Operating margins remain highly sensitive to investment performance, evidenced by a sharp contraction to 6.7% in 2026Q1 from a peak of 52.6% in 2025Q4.
Apollo Global Management, Inc. (APOS) annual income statement — 20-year revenue, gross profit & net income history
| 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 |
|---|
| 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 |
| NII Growth % | 10463.42% | -350% | 34.15% | -135.65% | 242.86% | -372.88% | 195.11% | -253.87% | 62.26% | -17.87% | -46.84% | -123.64% | 29.38% | 38.03% | 24.08% | -6.52% | 30.52% | -12.83% | 85.26% | -1091.98% | - |
| Net Interest Margin % | 1.02% | -0.05% | -0.01% | -0.03% | 0.09% | -0.53% | 0.25% | -0.73% | -0.29% | -0.66% | -0.7% | -0.59% | -0.05% | -0.08% | -0.13% | -0.45% | -0.52% | -1.44% | -1.75% | -5.74% | 0.26% |
| 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 |
| Loan Loss Provision | 2.85B | 3.17B | 914M | 769M | 803M | -129M | 247M | 387.73M | 368.93M | 982.53M | 805.71M | 507.36M | 718.17M | 1.56B | 1.71B | 1.3B | 1.91B | 1.44B | 780.98M | 1.1B | 257.93M |
| Non-Interest Income | 24.57B | 30.22B | 25.94B | 32.47B | 10.61B | 5.21B | 1.91B | 2.87B | 1.04B | 2.77B | 2.07B | 1.04B | 1.55B | 3.72B | 2.85B | 166.9M | 2.11B | 965.28M | -286.07M | 585.35M | 308.06M |
| Non-Interest Income % | 83.69% | 100.81% | 100.21% | 100.25% | 97.88% | 103.19% | 97.01% | 102.21% | 101.72% | 101.71% | 101.94% | 102.65% | 100.78% | 100.46% | 100.97% | 127.62% | 101.63% | 105.32% | 86.87% | 200.54% | 91.24% |
| Total Net Revenue | 29.36B | 29.97B | 25.89B | 32.39B | 10.84B | 5.04B | 1.97B | 2.81B | 1.02B | 2.72B | 2.03B | 1.01B | 1.54B | 3.7B | 2.82B | 130.78M | 2.07B | 916.48M | -329.33M | 291.88M | 337.64M |
| Revenue Growth % | 20.94% | 15.78% | -20.06% | 198.65% | 114.99% | 155.65% | -29.66% | 175.2% | -62.51% | 33.93% | 100.68% | -34.21% | -58.49% | 31.23% | 2058.44% | -93.7% | 126.35% | 378.29% | -212.83% | -13.55% | - |
| Non-Interest Expense | 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 |
| Efficiency Ratio | 58.91% | 54.66% | 64.41% | 78.65% | 132.94% | 63.38% | 41.46% | 38.39% | 37.46% | 9.48% | 12.17% | 25.21% | 17.25% | 7.45% | 10.72% | 150.56% | 10.32% | 17.59% | -134.38% | 57.02% | 24.12% |
| 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 % | 31.4% | 34.77% | 32.06% | 18.98% | -40.34% | 39.18% | 46.02% | 47.79% | 24.69% | 54.38% | 48.14% | 24.63% | 36.05% | 50.31% | 28.77% | -1044.53% | -2.29% | -75.24% | 471.52% | -335.38% | -0.52% |
| 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% | - |
| 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 % | 23.29% | 25.81% | 28.72% | 17.25% | -39.16% | 96.37% | 28.03% | 50.19% | 10.33% | 65.08% | 52.26% | 37.29% | 57.04% | 66.99% | 110.29% | -988.11% | 30.61% | -7.28% | 888.83% | 427.29% | 531.18% |
| 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 % | 7.32% | 14.95% | 17.1% | 15.07% | -18.08% | 36.46% | 7.96% | 28.8% | -2.8% | 22.38% | 19.11% | 10.48% | 10.94% | 17.8% | 11.02% | -358.48% | 4.56% | -16.93% | 277.01% | -195.16% | 110.47% |
| 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 |
| 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 |
Quick answers to the most common questions about buying APOS stock.
For fiscal year 2025, Apollo Global Management, Inc. (APOS) reported total revenue of $29.97B. This represents a 8777.2% increase compared to $337.6M in 2006.
Apollo Global Management, Inc. (APOS) 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. (APOS) 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. (APOS) 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.
Key Metrics
Top Statement Risk
Insurance liability volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Scale
As evidenced by the quarterly income statement data, APOS experienced significant top-line fluctuations, with revenue ranging from $4.9B to $11.0B over the last ten quarters, suggesting that the firm's reliance on performance-based carry and investment income creates a non-linear growth profile that complicates short-term performance forecasting.
The wide variance in quarterly revenue suggests that the firm's integration of Athene introduces significant mark-to-market volatility into the top line. Investors should monitor whether the core fee-related earnings can provide a more consistent growth floor as the firm scales its global wealth and private credit origination channels.
Structural Margin Compression Risks Identified
Based on reported financial figures, the firm's operating margin experienced a sharp contraction to 6.7% in 2026Q1, down from a peak of 52.6% in 2025Q4, indicating that the profitability of the integrated insurance-asset management model remains highly sensitive to investment portfolio performance and actuarial adjustments.
The extreme volatility in operating margins suggests that the firm's cost structure is not as fixed as traditional asset managers, likely due to the inclusion of insurance-related investment gains and losses. This implies that traditional margin analysis may be insufficient without adjusting for the specific accounting nuances of the retirement services segment.
Net Income Distorted by Volatility
According to the provided income statement, the firm reported a net loss of $1.9B in 2026Q1, a stark reversal from the $1.7B profit recorded in 2025Q4, which highlights the significant impact of non-operating investment fluctuations on the bottom line and the potential disconnect between GAAP earnings and distributable cash.
The erratic nature of net income suggests that GAAP figures are poor proxies for the firm's underlying economic health. Analysts should prioritize distributable earnings to strip away the noise of unrealized investment gains, as the current GAAP volatility may mask the actual cash-generating capacity of the credit platform.
Compensation Costs Remain Elevated
As reported in recent filings, stock-based compensation remains a material expense, peaking at $604M in 2023Q4 and continuing to represent a significant portion of operating expenses, which warrants further investigation into the dilution impact on shareholders relative to the firm's ability to generate consistent fee-related earnings.
The persistent level of stock-based compensation suggests that the firm is aggressively utilizing equity to retain talent in a competitive alternative asset management landscape. Investors should monitor whether this expense discipline remains sustainable if the firm's revenue growth fails to outpace the growth in headcount and associated compensation costs.
Insurance Linkage Creates Systemic Exposure
Based on the income statement's sensitivity to market cycles, the firm's reliance on the Athene balance sheet creates a unique risk profile where credit market dislocations could simultaneously impair investment income and increase the cost of insurance liabilities, potentially leading to rapid margin compression during periods of stress.
The short-seller narrative would likely focus on the potential for a 'double-hit' scenario where the firm's private credit portfolio faces defaults while the insurance arm faces increased capital requirements. This suggests that the market may be underestimating the potential for a liquidity mismatch if the firm is forced to liquidate assets during a market downturn.