Q3 25 EPS
$2.17
BEAT +14.20%
Est. $1.90
Q3 25 Revenue
$9.82B
BEAT +793.26%
Est. $1.10B
vs S&P Since Q3 25
-8.2%
TRAILING MARKET
APO -1.5% vs S&P +6.7%
Market Reaction
Did APO Beat Earnings? Q3 2025 Results
Apollo Global Management capped a record-setting third quarter in 2025 with adjusted earnings per share of $2.17, beating the $1.90 consensus estimate by 14.20%, as revenue climbed to $9.82 billion, a 26.4% increase from the year-ago period. The stan… Read more Apollo Global Management capped a record-setting third quarter in 2025 with adjusted earnings per share of $2.17, beating the $1.90 consensus estimate by 14.20%, as revenue climbed to $9.82 billion, a 26.4% increase from the year-ago period. The standout driver behind the quarter was a combination of record Fee Related Earnings of $652 million, fueled by 22% year-over-year management fee growth, and near-record Spread Related Earnings of $871 million from Athene's retirement services business, pushing the combined FRE and SRE total to a record $1.52 billion. Total assets under management reached approximately $908 billion, up 24% year-over-year, supported by $82 billion in quarterly inflows, while Fee-Generating AUM grew 24% to $685 billion. Looking ahead, Apollo continues to lean on three structural growth pillars, origination, global wealth, and capital solutions, with management pointing to re-industrialization trends and aging population demographics as long-term tailwinds, even as principal investing monetization remains deliberately measured amid a cautious exit environment. Analysts tracking the alternative asset management space have noted Apollo's diversified model and valuation profile as compelling relative to peers.
Key Takeaways
- • Record quarterly FRE of $652 million driven by strong management fee growth, robust capital solutions fees, and higher fee-related performance fees
- • Near-record quarterly SRE of $871 million supported by continued strong organic growth at Athene
- • Total AUM grew 24% year-over-year to $908 billion driven by $82 billion quarterly inflows
- • Management fees increased 22% year-over-year from third-party asset management inflows and record gross capital deployment
- • Capital solutions fees grew 33% year-over-year driven by direct lending, asset-backed finance, and opportunistic credit transactions
- • Fixed income and other net investment income grew 22% year-over-year to $3.4 billion
- • Alternative net investment income grew 36% year-over-year
- • Nearly 60% of total AUM and over 70% of Fee-Generating AUM is perpetual capital
APO YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
APO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our outstanding third quarter results reflect broad based momentum across the business. In a world of re-industrialization, aging populations, and investors seeking greater access to private markets, we are delivering with leading origination, new product solutions and distribution, and excess return for our clients. We are uniquely built to capitalize on these structural trends and our global team is making significant early progress executing our strategic growth plan.”
— Marc Rowan, Q3 2025 Earnings Press Release
APO Earnings Trends
APO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APO EPS Trend
Earnings per share: estimate vs actual
APO Revenue Trend
Quarterly revenue: estimate vs actual
APO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $1.42 | $2.47 | +73.94% | $9.86B | — |
| FY Full Year | $7.95 | $8.38 | +5.39% | $32.05B | +625.22% |
| Q3 25 BEAT | $1.90 | $2.17 | +14.20% | $9.82B | +793.26% |
| Q2 25 BEAT | $1.84 | $1.92 | +4.16% | $6.81B | +574.71% |
| Q1 25 MISS | $1.84 | $1.82 | -1.31% | $5.55B | +475.20% |