APOSHIGH SIGNALFINANCIAL10-K

APOS demonstrated exceptional cash generation with operating cash flow more than doubling to $7.2B, while simultaneously experiencing a massive 879% surge in cash and equivalents to $9.0B.

This dramatic improvement in cash position and operating performance suggests either a major operational breakthrough, significant asset monetization, or potential corporate restructuring activity. The combination of declining net income (-24%) alongside surging operating cash flow and cash reserves indicates complex non-cash items or timing differences that warrant immediate investor attention.

Comparing 2026-02-25 vs 2025-02-24View on EDGAR →
FINANCIAL ANALYSIS

APOS showed mixed but dramatic financial results, with revenue growing strongly (+23% to $32B) and assets expanding to $461B, yet net income declined 24% to $3.5B despite operating cash flow more than doubling to $7.2B. The most striking change was the 879% explosion in cash to $9B, while debt increased 26% and equity grew 35%, suggesting significant capital restructuring or major transaction activity. This combination of declining profitability amid massive cash generation and balance sheet expansion signals either major operational changes or potential corporate development activity that requires immediate investor scrutiny.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+879.3%
$917.0M→$9.0B

Cash position surged 879.3% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+122.7%
$3.3B→$7.2B

Operating cash flow surged 122.7% — exceptional cash generation, highest quality earnings signal.

Stockholders Equity
Balance Sheet
+35.3%
$17.3B→$23.3B

Equity base grew 35.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Debt
Balance Sheet
+26.2%
$10.6B→$13.4B

Debt rose 26.2% — additional borrowing for investment or operations; monitor coverage ratios.

Net Income
P&L
-23.7%
$4.6B→$3.5B

Net income declined 23.7% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
+22.7%
$26.1B→$32.0B

Revenue growing 22.7% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+22%
$377.9B→$460.9B

Asset base grew 22% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+20.6%
$346.9B→$418.4B

Liabilities increased 20.6% — monitor debt-to-equity ratio and interest coverage.

Share Buybacks
Cash Flow
-13.1%
$890.0M→$773.0M

Buyback activity reduced 13.1% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-24
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of February 20, 2026, there were 578,247,338 shares of the registrant s common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 71 Item 7A.
Term or Acronym Definition AAA Apollo Aligned Alternatives Aggregator, L.P.
AAIA Athene Annuity and Life Company AAM Apollo Asset Management, Inc.
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REMOVED
See the definitions of large accelerated filer , accelerated filer , smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of February 19, 2025, there were 570,480,465 shares of the registrant s common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.
Term or Acronym Definition AAA Apollo Aligned Alternatives Aggregator, LP AADE Athene Annuity Life Assurance Company AAIA Athene Annuity and Life Company AAM Apollo Asset Management, Inc.
Apollo funds, our funds and references to the funds we manage The funds (including the parallel funds and alternative investment vehicles of such funds), partnerships, accounts, including strategic investment accounts or SIAs, alternative asset companies and other entities for which subsidiaries of Apollo provide investment management or advisory services.
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