Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q4 2025
Apollo Commercial Real Estate Finance (ARI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Apollo Commercial Real Estate Finance (ARI) reported revenue of $73.3M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +19% from the quarter before. Operating margin was 39.7%, net earnings $29.2M (39.9% of revenue).
Apollo Commercial Real Estate Finance, Q4 2025: revenue $73.3M (+4% year over year), operating margin 39.7%, net earnings $29.2M, operating cash flow $8.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $73.3M | +19% | +4% |
| Operating profit | $29.1M | -43% | -29% |
| Net earnings | $29.2M | -43% | -28% |
| Operating cash flow | $8.2M | -74% | -83% |
What changed
Revenue was $73.3M in Q4 2025, up 4% year over year and up 19% from the previous quarter.
Operating profit was $29.1M, a 39.7% margin (down 18.2 points year over year). Operating profit fell $11.7M even though revenue rose $2.8M versus Q4 2024, so costs grew faster than sales. Total costs grew 49% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+63%). Net earnings were $29.2M, down 28% year over year. The effective tax rate was -0.5%.
Operating cash flow was $8.2M (down 83% year over year), 28% of net earnings. Non-cash charges added back $3.4M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $27.7M. Capital expenditures of $18.4M exceeded it, leaving free cash flow of −$10.1M.
Questions
What was Apollo Commercial Real Estate Finance's revenue in the fourth quarter 2025?
Apollo Commercial Real Estate Finance (ARI) reported revenue of $73.3M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +19% from the quarter before.
Was Apollo Commercial Real Estate Finance profitable in the fourth quarter 2025?
Operating profit was $29.1M (39.7% of revenue) and net earnings $29.2M.
Source: Apollo Commercial Real Estate Finance 10-K on SEC EDGAR.