Apollo Global Management (APO) FY2025 results: revenue $32.0 billion, up 22.7% on the year

Apollo was founded in 1990 and is a global alternative asset manager and a retirement services provider, conducting business primarily in the U.S. through three reportable segments: Asset Management, Retirement Services and Principal Investing. Total assets under management were $938.4 billion as of 31 December 2025, and that is client and policyholder money rather than the firm's own. The Asset Management segment had a team of approximately 4,130 employees, including 600 employees of Bridge, and approximately 2,010 employees supported Retirement Services.

Credit

Credit held $749.2 billion of assets under management at 31 December 2025, spanning third-party strategies and Apollo's own retirement services business across four investment pillars. Direct origination held $302.1 billion and covers large corporate direct origination, middle-market direct lending, and investment grade and performing credit mandates across managed accounts and collateralised loan obligations. Asset-backed finance held $282.7 billion in instruments supported first by the contractual cash flows of a pool of assets and second by the liquidation value of those assets, covering mortgages, consumer credit, receivables, aircraft lending and inventory finance. Opportunistic credit held $50.0 billion, working across the credit spectrum in private and public, corporate and asset-backed markets. Multi-credit held $40.9 billion in investment grade and high yield performing credit, including income-oriented, senior loan and bond corporate credit and asset-backed finance.

Equity

The equity strategy held $189.2 billion at 31 December 2025, across private equity, hybrid value, secondaries, AAA, real estate equity, infrastructure and clean transition equity. Corporate private equity held $78.8 billion, covering opportunistic buyouts, corporate carveouts and deleveraging investments, and it includes the secondaries strategy. Hybrid value held $17.7 billion in investments that share features with both private credit and traditional private equity. AAA held $25.6 billion and offers investors access to Apollo's private market strategy in a perpetual capital, semi-liquid structure. Real estate equity held $47.9 billion across core plus and net lease income strategies in non-traded REIT and other real estate funds, plus value add and opportunistic strategies in regionally focused private funds in the U.S. and Asia. Infrastructure and clean transition equity held $21.6 billion in digital infrastructure, energy transition, transportation and logistics and sustainable living, and it also holds the legacy natural resources private equity funds.

In September 2025 Apollo completed the acquisition of Bridge, a real estate fund manager focused on residential and industrial properties in the U.S.

Retirement Services

Athene is the retirement services business, specialising in issuing, reinsuring and acquiring retirement savings products, with corporate headquarters in West Des Moines, Iowa. Apollo's asset management business provides a full suite of services for Athene's investment portfolio, including direct investment management, asset allocation, acquisition asset diligence and operational support across investment compliance, tax, legal and risk management.

Athene earns an investment spread on fixed rate, indexed and payout annuities, being the difference between income earned on the investments supporting the liabilities and the cost of funds, which covers interest credited to customers, option costs on indexed products, the cost of providing guarantees and policy costs. Its portfolio sits mainly in high-grade fixed income including corporate bonds, structured securities and commercial and residential real estate loans, and it manages the risk of rising interest rates by allocating a portion of the portfolio into floating rate securities. Approximately 24% of Athene's deferred annuity account value contained rider benefits at 31 December 2025.

There are four distribution channels: retail, flow reinsurance, institutional, and acquisitions and block reinsurance. The retail channel reaches savers through a network of 41 independent marketing organisations, 18 banks and 163 broker-dealers, together representing approximately 152,000 independent agents in all 50 states, and Athene also distributes structured settlements through specialised structured settlement annuity brokers.

Principal Investing

This segment holds realised performance fee income, realised investment income from the firm's own balance sheet investments, certain allocable corporate expenses, and the growth capital and liquidity resources at the parent. The filing notes that because realised performance fees are cyclical, earnings here are inherently more volatile than in the other two segments.

From Apollo Global Management's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.