Apollo Global Management, Inc. (APO) Cash Flow Statement
Where APO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $7.45B +129.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $7.45B 23.3% margin
- Returned to shareholders
- $2.07B 28% of free cash flow
- Change in cash
- $3.48B cash at year-end $20.59B
Cash from operations
$7.45B
Investments (net)
−$145.79B
Acquisitions & other
+$84.54B
Dividends
−$1.30B
Share buybacks (net)
−$773.0M
Net borrowing (repayment)
+$2.57B
Other financing
+$56.76B
Change in cash
$3.48B
Drawn to scale: where the cash came from and how it was used. Hover for values.
APO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
APO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $615.3M2016 | $7.45B2025 | +31.9%/yr | |
| Capital expenditures | $6.4M2016 | $02025 | −100.0% | |
| Free cash flow | $608.9M2016 | $7.45B2025 | +32.1%/yr | |
| Free cash flow margin | 29.4%2016 | 23.3%2025 | −6.1 pts | |
| Operating cash flow / net income | 0.632016 | 2.202025 | +1.57 | |
| Stock-based compensation | $103.0M2016 | $699.0M2025 | +23.7%/yr | |
| Dividends paid | $239.1M2016 | $1.30B2025 | +20.7%/yr | |
| Share buybacks (net) | $13.4M2016 | $773.0M2025 | +56.9%/yr | |
| Capex / revenue | 0.3%2016 | 0.0%2025 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
APO cash flow by activity
OperatingInvestingFinancingChange in cash
APO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
APO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.38B | $1.66B | $4.88B | −$4.75B | $4.27B | $466.8M | $1.54B | $19.3M | $1.44B | $970.3M |
| Depreciation & amortization | $1.43B | $1.07B | $803.0M | $594.0M | $27.3M | $18.8M | $15.8M | $15.2M | $18.4M | $18.7M |
| Stock-based compensation | $699.0M | $721.0M | $1.03B | $540.0M | $1.18B | $213.1M | $189.6M | $173.2M | $91.5M | $103.0M |
| Change in working capital | $6.20B | $2.14B | $3.44B | $7.12B | $966.6M | −$308.1M | $188.7M | −$405.9M | −$515.7M | −$383.5M |
| Other non-cash items | −$4.26B | −$2.34B | −$3.82B | $282.0M | −$5.38B | −$2.01B | −$848.2M | $1.01B | −$229.5M | −$93.2M |
| Cash from operating activities | $7.45B | $3.25B | $6.32B | $3.79B | $1.06B | −$1.62B | $1.08B | $814.3M | $808.3M | $615.3M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$24.40B | −$202.5M | −$64.7M | −$59.6M | −$39.5M | −$14.7M | −$8.5M | −$6.4M |
| Investments (net) | −$145.79B | −$61.80B | −$38.99B | −$561.2M | −$1.46B | −$211.9M | −$264.0M | −$246.2M | −$517.1M | −$271.8M |
| Acquisitions & other investing | $84.54B | $0 | $20.99B | $1.26B | −$25.7M | −$566.1M | $39.5M | $13.7M | $108.6M | $95.4M |
| Cash from investing activities | −$61.24B | −$61.80B | −$42.41B | $498.5M | −$1.55B | −$837.7M | −$264.0M | −$247.3M | −$417.0M | −$182.8M |
| Financing activities | ||||||||||
| Dividends paid | −$1.30B | −$1.19B | −$1.03B | −$962.0M | −$554.0M | −$586.2M | −$471.9M | −$438.5M | −$380.2M | −$239.1M |
| Share repurchases & issuance (net) | −$773.0M | −$890.0M | −$561.0M | −$635.0M | −$299.4M | −$91.6M | −$110.7M | −$90.9M | −$18.5M | −$13.4M |
| Net borrowing (repayment) | $2.57B | $2.69B | $1.13B | $579.4M | −$633.4M | $490.5M | $1.31B | $303.3M | $110.0M | $532.7M |
| Shares issued | $0 | $0 | $1.40B | $34.0M | $1.03B | $690.0M | $0 | $289.8M | $0 | $0 |
| Other financing | $56.76B | $57.37B | $41.70B | $29.69B | $561.1M | $2.80B | −$591.5M | −$815.8M | −$164.9M | −$516.4M |
| Cash from financing activities | $57.27B | $57.97B | $42.64B | $28.71B | $109.4M | $3.30B | $139.7M | −$752.2M | −$453.6M | −$236.2M |
| Summary | ||||||||||
| Net change in cash | $3.48B | −$579.0M | $6.56B | $9.04B | −$378.2M | $845.2M | $958.4M | −$185.2M | −$62.4M | $196.3M |
| Cash at end of period | $20.59B | $17.11B | $17.69B | $11.13B | $2.09B | $2.47B | $1.62B | $662.9M | $751.3M | $813.7M |
| Free cash flow | $7.45B | $3.25B | $6.32B | $3.59B | $999.3M | −$1.68B | $1.04B | $799.5M | $799.7M | $608.9M |
| Free cash flow margin | 23.3% | 12.5% | 19.4% | 32.7% | 16.8% | −71.2% | 35.6% | 73.1% | 28.9% | 29.4% |
| Capex / revenue | 0.0% | 0.0% | 74.8% | 1.8% | 1.1% | 2.5% | 1.3% | 1.3% | 0.3% | 0.3% |
