Filing Flows › Apollo Global Management (APO) › Q2 2025
Apollo Global Management (APO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Apollo Global Management (APO) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +23% from the quarter before. Operating margin was 12.4%, net earnings $630M (9.2% of revenue).
Apollo Global Management, Q2 2025: revenue $6.8B (+13% year over year), operating margin 12.4%, net earnings $630M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.8B | +23% | +13% |
| Operating profit | $845M | -28% | -41% |
| Net earnings | $630M | +43% | -26% |
| Operating cash flow | $1.3B | +25% | -5% |
What changed
Revenue was $6.8B in Q2 2025, up 13% year over year and up 23% from the previous quarter. Retirement Services was the largest line at 84% of revenue. Retirement Services added $0.74B year over year (up 15%), 93% of the total change.
Operating profit was $0.84B, a 12.4% margin (down 11.5 points year over year). Operating profit fell $0.59B even though revenue rose $0.80B versus a year earlier, so costs grew faster than sales. Total costs grew 30% against revenue growth of 13%. Net earnings were $0.63B, down 26% year over year. The effective tax rate was 0.4%.
Operating cash flow was $1.3B (down 5% year over year), 150% of net income including minority interests. Non-cash charges added back $0.33B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.08B.
Questions
What was Apollo Global Management's revenue in the second quarter 2025?
Apollo Global Management (APO) reported revenue of $6.8B for the second quarter 2025 (Q2 2025), +13% from a year earlier and +23% from the quarter before.
Was Apollo Global Management profitable in the second quarter 2025?
Operating profit was $845M (12.4% of revenue) and net earnings $630M.