Revenue performance remains highly erratic, fluctuating from a $10.0 billion peak in 2023Q4 to a negative $1.2 billion in 2024Q4, reflecting significant non-operating market adjustments.
| Sales/Revenue | 25.16B | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 27.64B | 7.62B | 26.32B | 14.83B | 16.26B | 6.54B | 8.73B | 4.11B | 2.62B | 4.1B |
| Gross Margin % | 0% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | -100% | 262.57% | -71.04% | 77.44% | -8.76% | 148.48% | -25.03% | 112.49% | 57% | -36.2% | - |
| Operating Expenses | 8.13B | 25.68B | 0 | 88M | 56M | -22.07B | -13.01B | -13.97B | -5.37B | -7.19B | -3.33B | -2.01B | -3.54B |
| OpEx % of Revenue | - | 100% | - | 0.32% | 0.73% | -83.87% | -87.69% | -85.92% | -82.04% | -82.41% | -81.15% | -76.76% | -86.44% |
| Selling, General & Admin | 0 | 0 | 0 | 88M | 56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | 0.32% | 0.73% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 0 | 0 | 0 | 27.55B | 7.57B | 4.25B | 1.83B | 2.29B | 1.18B | 1.53B | 774M | 608M | 556M |
| Operating Margin % | 0% | - | - | 99.68% | 99.27% | 16.13% | 12.31% | 14.08% | 17.96% | 17.59% | 18.85% | 23.24% | 13.56% |
| Operating Income Growth % | - | - | -100% | 264.09% | 78.26% | 132.48% | -20.23% | 94.81% | -23.45% | 98.32% | 27.3% | 9.35% | - |
| EBITDA | -1.59B | 0 | 0 | 27.55B | 7.57B | 4.25B | 1.83B | 2.29B | 1.18B | 1.54B | 774.02M | 608M | 556M |
| EBITDA Margin % | -6.3% | - | - | 99.68% | 99.27% | 16.13% | 12.31% | 14.08% | 17.96% | 17.59% | 18.85% | 23.24% | 13.56% |
| EBITDA Growth % | -23.42% | - | -100% | 264.09% | 78.25% | 132.46% | -20.22% | 94.8% | -23.44% | 98.32% | 27.31% | 9.35% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 236.56K | 206.3K | 171.86K | 161.14K | 52.52K | 22.82K | 0 | 0 |
| EBIT | -934M | 0 | 0 | 0 | 0 | 4.25B | 1.83B | 2.29B | 1.18B | 1.53B | 829M | 665M | 615M |
| Net Interest Income | 0 | 0 | 0 | -459M | -227M | -59M | 0 | 0 | 0 | 0 | -21M | -32M | -39M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 459M | 227M | 59M | 0 | 0 | 0 | 0 | 21M | 32M | 39M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 4.36B | 5.11B | 5.63B | 4.59B | -5.66B | 4.19B | 2.21B | 2.3B | 1.18B | 1.53B | 753M | 592M | 532M |
| Pretax Margin % | 17.35% | 19.89% | 27.23% | 16.61% | -74.28% | 15.9% | 14.87% | 14.16% | 17.96% | 17.59% | 18.33% | 22.63% | 12.98% |
| Income Tax | 2.38B | 886M | 730M | -1.16B | -646M | 386M | 285M | 117M | 122M | 87M | -52M | 14M | 54M |
| Effective Tax Rate % | 54.63% | 17.35% | 12.96% | -25.29% | 11.41% | 9.22% | 12.92% | 5.08% | 10.38% | 5.67% | -6.91% | 2.36% | 10.15% |
| Net Income | 308M | 2.71B | 3.46B | 4.67B | -2.91B | 3.8B | 1.54B | 2.17B | 1.05B | 1.45B | 805M | 562M | 463M |
| Net Margin % | 1.22% | 10.56% | 16.73% | 16.88% | -38.17% | 14.44% | 10.39% | 13.36% | 16.09% | 16.59% | 19.6% | 21.48% | 11.29% |
| Net Income Growth % | -91.89% | -21.67% | 124.59% | 260.31% | -176.58% | 146.59% | -29.05% | 106.27% | -27.28% | 79.88% | 43.24% | 21.38% | - |
| Net Income (Continuing) | 3.46B | 4.22B | 0 | 5.75B | -5.02B | 3.8B | 1.54B | 2.17B | 1.05B | 1.45B | 805M | 562M | 463M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 7.4B | 3.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | - | 14.14 | 18.05 | 22.00 | -14.28 | 20.55 | 8.17 | 11.60 | 5.34 | 7.37 | 4.18 | 2.81 | 2.31 |
| EPS Growth % | -83.94% | -21.68% | 120.98% | 254.06% | -169.49% | 151.53% | -29.57% | 117.23% | -27.54% | 76.32% | 48.75% | 21.64% | - |
