281.61% | -63.52% | 41.82% | 142.82% | -38.47% | -61.69% | 91.94% | 195.33% | -801.99% | 131.53% | 52.42% | -36.66% | -1119.32% | - |
| Operating Expenses | 17.3B | 16.38B | 16.68B | 25.47B | 14.42B | 3.2B | 818M | 1.08B | 381.84M | 257.86M | 247M | 255.06M | 265.19M | 275.8M | 302.48M | 196.91M | 214.04M | 161.24M | 442.55M | 166.43M | 81.45M |
| OpEx % of Revenue | - | 54.07% | 63.85% | 78.03% | 131.44% | 53.72% | 34.75% | 36.73% | 34.93% | 9.3% | 11.91% | 24.49% | 17% | 7.39% | 10.58% | 114.73% | 10.14% | 16.68% | -165.93% | 26.09% | 23.51% |
| Selling, General & Admin | 3.26B | 3.55B | 2.64B | 2.57B | 1.7B | 3.2B | 818M | 1.08B | 381.84M | 257.86M | 247M | 255.06M | 265.19M | 221.56M | 189.86M | 170.65M | 154.35M | 94.95M | 420.45M | 158.56M | 78.17M |
| SG&A % of Revenue | - | 11.71% | 10.1% | 7.86% | 15.48% | 53.72% | 34.75% | 36.73% | 34.93% | 9.3% | 11.91% | 24.49% | 17% | 5.93% | 6.64% | 99.43% | 7.32% | 9.82% | -157.65% | 24.86% | 22.56% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 9.22B | 10.42B | 8.3B | 6.15B | -4.38B | 1.98B | 908M | 1.34B | 251.62M | 1.48B | 977.38M | 249.18M | 554.34M | 1.86B | 812.12M | -1.37B | -47.49M | -689.52M | -1.55B | -978.91M | -1.75M |
| Operating Margin % | 31.05% | 34.39% | 31.78% | 18.83% | -39.89% | 33.2% | 38.57% | 45.72% | 23.02% | 53.34% | 47.14% | 23.92% | 35.53% | 49.91% | 28.4% | -795.92% | -2.25% | -71.33% | 582.24% | -153.47% | -0.5% |
| Operating Income Growth % | - | 25.57% | 35.03% | 240.48% | -321.41% | 117.62% | -32.26% | 432.71% | -82.98% | 51.28% | 292.24% | -55.05% | -70.25% | 129.47% | 159.45% | -2776.64% | 93.11% | 55.6% | -58.63% | -55965.81% | - |
| EBITDA | 9.98B | 11.46B | 9.37B | 6.95B | -3.85B | 2B | 927M | 1.36B | 266.86M | 1.5B | 996.11M | 293.65M | 599.4M | 1.92B | 865.36M | -1.34B | -23.24M | -665.23M | -1.53B | -971.04M | 1.54M |
| EBITDA Margin % | 33.62% | 37.83% | 35.9% | 21.29% | -35.07% | 33.66% | 39.38% | 46.26% | 24.41% | 54.01% | 48.04% | 28.19% | 38.42% | 51.37% | 30.26% | -780.62% | -1.1% | -68.81% | 573.95% | -152.24% | 0.45% |
| EBITDA Growth % | 16.45% | 22.26% | 34.9% | 280.68% | -292.01% | 116.07% | -31.65% | 408.21% | -82.17% | 50.28% | 239.21% | -51.01% | -68.74% | 121.62% | 164.59% | -5665.3% | 96.51% | 56.54% | -57.64% | -63072.76% | - |
| D&A (Non-Cash Add-back) | 732M | 1.04B | 1.07B | 803M | 529M | 27M | 19M | 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 |
| EBIT | 8.54B | 9.45B | 7.77B | 5.84B | -4.03B | 5.77B | 934M | 1.53B | 195.94M | 1.82B | 1.1B | 407.3M | 899.56M | 2.51B | 3.15B | -1.25B | 670.4M | -16.42M | -2.86B | 1.59B | 1.8B |
| Net Interest Income | 4.79B | -243M | -54M | -82M | 230M | -161M | 59M | -62.03M | -17.53M | -46.45M | -39.41M | -26.84M | -12M | -16.99M | -27.42M | -36.12M | -33.91M | -48.8M | -43.25M | -293.47M | 29.58M |
| Interest Income | 5.11B | 83M | 172M | 176M | 354M | 746M | 440M | 64.75M | 56.27M | 6.42M | 4.07M | 3.23M | 10.39M | 12.27M | 9.69M | 4.73M | 1.53M | 1.45M | 19.37M | 52.5M | 38.42M |
