At a glance
Apollo Global Management LLC is worth $70.55B, about 22 times its fiscal 2025 earnings. Revenue grew 22.7% to $32.05B in fiscal 2025, with 10.9% kept as profit; over 5 years it has grown 68.6% a year. It pays a 2.49% dividend yield, raised every year for at least 3 years, and returned $7.94B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.6% over the past year with dividends reinvested and +11.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.9% in the 2020 crash (S&P 500: 33.7%) and 35.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 8 months after the lows.
The business in plain English
Apollo Global Management, founded in 1990, is an alternative asset manager and a retirement services provider. An alternative asset manager invests money in things like private loans, private companies, real estate and infrastructure, not only in publicly traded stocks and bonds. Apollo reports three segments: Asset Management, Retirement Services and Principal Investing. Its assets under management (AUM) totaled $938.4 billion as of December 31, 2025.
Retirement Services, which is the Athene business, produced 84.4% of Apollo's $32.0 billion of revenue in 2025. Athene sells retirement products such as fixed annuities through independent marketing organizations, banks and broker-dealers. An annuity provider collects savers' money, invests it, and aims to earn more than it promises to pay. Apollo's asset management arm managed or advised $392.2 billion for Athene-related accounts at the end of 2025.
Asset Management produced the other 15.6%. In this segment Apollo earns fees that depend on the strategy, how easily investors can withdraw their money, and its returns. Credit was the largest strategy at $749.2 billion. It is led by direct lending to companies and by asset-backed finance, which means lending backed by pools of mortgages, consumer credit, aircraft loans and other assets. Equity, including private equity and real estate, totaled $189.2 billion. Of total AUM, $535.6 billion was perpetual capital. That is money with no fixed end date, although some of it can be withdrawn.
Price history
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APO -1.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Retirement Services | $27.05B | 84.4% |
| Asset Management | $5.00B | 15.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $11.15B, up 63.7% from a year earlier, and net income was $1.36B (+116.0%).
- For fiscal 2025, revenue was $32.05B (+22.7% year over year; +68.6% a year from FY2020 to FY2025) with a 10.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +68.6% good |
|---|---|
| Return on equity (FY2025) | 15% good |
| Return on assets (FY2025) | 0.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.35B | $157.0M | — |
| FY2021 | $5.95B | $1.84B | — |
| FY2022 | $10.97B | $-1.96B | — |
| FY2023 | $32.64B | $5.05B | — |
| FY2024 | $26.11B | $4.58B | — |
| FY2025 | $32.05B | $3.49B | — |
Valuation snapshot
| Market value | $70.55B |
|---|---|
| P/E ratio | 21.6 |
| Dividend yield | 2.49% |
Rank among 1514 US companies
Market value at each year end
Apollo Global Management LLC’s market value went from $36.51B at the end of 2022 to $70.55B on Nov 2, 2026, up 93%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $70.55B | -16.0% |
| 2025 | $84.02B | -10.1% |
| 2024 | $93.45B | +76.7% |
| 2023 | $52.89B | +44.9% |
| 2022 | $36.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APO price data to Nov 2, 2026 | -15.8% | -1.6% | +14.4% | +11.7% | +25.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.8% |
| 2025 | -11.1% |
| 2024 | +79.9% |
| 2023 | +49.4% |
| 2022 | -9.6% |
| 2021 | +53.3% |
| 2020 | +8.0% |
| 2019 | +106.6% |
| 2018 | -22.0% |
| 2017 | +85.2% |
| 2016 | +37.0% |
| 2015 | -29.4% |
| 2014 | -15.9% |
| 2013 | +112.0% |
| 2012 | +54.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.9% over that stretch · deepest drop along the way 48.9%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.1% over that stretch · deepest drop along the way 35.5%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($7.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 27, 2026 | John P. Zito Co-President (see Remarks) | sell | $2.6M |
| May 27, 2026 | John P. Zito Co-President (see Remarks) | sell | $2.3M |
| May 27, 2026 | John P. Zito Co-President (see Remarks) | sell | $1.5M |
| May 14, 2026 | Martin Kelly Chief Financial Officer | sell | $943K |
| Aug 14, 2026 | Martin Kelly Chief Financial Officer | sell | $423K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.64% | Mar 31, 2026 |
| Capital World Investors | 5% | Sep 30, 2025 |
| BlackRock, Inc. | 4.95% | Sep 30, 2026 |
| FMR LLC | 3.8% | Mar 31, 2026 |
ETFs with the most weight in APO
| FDFF Fidelity Disruptive Finance ETF | 4.6% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 4.41% |
| GABF Gabelli Financial Services Opportunities ETF | 2.85% |
| PVAL Putnam Focused Large Cap Value ETF | 1.92% |
| FFLV Fidelity Fundamental Large Cap Value ETF | 1.56% |
| RPG Invesco S&P 500® Pure Growth ETF | 1.5% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.36% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 1.24% |
What could go wrong
- A ratings downgrade could hurt annuity sales. Retirement Services drives most revenue. A lower financial strength rating, which grades an insurer's ability to pay, could make its annuities less attractive, hamper deals to take on other insurers' business and raise funding costs.
