Apollo Global Management LLC (APO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.16	$2.11	-2.3%	—	$11.2B	—
Q1 26	$1.88	$1.94	+3.2%	—	$5.1B	—
Q4 25	$2.04	$2.47	+21.1%	—	$9.9B	—
Q3 25	$1.9	$2.17	+14.2%	—	$9.8B	—
Q2 25	$1.84	$1.92	+4.3%	—	$6.8B	—
Q1 25	$1.84	$1.82	-1.1%	—	$5.5B	—
Q4 24	$1.89	$2.22	+17.5%	—	$5.3B	—
Q3 24	$1.72	$1.85	+7.6%	—	$7.8B	—
Q2 24	$1.75	$1.64	-6.3%	—	$6B	—
Q1 24	$1.78	$1.72	-3.4%	—	$7B	—
Q4 23	$1.72	$1.91	+11.0%	—	$11B	—
Q3 23	$1.76	$1.71	-2.8%	—	$2.6B	—
Q2 23	$1.65	$1.7	+3.0%	—	$13.7B	—
Q1 23	$1.47	$1.42	-3.4%	—	$5.3B	—
Q4 22	$1.5	$1.42	-5.3%	—	$4.8B	—
Q3 22	$1.23	$1.33	+8.1%	—	$3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.58	—	—	$32B	—
FY24	—	$7.39	—	—	$26.1B	—
FY23	—	$8.32	—	—	$32.6B	—
FY22	—	-$3.43	—	—	$11B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.1B	$2.8B	$1.1B	$2.9B	$2.4B	$6B	$11B	$32.6B	$26.1B	$32B
YoY change	+99.1%	+33.7%	-60.6%	+168.2%	-19.7%	+152.8%	+84.3%	+197.6%	-20%	+22.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.1B	2.8B	1.1B	2.9B	2.4B	6B	11B	32.6B	26.1B	32B
Cost of revenue	849.2M	1B	459.6M	514.5M	628M	778M	927M	1B	1.1B	1.4B
Gross profit	1.2B	1.7B	633.5M	2.4B	1.7B	5.2B	10B	31.6B	25B	30.6B
Gross margin	59%	62.6%	58%	82.5%	73.3%	86.9%	91.5%	96.9%	95.6%	95.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	247M	257.9M	381.8M	1.1B	818M	3.2B	1.7B	2.6B	2.6B	3.1B
Operating expenses	247M	257.9M	381.8M	1.1B	818M	3.2B	14.4B	25.5B	16.7B	22.3B
Operating income	977.4M	1.5B	251.6M	1.3B	908M	2B	-4.4B	6.1B	8.3B	8.3B
Operating margin	47.1%	53.3%	23%	45.7%	38.6%	33.2%	-39.9%	18.8%	31.8%	25.8%
Non-operating income, net	123M	337.5M	-128.8M	141.4M	-441M	3B	-148M	-478M	-689M	-1.3B
Pretax income	1.1B	1.8B	105.3M	1.4B	553M	4.9B	-4.2B	5.6B	7.4B	6.7B
Income tax	90.7M	325.9M	86M	-129M	86M	594M	-739M	-923M	1.1B	1.3B
Net income	970.3M	1.4B	19.3M	1.5B	467M	4.3B	-3.5B	6.5B	6.4B	5.4B
Net margin	46.8%	52.1%	1.76%	52.4%	19.8%	71.7%	-32%	19.9%	24.4%	16.9%
EBITDA	978.5M	1.7B	373.7M	1.4B	1.4B	2.7B	-3.3B	7.3B	9.7B	9.7B
EPS	2.11	3.12	-0.21	3.72	0.44	7.32	-3.43	8.32	7.39	5.58
Diluted EPS	2.11	3.1	-0.21	3.71	0.44	7.32	-3.43	8.28	7.33	5.54

