Filing Flows › Apollo Global Management (APO) › Q1 2025
Apollo Global Management (APO) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Apollo Global Management (APO) reported revenue of $5.5B for the first quarter 2025 (Q1 2025), -21% from a year earlier and +5% from the quarter before. Operating margin was 21.3%, net earnings $442M (8.0% of revenue).
Apollo Global Management, Q1 2025: revenue $5.5B (-21% year over year), operating margin 21.3%, net earnings $442M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.5B | +5% | -21% |
| Operating profit | $1.2B | -31% | -46% |
| Net earnings | $442M | -70% | -69% |
| Operating cash flow | $1.0B | — | 14× |
What changed
Revenue was $5.5B in Q1 2025, down 21% year over year and up 5% from the previous quarter. Retirement Services was the largest line at 81% of revenue. Retirement Services lost $1.5B year over year (down 25%), 101% of the total change.
Operating profit was $1.2B, a 21.3% margin (down 9.8 points year over year). Total costs fell 10% while revenue fell 21%. Net earnings were $0.44B, down 69% year over year. The effective tax rate was 20.6%.
Operating cash flow was $1.0B (up 1346% year over year), 108% of net income including minority interests. Non-cash charges added back $0.31B of depreciation and amortization and $0.15B of share-based compensation. Working capital and other items used $0.38B.
Questions
What was Apollo Global Management's revenue in the first quarter 2025?
Apollo Global Management (APO) reported revenue of $5.5B for the first quarter 2025 (Q1 2025), -21% from a year earlier and +5% from the quarter before.
Was Apollo Global Management profitable in the first quarter 2025?
Operating profit was $1.2B (21.3% of revenue) and net earnings $442M.