Apollo Global Management reported 418 million USD in net earnings on 5.55 billion USDs in revenues in the 1st Quarter 2025 compared to 1.41 billion USD in net income on 7.04 billion USD in revenues in 1st Quarter 2024.
Apollo Global Management's 785 billion USDs in assets under management make the company one of the leading alternative asset managers in the world. 641 billion USDs of Apollo's assets under management are in Credit or Private Credit, while 144 billion USDs are in Equity or Private Equity. Private Credit is a huge growth area globally currently and Apollo has arguably the highest assets under management in Private Credit in the world, which positions Apollo for excellent future growth.
Perpetual Capital of 470 billion USDs mainly via Athene Retirement Solutions insures Apollo has a large part of its assets available for long-term investing. Long-term investing allows for stable investment strategies, which lead to higher capital appreciation in the long-term, which unlocks further value for Apollo.
Apollo's market capitalization is 79.27 billion USDs. Apollo Global Management's intrinsic value is 230 billion USDs according to Wolfteam Ltd.'s projections and estimates.
Below is Apollo's 1st Quarter 2025 earnings 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
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