Apollo Global Management, Inc. (APO) Income Statement
APO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAPO revenue and net income
Where APO's revenue goes
2025Each bar shows an amount and its share of revenue. APO kept 10.9% of revenue as net income.
APO profit margins
APO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +22.7% | +43.0% | +68.6% | +40.9% |
| Gross profit | +22.6% | +167.0% | +77.7% | +50.8% |
| Operating income | −0.5% | +314.6% | +55.5% | +41.9% |
| Net income | −21.1% | +20.5% | +86.0% | +41.8% |
| EPS (diluted) | +12.8% | +17.2% | +32.9% | +24.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
APO quarterly EPS vs estimates
Apollo beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $2.08).
APO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.05B | $26.11B | $32.64B | $10.97B | $5.95B | $2.35B | $2.93B | $1.09B | $2.77B | $2.07B |
| Cost of revenue | $1.44B | $1.14B | $3.74B | $1.94B | $778.0M | $628.0M | $514.5M | $459.6M | $1.04B | $849.2M |
| Gross profit | $30.61B | $24.97B | $29.47B | $1.61B | $5.17B | $1.73B | $2.42B | $633.5M | $1.74B | $1.22B |
| Research & development | — | — | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $3.10B | $2.64B | $5.29B | $648.1M | $3.20B | $818.0M | $1.08B | $381.8M | $257.9M | $247.0M |
| Total operating expenses | $22.35B | $16.68B | $27.33B | $648.1M | $3.20B | $818.0M | $1.08B | $381.8M | $257.9M | $247.0M |
| Operating income | $8.26B | $8.30B | $5.88B | $115.9M | $1.98B | $908.0M | $1.34B | $251.6M | $1.48B | $977.4M |
| Interest income | $131.0M | $172.0M | $178.0M | $659.0M | $3.17B | $243.1M | $213.6M | $20.7M | $6.4M | $4.1M |
| Interest expense | $370.0M | $226.0M | $145.0M | $130.5M | $907.0M | $381.0M | $126.8M | $90.7M | $52.9M | $43.5M |
| Income before taxes | $6.68B | $7.43B | $5.59B | $2.20B | $4.86B | $553.0M | $1.41B | $105.3M | $1.77B | $1.06B |
| Income taxes | $1.28B | $1.06B | −$923.0M | $209.9M | $594.0M | $86.0M | −$129.0M | $86.0M | $325.9M | $90.7M |
| Net income | $3.49B | $4.43B | $5.05B | $1.99B | $1.84B | $157.0M | $808.0M | −$28.5M | $608.5M | $388.0M |
| EBITDA | $8.48B | $8.85B | $6.69B | $994.9M | $5.79B | $953.0M | $1.55B | $211.2M | $1.84B | $1.12B |
| EPS (diluted) | $8.38 | $7.43 | $6.74 | $5.21 | $4.56 | $2.02 | $2.70 | −$0.21 | $3.57 | $2.36 |
| Gross margin | 95.5% | 95.6% | 90.3% | 14.7% | 86.9% | 73.3% | 82.5% | 58.0% | 62.6% | 59.0% |
| Operating margin | 25.8% | 31.8% | 18.0% | 1.1% | 33.2% | 38.6% | 45.7% | 23.0% | 53.3% | 47.1% |
| Net margin | 10.9% | 16.9% | 15.5% | 18.2% | 30.9% | 6.7% | 27.6% | −2.6% | 22.0% | 18.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.21B | $5.06B | $9.86B | $9.82B | $6.81B | $5.55B | $5.28B | $7.77B | $6.02B | $7.04B | $11.05B | $2.60B |
| Cost of revenue | $4.39B | $413.0M | $411.0M | $376.0M | $330.0M | $326.0M | $289.0M | $291.0M | $291.0M | $269.0M | $261.0M | $254.0M |
| Gross profit | $6.82B | $4.64B | $9.45B | $9.45B | $6.48B | $5.22B | $4.99B | $7.48B | $5.73B | $6.77B | $10.79B | $2.34B |
| Sales, general & admin | $1.41B | $737.0M | $933.0M | $794.0M | $642.0M | $727.0M | $728.0M | $640.0M | $1.24B | $1.30B | $947.0M | $523.0M |
