Apollo Commercial Real Estate Finance, Inc. (ARI) Income Statement
ARI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARI revenue and net income
Where ARI's revenue goes
2025Each bar shows an amount and its share of revenue. ARI kept 17.8% of revenue as net income.
ARI profit margins
ARI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.3% | +3.5% | +27.5% | +18.9% |
| Gross profit | +1.5% | +1.2% | +22.0% | +16.3% |
| Operating income | +11.2% | −10.6% | +90.8% | +11.8% |
| Net income | — | −21.8% | +47.1% | +2.1% |
| EPS (diluted) | +144.2% | −8.7% | 0.0% | −5.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARI quarterly EPS vs estimates
Apollo Commercial Real Estate Finance beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.21).
ARI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $710.5M | $701.5M | $777.0M | $641.3M | $421.2M | $210.6M | $315.0M | $299.5M | $255.2M | $181.3M |
| Cost of revenue | $141.7M | $141.1M | $127.2M | $92.2M | $63.4M | $148.9M | $152.9M | $114.6M | $78.1M | $63.8M |
| Gross profit | $568.8M | $560.4M | $649.8M | $549.1M | $357.9M | $210.6M | $315.0M | $299.5M | $255.2M | $181.3M |
| Research & development | — | — | $0 | $0 | $1 | $0 | $0 | $1 | $1 | $1 |
| Sales, general & admin | $61.6M | $29.6M | $67.5M | $29.7M | $49.4M | $66.6M | $64.8M | $56.9M | $52.4M | $48.4M |
| Total operating expenses | $104.4M | $142.7M | $182.2M | −$100.5M | −$56.6M | −$192.2M | −$84.8M | $57.0M | $52.0M | $48.0M |
| Operating income | $464.4M | $417.7M | $467.5M | $649.7M | $414.5M | $18.4M | $230.2M | $334.6M | $271.1M | $221.6M |
| Interest income | $626.8M | $702.9M | $700.9M | $65.1M | $428.1M | $427.6M | $487.4M | $403.9M | $338.5M | $265.5M |
| Interest expense | $460.1M | $503.9M | $466.1M | $270.5M | $162.5M | $148.9M | $152.9M | $114.6M | $78.1M | $63.8M |
| Income before taxes | $127.1M | −$119.2M | $58.6M | $265.2M | $223.5M | $18.4M | $230.2M | $220.0M | $193.0M | $157.9M |
| Income taxes | $331,000 | $394,000 | $442,000 | $270.5M | −$156.2M | −$198.9M | $84.2M | $212.4M | $203.1M | $148.6M |
| Net income | $126.7M | −$119.6M | $58.1M | $265.2M | $223.5M | $18.4M | $230.2M | $220.0M | $193.0M | $157.9M |
| EBITDA | $598.3M | $396.4M | $532.9M | $536.5M | $388.7M | −$43.4M | $230.2M | $334.6M | $271.1M | $221.6M |
| EPS (diluted) | $1.05 | $0.43 | $1.10 | $1.38 | $1.33 | $1.05 | $1.90 | $1.78 | $1.83 | $2.01 |
| Gross margin | 80.1% | 79.9% | 83.6% | 85.6% | 85.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 65.4% | 59.5% | 60.2% | 101.3% | 98.4% | 8.7% | 73.1% | 111.7% | 106.2% | 122.2% |
| Net margin | 17.8% | −17.1% | 7.5% | 41.4% | 53.1% | 8.7% | 73.1% | 73.5% | 75.6% | 87.1% |
| 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 | $0 | $172.6M | $182.7M | $167.1M | $186.8M | $173.9M | $195.5M | $76.8M | $214.9M | $214.3M | $215.2M | $214.2M |
| Cost of revenue | $35.9M | $132.1M | $39.3M | $33.7M | $34.5M | $34.2M | $33.6M | $33.4M | $35.5M | $38.6M | $31.5M | $30.5M |
| Gross profit | −$297.3M | $40.4M | $143.4M | $133.5M | $152.2M | $139.6M | $161.9M | $43.4M | $179.4M | $175.7M | $183.7M | $183.7M |
| Sales, general & admin | $5.8M | $14.1M | $12.8M | $6.7M | $6.6M | $6.7M | $12.0M | $16.3M | $12.5M | $7.4M | $16.9M | $7.7M |
| Total operating expenses | −$360.3M | $18.1M | $2.4M | −$29.2M | $80.9M | $50.2M | −$67.3M | $62.5M | $15.0M | $132.5M | $70.2M | −$27.4M |
