Apollo Global Management, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
APO$122.74+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations (unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (In millions, except per share data) | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Asset Management | ||||
| Management fees | $606 | $476 | $1,697 | $1,376 |
| Advisory and transaction fees, net | 378 | 181 | 850 | 617 |
| Investment income (loss) | 444 | 230 | 936 | 910 |
| Incentive fees | 51 | 35 | 149 | 108 |
| Property management, development and other fees | 8 | — | 8 | — |
| 1,487 | 922 | 3,640 | 3,011 | |
| Retirement Services | ||||
| Premiums | 117 | 389 | 351 | 1,163 |
| Product charges | 292 | 267 | 831 | 756 |
| Net investment income | 5,013 | 4,101 | 14,130 | 11,481 |
| Investment related gains (losses) | 2,254 | 1,539 | 1,421 | 3,082 |
| Revenues of consolidated variable interest entities | 654 | 552 | 1,796 | 1,329 |
| Other revenues | 6 | 3 | 16 | 9 |
| 8,336 | 6,851 | 18,545 | 17,820 | |
| Total Revenues | 9,823 | 7,773 | 22,185 | 20,831 |
| Expenses | ||||
| Asset Management | ||||
| Compensation and benefits | 761 | 605 | 2,108 | 1,876 |
| Interest expense | 64 | 55 | 184 | 159 |
| General, administrative and other | 409 | 326 | 1,087 | 885 |
| 1,234 | 986 | 3,379 | 2,920 | |
| Retirement Services | ||||
| Interest sensitive contract benefits | 4,164 | 2,599 | 9,086 | 7,307 |
| Future policy and other policy benefits | 613 | 793 | 1,681 | 2,431 |
| Market risk benefits remeasurement (gains) losses | 131 | 524 | 405 | 354 |
| Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 355 | 244 | 914 | 678 |
| Policy and other operating expenses | 573 | 670 | 1,665 | 1,601 |
| 5,836 | 4,830 | 13,751 | 12,371 | |
| Total Expenses | 7,070 | 5,816 | 17,130 | 15,291 |
| Other income (loss) – Asset Management | ||||
| Net gains (losses) from investment activities | 78 | 15 | (208) | 33 |
| Net gains (losses) from investment activities of consolidated variable interest entities | 35 | 44 | 250 | 70 |
| Other income (loss), net | 33 | 70 | (172) | 68 |
| Total Other income (loss) | 146 | 129 | (130) | 171 |
| Income (loss) before income tax (provision) benefit | 2,899 | 2,086 | 4,925 | 5,711 |
| Income tax (provision) benefit | (438) | (317) | (684) | (1,000) |
| Net income (loss) | 2,461 | 1,769 | 4,241 | 4,711 |
| Net (income) loss attributable to non-controlling interests | (725) | (958) | (1,433) | (1,620) |
| Net income (loss) attributable to Apollo Global Management, Inc. | 1,736 | 811 | 2,808 | 3,091 |
| Preferred stock dividends | (24) | (24) | (73) | (73) |
| Net income (loss) attributable to Apollo Global Management, Inc. common stockholders | $1,712 | $787 | $2,735 | $3,018 |
| Earnings (loss) per share | ||||
| Net income (loss) attributable to common stockholders – Basic | $2.82 | $1.30 | $4.51 | $4.96 |
| Net income (loss) attributable to common stockholders – Diluted | $2.78 | $1.29 | $4.47 | $4.94 |
| Weighted average shares outstanding – Basic | 589.4 | 585.4 | 587.8 | 586.9 |
| Weighted average shares outstanding – Diluted | 607.8 | 588.5 | 592.2 | 589.9 |
| See accompanying notes to the unaudited condensed consolidated financial statements. | ||||
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