Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q3 2025
Apollo Commercial Real Estate Finance (ARI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Apollo Commercial Real Estate Finance (ARI) reported revenue of $61.6M for the third quarter 2025 (Q3 2025), -14% from a year earlier and -13% from the quarter before. Operating margin was 82.8%, net earnings $50.8M (82.4% of revenue).
Apollo Commercial Real Estate Finance, Q3 2025: revenue $61.6M (-14% year over year), operating margin 82.8%, net earnings $50.8M, operating cash flow $31.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.6M | -13% | -14% |
| Operating profit | $51.0M | +145% | — |
| Net earnings | $50.8M | +145% | — |
| Operating cash flow | $31.7M | -50% | -33% |
| Free cash flow | $7.3M | -76% | +215% |
What changed
Revenue was $61.6M in Q3 2025, down 14% year over year and down 13% from the previous quarter.
Operating profit was $51.0M, a 82.8% margin (up 210.6 points year over year). Total costs fell 94% while revenue fell 14%. Net earnings were $50.8M. The effective tax rate was 0.5%.
Operating cash flow was $31.7M (down 33% year over year), 62% of net earnings. Non-cash charges added back $2.8M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $25.3M. Capital expenditures of $24.5M left free cash flow of $7.3M.
Questions
What was Apollo Commercial Real Estate Finance's revenue in the third quarter 2025?
Apollo Commercial Real Estate Finance (ARI) reported revenue of $61.6M for the third quarter 2025 (Q3 2025), -14% from a year earlier and -13% from the quarter before.
Was Apollo Commercial Real Estate Finance profitable in the third quarter 2025?
Operating profit was $51.0M (82.8% of revenue) and net earnings $50.8M.
Source: Apollo Commercial Real Estate Finance 10-Q on SEC EDGAR.