Apollo Global Management Inc
apollo.comWhat Do They Do?
Manages credit and equity investments for institutional and individual investors, and offers retirement savings products through Athene to individuals and institutions.
10-K for FY2025, filed Feb 25, 2026Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment…View ↗
Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage…View ↗
Our retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and…View ↗
How Do They Make Money?
Management fees are its main revenue source: Apollo earns them for investment services to clients over the period those services are provided. It also earns advisory and transaction fees and performance-based incentive fees; some portfolio-company advisory fees are paid monthly, quarterly or annually.
10-K for FY2025, filed Feb 25, 2026Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment…View ↗
Apollo records deferred revenue, which is a type of contract liability, when consideration is received in advance of management services…View ↗
Additionally, Apollo earns advisory fees pursuant to the terms of the advisory agreements with certain of the portfolio companies that are…View ↗
Given the cyclical nature of realized performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile…View ↗
The revenues of the asset management business include (i) management fees; (ii) advisory and transaction fees, net; (iii) investment…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by product or service ↗
$32B
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10-K for FY2025, filed Feb 25, 2026
$32B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Management fees
Recurring
10-K for FY2025, filed Feb 25, 2026 |
62%
FY2022: 76%
|
Management fees, FY2025
$2.4B Sources
|
Recurring |
|
Advisory and transaction fees, net
|
31%
FY2022: 22%
|
Advisory and transaction fees, net, FY2025
$1.2B Sources
|
|
|
Incentive fees
|
6.4%
FY2022: 1.4%
|
Incentive fees, FY2025
$245M Sources
|
Who Are Their Customers?
Institutional investors and individuals invest through Apollo-managed funds and accounts; pension funds, insurers and sovereign wealth funds are among them. Athene distributes retirement products to individuals through agents, banks and broker-dealers, and sells funding-agreement notes to institutional investors through investment banks.
10-K for FY2025, filed Feb 25, 2026Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage…View ↗
We source capital from a diverse base that includes public and private pension funds, sovereign wealth funds, endowments and foundations…View ↗
Athene has built a scalable platform that allows it to originate and rapidly grow its business in deferred annuity products. Athene has…View ↗
Funding Agreements. Funding agreements are comprised of funding agreements issued under Athene’s FABN program, secured and other funding…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 25, 2026
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
Growing. Revenue grew 5.4x in 4 years, from $6B in FY2021 to $32B in FY2025, about 52% a year.
Broader capital sources
Apollo's capital-raising description has broadened beyond institutional and public-market investors to include individuals, insurance clients, traditional asset managers and defined-contribution plans.
10-K for FY2022, filed Mar 1, 2023Within the asset management business, our fundraising strategy consists of the yield, hybrid, and equity strategies. We raise private…View ↗
Strategy framework
The asset-management strategy labels moved from yield, hybrid and equity to credit and equity, with credit detailed across origination, asset-backed finance, opportunistic and multi-credit strategies.
10-K for FY2022, filed Mar 1, 2023 10-K for FY2025, filed Feb 25, 2026Our Asset Management segment focuses on three investing strategies: yield, hybrid and equity. These strategies reflect the range of…View ↗
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