- Concentrated bets in the annuity portfolio. Athene's portfolio may be concentrated in single issuers such as Athora, a European life insurance platform Apollo advises. It may also be concentrated in financial services and real estate. Trouble in one area could hit hard.
- Private asset values are estimates. Many fund holdings don't trade publicly, so their values rest on estimates. Apollo warns these values don't show what investments will actually sell for, and wrong assumptions could bring significant losses.
- Cash could run short in a squeeze. Apollo must meet near-term obligations as they come due. It relies on financing markets and on repurchase agreements (short-term loans backed by securities), which can become harder to use when markets are stressed.
- Interest rate moves affect assets and annuities. Apollo holds rate-sensitive bonds and owes fixed annuity payments. Rates that stay high for longer, or move sharply, can raise financing costs, pressure asset values and strain companies its funds lend to.
- Profits can swing sharply year to year. Part of Apollo's revenue and cash flow is highly variable, which can make the shares volatile. It lost $1.96 billion in 2022, and net income fell 23.7% in 2025 while revenue rose 22.7%.
Recent events
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
Apollo pays a dividend, but its record is uneven. Regular dividends per share fell from $2.31 in 2020 to $1.60 in 2022, then rose three straight years to $1.99 in 2025. Dividends took 34.4% of 2025 net income, and the yield was 2.63% as of October 28, 2026. Apollo also repurchased $3.16 billion of its own shares from 2021 through 2025, alongside $4.78 billion of dividends. Even so, the share count rose 2.8% between May 2022 and August 2026.
The shares have dropped hard in sell-offs. They fell 48.9% in the 2020 COVID crash and regained their prior high about two months after the low. In the 2022 market downturn they fell 35.5% and took 7.6 months from the low to recover. The price history does not go back to the 2008 crisis. As of October 28, 2026, the shares were down 20.1% for the year to date. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Apollo Global Management make money?
Apollo makes money in two main ways. Its Retirement Services business, Athene, sells retirement products such as fixed annuities and invests the money it collects. That segment produced 84.4% of Apollo's $32.0 billion of revenue in 2025. Its Asset Management business earns fees for managing money in credit and equity strategies and produced the other 15.6%. Apollo also reports a third segment, Principal Investing.
Does Apollo raise its dividend every year?
No. Apollo raised its regular dividend per share three years in a row, from $1.60 in 2022 to $1.99 in 2025, but that came after a drop from $2.31 in 2020. From 2020 to 2025, dividends per share shrank about 2.9% a year. Dividends took 34.4% of 2025 net income, and the yield was 2.63% as of October 28, 2026. Apollo's annual report says future dividends are uncertain.
What is Athene and how is it related to Apollo?
Athene is Apollo's retirement services business. It sells retirement products, such as fixed annuities, through independent marketing organizations, banks and broker-dealers. Apollo's asset management arm runs Athene's investment portfolio. It handles investment management and asset allocation, plus support work such as risk management. As of December 31, 2025, Apollo managed or advised $392.2 billion in Athene-related accounts. Retirement Services produced 84.4% of Apollo's 2025 revenue, so Athene's results matter a great deal to Apollo shareholders.
How much money does Apollo manage?
Apollo had $938.4 billion of assets under management (AUM) as of December 31, 2025. Credit made up $749.2 billion. The largest parts were direct origination, meaning lending arranged directly with companies ($302.1 billion), and asset-backed finance ($282.7 billion). Equity strategies, including corporate private equity and real estate, held $189.2 billion. Of the total, $535.6 billion was perpetual capital. That is money with no fixed date for return to investors, although some of it can be withdrawn under certain conditions.
How has Apollo stock performed?
Strongly over the long run, poorly over the past year. As of October 28, 2026, the share price rose about 24.9% a year over 10 years and 10% a year over five years. It fell 6.7% over one year and was down 20.1% for the year to date. Over the past year it moved more than the overall market, and its deepest drop over three years was 42.8%. Its price-to-earnings (P/E) ratio, based on 2025 earnings per share, was 20.5.