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	11B	7B	6B	7.8B	5.3B	5.5B	6.8B	9.8B	9.9B	5.1B	11.2B
Cost of revenue	254M	261M	269M	291M	291M	289M	326M	330M	376M	411M	413M	435M
Gross profit	2.3B	10.8B	6.8B	5.7B	7.5B	5B	5.2B	6.5B	9.4B	9.5B	4.6B	10.7B
Gross margin	90.2%	97.6%	96.2%	95.2%	96.3%	94.5%	94.1%	95.2%	96.2%	95.8%	91.8%	96.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	523M	947M	638M	632M	640M	728M	727M	642M	794M	933M	737M	971M
Operating expenses	1.3B	8.7B	4.4B	4B	5.2B	3.1B	3.7B	5B	6.3B	7.3B	3.9B	7.9B
Operating income	1.1B	2.1B	2.4B	1.7B	2.3B	1.9B	1.5B	1.4B	3.2B	2.1B	794M	2.9B
Operating margin	42%	19%	34.2%	28.5%	29%	36.4%	27.6%	21.3%	32.3%	21.3%	15.7%	25.6%
Non-operating income, net	-203M	-106M	-176M	-249M	-134M	-130M	-305M	-529M	-214M	-294M	-469M	-245M
Pretax income	883M	2B	2.2B	1.4B	2.1B	1.7B	1.2B	845M	2.9B	1.8B	283M	2.5B
Income tax	243M	-1.6B	422M	261M	317M	62M	243M	3M	438M	592M	1.7B	396M
Net income	640M	3.6B	1.8B	1.2B	1.8B	1.7B	938M	842M	2.5B	1.2B	-1.4B	2.1B
Net margin	24.7%	32.4%	25.1%	19.6%	22.8%	31.5%	16.9%	12.4%	25.1%	11.8%	-27.9%	18.7%
EBITDA	1.4B	2.4B	2.7B	2.1B	2.6B	2.3B	1.7B	1.8B	3.6B	2.6B	1.3B	3.3B
EPS	1.1	4.75	2.31	1.36	1.3	2.42	0.68	1	2.82	—	-3.27	2.18
Diluted EPS	1.1	4.65	2.28	1.35	1.29	2.39	0.68	0.99	2.78	—	-3.27	2.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.6B	6.4B	4.9B	9.9B	11.1B	17.1B	—	54.2B	96.8B	85.3B	70.3B
Enterprise value	4.8B	7.5B	6.1B	11.4B	23.3B	29.4B	—	-108B	-98.6B	-149.4B	88B
Shares outstanding	184M	190.9M	201.4M	207.1M	227.5M	236.6M	584.7M	581.4M	586M	589.5M	589.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	3.67	4.43	256.7	6.43	23.9	4.02	—	8.32	15.2	15.8	42.6
P/S	1.72	2.31	4.52	3.37	4.73	2.88	—	1.66	3.71	2.66	1.99
P/B	1.91	2.21	2.02	3.25	1.77	1.43	—	2.15	3.12	2.01	3.52
EV/EBITDA	4.95	4.35	16.3	8.4	16.3	11.1	—	-14.9	-10.2	-15.4	9.09
EV/Sales	2.34	2.72	5.59	3.9	9.9	4.95	—	-3.31	-3.78	-4.66	2.47
Earnings yield	27.2%	22.6%	0.39%	15.6%	4.19%	24.9%	—	12%	6.58%	6.33%	2.35%
FCF yield	16.7%	13.3%	16.2%	10.6%	-14.5%	6.21%	—	11.7%	3.36%	8.49%	3.05%
PEG	—	—	—	—	—	—	—	—	—	—	0.36

