Apollo Global Management Inc - Class A (New)
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
Did APO Beat Earnings? Q3 2025 Results
Apollo Global Management capped a record-setting third quarter in 2025 with adjusted earnings per share of $2.17, beating the $1.90 consensus estimate by 14.20%, as revenue climbed to $9.82 billion, a 26.4% increase from the year-ago period. The standout driver behind the quarter was a combination of record Fee Related Earnings of $652 million, fueled by 22% year-over-year management fee growth, and near-record Spread Related Earnings of $871 million from Athene's retirement services business, pushing the combined FRE and SRE total to a record $1.52 billion. Total assets under management reached approximately $908 billion, up 24% year-over-year, supported by $82 billion in quarterly inflows, while Fee-Generating AUM grew 24% to $685 billion. Looking ahead, Apollo continues to lean on three structural growth pillars, origination, global wealth, and capital solutions, with management pointing to re-industrialization trends and aging population demographics as long-term tailwinds, even as principal investing monetization remains deliberately measured amid a cautious exit environment. Analysts tracking the alternative asset management space have noted Apollo's diversified model and valuation profile as compelling relative to peers.
- Record quarterly FRE of $652 million driven by strong management fee growth, robust capital solutions fees, and higher fee-related performance fees
- Near-record quarterly SRE of $871 million supported by continued strong organic growth at Athene
- Total AUM grew 24% year-over-year to $908 billion driven by $82 billion quarterly inflows
- Management fees increased 22% year-over-year from third-party asset management inflows and record gross capital deployment
- Capital solutions fees grew 33% year-over-year driven by direct lending, asset-backed finance, and opportunistic credit transactions
- Fixed income and other net investment income grew 22% year-over-year to $3.4 billion
- Alternative net investment income grew 36% year-over-year
- Nearly 60% of total AUM and over 70% of Fee-Generating AUM is perpetual capital
“Our outstanding third quarter results reflect broad based momentum across the business. In a world of re-industrialization, aging populations, and investors seeking greater access to private markets, we are delivering with leading origination, new product solutions and distribution, and excess return for our clients. We are uniquely built to capitalize on these structural trends and our global team is making significant early progress executing our strategic growth plan.”
Apollo Global Management CEO, on the earnings call
Forward Guidance & Outlook
Apollo highlighted three strategic growth pillars driving future performance: (1) Origination — robust activity of $75 billion quarterly driven by debt origination platforms and core credit; (2) Global Wealth — strong inflows of approximately $5 billion quarterly with momentum in semi-liquid products and recently announced initiatives for broader global private markets access; (3) Capital Solutions — near-record quarterly fee revenue of $212 million. The firm cited structural tailwinds from re-industrialization, aging populations, and growing investor demand for private markets. Principal investing monetization activity remains cyclically light as flagship private equity and hybrid fund exits are prudently delayed amid an uncertain exit environment. Management expects an 11% long-term average annual return from Athene's alternative investment portfolio.
APO YoY Financials
APO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.