v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues        
Premiums     $ 351 $ 1,163
Total Revenues $ 9,823 $ 7,773 22,185 20,831
Expenses        
Total Expenses 7,070 5,816 17,130 15,291
Other income (loss) – Asset Management        
Income (loss) before income tax (provision) benefit 2,899 2,086 4,925 5,711
Income tax (provision) benefit (438) (317) (684) (1,000)
Net income (loss) 2,461 1,769 4,241 4,711
Net (income) loss attributable to non-controlling interests (725) (958) (1,433) (1,620)
Net income (loss) attributable to Apollo Global Management, Inc. 1,736 811 2,808 3,091
Preferred stock dividends (24) (24) (73) (73)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic 1,712 787 2,735 3,018
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted $ 1,712 $ 787 $ 2,735 $ 3,018
Earnings (loss) per share        
Net income (loss) attributable to common stockholders - Basic (in dollars per share) $ 2.82 $ 1.30 $ 4.51 $ 4.96
Net income (loss) attributable to common stockholders - Diluted (in dollars per share) $ 2.78 $ 1.29 $ 4.47 $ 4.94
Weighted average shares outstanding        
Weighted average shares outstanding – Basic (in shares) 589,380,547 585,382,685 587,778,565 586,921,189
Weighted average shares outstanding – Diluted (in shares) 607,824,766 588,541,814 592,215,206 589,907,752
Management fees        
Revenues        
Revenues $ 606 $ 476 $ 1,697 $ 1,376
Advisory and transaction fees, net        
Revenues        
Revenues 378 181 850 617
Incentive fees        
Revenues        
Revenues 51 35 149 108
Asset Management        
Revenues        
Property management, development and other fees 8 0 8 0
Investment income (loss) 444 230 936 910
Total Revenues 1,487 922 3,640 3,011
Expenses        
Compensation and benefits 761 605 2,108 1,876
Interest expense 64 55 184 159
General, administrative and other 409 326 1,087 885
Total Expenses 1,234 986 3,379 2,920
Other income (loss) – Asset Management        
Net gains (losses) from investment activities 78 15 (208) 33
Net gains (losses) from investment activities of consolidated variable interest entities 35 44 250 70
Other income (loss), net 33 70 (172) 68
Total Other income (loss) 146 129 (130) 171
Retirement Services        
Revenues        
Investment income (loss) 5,013 4,101 14,130 11,481
Premiums 117 389 351 1,163
Product charges 292 267 831 756
Investment related gains (losses) 2,254 1,539 1,421 3,082
Revenues of consolidated variable interest entities 654 552 1,796 1,329
Other revenues 6 3 16 9
Total Revenues 8,336 6,851 18,545 17,820
Expenses        
Interest sensitive contract benefits 4,164 2,599 9,086 7,307
Future policy and other policy benefits 613 793 1,681 2,431
Market risk benefits remeasurement (gains) losses 131 524 405 354
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 355 244 914 678
Policy and other operating expenses 573 670 1,665 1,601
Total Expenses $ 5,836 $ 4,830 $ 13,751 $ 12,371