Apollo Global Management, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
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
Consolidated Statements of Financial Condition
| (In millions, except share data) | As of December 31, 2025 | As of December 31, 2024 |
|---|---|---|
| Assets | ||
| Asset Management | ||
| Cash and cash equivalents | $3,350 | $2,692 |
| Restricted cash and cash equivalents | 19 | 3 |
| Investments | 6,226 | 6,086 |
| Assets of consolidated variable interest entities | ||
| Cash and cash equivalents | 327 | 158 |
| Investments | 3,509 | 2,806 |
| Due from related parties | 16 | — |
| Other assets | 230 | 84 |
| Due from related parties | 647 | 584 |
| Goodwill | 1,848 | 264 |
| Other assets | 3,376 | 2,579 |
| 19,548 | 15,256 | |
| Retirement Services | ||
| Cash and cash equivalents | 14,994 | 12,733 |
| Restricted cash and cash equivalents | 1,332 | 943 |
| Investments | 321,081 | 262,283 |
| Investments in related parties | 34,979 | 28,884 |
| Assets of consolidated variable interest entities | ||
| Cash and cash equivalents | 569 | 583 |
| Investments | 29,992 | 23,424 |
| Other assets | 346 | 565 |
| Reinsurance recoverable | 10,282 | 8,194 |
| Deferred acquisition costs, deferred sales inducements and value of business acquired | 8,634 | 7,173 |
| Goodwill | 4,072 | 4,063 |
| Other assets | 15,120 | 13,794 |
| 441,401 | 362,639 | |
| Total Assets | $460,949 | $377,895 |
| (Continued) | ||
| See accompanying notes to the consolidated financial statements. | ||
| (In millions, except share data) | As of December 31, 2025 | As of December 31, 2024 |
|---|---|---|
| Liabilities, Redeemable non-controlling interests and Equity | ||
| Liabilities | ||
| Asset Management | ||
| Accounts payable, accrued expenses, and other liabilities | $3,861 | $3,616 |
| Due to related parties | 1,062 | 710 |
| Debt | 5,516 | 4,279 |
| Liabilities of consolidated variable interest entities | ||
| Accounts payable, accrued expenses, and other liabilities | 1,949 | 1,363 |
| 12,388 | 9,968 | |
| Retirement Services | ||
| Interest sensitive contract liabilities | 315,889 | 253,637 |
| Future policy benefits | 50,264 | 49,902 |
| Market risk benefits | 4,930 | 4,028 |
| Debt | 7,848 | 6,309 |
| Payables for collateral on derivatives and securities to repurchase | 11,085 | 11,652 |
| Other liabilities | 14,329 | 9,784 |
| Liabilities of consolidated variable interest entities | ||
| Other liabilities | 1,701 | 1,635 |
| 406,046 | 336,947 | |
| Total Liabilities | 418,434 | 346,915 |
| Commitments and Contingencies (note 19) | ||
| Redeemable non-controlling interests | ||
| Redeemable non-controlling interests | — | 16 |
| Equity | ||
| Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1,398 | 1,398 |
| Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 578,981,398 and 565,738,933 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | — |
| Additional paid in capital | 16,954 | 15,327 |
| Retained earnings (accumulated deficit) | 7,634 | 6,022 |
| Accumulated other comprehensive income (loss) | (2,645) | (5,494) |
| Total Apollo Global Management, Inc. Stockholders’ Equity | 23,341 | 17,253 |
| Non-controlling interests | 19,174 | 13,711 |
| Total Equity | 42,515 | 30,964 |
| Total Liabilities, Redeemable non-controlling interests and Equity | $460,949 | $377,895 |
| (Concluded) | ||
| See accompanying notes to the consolidated financial statements. | ||
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