Apollo 1 Quarter 2025 Earnings Comment

 

Apollo Global Management Inc. reported net income of 418 million USD for the 1Q 2025 compared to 1.4 billion USD net income for the 1Q 2024.

Despite the decline in net income in 1Q 2025, Apollo's main business line of private credit with 641 billion USDs of assets under management goes on booming, according to Wolfteam Ltd.'s projections and estimates.

Apollo's private equity business line with 144 billion USDs also performs very well. Apollo is on the cusp of the global private markets wave with 785 billion USDs in private assets under management.

 Here is Apollo's 1Q 2025 income statement:

 (In millions, except per share amounts) 1Q'24 4Q'24 1Q'25
Revenues
Asset Management
Management fees $438 $523 $508
Advisory and transaction fees, net 169 205 195
Investment income (loss) 402 395 303
Incentive fees 26 42 40
Retirement Services
Premiums 101 155 127
Product charges 238 260 265
Net investment income 3,576 4,237 4,341
Investment related gains (losses) 1,677 (1,037) (828)
Revenues of consolidated variable interest entities 411 493 592
Other revenues 2 10 5
Total Revenues 7,040 5,283 5,548
Expenses
Asset Management
Compensation and benefits (667) (732) (745)
Interest expense (51) (67) (60)
General, administrative and other (240) (285) (308)
Retirement Services
Interest sensitive contract benefits (2,884) (1,642) (1,494)
Future policy and other policy benefits (543) (623) (541)
Market risk benefits remeasurement gains (losses) 154 456 (385)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (207) (263) (267)
Policy and other operating expenses (453) (535) (542)
Total Expenses (4,891) (3,691) (4,342)
Other Income (Loss) – Asset Management
Net gains (losses) from investment activities 39 25 (18)
Net gains (losses) from investment activities of consolidated variable interest entities 25 20 211
Other income (loss), net (26) 87 (218)
Total Other Income (Loss) 38 132 (25)
Income (loss) before income tax (provision) benefit 2,187 1,724 1,181
Income tax (provision) benefit (422) (62) (243)
Net income (loss) 1,765 1,662 938
Net (income) loss attributable to non-controlling interests (338) (176) (496)
Net income (loss) attributable to Apollo Global Management, Inc. 1,427 1,486 442
Preferred stock dividends (24) (24) (24)
Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $1,403 $1,462 $418
Earnings (Loss) per share
Net income (loss) attributable to Common Stockholders - Basic $2.31 $2.42 $0.68
Net income (loss) attributable to Common Stockholders - Diluted $2.28 $2.39 $0.68
Weighted average shares outstanding - Basic 588 584 587
Weighted average shares outstanding - Diluted 605 603 593