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PRE-MKT · 06:25 ET
Market ClerkRecap
Thu Oct 22 · pre-market2 signals on Oct 21108 insider buys this week · $250.3MCIRO short report next: Oct 31The week ahead

APO

Apollo Global Management, Inc.
NYSE · FINANCIALS · INVESTMENT ADVICE
111.69
+0.47 +0.42%
USD · close Oct 21
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Work order
21
FLAG · shorts 21
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $66BP/E 40.9DIV YIELD 1.87%FCF YIELD —REV TTM $35.9B +41.2%NET INCOME $1.9B −44.3%NET DEBT $1.7B52W 100.30 – 152.70SEC XBRL · TTM TO Invalid Date

How APO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
53%
of sentences unchanged
Added
502
new sentences
Dropped
506
sentences removed
Length
−193
words, now 60,045

New in FY2025

  • Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Unregistered Sales of Equity Securities On November 13, 2025, the Company issued 41,166 restricted shares under the 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles and 14,310 restricted shares under the 2019 Omnibus Equity Incentive Plan to certain holders of vested performance fee rights.
  • Purchases of Equity Securities by the Issuer and Affiliated Purchasers The following table sets forth information regarding repurchases of shares of common stock during the fiscal quarter ended December 31, 2025.
  • Period Total number of shares of common stock purchased Average price paid per share Total number of shares of common stock purchased as part of publicly announced plans or programs 1 Approximate dollar value of common stock that may yet be purchased under the plans or programs October 1, 2025 through October 31, 2025 Opportunistic repurchases — — Equity award-related repurchases 2 — — Total — $ — — $ 678,224,196 November 1, 2025 through November 30, 2025 Opportunistic repurchases — — Equity award-related repurchases 2 1,828,097 1,828,097 Total 1,828,097 $ 128.74 1,828,097 $ 442,874,505 December 1, 2025 through December 31, 2025 Opportunistic repurchases — — Equity award-related repurchases 2 183,029 183,029 Total 183,029 $ 136.62 183,029 $ 417,868,692 Total Opportunistic repurchases — — Equity award-related repurchases 2 2,011,126 2,011,126 Total 2,011,126 2,011,126 1 On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Equity Plan.
  • Effective February 9, 2026, the AGM board of directors terminated the Company's prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $4.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Equity Plan.
  • Under the share repurchase program, repurchases may be of outstanding shares of common stock occurring from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Equity Plan in order to satisfy associated tax obligations.
  • The program may be suspended, extended, modified or discontinued at any time. 2 Represents repurchases of shares of common stock in order to offset the dilutive impact of share issuances under the Equity Plan including reductions of shares of common stock that otherwise would have been issued to participants under the Equity Plan in order to satisfy associated tax obligations.
  • MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with Apollo Global Management, Inc.’s consolidated financial statements and the related notes as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023.
  • Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing.
  • As of December 31, 2025, Apollo had a team of approximately 6,140 employees, including 2,010 employees supporting our Retirement Services segment and 600 employees of Bridge.
  • As of December 31, 2025, we had total AUM of $938 billion.
  • We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our private equity franchise.
  • Credit Credit is our largest asset management strategy with $749 billion of AUM as of December 31, 2025.
  • Equity Our equity strategy managed $189 billion of AUM as of December 31, 2025.
  • Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, infrastructure and clean transition equity strategies.
  • We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through December 31, 2025.
  • Acquisition of Bridge On September 2, 2025, we completed the previously announced acquisition of Bridge in an all-stock transaction.
  • As a result, Bridge became a consolidated subsidiary of AAM, and its results are included in the consolidated financial statements commencing from the Acquisition Date.
  • Athene’s primary product line is annuities, which include fixed rate, indexed, payout and group annuities issued in connection with pension group annuity transactions and defined contribution plans.
  • Athene also offers funding agreements and guaranteed investment contracts issued in connection with defined contribution plans.
  • Funding agreements are comprised of funding agreements issued under its FABN program, secured and other funding agreements, which include Athene’s FABR program and direct funding agreements, funding agreements issued to the FHLB and repurchase agreements with an original maturity exceeding one year.
  • Guaranteed investment contracts support stable value investment options within defined contribution plans and allow the contract holder to earn a guaranteed return of principal plus interest.
  • Principal Investing Our Principal Investing segment is comprised of our realized performance fee income, realized investment income earned from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
  • Over time, we may deploy capital into strategic investments that will help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the scalability and/or efficiency of our existing operations.
  • Given the cyclical nature of realized performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments.
  • We earn fees based on the investment performance of the funds, partnerships and accounts we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with investors whose capital we manage and incentivize them to deliver strong investment performance over time.
  • To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over time.
  • Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, changes to U.S. and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the U.S. and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.
  • The ongoing uncertainty regarding trade policy poses a downside risk to the current economic outlook, with lower growth and higher inflationary pressures increasing the risk of a stagflationary environment.
  • Tariffs, which are inflationary in nature, remain in place and may have a negative impact on GDP growth.
  • The potential impact of tariffs on corporate earnings remains uncertain and will depend on the duration and outcome of related trade negotiations.
  • U.S. inflation eased slightly in 2025 with the U.S.
  • Bureau of Labor Statistics reporting the annual U.S. inflation rate decreased to 2.7% as of December 31, 2025, compared to 2.9% as of December 31, 2024.
  • Federal Reserve has a current benchmark interest rate target range of 3.50% to 3.75%, following a rate cut of 25 basis points at each of its three meetings to end 2025, before holding rates constant at its January 2026 meeting.
  • Equity market performance was strong in 2025.
  • In the U.S., the S&P 500 Index increased by 16.4% in 2025, following an increase of 23.3% in 2024.
  • Global equity markets also increased in 2025, with the MSCI All Country World ex USA Index increasing by 32.6%, following an increase of 5.3% in 2024.
  • Credit markets were positive in 2025, with the BofAML HY Master II Index increasing by 8.5%, while the Morningstar/LSTA Leveraged Loan Index increased by 7.2%.
  • In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 2.2% in 2025, following an increase of 2.8% in 2024.
  • As of January 2026, the International Monetary Fund estimated the U.S. economy will expand by 2.4% in 2026 and 2.0% in 2027.
  • Bureau of Labor Statistics reported the U.S. unemployment rate increased to 4.4% as of December 31, 2025, compared to 4.1% as of December 31, 2024.

