Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm's private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions. For credit strategies, the firm focuses to invest in multi-sector credit, semi-liquid credit, direct lending, first lien, unitranche, whole loans and private credit. The firm provides its services to endowment and sovereign wealth funds, as well as other institutional and individual investors. It manages client focused portfolios. The firm launches and manages hedge funds for its clients. It also manages real estate funds and private equity funds for its clients. The firm invests in the fixed income and alternative investment markets across the globe. Its fixed income investments include income-oriented senior loans, bonds, collateralized loan obligations, structured credit, opportunistic credit, non-performing loans, distressed debt, mezzanine debt, and value oriented fixed income securities. The firm seeks to invest in chemicals, commodities, consumer and retail, oil and gas, metals, mining, agriculture, commodities, distribution and transportation, financial and business services, manufacturing and industrial, media distribution, cable, entertainment and leisure, telecom, technology, natural resources, energy, packaging and materials, and satellite and wireless industries. It also focuses on clean energy, sustainable industry, climate solutions, energy transition, industrial decarbonization, sustainable mobility, sustainable resource use, and sustainable real estate. It seeks to invest in companies based in across Africa, Asia, North America with a focus on United States, Western Europe and Europe. It employs a combination of contrarian, value, and distressed strategies to make its investments. The firm seeks to make investments in the range of $75 million and $1500 million. The firm seeks to invest in companies with Enterprise value between $750 million to $2500 million. The firm conducts in-house research to create its investment portfolio. It seeks to acquire minority and majority positions in its portfolio companies. Apollo Global Management, Inc. was founded in 1990 and is headquartered in New York, New York with additional offices in North America, Asia, Africa and Europe.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $32.0B | $8.5B | $3.5B | $7.2B | 15.9% | 22.7% | -23.7% |
| 2024 | $26.1B | $8.8B | $4.6B | $3.3B | 28.9% | -20.0% | -9.3% |
| 2023 | $32.6B | $6.6B | $5.0B | $6.3B | 39.9% | 197.6% | -357.4% |
| 2022 | $11.0B | $-3.5B | $-2.0B | $3.8B | -29.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,968 | 32,644 | 26,114 | 32,049 |
| Operating Revenue | - | 10,996 | 32,053 | 26,095 | 32,024 |
| Cost Of Revenue | - | 927 | 1,027 | 1,140 | 1,443 |
| Gross Profit | - | 10,041 | 31,617 | 24,974 | 30,606 |
| Operating Expense | - | 14,416 | 25,471 | 16,675 | 22,348 |
| Selling General And Administration | - | 1,698 | 2,567 | 2,638 | 3,096 |
| Total Expenses | - | 15,343 | 26,498 | 17,815 | 23,791 |
| Operating Income | - | -4,375 | 6,146 | 8,299 | 8,258 |
| EBITDA | - | -3,496 | 6,647 | 8,849 | 8,478 |
| Normalized EBITDA | - | -3,310 | 7,261 | 9,693 | 9,684 |
| EBIT | - | -4,025 | 5,844 | 7,774 | 7,047 |
| Interest Income | - | 354 | 176 | 172 | 131 |
| Interest Expense | - | 221 | 258 | 339 | 370 |
| Net Interest Income | - | 277 | -82 | -175 | -239 |
| Other Non Operating Income Expenses | - | 38 | 136 | 155 | -136 |
| Other Income Expense | - | -148 | -478 | -689 | -1,342 |
| Interest Income Non Operating | - | 354 | 176 | 172 | 131 |
| Interest Expense Non Operating | - | 221 | 258 | 339 | 370 |
| Net Non Operating Interest Income Expense | - | 277 | -82 | -175 | -239 |
| Pretax Income | - | -4,246 | 5,586 | 7,435 | 6,677 |
| Tax Provision | - | -739 | -923 | 1,062 | 1,276 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -32.36 | -128.94 | -120.69 | -230.35 |
| Net Income Continuous Operations | - | -3,507 | 6,509 | 6,373 | 5,401 |
| Net Income From Continuing And Discontinued Operation | - | -1,961 | 5,047 | 4,577 | 3,492 |
| Net Income From Continuing Operation Net Minority Interest | - | -1,961 | 5,047 | 4,577 | 3,492 |
| Net Income | - | -1,961 | 5,047 | 4,577 | 3,492 |
| Net Income Common Stockholders | - | -2,923 | 3,874 | 3,297 | 2,144 |
| Net Income Including Noncontrolling Interests | - | -3,507 | 6,509 | 6,373 | 5,401 |
| Normalized Income | - | -1,807.36 | 5,532.06 | 5,300.31 | 4,467.65 |
| Diluted NI Availto Com Stockholders | - | -2,923 | 3,915 | 3,394 | 2,144 |
| Basic Average Shares | - | 584.69 | 581 | 586 | 589.45 |
| Diluted Average Shares | - | 584.69 | 589 | 604 | 593.66 |
| Reconciled Depreciation | - | 529 | 803 | 1,075 | 1,431 |
| Reconciled Cost Of Revenue | - | 927 | 1,027 | 1,140 | 1,443 |
| Total Unusual Items | - | -186 | -614 | -844 | -1,206 |
| Total Unusual Items Excluding Goodwill | - | -186 | -614 | -844 | -1,206 |
| Preferred Stock Dividends | - | 36.66 | 46 | 97 | 97 |
| Minority Interests | - | 1,546 | -1,462 | -1,796 | -1,909 |
| Special Income Charges | - | -444 | -688 | -941 | -1,242 |
| Other Special Charges | 3,493.38 | 1,943.19 | - | - | - |
| Restructuring And Mergern Acquisition | - | 444 | 688 | 941 | 1,242 |
| Gain On Sale Of Security | - | 258 | 74 | 97 | 36 |
| General And Administrative Expense | - | 1,698 | 2,567 | 2,638 | 3,096 |
| Other Gand A | - | 682 | 872 | 1,170 | 1,546 |
| Salaries And Wages | - | 1,016 | 1,695 | 1,468 | 1,550 |
| Total Other Finance Cost | -54 | -144 | - | 8 | - |
| Other Operating Expenses | - | 12,718 | 22,904 | 14,037 | 19,252 |
| Otherunder Preferred Stock Dividend | - | 962 | 1,127 | 1,183 | 1,251 |
| Average Dilution Earnings | - | 0 | 41 | 97 | 0 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apollo Global Management, Inc.this co. | APO | $74.0B | 21.20β premium | 3.37 | 15.9% | 8.04 |
| U.S. Bancorp | USB | $86.0B | 11.96 | 1.32 | 11.0% | - |
| Intercontinental Exchange, Inc. | ICE | $80.3B | 24.23 | 2.78 | 11.5% | 14.46 |
| Robinhood Markets, Inc. | HOOD | $79.5B | 42.24 | 8.70 | 20.6% | 39.87 |
| Moody's Corporation | MCO |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $78.5B |
| 31.91 |
| 19.35 |
| 60.7% |
| 21.44 |
| Marsh & McLennan Companies, Inc. | MRSH | $77.7B | 18.68 | 5.15 | 27.5% | 13.02 |
| Aon plc | AON | $68.8B | 18.63 | 7.36 | 39.5% | 12.80 |
| The Travelers Companies, Inc. | TRV | $62.4B | 10.00 | 1.90 | 19.0% | - |
| Truist Financial Corporation | TFC | $61.3B | 11.55 | 1.02 | 8.8% | - |
| Peer Median | - | 18.65 | 3.96 | 19.8% | 14.46 | |