Apollo Global Management LLC Class A
NYSE: APO · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-12
Apollo Global Management LLC Class A (APO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $346.48M | $637.85M | $-266.70M | $966.73M | $2.11B | $171.63M | $2.86B | $3.73B | $1.56B | $1.04B | $2.07B | $2.77B | $1.09B | $2.93B | $2.35B | $5.95B | $10.97B | $32.64B | $26.11B | $30.30B |
| Revenue growth (YoY) | — | +84.1% | -141.8% | +462.5% | +118.3% | -91.9% | +1566.3% | +30.5% | -58.2% | -33.2% | +99.1% | +33.7% | -60.6% | +168.2% | -19.7% | +152.8% | +84.3% | +197.6% | -20.0% | +16.0% |
| Cost of revenue | $266.77M | $1.45B | $843.60M | $1.50B | $1.94B | $1.34B | $1.75B | $1.59B | $740.56M | $537.43M | $849.19M | $1.04B | $459.60M | $514.51M | $628.00M | $778.00M | $1.94B | $3.74B | $1.14B | $3.49B |
| Gross profit | $79.71M | $-812.48M | $-1.11B | $-528.28M | $166.55M | $-1.17B | $1.11B | $2.14B | $819.52M | $504.24M | $1.22B | $1.74B | $633.46M | $2.42B | $1.73B | $5.17B | $1.61B | $29.47B | $24.97B | $26.80B |
| Gross margin | 23.0% | -127.4% | 416.3% | -54.6% | 7.9% | -681.2% | 39.0% | 57.3% | 52.5% | 48.4% | 59.0% | 62.6% | 58.0% | 82.5% | 73.3% | 86.9% | 14.7% | 90.3% | 95.6% | 88.5% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.00 | $0.00 | $0.00 | — | — |
| SG&A | $78.17M | $118.44M | — | $94.95M | $127.03M | $170.65M | $189.86M | $221.56M | $265.19M | $255.06M | $247.00M | $257.86M | $381.84M | $1.08B | $818.00M | $3.20B | $648.06M | $2.57B | $2.64B | $3.55B |
| Operating income | $-1.75M | $-978.91M | $-1.55B | $-689.52M | $-47.49M | $-1.37B | $812.12M | $1.86B | $554.34M | $249.18M | $977.38M | $1.48B | $251.62M | $1.34B | $908.00M | $1.98B | $115.90M | $5.88B | $8.30B | $10.42B |
| Operating margin | -0.5% | -153.5% | 582.2% | -71.3% | -2.3% | -795.9% | 28.4% | 49.9% | 35.5% | 23.9% | 47.1% | 53.3% | 23.0% | 45.7% | 38.6% | 33.2% | 1.1% | 18.0% | 31.8% | 34.4% |
| EBITDA | $1.81B | $1.60B | $-2.84B | $7.88M | $694.65M | $-1.23B | $3.20B | $2.57B | $944.63M | $451.77M | $1.12B | $1.84B | $211.18M | $1.55B | $953.00M | $5.79B | $994.90M | $6.69B | $8.85B | $10.49B |
| EBITDA margin | 521.1% | 251.0% | 1065.8% | 0.8% | 32.9% | -713.8% | 112.0% | 68.7% | 60.5% | 43.4% | 54.2% | 66.4% | 19.3% | 52.9% | 40.5% | 97.4% | 9.1% | 20.5% | 33.9% | 34.6% |
| EBIT | $1.80B | $1.59B | $-2.86B | $-16.42M | $670.40M | $-1.25B | $3.15B | $2.51B | $899.56M | $407.30M | $1.10B | $1.82B | $195.94M | $1.53B | $934.00M | $5.77B | $115.90M | $5.88B | $7.77B | $9.45B |
| Interest expense | $8.84M | $345.97M | $62.62M | $50.25M | $35.44M | $40.85M | $37.12M | $29.26M | $22.39M | $30.07M | $43.48M | $52.87M | $90.67M | $126.78M | $381.00M | $907.00M | $130.51M | $145.00M | $226.00M | $326.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $372.98M | $-569.65M | $-912.26M | $-155.18M | $94.62M | $-468.83M | $310.96M | $659.39M | $168.23M | $106.00M | $388.02M | $608.45M | $-28.50M | $807.96M | $157.00M | $1.84B | $1.99B | $5.05B | $4.43B | $4.48B |
| Net income growth (YoY) | — | -252.7% | -60.1% | +83.0% | +161.0% | -595.5% | +166.3% | +112.1% | -74.5% | -37.0% | +266.1% | +56.8% | -104.7% | +2935.5% | -80.6% | +1071.3% | +8.4% | +153.1% | -12.3% | +1.2% |
| Profit margin | 107.6% | -89.3% | 342.0% | -16.1% | 4.5% | -273.2% | 10.9% | 17.7% | 10.8% | 10.2% | 18.7% | 22.0% | -2.6% | 27.6% | 6.7% | 30.9% | 18.2% | 15.5% | 16.9% | 14.8% |
Frequently asked questions
What is Apollo Global Management LLC Class A's revenue?
Apollo Global Management LLC Class A's trailing twelve-month revenue is $31.29B, and consensus projects about $59.80B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is APO?
In its most recent fiscal year, APO ran a gross margin of 88.47%, an operating margin of 34.39%, and a net margin of 14.79%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does APO generate?
APO produced $7.45B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is APO's balance sheet healthy?
APO holds $19.24B in cash and equivalents against $13.36B in long-term debt, on $23.34B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.