Apollo Global Management (APO) Q4 2025 earnings summary

Executive summary

• Achieved record origination activity exceeding $309 billion and inflows of $228 billion in 2025, driving record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9B and adjusted net income of $5.2B, or $8.38 per share.

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

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

• Strong investment performance across credit, hybrid, and equity strategies, with flagship funds delivering top-tier returns.

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

Financial highlights

• Adjusted net income of $5.2B, up 14% year-over-year; GAAP net income attributable to common stockholders was $3.4B for FY25.

• FRE reached $2.5B, up 23% year-over-year; SRE was $3.4B, up 9% year-over-year.

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

• Capital solutions fees exceeded $800M for the year, with over 430 transactions.

• Fee-related performance fees grew 28% year-over-year, led by diversified wealth products.

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.

• Annual dividend to increase 10% to $2.25 per share in 2026.

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

• FRE margin expected to expand by ~100bps annually.