Filing Flows › Apollo Global Management (APO) › Q3 2025
Apollo Global Management (APO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Apollo Global Management (APO) reported revenue of $9.8B for the third quarter 2025 (Q3 2025), +26% from a year earlier and +44% from the quarter before. Operating margin was 29.5%, net earnings $1.7B (17.7% of revenue).
Apollo Global Management, Q3 2025: revenue $9.8B (+26% year over year), operating margin 29.5%, net earnings $1.7B, operating cash flow $303M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.8B | +44% | +26% |
| Operating profit | $2.9B | +243% | +39% |
| Net earnings | $1.7B | +176% | +114% |
| Operating cash flow | $303M | -76% | -84% |
What changed
Revenue was $9.8B in Q3 2025, up 26% year over year and up 44% from the previous quarter. Retirement Services was the largest line at 85% of revenue. Retirement Services added $1.5B year over year (up 22%), 72% of the total change.
Operating profit was $2.9B, a 29.5% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 27% margin then. Total costs grew 22% against revenue growth of 26%. Net earnings were $1.7B, up 114% year over year. The effective tax rate was 15.1%.
Operating cash flow was $0.30B (down 84% year over year), 12% of net income including minority interests. Non-cash charges added back $0.40B of depreciation and amortization and $0.21B of share-based compensation. Working capital and other items used $2.8B.
Questions
What was Apollo Global Management's revenue in the third quarter 2025?
Apollo Global Management (APO) reported revenue of $9.8B for the third quarter 2025 (Q3 2025), +26% from a year earlier and +44% from the quarter before.
Was Apollo Global Management profitable in the third quarter 2025?
Operating profit was $2.9B (29.5% of revenue) and net earnings $1.7B.