| Interest Expense | 322M | 326M | 226M | 258M | 124M | 907M | 381M | 126.78M | 90.67M | 52.87M | 43.48M | 30.07M | 22.39M | 29.26M | 37.12M | 40.85M | 35.44M | 50.25M | 62.62M | 345.97M | 8.84M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 6.84B | 7.74B | 7.43B | 5.59B | -4.25B | 4.86B | 553M | 1.41B | 105.27M | 1.77B | 1.06B | 377.23M | 877.17M | 2.48B | 3.11B | -1.29B | 634.96M | -66.68M | -2.93B | 1.25B | 1.79B |
| Pretax Margin % | 23.04% | 25.53% | 28.47% | 17.11% | -38.71% | 81.68% | 23.49% | 48.02% | 9.63% | 63.84% | 51.17% | 36.21% | 56.23% | 66.47% | 108.85% | -752.93% | 30.09% | -6.9% | 1097.53% | 195.53% | 517.63% |
| Income Tax | 2.25B | 801M | 1.06B | -923M | -739M | 594M | 86M | -128.99M | 86.02M | 325.94M | 90.71M | 26.73M | 147.25M | 107.57M | 65.41M | 11.93M | 91.74M | 28.71M | -36.99M | 6.73M | 6.48M |
| Effective Tax Rate % | 32.93% | 10.35% | 14.28% | -16.52% | 17.4% | 12.22% | 15.55% | -9.16% | 81.71% | 18.42% | 8.55% | 7.09% | 16.79% | 4.33% | 2.1% | -0.92% | 14.45% | -43.06% | 1.26% | 0.54% | 0.36% |
| Net Income | 2.15B | 4.48B | 4.43B | 4.88B | -1.96B | 1.84B | 157M | 807.96M | -28.5M | 608.45M | 388.02M | 106M | 168.23M | 659.39M | 310.96M | -468.83M | 94.62M | -155.18M | -912.26M | -569.65M | 372.98M |
| Net Margin % | 7.24% | 14.79% | 16.95% | 14.95% | -17.88% | 30.9% | 6.67% | 27.56% | -2.61% | 21.95% | 18.71% | 10.18% | 10.78% | 17.66% | 10.87% | -273.16% | 4.48% | -16.05% | 342.05% | -89.31% | 107.65% |
| Net Income Growth % | -38% | 1.24% | -9.32% | 348.9% | -206.63% | 1071.34% | -80.57% | 2935.45% | -104.68% | 56.81% | 266.06% | -36.99% | -74.49% | 112.05% | 166.33% | -595.5% | 160.97% | 82.99% | -60.14% | -252.73% | - |
| Net Income (Continuing) | 4.59B | 6.93B | 6.37B | 6.51B | -3.51B | 4.27B | 467M | 1.54B | 19.25M | 1.44B | 970.31M | 350.5M | 729.92M | 2.37B | 3.05B | -1.3B | 543.22M | -95.39M | -2.89B | 1.24B | 1.79B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 3.61 | 7.26 | 7.33 | 8.28 | -3.43 | 7.32 | 0.44 | 3.71 | -0.30 | 3.10 | 2.11 | 0.61 | 0.62 | 4.03 | 2.03 | -4.18 | 0.67 | -1.29 | -7.54 | -5.87 | 3.85 |
| EPS Growth % | -41.51% | -0.95% | -11.47% | 341.4% | -146.86% | 1563.64% | -88.14% | 1332.97% | -109.7% | 47.07% | 245.9% | -1.61% | -84.62% | 98.55% | 148.56% | -727.44% | 151.84% | 82.97% | -28.53% | -252.47% | - |
| EPS (Basic) | - | 7.31 | 7.39 | 8.32 | -3.43 | 7.32 | 0.44 | 3.72 | -0.30 | 3.12 | 2.11 | 0.61 | 0.62 | 4.06 | 2.06 | -4.18 | 0.67 | -1.29 | -7.54 | -5.87 | 3.85 |
| Diluted Shares Outstanding | 595M | 607.91M | 604.04M | 588.85M | 584.69M | 236.57M | 227.53M | 208.75M | 199.95M | 192.58M | 184M | 173.27M | 155.35M | 142.21M | 129.54M | 116.36M | 120.97M | 120.97M | 120.97M | 96.96M | 96.96M |
| Basic Shares Outstanding | 595M | 607.91M | 586.07M | 581.38M | 584.69M | 236.57M | 227.53M | 207.07M | 199.95M | 190.93M | 184M | 173.27M | 155.35M | 139.17M | 127.69M | 116.36M | 120.97M | 120.97M | 120.97M | 96.96M | 96.96M |
| Dividend Payout Ratio | - | 28.97% | 24.67% | 20.73% | - | 28.11% | 350.32% | 53.87% | - | 60.27% | 61.62% | 334.37% | 718.71% | 152.34% | 158.65% | - | 22.49% | - | - | - | 51.08% |
Insurance liability volatility
