APOSMEDIUM SIGNALFINANCIAL10-K

Apollo Global Management shows strong asset growth but declining profitability amid business expansion and increased leverage.

The company is experiencing robust top-line growth with revenue expanding meaningfully, but net income declined substantially, suggesting margin compression or increased operational costs. The significant increase in stockholders' equity alongside higher debt levels indicates Apollo is funding growth through both equity and debt financing, which could position the firm for future earnings expansion but also increases financial leverage.

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

Apollo's balance sheet expanded notably with total assets growing 22% to $461B and stockholders' equity increasing 35% to $23B, while debt rose 26% to $13B. Revenue growth of 23% to $32B was offset by a decline in net income to $3.5B, indicating operational challenges or investment in growth initiatives. The company reduced share buybacks modestly while maintaining a strong capital position, suggesting management is prioritizing growth investments over immediate shareholder returns.

FINANCIAL STATEMENT CHANGES
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.
Apollo TRA The tax receivable agreement entered into by and among APO Corp., the Former Managing Partners, the Contributing Partners, and other parties thereto ARI Apollo Commercial Real Estate Finance, Inc.
Atlas An equity investment of AAA and refers to certain subsidiaries of Atlas Securitized Products Holdings LP AUM with Future Management Fee Potential The committed uninvested capital portion of total AUM not currently earning management fees.
BMA Bermuda Monetary Authority Bridge Bridge Investment Group Holdings Inc.
Bridge funds Funds, vehicles and accounts managed by subsidiaries of Bridge Bridge TRA The tax receivable agreement with certain equity holders of Bridge Capital solutions fees and other, net Primarily includes transaction fees earned by Apollo Capital Solutions ( ACS ) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties.
Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations, directors' fees, as well as fees and earnings related to property management activities.
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.
BMA Bermuda Monetary Authority Capital solutions fees and other, net Primarily includes transaction fees earned by our capital solutions business which we refer to as Apollo Capital Solutions ( ACS ) related to underwriting, structuring, arrangement and placement of debt and equity securities, and syndication for funds managed by Apollo, portfolio companies of funds managed by Apollo, and third parties.
Capital solutions fees and other, net also includes advisory fees for the ongoing monitoring of portfolio operations and directors fees.
These fees also include certain offsetting amounts, including reductions in management fees related to a percentage of these fees recognized ( management fee offset ) and other additional revenue sharing arrangements.
CDO Collateralized debt obligation Class A shares Class A common stock, $0.00001 par value per share, of AAM prior to the Mergers.
Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums and certain product charges and other revenues.
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