Apollo Global Management (APO) Q4 2025 earnings summary

Executive summary

• Achieved record origination activity exceeding $300B and inflows of $228B in 2025, driving record fee-related and spread-related earnings and adjusted net income of $5.2B, or $8.38 per share.

• Total assets under management reached $938B as of December 31, 2025, up 25% year-over-year.

• Expanded from serving one market to six, including individuals, insurance, institutional debt/equity, traditional asset managers, and 401(k), each with significant growth potential.

• Fourth quarter capped a year of exceptional execution, with strong organic growth and strategic capital allocation.

Financial highlights

• Adjusted Net Income (ANI) was $1.5B for Q4 and $5.2B for FY25, or $2.47 and $8.38 per share, respectively.

• Fee-related earnings (FRE) for 2025 were $2.5B, up 23% year-over-year; spread-related earnings (SRE) reached $3.4B, up 9% year-over-year.

• Management fees grew 22% year-over-year, driven by third-party inflows and strong deployment.

• Capital solutions fees exceeded $800M for the year, with over 430 transactions and a 21% increase year-over-year.

• Athene's net invested assets grew 18% to $292B; SRE for Q4 was $865M.

Outlook and guidance

• FRE expected to grow 20%+ in 2026, with 75% of revenue from core businesses and 25% from new initiatives.

• SRE growth guidance reaffirmed at 10% for 2026 and on average through 2029.

• Intends to increase annual common stock dividend by 10% to $2.25 per share starting Q1 2026, with ongoing commitment to 10% annual growth.

• Anticipate $85B of inflows in retirement services in 2026, with $5B+ from new markets.

• Management remains focused on executing strategic growth pillars: origination, global wealth, and capital solutions.