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Apollo Global Management cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$136M in Q3 2026 · $9.3B over twelve months

Operating cash flow$136M
Free cash flow+$136M

Analysis

In Q3 2026, Apollo Global Management generated $136M of operating cash flow. That is $167M less than in Q3 2025 ($303M).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.3B; the largest uses were other investing ($53.7B), dividends ($1.3B), buybacks ($1.1B); besides operations, cash came from other financing ($44.8B), net borrowing (+) / repaid (−) ($2.7B); the cash balance rose by $1.6B.

Operating cash flow was $136M against net income of −$1.1B. The largest differences: other operating capital −$1.7B, depreciation & amortization +$538M, stock-based pay +$244M.

Free cash flow

Apollo Global Management: free cash flow by quarterApollo Global Management: free cash flow by quarter−$4.0MQ4 2024$1.0BQ1 2025$1.3BQ2 2025$303MQ3 2025$4.7BQ4 2025$1.6BQ1 2026$2.9BQ2 2026$136MQ3 2026
Operating cash flow less capital spending.
Apollo Global Management: operating cash flow against capital spendingApollo Global Management: operating cash flow against capital spendingOperating cash flowCapital spending−$4.0M$0Q4 2024$1.0B$0Q1 2025$1.3B$0Q2 2025$303M$0Q3 2025$4.7B$0Q4 2025$1.6B$0Q1 2026$2.9B$0Q2 2026$136M$0Q3 2026
Latest (Q3 2026): Operating cash flow $136M, Capital spending $0.

Capital allocation, year by year

Apollo Global Management: where the cash came from (up) and went (down), by fiscal yearApollo Global Management: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$634MFY2021: Shares issued $1.0BFY2021: Buybacks −$299MFY2021: Dividends −$517M$2.1BFY2021FY2022: Operating cash flow $3.8BFY2022: Net borrowing $1.7BFY2022: Buybacks −$635MFY2022: Dividends −$962M$5.5BFY2022FY2023: Operating cash flow $6.3BFY2023: Net borrowing $1.1BFY2023: Shares issued $1.4BFY2023: Buybacks −$561MFY2023: Dividends −$1.0B$8.9BFY2023FY2024: Operating cash flow $3.3BFY2024: Net borrowing $2.7BFY2024: Buybacks −$890MFY2024: Dividends −$1.1B$5.9BFY2024FY2025: Operating cash flow $7.2BFY2025: Net borrowing $2.6BFY2025: Acquisitions $99.0MFY2025: Buybacks −$773MFY2025: Dividends −$1.2B$9.9BFY2025
Over these 5 years operating cash flow totalled $21.7B; the largest uses were dividends ($4.8B) and buybacks ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$22.9B
Debt$14.7B
Net cash$8.1B

Apollo Global Management funds itself: free cash flow was $9.3B over the last twelve months, and $22.9B of cash and investments stands against $14.7B of debt.

Where the cash came from and went

Apollo Global Management: sources (+) and uses (−) of cash, Q3 2026Apollo Global Management: sources (+) and uses (−) of cash, Q3 2026Other investing−$15.8BOther financing$7.9BCash drawn (+) / kept (−)$5.6BNet borrowing (+) / repaid (−)$1.7BPartners$1.0BDividends−$351MOperating cash flow$136MBuybacks−$118MTaxes on employees’ shares−$23.0M
Apollo Global Management: sources (+) and uses (−) of cash, TTM to Q3 2026Apollo Global Management: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$53.7BOther financing$44.8BOperating cash flow$9.3BNet borrowing (+) / repaid (−)$2.7BCash drawn (+) / kept (−)−$1.6BPartners$1.4BDividends−$1.3BBuybacks−$1.1BTaxes on employees’ shares−$274MAcquisitions−$148MExchange rates−$10.0M

From profit to cash

Apollo Global Management: net income to operating cash flow, Q3 2026Apollo Global Management: net income to operating cash flow, Q3 2026Net income−$1.1BDepreciation & amortization$538MStock-based pay$244MOther non-cash−$36.0MOther operating capital−$1.7BOperating cash flow$136M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$136M−$118M−$351M$1.7B$5.6B$136M
Q2 2026$2.9B−$97.0M−$342M−$762M−$4.7B$2.9B
Q1 2026$1.6B−$632M−$312M$1.7B−$3.2B$1.6B
Q4 2025$4.7B−$240M−$311M$71.0M$610M$4.7B
Q3 2025$303M−$340M−$306M$1.2B−$6.2B$303M
Q2 2025$1.3B—−$306M$1.9B$542M$1.3B
Q1 2025$1.0B−$193M−$278M−$524M$1.6B$1.0B
Q4 2024−$4.0M−$102M−$277M$1.1B$515M−$4.0M

Apollo Global Management: income statement and cash flow

Apollo Global Management, Q3 2026: revenue $4.7B (-52% year over year), operating margin -30.9%. The chart follows the revenue to costs, profit and cash.

Apollo Global Management: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.