| EPS (Basic) | - | 14.14 | 18.05 | 21.15 | -14.28 | 20.55 | 8.17 | 11.60 | 5.34 | 7.41 | 4.31 | 2.81 | 2.31 |
| Diluted Shares Outstanding | 0 | 191.7M | 191.7M | 203.8M | 203.8M | 184.9M | 188.6M | 187.2M | 197.1M | 196.47M | 192.44M | 200.24M | 200.24M |
| Basic Shares Outstanding | 0 | 191.7M | 191.7M | 212.03M | 203.8M | 184.9M | 188.6M | 187.2M | 197.1M | 195.3M | 186.75M | 200.24M | 200.24M |
| Dividend Payout Ratio | - | - | 6.53% | 23% | - | 3.71% | - | - | - | - | - | - | - |
Earnings volatility from derivatives
As evidenced by the quarterly income statement data, revenue has exhibited significant fluctuations, ranging from a negative $1.2 billion in 2024Q4 to a peak of $10.0 billion in 2023Q4, suggesting that top-line performance is heavily influenced by non-operating market adjustments rather than consistent organic growth.
The extreme variance in reported revenue figures highlights the difficulty in assessing core operational growth without adjusting for mark-to-market impacts on the investment portfolio. Investors should monitor whether the recent stabilization in the $3.7 billion to $8.1 billion range represents a new baseline or merely a temporary lull in institutional capital deployment.
Based on reported financial statements, net income has swung from a $3.0 billion profit in 2023Q4 to a $1.9 billion loss in 2026Q1, indicating that GAAP earnings are highly sensitive to derivative valuations and investment-related gains that do not necessarily reflect the underlying insurance business economics.
The wide disparity between net income and operational performance suggests that traditional earnings metrics may be unreliable for gauging long-term value creation. Analysts should prioritize Spread Related Earnings (SRE) to strip out these non-operating fluctuations, as the current GAAP figures appear to be dominated by market-driven volatility.
According to historical income statement filings, the company has maintained remarkably low SG&A expenses, with quarterly figures often falling below $50 million, which suggests an asset-light operational model that relies heavily on the broader Apollo ecosystem for investment management and administrative support.
The minimal SG&A footprint implies that the company has successfully offloaded significant operational overhead, likely through its integration with Apollo. However, this structure warrants further investigation into the hidden costs of these management fees, which may be embedded within the investment spread rather than appearing as traditional operating expenses.
As noted in recent financial disclosures, the company's reliance on private credit originations to drive net investment spreads introduces potential vulnerability to credit cycle downturns, which could lead to significant impairments that are not currently captured in the reported income statement's recent performance metrics.
Short-sellers may focus on the potential for margin compression if the yield on private credit assets converges with public market benchmarks. The lack of transparency regarding the specific credit quality of the underlying assets suggests that investors should remain cautious about the sustainability of current spread levels in a stressed economic environment.
Quick answers to the most common questions about buying ATHS stock.
Athene Holding Ltd. 7.250% Fixe (ATHS) is profitable, generating $2.71B in net income for the fiscal year ending 2025 with a net profit margin of 10.6%.