Cash flow generation appears erratic, highlighted by a 2026Q1 OCF/NI ratio of -0.85 and a massive $20.1B net acquisition outlay during the same period.
| 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 | 6B | 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 % | 70546.1% | 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 | 1.52B | 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 | 854M | 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 | -7.06B | -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 | 8.14B | 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 | -52.83B | -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 | 390.98B | 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 | -6.52B | -1.69B | -1.19B | 231M | -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 | 55.06B | 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) | -1.21B | -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 | -1.33B | -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 | -1.21B | -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 | 52.78B | 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 | 8.23B | 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 | 6B | 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 % | 20.23% | 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 % | 43.12% | 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 | 10.09 | 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) | 2.79x | 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 | 893M | 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
According to recent SEC filings, APOS exhibits a highly erratic relationship between net income and operating cash flow, evidenced by a 2026Q1 OCF/NI ratio of -0.85, which suggests that GAAP earnings frequently fail to capture the underlying cash dynamics of the integrated insurance-asset management business model.
The significant divergence between net income and operating cash flow indicates that non-cash accounting adjustments and investment portfolio volatility heavily influence reported profitability. Investors should monitor this gap closely, as it implies that GAAP net income may be an unreliable proxy for the actual cash-generating capacity of the firm's core operations.
As reported in financial statements, free cash flow has demonstrated extreme instability, swinging from a $2.8B inflow in 2025Q4 to a $4.0M outflow in 2024Q4, which highlights the firm's sensitivity to market-driven investment performance and the lumpy nature of its performance-based fee realizations.
The erratic FCF trajectory suggests that the firm's cash generation is not yet decoupled from the volatility of its investment portfolio. This inconsistency warrants further investigation into whether the firm can maintain stable cash distributions to shareholders during periods of credit market contraction.
Based on APOS's reported figures, working capital changes have been the primary driver of quarterly cash flow variance, with a massive $2.8B inflow in 2025Q3 contrasting sharply with a $648M outflow in 2024Q4, indicating that insurance-related cash movements dominate the firm's short-term liquidity profile.
These large swings in working capital appear to be tied to the timing of insurance premium collections and the deployment of capital into credit assets. The reliance on these fluctuations suggests that operating cash flow is less a reflection of recurring fee income and more a function of the firm's broader insurance balance sheet management.
As disclosed in recent financial statements, the firm consistently utilizes significant cash for acquisitions, including a $20.1B net acquisition outlay in 2026Q1, while simultaneously maintaining steady dividend payments, which suggests a management priority on scaling the platform through inorganic growth despite volatile cash flow generation.
The firm's aggressive acquisition pace, often exceeding its quarterly operating cash flow, implies a reliance on external financing or existing cash reserves to fund expansion. This strategy appears to prioritize long-term AUM growth over immediate cash preservation, which may increase the firm's vulnerability if credit market conditions deteriorate.
Quick answers to the most common questions about buying APOS stock.
Apollo Global Management, Inc. (APOS) 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. (APOS) 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. (APOS) 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. (APOS) 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.