Apollo said in its FY 2025 earnings release that total revenues rose to USD 32.0 billion (+22.7%), while net income available to common stockholders fell to USD 3.4 billion (-24.2%). Income before income taxes was USD 6.7 billion (-10.2%) and income tax provision was USD 1.3 billion (+20.2%), with an effective tax rate of 19.1% (vs. 14.3% in FY 2024). Net income attributable to non-controlling interests was USD 1.9 billion (+6.3%). Adjusted Net Income increased to USD 5.2 billion (+13.8%), and Segment Income was USD 6.2 billion (+12.0%). In Asset Management, revenues were USD 5.0 billion (+19.7%) and management fees were USD 2.4 billion (+25.2%). Fee Related Earnings (FRE) were USD 2.5 billion (+22.5%). Apollo reported total AUM of USD 938.4 billion at December 31, 2025 (+25.0%), including credit AUM of USD 749.2 billion and equity AUM of USD 189.2 billion. Fee-generating AUM was USD 709.1 billion at year-end (+24.7%). Apollo also completed its all-stock acquisition of Bridge on September 2, 2025, adding property management, development and other fees of USD 32 million in FY 2025. In Retirement Services (Athene), revenues were USD 27.0 billion (+23.3%) and net investment income was USD 19.2 billion (+22.4%). Spread Related Earnings $(SRE)$ were USD 3.4 billion (+4.2%), while net investment spread was 1.61% (down 17 bps). Athene’s total investments, including related parties and consolidated VIEs, were USD 386.1 billion at December 31, 2025, and net invested assets were USD 292.4 billion. Apollo noted U.S. inflation at 2.7% as of December 31, 2025 and a Federal Reserve benchmark target range of 3.50% to 3.75% following late-2025 rate cuts.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Apollo Global Management Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001858681-26-000013), on February 25, 2026, and is solely responsible for the information contained therein.