Apollo Global Management (APO) Q4 2024 earnings summary

Executive summary

• Achieved record origination activity exceeding $220 billion, inflows over $150 billion, and AUM reaching $751 billion for 2024.

• Added to the S&P 500 in December, reflecting significant growth and institutionalization.

• Strategic focus on global industrial renaissance, retirement solutions, individual investors, and convergence of public and private markets.

• Growth strategy remains focused and execution-oriented entering 2025.

Financial highlights

• Q4 fee-related earnings: $554 million ($0.90/share); spread-related earnings: $841 million ($1.37/share); adjusted net income: $1.4 billion ($2.22/share), all record highs.

• FY 2024: GAAP Net Income attributable to common stockholders was $4.5 billion ($7.39/share); Adjusted Net Income was $4.6 billion ($7.43/share); Fee Related Earnings reached $2.1 billion; Spread Related Earnings were $3.2 billion.

• Management fees from credit business grew nearly 20% year-over-year; capital solutions fees up almost 25%.

• Athene's net invested assets grew 14% in 2024, driven by record organic growth.

• Declared Q4 2024 cash dividend of $0.4625 per share of Common Stock and $0.8438 per share of Mandatory Convertible Preferred Stock.

Outlook and guidance

• FRE expected to grow 15%-20% in 2025, with a five-year plan targeting average annual FRE growth of 20% and SRE growth of 10%.

• SRE projected at approximately $3.5 billion in 2025, assuming 11% alts return and six rate cuts from September 2024 through 2025.

• Intent to increase annual common stock dividend by 10% to $2.04 per share starting Q1 2025.

• Management expresses confidence in continued growth and execution of strategy for 2025.

• Expect greater inflows across asset management and retirement services in 2025.