Apollo Global Management (APO) 10-K Summary — Year Ended Dec 31, 2024
The filing shows a decline in annual revenue and a positive net income. The company's business involves asset management and insurance services through Athene.
Key takeaway
Year ended Dec 31, 2024 · FY2025 10-K
The filing shows a decline in annual revenue and a positive net income. The company's business involves asset management and insurance services through Athene.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$26.1B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$4.6B
Net income reported for the year.
Operating cash flow
$3.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11B | n/a |
| Mar 31, 2023 | $5.3B | -51.7% |
| Dec 31, 2023 | $32.6B | +515.8% |
| Dec 31, 2024 | $26.1B | -20.0% |
Business overview
Apollo Global Management is an asset manager that also operates an insurance and retirement services business via its subsidiary Athene. The company generates revenue from management fees, investment income, and insurance premiums.
Financial performance
Revenue decreased compared to the prior year, while net income remained positive. Operating cash flow was also positive, reflecting ongoing cash generation.
Material risks
The filing identifies risks including interest rate fluctuations, market conditions, geopolitical events, reliance on key personnel, use of leverage, and the performance of funds managed. Additionally, the financial strength of Athene and its reinsurers pose material risks.
Liquidity and capital
The company reported positive operating cash flow, supporting its liquidity position. The use of leverage in its business and fund investments is a noted capital allocation theme.
What to watch
Monitor the company's revenue trajectory in the next filing, given the decline observed in the current period.