Filing Flows › Apollo Global Management (APO) › Q4 2025
Apollo Global Management (APO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Apollo Global Management (APO) reported revenue of $9.9B for the fourth quarter 2025 (Q4 2025), +87% from a year earlier and +0.4% from the quarter before. Operating margin was 17.8%, net earnings $684M (6.9% of revenue).
Apollo Global Management, Q4 2025: revenue $9.9B (+87% year over year), operating margin 17.8%, net earnings $684M, operating cash flow $4.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.9B | +0.4% | +87% |
| Operating profit | $1.8B | -40% | +2% |
| Net earnings | $684M | -61% | -54% |
| Operating cash flow | $4.7B | 15× | — |
What changed
Revenue was $9.9B in Q4 2025, up 87% year over year and roughly flat from the previous quarter. Retirement Services was the largest line at 86% of revenue.
Operating profit was $1.8B, a 17.8% margin (down 14.9 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 33% margin then. Total costs grew 128% against revenue growth of 87%. Net earnings were $0.68B, down 54% year over year. The effective tax rate was 33.8%.
Operating cash flow was $4.7B, 403% of net income including minority interests. Non-cash charges added back $0.39B of depreciation and amortization and $0.27B of share-based compensation. Working capital and other items added $2.9B.
Questions
What was Apollo Global Management's revenue in the fourth quarter 2025?
Apollo Global Management (APO) reported revenue of $9.9B for the fourth quarter 2025 (Q4 2025), +87% from a year earlier and +0.4% from the quarter before.
Was Apollo Global Management profitable in the fourth quarter 2025?
Operating profit was $1.8B (17.8% of revenue) and net earnings $684M.