| Operating cash flow / net income | 2.20 | 1.96 | 1.30 | — | 0.25 | −3.46 | 0.70 | 42.30 | 0.56 | 0.63 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.31B | −$1.41B | $662.0M | $2.46B | $842.0M | $938.0M | $1.66B | $1.77B | $822.0M | $1.38B | $2.80B | $640.0M |
| Depreciation & amortization | $414.0M | $397.0M | $391.0M | $400.0M | $332.0M | $308.0M | $296.0M | $281.0M | $260.0M | $238.0M | $217.0M | $241.0M |
| Stock-based compensation | $212.0M | $232.0M | $248.0M | $208.0M | $166.0M | $149.0M | $243.0M | $136.0M | $142.0M | $189.0M | $604.0M | $142.0M |
| Change in working capital | $5.10B | $1.58B | $2.21B | $2.83B | $1.52B | −$359.0M | −$648.0M | $1.25B | $111.0M | $1.42B | $121.0M | −$1.71B |
| Other non-cash items | −$3.80B | $822.0M | −$687.0M | −$5.60B | −$1.60B | −$24.0M | −$1.56B | −$1.58B | −$2.0M | −$3.16B | −$1.68B | $320.0M |
| Cash from operating activities | $3.25B | $1.62B | $2.82B | $303.0M | $1.26B | $1.01B | −$4.0M | $1.85B | $1.33B | $70.0M | $2.06B | −$364.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.56B | −$9.32B |
| Investments (net) | −$8.41B | −$28.70B | −$40.97B | −$13.24B | −$19.63B | −$16.89B | −$16.25B | −$14.47B | −$14.70B | −$16.39B | −$14.69B | −$10.21B |
| Acquisitions & other investing | −$6.77B | $20.36B | $29.34B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.56B | −$8.18B |
| Cash from investing activities | −$15.18B | −$8.33B | −$11.63B | −$13.24B | −$19.63B | −$16.89B | −$16.25B | −$14.47B | −$14.70B | −$16.39B | −$14.69B | −$27.72B |
| Financing activities | ||||||||||||
| Dividends paid | −$367.0M | −$336.0M | −$335.0M | −$330.0M | −$331.0M | −$302.0M | −$301.0M | −$301.0M | −$304.0M | −$283.0M | −$281.0M | −$256.0M |
| Share repurchases & issuance (net) | −$97.0M | −$632.0M | −$240.0M | −$340.0M | −$193.0M | −$193.0M | −$102.0M | −$453.0M | −$75.0M | −$260.0M | −$26.0M | −$16.0M |
| Net borrowing (repayment) | −$762.0M | $1.73B | $71.0M | $1.16B | $1.87B | −$524.0M | $1.06B | −$800.0M | — | — | — | $897.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $17.83B | $9.11B | $8.71B | $18.68B | $16.47B | $15.29B | $15.09B | $13.80B | $12.01B | $18.89B | $16.19B | $9.60B |
| Cash from financing activities | $16.60B | $9.87B | $8.21B | $19.16B | $17.82B | $14.27B | $15.74B | $12.25B | $11.63B | $18.34B | $15.88B | $10.22B |
| Summary | ||||||||||||
| Net change in cash | $4.67B | $3.16B | −$610.0M | $6.23B | −$542.0M | −$1.60B | −$515.0M | −$356.0M | −$1.73B | $2.02B | $3.26B | −$357.0M |
| Cash at end of period | $28.42B | $23.75B | $20.59B | $21.20B | $14.97B | $15.51B | $17.11B | $17.63B | $17.98B | $19.72B | $17.69B | $14.43B |
| Free cash flow | $3.25B | $1.62B | $2.82B | $303.0M | $1.26B | $1.01B | −$4.0M | $1.85B | $1.33B | $70.0M | $2.06B | −$364.0M |
| Free cash flow margin | 28.9% | 32.0% | 28.6% | 3.1% | 18.5% | 18.2% | −0.1% | 23.9% | 22.2% | 1.0% | 18.7% | −14.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 50.3% | 359.3% |
| Operating cash flow / net income | 2.47 | — | 4.26 | 0.12 | 1.50 | 1.08 | −0.00 | 1.05 | 1.62 | 0.05 | 0.74 | −0.57 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
APO cash generation
In fiscal 2025 (ended December 31, 2025), Apollo generated $7.5 billion of cash from operations (up 129.1%) and spent $0 on capital expenditures, leaving free cash flow of $7.5 billion, 23.3% of revenue. It returned $2.1 billion to shareholders through dividends ($1.3 billion) and net share buybacks ($773.0 million). Cash and equivalents rose by $3.5 billion over the year.
Related: APO income statement, APO balance sheet, APO dividend history. See the APO stock overview for the latest quote and news.
APO cash flow FAQ
What is Apollo's free cash flow?
Apollo's free cash flow was $7.5 billion in fiscal 2025: $7.5 billion of operating cash flow minus $0 of capital expenditures It was $3.3 billion a year earlier..
How much cash does Apollo generate from operations?
Apollo generated $7.5 billion of cash from operating activities in fiscal 2025, 2.20 times its net income of $3.4 billion.
How much stock does Apollo buy back?
Apollo spent $773.0 million on net share repurchases in fiscal 2025.
How much does Apollo pay in dividends?
Apollo paid $1.3 billion in dividends in fiscal 2025, 17.4% of free cash flow.