| Operating income | $63.0M | $22.4M | $141.0M | $162.6M | $71.3M | $89.4M | $229.2M | −$19.1M | $164.4M | $43.1M | $113.5M | $211.1M |
| Interest income | $41.7M | $150.0M | $159.6M | $155.4M | $167.2M | $144.5M | $157.0M | $181.1M | $180.2M | $184.6M | $181.2M | $3.3M |
| Interest expense | $33.6M | $113.9M | $115.5M | $115.4M | $124.2M | $105.1M | $113.5M | $134.1M | $128.5M | $127.9M | $123.1M | $121.8M |
| Income before taxes | $25.8M | $26.5M | $29.1M | $51.0M | $20.9M | $26.1M | $40.8M | −$91.5M | $35.9M | −$104.4M | $46.5M | $46.6M |
| Income taxes | $27,000 | $230,000 | −$135,000 | $234,000 | $116,000 | $116,000 | $114,000 | $66,000 | $100,000 | $114,000 | −$75,000 | $517,000 |
| Net income | $25.8M | $26.2M | $29.2M | $50.8M | $20.7M | $26.0M | $40.7M | −$91.5M | $35.8M | −$104.5M | $46.5M | $46.1M |
| EBITDA | $64.0M | $144.4M | $148.0M | $169.2M | $147.6M | $133.6M | $156.7M | $44.9M | $166.6M | $28.1M | $170.7M | $169.4M |
| EPS (diluted) | $0.13 | $0.22 | $0.32 | $0.23 | $0.26 | $0.24 | −$0.58 | $0.31 | $0.35 | $0.35 | $0.36 | $0.37 |
| Gross margin | — | 23.4% | 78.5% | 79.9% | 81.5% | 80.3% | 82.8% | 56.5% | 83.5% | 82.0% | 85.4% | 85.8% |
| Operating margin | — | 13.0% | 77.2% | 97.3% | 38.2% | 51.4% | 117.2% | −24.8% | 76.5% | 20.1% | 52.8% | 98.5% |
| Net margin | — | 15.2% | 16.0% | 30.4% | 11.1% | 14.9% | 20.8% | −119.2% | 16.7% | −48.8% | 21.6% | 21.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARI's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARI financial results
In fiscal year 2025 (ended December 31, 2025), Apollo Commercial Real Estate Finance reported revenue of $710.5 million, up 1.3% from the year before. It had net income of $126.7 million, a net profit margin of 17.8%. Diluted earnings per share came to $1.05. Over five years revenue grew at an average rate of 27.5% a year.
See the ARI stock overview for the latest quote and news, or the ARI chart for price history and technical indicators.
ARI income statement FAQ
What is Apollo Commercial Real Estate Finance's annual revenue?
Apollo Commercial Real Estate Finance reported total revenue of $710.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.3% from $701.5 million the previous year.
Is Apollo Commercial Real Estate Finance profitable?
Yes. Apollo Commercial Real Estate Finance reported net income of $126.7 million in fiscal 2025, a net profit margin of 17.8%; its operating margin was 65.4%.
What is Apollo Commercial Real Estate Finance's gross margin?
Apollo Commercial Real Estate Finance's gross margin was 80.1% in fiscal 2025: for every $100 of revenue, Apollo Commercial Real Estate Finance kept $80 after the direct cost of its products and services.
How fast is Apollo Commercial Real Estate Finance growing?
Revenue grew 27.5% a year on average over the last five fiscal years, from $210.6 million to $710.5 million.
What are Apollo Commercial Real Estate Finance's earnings per share?
Apollo Commercial Real Estate Finance earned $1.05 per diluted share in fiscal 2025, compared with $0.43 a year earlier.
When will Apollo Commercial Real Estate Finance report its next earnings?
Apollo Commercial Real Estate Finance is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Apollo Commercial Real Estate Finance's fiscal year end?
Apollo Commercial Real Estate Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.