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	59%	62.6%	58%	82.5%	73.3%	86.9%	91.5%	96.9%	95.6%	95.5%	96.1%
Operating margin	47.1%	53.3%	23%	45.7%	38.6%	33.2%	-39.9%	18.8%	31.8%	25.8%	22%
Net margin	46.8%	52.1%	1.76%	52.4%	19.8%	71.7%	-32%	19.9%	24.4%	16.9%	5.27%
ROE	52%	49.8%	0.79%	50.6%	7.42%	35.7%	-22.8%	25.8%	20.6%	12.7%	11.4%
ROA	17.2%	20.6%	0.32%	18%	1.97%	14%	-1.36%	2.08%	1.69%	1.17%	0.94%
ROIC	28.4%	29.8%	1.27%	29.2%	4.15%	7.15%	4.15%	-4.49%	-4.33%	-3.48%	-2.45%
Return on tangible assets	17.9%	21.3%	0.33%	18.5%	2%	14.1%	-1.41%	2.14%	1.73%	1.2%	0.89%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.38	0.77	0.98	1.43	1.84	0.63	0.73	0.82	0.8	0.78	1.95
Quick ratio	1.38	0.77	0.98	1.43	1.84	0.63	0.73	0.82	0.8	0.78	0.78
Debt / equity	1.15	0.82	0.9	1.22	2.32	1.14	0.42	0.32	0.34	0.31	1.01
Debt / assets	0.38	0.34	0.37	0.43	0.62	0.45	0.03	0.03	0.03	0.03	0.03
Net debt / EBITDA	1.31	0.67	3.11	1.14	8.51	4.63	36.5	-22.3	-20.2	-24.2	-23.3
Interest coverage	25.4	34.5	2.16	12.1	2.45	6.36	-18.2	22.7	22.9	19	15.9
Effective tax rate	8.55%	18.4%	81.7%	0%	15.6%	12.2%	0%	0%	14.3%	19.1%	42.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.3	14.5	5.43	14.2	10.3	25.2	18.8	56.1	44.6	54.4	60.1
EPS (basic)	2.11	3.12	-0.21	3.72	0.44	7.32	-3.43	8.32	7.39	5.58	5.58
EPS (diluted)	2.11	3.1	-0.21	3.71	0.44	7.32	-3.43	8.28	7.33	5.54	2.81
Book value per share	10.1	15.2	12.2	14.7	27.7	50.6	26.3	43.4	52.9	72.1	34
FCF per share	3.23	4.46	3.97	5.04	-7.1	4.5	6.48	10.9	5.55	12.3	15.5
Cash per share	4.65	6.33	5.23	10.4	10.8	5.83	217.8	292.8	351.5	420.8	80.6
Capex per share	0.03	0.04	0.07	0.19	0.26	0.27	0.35	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.31%	0.31%	1.35%	1.35%	2.53%	1.09%	1.85%	—	—	—	—
Capex / operating cash flow	0.55%	0.56%	43.1%	2.44%	-3.61%	0.77%	-27.3%	—	—	—	—
Payout ratio	24.6%	26.3%	2.3K%	30.7%	125.7%	13%	-27.4%	15.9%	18.7%	24%	74.5%
Dividend yield	6.71%	5.95%	8.87%	4.78%	5.27%	3.23%	—	1.91%	1.23%	1.52%	1.89%

Yield

1.89%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.563

ex-dividend Aug 19, 2026

Payout ratio

74%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 19, 2026	$0.563
May 19, 2026	$0.563
Feb 19, 2026	$0.51

