Apollo Global Management, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 9 February 2026: press release. The quarter’s numbers.

Key takeaways

Record origination above $300 billion: Management said 2025 included record origination activity exceeding $300 billion. Source
Inflows above $225 billion: The company reported inflows of more than $225 billion for 2025. Source
Record fee and spread earnings: The company reported record fee and spread related earnings for 2025, which management linked to origination and inflow activity. Source
Athene offers retirement savings products: Athene, described as the company's retirement services business, provides a suite of retirement savings products and acts as a solutions provider to institutions. Source
Assets under management of $938 billion: As of December 31, 2025, the company had approximately $938 billion of assets under management. Source
Common dividend of $0.51 declared: The board declared a cash dividend of $0.51 per share of common stock for the fourth quarter ended December 31, 2025. Source

“Apollo’s fourth quarter results capped a year of exceptional execution.”
Marc Rowan, Chairman and Chief Executive Officer at Apollo

Results and growth drivers

Record origination above $300 billion: Management said 2025 included record origination activity exceeding $300 billion. Source
Inflows above $225 billion: The company reported inflows of more than $225 billion for 2025. Source
Record fee and spread earnings: The company reported record fee and spread related earnings for 2025, which management linked to origination and inflow activity. Source

Segments and businesses

Asset management targets full risk spectrum: The company describes its asset management business as seeking to provide clients excess return from investment grade credit to private equity. Source
Athene offers retirement savings products: Athene, described as the company's retirement services business, provides a suite of retirement savings products and acts as a solutions provider to institutions. Source
Integrated platform spans decades of investing: The company says its investing expertise across a fully integrated platform has served clients for more than three decades and given businesses capital for growth. Source

“Whether financing the industrial renaissance, advancing retirement solutions, or enabling new buyers to access private markets at scale, we are at the forefront of building the next generation of financial services.”
Marc Rowan, Chairman and Chief Executive Officer at Apollo

Assets and client demand

Assets under management of $938 billion: As of December 31, 2025, the company had approximately $938 billion of assets under management. Source
Activity named across industrial and retirement: Management named financing the industrial renaissance and advancing retirement solutions among the areas of its activity. Source
Private markets access for new buyers: Management described enabling new buyers to access private markets at scale as part of the company's activity. Source

Capital and returns to shareholders

Common dividend of $0.51 declared: The board declared a cash dividend of $0.51 per share of common stock for the fourth quarter ended December 31, 2025. Source
Preferred dividend of $0.8438 declared: The company declared and set aside a cash dividend of $0.8438 per share on its Mandatory Convertible Preferred Stock. Source
Dividends at board discretion: Declaration and payment of both common and preferred dividends are stated to be at the sole discretion of the board of directors. Source

Strategy and leadership view

Described as high-growth alternative manager: The company describes itself as a high-growth, global alternative asset manager. Source
Approach aligns clients and communities: The company says its patient, creative and knowledgeable approach to investing aligns clients, invested businesses, employees and communities. Source
Positioned in next-generation financial services: Chairman and CEO Marc Rowan said Apollo is at the forefront of building the next generation of financial services. Source

Investor communications

Public webcast scheduled for February 9: Senior management will review the fourth quarter and full year results on a public audio webcast at 8:30 a.m. Eastern Time on February 9, 2026. Source
Replay available after the event: A replay of the webcast is available at the same link one hour after the event. Source
Full presentation on investor site: The company issued a full detailed presentation of the fourth quarter and full year results, viewable on its Investor Relations website. Source

Coming up, as management said on 9 February 2026

Common dividend paid February 27: The $0.51 common dividend is scheduled to be paid on February 27, 2026, to holders of record on February 19, 2026. Source
Preferred dividend paid April 30: The Mandatory Convertible Preferred Stock dividend is scheduled to be paid on April 30, 2026, to holders of record on April 15, 2026. Source

Figures management reported

Figure	Reported
Origination activity, full year 2025 Source	exceeding $300 billion
Inflows, full year 2025 Source	more than $225 billion
Assets under management, December 31, 2025 Source	approximately $938 billion

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Apollo Reports Fourth Quarter and Full Year 2025 Results

New York, February 9, 2026 - Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the fourth quarter and full year ended December 31, 2025.

Marc Rowan, Chairman and Chief Executive Officer at Apollo said, “Apollo’s fourth quarter results capped a year of exceptional execution. 2025 highlights include record origination activity exceeding $300 billion and inflows of more than $225 billion, driving record fee and spread related earnings. Whether financing the industrial renaissance, advancing retirement solutions, or enabling new buyers to access private markets at scale, we are at the forefront of building the next generation of financial services.”

Apollo issued a full detailed presentation of its fourth quarter and full year ended December 31, 2025 results, which can be viewed on Apollo’s Investor Relations website at ir.apollo.com.

Dividend

Apollo Global Management, Inc. has declared a cash dividend of $0.51 per share of its Common Stock for the fourth quarter ended December 31, 2025. This dividend will be paid on February 27, 2026 to holders of record at the close of business on February 19, 2026.

Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on April 30, 2026 to holders of record at the close of business on April 15, 2026.

The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.’s board of directors. Apollo cannot assure its stockholders that they will receive any dividends in the future.

Conference Call

Apollo will host a public audio webcast on Monday, February 9, 2026 at 8:30 a.m. Eastern Time. During the webcast, members of Apollo’s senior management team will review Apollo’s financial results for the fourth quarter and full year ended December 31, 2025.

The webcast may be accessed at ir.apollo.com. For those unable to listen to the live broadcast, there will be a replay of the webcast available at the same link one hour after the event.

Apollo distributes its earnings releases via its website and email distribution lists. Those interested in receiving firm updates by email can sign up for them at ir.apollo.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2025, Apollo had approximately $938 billion of assets under management. To learn more, please visit www.apollo.com.

Forward-Looking Statements

Forward-looking statements notice

In this press release, references to “Apollo,” “we,” “us,” “our” and the “Company” refer collectively to Apollo Global Management, Inc. and its subsidiaries, or as the context may otherwise require. This press release may contain forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and other non-historical statements. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to inflation, interest rate fluctuations and market conditions generally, international trade barriers, domestic or international political developments and other geopolitical events, including geopolitical tensions and hostilities, the impact of energy market dislocation, our ability to manage our growth, our ability to operate in highly competitive environments, the performance of the funds we manage, our ability to raise new funds, the variability of our revenues, earnings and cash flow, the accuracy of management’s assumptions and estimates, our dependence on certain key personnel, our use of leverage to finance our businesses and investments by the funds we manage, Athene’s ability to maintain or improve financial strength ratings, the impact of Athene’s reinsurers failing to meet their assumed obligations, Athene’s ability to manage its business in a highly regulated industry, changes in our regulatory environment and tax status, and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Investor and Media Relations Contacts

For investors please contact:

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

212-822-0540 ir@apollo.com

For media inquiries please contact:

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

212-822-0491 communications@apollo.com