and 462 more.

Gone since FY2024

  • Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Unregistered Sale of Equity Securities On November 14, 2024, the Company issued 54,898 restricted shares under the 2019 Omnibus Equity Incentive Plan for Estate Planning Vehicles and 7,937 restricted shares under the 2019 Omnibus Equity Incentive Plan to certain holders of vested performance fee rights.
  • Issuer Purchases of Equity Securities The following table sets forth information regarding repurchases of shares of common stock during the fiscal quarter ended December 31, 2024.
  • Period Total number of shares of common stock purchased Average price paid per share Total number of shares of common stock purchased as part of publicly announced plans or programs 1 Approximate dollar value of common stock that may yet be purchased under the plans or programs October 1, 2024 through October 31, 2024 Opportunistic repurchases — — Equity award-related repurchases 2 — — Total — $ — — $ 1,901,969,206 November 1, 2024 through November 30, 2024 Opportunistic repurchases — — Equity award-related repurchases 2 172,336 172,336 Total 172,336 $ 163.67 172,336 $ 1,873,763,011 December 1, 2024 through December 31, 2024 Opportunistic repurchases — — Equity award-related repurchases 2 578,000 578,000 Total 578,000 $ 176.24 578,000 $ 1,771,896,394 Total Opportunistic repurchases — — Equity award-related repurchases 2 750,336 750,336 Total 750,336 750,336 1 On February 8, 2024, the AGM board of directors terminated the Company’s prior share repurchase program and approved a new share repurchase program, pursuant to which, the Company is authorized to repurchase up to $3.0 billion of shares of its common stock to opportunistically reduce the Company’s share count or offset the dilutive impact of share issuances under the Company’s equity incentive plans.
  • Under the share repurchase program, repurchases may be of outstanding shares of common stock occurring from time to time in open market transactions, in privately negotiated transactions, pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act, or otherwise, as well as through reductions of shares that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations.
  • The program may be suspended, extended, modified or discontinued at any time. 2 Represents repurchases of shares of common stock in order to offset the dilutive impact of share issuances under the Equity Plan including reductions of shares of common stock that otherwise would have been issued to participants under the Company’s Equity Plan in order to satisfy associated tax obligations.
  • MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with Apollo Global Management, Inc.’s consolidated financial statements and the related notes as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022.
  • Apollo conducts its business primarily in the United States through the following three reportable segments: Asset Management, Retirement Services and Principal Investing.
  • As of December 31, 2024, Apollo had a team of 5,108 employees, including 1,983 employees of Athene.
  • As of December 31, 2024, we had total AUM of $751 billion.
  • We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our sizeable private equity franchise.
  • Credit Credit is our largest asset management strategy with $616 billion of AUM as of December 31, 2024.
  • Equity Our equity strategy managed $135 billion of AUM as of December 31, 2024.
  • Apollo’s equity team has experience across sectors, industries, and geographies spanning its private equity, hybrid value, secondaries equity, AAA, real estate equity, impact investing, infrastructure and clean transition equity strategies.
  • We have consistently produced attractive long-term investment returns in the traditional private equity funds we manage, generating a 39% gross IRR and a 24% net IRR on a compound annual basis from inception through December 31, 2024.
  • Athene’s primary product line is annuities, which include fixed, payout and group annuities issued in conjunction with pension group annuity transactions.
  • Athene also offers funding agreements, which are comprised of funding agreements issued under its FABN program, secured and other funding agreements, funding agreements issued to the FHLB and repurchase agreements with an original maturity exceeding one year.