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$11B	$7B	$6B	$7.8B	$5.3B	$5.5B	$6.8B	$9.8B	$9.9B	$5.1B	$11.2B
YoY change	-12.9%	+128.1%	+32.8%	-56.1%	+199.5%	-52.2%	-21.2%	+13.2%	+26.4%	+86.7%	-8.85%	+63.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	855M	1.2B	1.1B	2.2B	2.4B	1.4B	127.4B	170.2B	206B	248.1B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.5B	1.4B	1.1B	2.1B	3B	2.6B	133.9B	176.6B	215.7B	260.4B
Property, plant & equipment	-83.3M	-83.5M	20M	232.7M	375.1M	576.7M	877.1M	—	—	—
Goodwill & intangibles	223.1M	215.4M	215.5M	229.1M	281.1M	248.8M	8.8B	8.7B	8.7B	11.8B
Total assets	5.6B	7B	6B	8.5B	23.7B	30.5B	257.2B	313.5B	377.9B	460.9B
Accounts payable	57.5M	68.9M	70.9M	94.4M	120M	2.8B	3B	3.3B	3.6B	3.9B
Short-term debt	362.1M	370.9M	71.4M	54.5M	40.5M	38M	35M	31M	—	—
Total current liabilities	1.8B	1.7B	1.1B	1.5B	1.6B	4.1B	184.3B	216.4B	269.6B	331.9B
Long-term debt	1.8B	2B	2.1B	3.7B	14.6B	13.7B	6.5B	8.1B	10.6B	13.4B
Total liabilities	3.8B	4.1B	3.5B	5.5B	17.4B	18.5B	241.8B	288.2B	346.9B	418.4B
Shareholders' equity	1.9B	2.9B	2.5B	3B	6.3B	12B	15.4B	25.2B	31B	42.5B
Total debt	2.1B	2.4B	2.2B	3.7B	14.6B	13.7B	6.5B	8.1B	10.6B	13.4B
Net debt	1.3B	1.5B	1.6B	2.1B	12.2B	12.3B	-2.9B	-7.8B	-5.6B	-5.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	148.7B	170.2B	182.8B	189.4B	205B	206B	216.4B	231.5B	246B	248.1B	253.2B	266.6B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	154.8B	176.6B	190B	197.2B	214B	215.7B	228.1B	243.2B	259.6B	260.4B	265.5B	280.1B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	8.6B	8.7B	8.7B	8.7B	8.7B	8.7B	8.7B	8.7B	11.8B	11.8B	11.8B	11.8B
Total assets	283.2B	313.5B	334.1B	346.5B	368.7B	377.9B	395B	419.6B	449.5B	460.9B	467.5B	494B
Accounts payable	3.7B	3.3B	3.4B	3.6B	3.9B	3.6B	3.8B	4.1B	4.3B	3.9B	3.9B	4.1B
Short-term debt	31M	31M	16M	—	—	—	—	—	—	—	—	—
Total current liabilities	201.3B	216.4B	232.6B	242.7B	258B	269.6B	285.2B	304.3B	324.3B	331.9B	340.2B	361.1B
Long-term debt	7B	8.1B	9.6B	9.8B	9.8B	10.6B	10.6B	12.1B	12.6B	13.4B	14.2B	13.7B
Total liabilities	265.3B	288.2B	307B	318.1B	337.1B	346.9B	362.7B	385.7B	409.7B	418.4B	428B	452.6B
Shareholders' equity	18B	25.2B	27B	28.4B	31.5B	31B	32.3B	33.9B	39.8B	42.5B	39.5B	41.5B
Total debt	7B	8.1B	9.6B	9.8B	9.8B	10.6B	10.6B	12.1B	12.6B	13.4B	14.2B	13.7B
Net debt	-5.9B	-7.8B	-8.5B	-7.1B	-6.9B	-5.6B	-2.7B	-1.1B	-5.8B	-5.9B	-8.3B	-13.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	970.3M	1.4B	19.3M	1.5B	467M	4.3B	-3.5B	6.5B	6.4B	5.4B
Depreciation & amortization	18.7M	18.4M	15.2M	15.8M	19M	27M	529M	803M	1.1B	1.4B
Stock-based compensation	103M	91.5M	173.2M	189.6M	213M	1.2B	540M	1B	721M	789M
Change in working capital	-48.5M	-17.4M	-175.5M	-84.1M	-41.8M	3.1B	5.7B	3.4B	2.1B	6.2B
Operating cash flow	1.2B	1.5B	34.2M	1.6B	-1.6B	8.4B	-743M	9.5B	8.1B	7.2B
Capital expenditure	-6.4M	-8.5M	-14.7M	-39.5M	-59.6M	-64.7M	-202.5M	—	—	—
Investing cash flow	-286.5M	-535.4M	-368.8M	-391M	722.6M	2.1B	-17.6B	-42.4B	-61.8B	-64B
Dividends paid	-239.1M	-380.2M	-438.5M	-471.9M	-587M	-554M	-962M	-1B	-1.2B	-1.3B
Share repurchases	-13.4M	-18.5M	-90.9M	-110.7M	-92M	-299M	-635M	-561M	-890M	-773M
Financing cash flow	-195.5M	-421.9M	-708.5M	196.3M	3.3B	109M	28.7B	42.6B	58B	60.2B
Net change in cash	671.3M	554.8M	-1B	1.4B	2.4B	10.6B	10.4B	9.8B	4.3B	3.5B
Free cash flow	593.4M	851.3M	799.5M	1B	-1.6B	1.1B	3.8B	6.3B	3.3B	7.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	640M	3.6B	1.8B	1.2B	1.8B	1.7B	938M	842M	2.5B	1.2B	-1.4B	2.1B
Depreciation & amortization	241M	217M	238M	260M	281M	296M	308M	332M	400M	391M	397M	414M
Stock-based compensation	142M	604M	189M	153M	136M	243M	149M	166M	208M	266M	232M	246M
Change in working capital	-1.7B	121M	1.4B	111M	1.3B	-648M	-359M	1.5B	2.8B	2.2B	1.6B	5.1B
Operating cash flow	-1.8B	4.6B	2.6B	1.9B	3.4B	264M	1.1B	1.3B	303M	4.7B	1.6B	2.9B
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-10.2B	-14.7B	-16.4B	-14.7B	-14.5B	-16.3B	-16.9B	-19.6B	17.5B	-14.2B	-8.3B	-53.4B
Dividends paid	-256M	-281M	-283M	-304M	-301M	-301M	-302M	-331M	-330M	-335M	-336M	-367M
Share repurchases	0	-10M	-260M	-75M	-453M	-102M	-193M	0	-340M	-240M	-632M	-97M
Financing cash flow	8.2B	14.5B	18.3B	11.6B	12.3B	15.7B	14.3B	17.8B	19.2B	8.9B	9.9B	17.3B
Net change in cash	-3.9B	4.4B	4.5B	-1.2B	1.2B	-241M	-1.5B	-552M	36.9B	-602M	3.2B	-33.2B
Free cash flow	-364M	2.1B	70M	1.3B	1.9B	-4M	1B	1.3B	303M	4.7B	1.6B	2.9B

Apollo Global Management LLC Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history