| Total operating expenses | $4.21B | $3.85B | $7.35B | $6.28B | $5.04B | $3.69B | $3.07B | $5.23B | $4.01B | $4.36B | $8.68B | $1.25B |
| Operating income | $2.60B | $794.0M | $2.10B | $3.17B | $1.45B | $1.53B | $1.92B | $2.26B | $1.71B | $2.41B | $2.10B | $1.09B |
| Interest income | $34.0M | $55.0M | $57.0M | $35.0M | $5.0M | $34.0M | $32.0M | $46.0M | $62.0M | $32.0M | $43.0M | $59.0M |
| Interest expense | $88.0M | $135.0M | $116.0M | $94.0M | $79.0M | $81.0M | $92.0M | $82.0M | $89.0M | $76.0M | $80.0M | $64.0M |
| Income before taxes | $2.48B | $283.0M | $1.75B | $2.90B | $845.0M | $1.18B | $1.72B | $2.09B | $1.44B | $2.19B | $1.96B | $883.0M |
| Income taxes | $396.0M | $1.69B | $592.0M | $438.0M | $3.0M | $243.0M | $62.0M | $317.0M | $261.0M | $422.0M | −$1.62B | $243.0M |
| Net income | $1.36B | −$1.91B | $684.0M | $1.74B | $630.0M | $442.0M | $1.44B | $782.0M | $822.0M | $1.38B | $2.76B | $658.0M |
| EBITDA | $2.99B | $815.0M | $2.26B | $3.39B | $1.26B | $1.57B | $2.11B | $2.45B | $1.79B | $2.50B | $2.26B | $1.19B |
| EPS (diluted) | $1.76 | $1.94 | $2.47 | $2.17 | $1.92 | $1.82 | $2.22 | $1.85 | $1.64 | $1.72 | $1.91 | $1.71 |
| Gross margin | 60.8% | 91.8% | 95.8% | 96.2% | 95.2% | 94.1% | 94.5% | 96.3% | 95.2% | 96.2% | 97.6% | 90.2% |
| Operating margin | 23.2% | 15.7% | 21.3% | 32.3% | 21.3% | 27.6% | 36.4% | 29.0% | 28.5% | 34.2% | 19.0% | 42.0% |
| Net margin | 12.1% | −37.7% | 6.9% | 17.7% | 9.2% | 8.0% | 27.2% | 10.1% | 13.7% | 19.7% | 25.0% | 25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in APO's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
APO financial results
In fiscal year 2025 (ended December 31, 2025), Apollo reported revenue of $32.0 billion, up 22.7% from the year before. It had net income of $3.5 billion (down 21.1%), a net profit margin of 10.9%. Diluted earnings per share came to $8.38. Over five years revenue grew at an average rate of 68.6% a year.
See the APO stock overview for the latest quote and news, or the APO chart for price history and technical indicators.
APO income statement FAQ
What is Apollo's annual revenue?
Apollo reported total revenue of $32.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 22.7% from $26.1 billion the previous year.
Is Apollo profitable?
Yes. Apollo reported net income of $3.5 billion in fiscal 2025, a net profit margin of 10.9%; its operating margin was 25.8%.
What is Apollo's gross margin?
Apollo's gross margin was 95.5% in fiscal 2025: for every $100 of revenue, Apollo kept $95 after the direct cost of its products and services.
How fast is Apollo growing?
Revenue grew 68.6% a year on average over the last five fiscal years, from $2.4 billion to $32.0 billion.
What are Apollo's earnings per share?
Apollo earned $8.38 per diluted share in fiscal 2025, compared with $7.43 a year earlier.
When will Apollo report its next earnings?
Apollo is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Apollo's fiscal year end?
Apollo's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.