  • Principal Investing Our Principal Investing segment is comprised of our realized performance fee income, realized investment income from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
  • Over time, we may deploy capital into strategic investments over time that will help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities or increasing the efficiency of our operations.
  • Given the cyclical nature of performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments.
  • We earn fees based on the investment performance of the funds we manage and compensate our employees, primarily investment professionals, with a meaningful portion of these proceeds to align our team with the investors in the funds we manage and incentivize them to deliver strong investment performance over time.
  • To enhance this alignment, we have increased the proportion of performance fee income we pay to our employees over the last few years.
  • Adverse economic conditions may result from domestic and global economic and political developments, including plateauing or decreasing economic growth and business activity, changes to U.S. and foreign tariff policies, civil unrest, geopolitical tensions or military action, such as the armed conflicts in the Middle East and between Ukraine and Russia, and corresponding sanctions imposed on Russia by the United States and other countries, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains.
  • U.S. inflation eased in 2024 with the U.S.
  • Bureau of Labor Statistics reporting that the annual U.S. inflation rate decreased to 2.9% as of December 31, 2024, compared to 3.4% as of December 31, 2023.
  • Federal Reserve finished the year with a benchmark interest rate target range of 4.25% to 4.50%, marking the second sequential quarter with a significant cut in rates since the COVID-19 pandemic.
  • Equity market performance was strong in 2024.
  • In the U.S., the S&P 500 Index increased by 23.3% in 2024, following an increase of 24.2% in 2023.
  • Global equity markets also increased in 2024, with the MSCI All Country World ex USA Index increasing by 5.3%, following an increase of 18.6% in 2023.
  • Credit markets were positive in 2024, with the BofAML HY Master II Index increasing by 8.2%, while the S&P/LSTA Leveraged Loan Index increased by 8.7%.
  • In terms of economic conditions in the U.S., the Bureau of Economic Analysis reported real GDP increased at an annual rate of 2.8% in 2024, following an increase of 2.9% in 2023.
  • As of January 2025, the International Monetary Fund estimated that the U.S. economy will expand by 2.7% in 2025 and 2.1% in 2026.
  • Bureau of Labor Statistics reported that the U.S. unemployment rate increased to 4.1% as of December 31, 2024, compared to 3.8% as of December 31, 2023.
  • The U.S. dollar strengthened in 2024 compared to the euro and the British pound.
  • Relative to the U.S. dollar, the euro depreciated 6.2% in 2024, after appreciating 3.1% in 2023, while the British pound depreciated 1.7% during 2024, after appreciating 5.4% in 2023.
  • Oil finished 2024 in line with 2023, increasing 0.1% from 2023.
  • As of December 31, 2024, the funds we manage have no investments that would cause Apollo or any Apollo managed fund to be in violation of current international sanctions, and we believe the direct exposure of investment portfolios of the funds we manage to Russia and Ukraine is insignificant.
  • Interest Rate Environment Medium and long-term rates increased in 2024, with the U.S. 10-year Treasury yield at 4.58% as of December 31, 2024 compared to 3.88% as of December 31, 2023.
  • Short-term rates decreased in 2024, with the 3-month secured overnight financing rate at 4.31% as of December 31, 2024 compared to 5.33% as of December 31, 2023.
  • With respect to Retirement Services, Athene’s investment portfolio consists predominantly of fixed maturity investments.
  • As of December 31, 2024, Athene’s net invested asset portfolio included $50.6 billion of floating rate investments, or 20% of its net invested assets, and its net reserve liabilities included $33.6 billion of floating rate liabilities at notional, or 13% of its net invested assets, resulting in $17.0 billion of net floating rate assets, or 7% of its net invested assets.

and 466 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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