Apollo Global Management (APO) 10-K Summary — Year Ended Dec 31, 2025
The company manages investment funds and provides insurance services through its subsidiary. In the latest reported period, revenue increased and the company maintained positive net income and operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The company manages investment funds and provides insurance services through its subsidiary. In the latest reported period, revenue increased and the company maintained positive net income and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$32B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$3.5B
Net income reported for the year.
Operating cash flow
$7.2B
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 |
|---|---|---|
| Mar 31, 2023 | $5.3B | -51.7% |
| Dec 31, 2023 | $32.6B | +515.8% |
| Dec 31, 2024 | $26.1B | -20.0% |
| Dec 31, 2025 | $32B | +22.7% |
Business overview
The company's business includes managing investment funds and offering insurance and retirement products through Athene. It generates revenue from management fees, performance fees, and insurance premiums. The company operates in a highly competitive environment and relies on key personnel.
Financial performance
Revenue grew compared to the prior period. Net income and operating cash flow remained positive. The company's financial results are subject to market conditions and other risks.
Material risks
The company faces risks from inflation, interest rate fluctuations, and market conditions. Geopolitical events and competition could affect performance. Additionally, the performance of managed funds and Athene's financial strength ratings are important risk factors.
Liquidity and capital
The company's operating cash flow was positive, supporting its liquidity needs. It uses leverage to finance its business and investments.
What to watch
Monitor Athene's financial strength ratings, as they are critical to the company's insurance operations.