v3.25.4
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Goodwill $ 5,920 $ 4,327
Reinsurance recoverable 10,282 8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired 8,634 7,173
Total Assets 460,949 377,895
Liabilities    
Debt 13,364 10,588
Interest sensitive contract liabilities 315,889 253,637
Future policy benefits 50,264 49,902
Market risk benefits 4,930 4,028
Total Liabilities 418,434 346,915
Commitments and Contingencies (note 19)
Redeemable non-controlling interests    
Redeemable non-controlling interests 0 16
Equity    
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 1,398 1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 578,981,398 and 565,738,933 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 0 0
Additional paid in capital 16,954 15,327
Retained earnings (accumulated deficit) 7,634 6,022
Accumulated other comprehensive income (loss) (2,645) (5,494)
Total Apollo Global Management, Inc. Stockholders’ Equity 23,341 17,253
Non-controlling interests 19,174 13,711
Total Equity 42,515 30,964
Total Liabilities, Redeemable non-controlling interests and Equity 460,949 377,895
VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 896 741
Asset Management    
Assets    
Restricted cash and cash equivalents 19 3
Due from related parties 663 584
Goodwill 1,848 264
Total Assets 19,548 15,256
Liabilities    
Due to related parties 1,062 710
Debt 5,516 4,279
Total Liabilities 12,388 9,968
Asset Management | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents 3,350 2,692
Due from related parties 647 584
Other assets 3,376 2,579
Liabilities    
Accounts payable, accrued expenses, and other liabilities 3,861 3,616
Asset Management | VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 327 158
Investments 3,509 2,806
Due from related parties 16 0
Other assets 230 84
Liabilities    
Accounts payable, accrued expenses, and other liabilities 1,949 1,363
Asset Management | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments 6,226 6,086
Asset Management | Nonrelated Party | VIE, Primary Beneficiary    
Assets    
Investments 3,509 2,806
Retirement Services    
Assets    
Restricted cash and cash equivalents 1,332 943
Goodwill 4,072 4,063
Reinsurance recoverable 10,282 8,194
Deferred acquisition costs, deferred sales inducements and value of business acquired 8,634 7,173
Total Assets 441,401 362,639
Liabilities    
Debt 7,848 6,309
Interest sensitive contract liabilities 315,889 253,637
Future policy benefits 50,264 49,902
Market risk benefits 4,930 4,028
Payables for collateral on derivatives and securities to repurchase 11,085 11,652
Total Liabilities 406,046 336,947
Retirement Services | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents 14,994 12,733
Other assets 15,120 13,794
Liabilities    
Other liabilities 14,329 9,784
Retirement Services | VIE, Primary Beneficiary    
Assets    
Cash and cash equivalents 569 583
Other assets 346 565
Liabilities    
Other liabilities 1,701 1,635
Retirement Services | Nonrelated Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments 321,081 262,283
Retirement Services | Nonrelated Party | VIE, Primary Beneficiary    
Assets    
Investments 29,992 23,424
Retirement Services | Related Party | Consolidated Entity, Excluding Consolidated VIE    
Assets    
Investments $ 34,979 $ 28,884