Apollo Commercial Real Estate Finance, Inc. (ARI) Revenue History
Annual and quarterly revenue from 2009 to present
ARI Revenue Over Time (2009–2025)
ARI Revenue Growth History
13 of 16 years with positive growth- FY2009 revenue growth
- N/A
- FY2010 revenue growth
- +5273.3%
- FY2011 revenue growth
- +59.8%
- FY2012 revenue growth
- +10.5%
- FY2013 revenue growth
- +37.0%
- FY2014 revenue growth
- +59.6%
- FY2015 revenue growth
- +59.6%
- FY2016 revenue growth
- +50.7%
- FY2017 revenue growth
- -2.9%
- FY2018 revenue growth
- +43.5%
- FY2019 revenue growth
- +18.2%
- FY2020 revenue growth
- -29.9%
- FY2021 revenue growth
- +22.9%
- FY2022 revenue growth
- +52.3%
- FY2023 revenue growth
- +21.2%
- FY2024 revenue growth
- -9.7%
- FY2025 revenue growth
- +1.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $172.6M | -0.8% |
| Q4 2025 | $182.7M | -6.5% |
| Q3 2025 | $167.1M | +117.7% |
| Q2 2025 | $186.8M | -13.1% |
| Q1 2025 | $173.9M | -18.9% |
| Q4 2024 | $195.5M | -9.1% |
| Q3 2024 | $76.8M | -64.2% |
| Q2 2024 | $214.9M | +60.6% |
Multi-year avg. share of annual revenue by fiscal quarter
ARI Revenue Analysis (2009–2025)
Current Revenue & Growth
As of June 23, 2026, Apollo Commercial Real Estate Finance, Inc. (ARI) generated trailing twelve-month (TTM) revenue of $709.2 million, reflecting slight decline in growth of -0.8% year-over-year. The most recent quarter (Q1 2026) recorded $172.6 million in revenue, down 5.6% sequentially.
Historical Growth Trajectory
ARI's 5-year compound annual growth rate (CAGR) stands at +15.7%, indicating consistent double-digit revenue growth. The 3-year CAGR of +3.5% is below the 5-year average, signalling a growth deceleration in recent years. Apollo Commercial Real Estate Finance, Inc.'s highest annual revenue of $777.0 million was recorded in 2023.
Peer Comparison
Compared to Real Estate sector peers — including BXMT (-7.0% YoY), KREF (-20.0% YoY), and TRTX (+307.7% YoY) — ARI has underperformed the peer group in revenue growth. Compare ARI vs BXMT →
ARI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ARICurrent | $709M | -0.8% | +15.7% | 65.4% | |
 BXMT | $1.5B | -7.0% | +14.4% | 71.6% | |
 KREF | $458M | -20.0% | +11.2% | 59.3% | |
 TRTX | $333M | +307.7% | +32.7% | 73.0% | |
 GPMT | $145M | +249.6% | +6.7% | 43.6% | |
 RC | $499M | +751.9% | +5.4% | 24.2% |
ARI Historical Revenue Data (2009–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $710.5M | +1.3% | $568.8M | 80.1% | $464.4M | 65.4% |
| 2024 | $701.5M | -9.7% | $560.4M | 79.9% | $417.7M | 59.5% |
| 2023 | $777.0M | +21.2% | $649.8M | 83.6% | $467.5M | 60.2% |
| 2022 | $641.3M | +52.3% | $549.1M | 85.6% | $649.7M | 101.3% |
| 2021 | $421.2M | +22.9% | $357.9M | 85.0% | $414.5M | 98.4% |
| 2020 | $342.8M | -29.9% | $303.1M | 88.4% | $138.7M | 40.5% |
| 2019 | $489.0M | +18.2% | $448.3M | 91.7% | $208.2M | 42.6% |
| 2018 | $413.6M | +43.5% | $377.2M | 91.2% | $366.1M | 88.5% |
| 2017 | $288.2M | -2.9% | $256.5M | 89.0% | $178.4M | 61.9% |
| 2016 | $296.8M | +50.7% | $273.4M | 92.1% | $157.5M | 53.1% |
| 2015 | $196.9M | +59.6% | $180.3M | 91.6% | $103.4M | 52.5% |
| 2014 | $123.3M | +59.6% | $111.4M | 90.3% | $86.9M | 70.5% |
| 2013 | $77.3M | +37.0% | $77.3M | 100.0% | $52.5M | 67.9% |
| 2012 | $56.4M | +10.5% | $56.4M | 100.0% | $40.2M | 71.2% |
| 2011 | $51.1M | +59.8% | $51.1M | 100.0% | $25.9M | 50.6% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
17+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ARI — Frequently Asked Questions
Quick answers to the most common questions about buying ARI stock.
Is ARI's revenue growth accelerating or slowing?
ARI revenue growth is slowing. TTM revenue is $709M, up -0.8% year-over-year — below the 5-year CAGR of +15.7%. The deceleration suggests maturing end-markets or increased competition.
What is ARI's revenue history from 2009 to 2026?
Apollo Commercial Real Estate Finance, Inc. (ARI) revenue history spans 2009 to 2026. TTM revenue as of 2026 is $709M, growing at -0.8% YoY. The 5-year CAGR is +15.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ARI's long-term revenue growth rate (CAGR)?
Apollo Commercial Real Estate Finance, Inc.'s 5-year revenue CAGR of +15.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -0.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ARI.
Why does ARI's quarterly revenue fluctuate?
ARI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Apollo Commercial Real Estate Finance, Inc.'s revenue data from 2009 to 2026 shows full historical quarterly detail on this page.
How is ARI's revenue distributed by segment?
ARI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ARI's revenue compare to industry peers?
Apollo Commercial Real Estate Finance, Inc. (ARI) with TTM revenue of $709M and -0.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.