Apollo Global Management Inc - Class A (New)
Q4 2025 Earnings
Market Reaction
Did APO Beat Earnings? Q4 2025 Results
Apollo Global Management closed out 2025 with a standout fourth quarter, posting adjusted earnings per share of $2.47 against a consensus estimate of $1.42, a beat of 73.94%, while revenue surged 86.7% year-over-year to $9.86 billion. The outperformance was anchored by record Fee Related Earnings of $690.00 million for the quarter, driven by 22% growth in management fees and a 21% rise in capital solutions fees, as total AUM climbed 25% to approximately $938.00 billion on record annual inflows of $228.00 billion. Spread Related Earnings contributed $865.00 million in Q4, supported by robust organic growth across Athene, which generated a record $82.00 billion in organic inflows for the year. Bullish sentiment around Apollo's pivot into high-growth areas like AI infrastructure lending has reinforced conviction in the platform's long-term earnings trajectory. Looking ahead, management raised the annual common dividend 10% to $2.25 per share beginning Q1 2026 and authorized a new $4.00 billion share repurchase program, signaling continued confidence in the firm's capital generation capacity.
- Record origination activity of $309 billion in 2025
- Record inflows of $228 billion in 2025, driving 25% AUM growth year-over-year
- Management fees increased 22% in 2025 driven by third-party asset management inflows into Equity strategies and Retirement Services clients
- Capital solutions fees grew 21% in 2025 driven by diversification across origination ecosystem
- Record Athene gross organic inflows of $82 billion driven by strong retail annuity sales and flow reinsurance
- Higher alternative net investment income with 10% return from Athene's alternative investment portfolio in Q4
- Nearly 60% of total AUM in perpetual capital providing scalable, consistent through-cycle growth
- Global Wealth record annual inflows of $18 billion driven by semi-liquid products and fixed income replacement demand
“Apollo's fourth quarter results capped a year of exceptional execution. 2025 highlights include record origination activity exceeding $300 billion and inflows of more than $225 billion, driving record fee and spread related earnings. Whether financing the industrial renaissance, advancing retirement solutions, or enabling new buyers to access private markets at scale, we are at the forefront of building the next generation of financial services.”
Apollo Global Management CEO, on the earnings call
Forward Guidance & Outlook
Apollo intends to increase its annual common stock dividend by 10% from $2.04 to $2.25 per share beginning with the Q1 2026 dividend. The board approved a new $4.0 billion share repurchase program effective February 9, 2026, replacing the prior $3.0 billion authorization. Management expects Athene's alternative investment portfolio to deliver a long-term average annual return of 11%. Apollo continues to invest in hiring and infrastructure to support global strategic growth initiatives and allocated approximately $180 million of strategic capital in 2025 to fund future growth.
APO YoY Financials
APO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.