As evidenced by the quarterly income statement data, Apollo's top-line performance exhibits significant fluctuations, with revenue swinging from $11.0 billion in 2023Q4 to $4.9 billion in 2026Q1, suggesting that the firm's reliance on consolidated insurance investment results creates substantial noise in reported growth figures.
The wide variance in quarterly revenue appears to be driven by the mark-to-market nature of the Athene investment portfolio rather than a fundamental shift in fee-earning capacity. Investors should monitor the divergence between headline revenue and the more stable fee-related earnings to gauge the true organic growth trajectory of the asset management business.
Based on the provided financial statements, Apollo's net margin experienced a sharp contraction to -38.6% in 2026Q1, highlighting the inherent sensitivity of the firm's consolidated profitability to unrealized investment losses within the insurance segment that can overwhelm core management fee income.
While gross margins remain high, the volatility in net margins suggests that the integration of Athene introduces significant accounting complexity that may obscure operational efficiency. The firm's ability to maintain profitability appears highly contingent on the performance of its credit-heavy investment portfolio, which warrants further investigation into potential downside risks.
According to the reported income statement data, the firm's net income has demonstrated extreme volatility, including a $1.9 billion loss in 2026Q1, which suggests that GAAP earnings are an unreliable proxy for the underlying cash-generating capability of the asset management and retirement services segments.
The presence of significant non-operating items and investment gains or losses from the insurance balance sheet makes it difficult to assess the quality of earnings through traditional metrics. Analysts should prioritize adjusted earnings measures that strip out the impact of consolidated insurance assets to better understand the firm's recurring income profile.
As reported in recent filings, the firm's reliance on the Athene insurance model introduces a unique risk profile where the cost of policyholder benefits may rise faster than investment yields, potentially pressuring the spread-related earnings that currently underpin a significant portion of the firm's valuation.
Short-sellers may focus on the potential for regulatory capital requirements to increase, which could force a reallocation of assets into lower-yielding, more liquid instruments. This structural dependency on the insurance balance sheet suggests that Apollo's earnings durability may be more vulnerable to interest rate cycles than pure-play asset managers.
Quick answers to the most common questions about buying APO stock.
Apollo Global Management, Inc. (APO) is profitable, generating $4.48B in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
Apollo Global Management, Inc. (APO) reported an operating income of $10.42B, resulting in an operating profit margin of 34.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Apollo Global Management, Inc. (APO) generated $26.80B in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.