v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Premiums $ 2,628 $ 1,318 $ 12,749
Total Revenues 32,049 26,114 32,644
Expenses      
Future policy and other policy benefits 4,433 3,054 14,434
Total Expenses 25,289 18,982 27,331
Other income (loss) – Asset Management      
Income (loss) before income tax (provision) benefit 6,677 7,435 5,586
Income tax (provision) benefit (1,276) (1,062) 923
Net income (loss) 5,401 6,373 6,509
Net (income) loss attributable to non-controlling interests (1,909) (1,796) (1,462)
Net income (loss) attributable to Apollo Global Management, Inc. 3,492 4,577 5,047
Preferred stock dividends (97) (97) (46)
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, basic 3,395 4,480 5,001
Net income (loss) attributable to Apollo Global Management, Inc. common stockholders, diluted $ 3,395 $ 4,480 $ 5,001
Earnings (loss) per share      
Net income (loss) attributable to common stockholders – Basic (in dollars per share) $ 5.58 $ 7.39 $ 8.32
Net income (loss) attributable to common stockholders – Diluted (in dollars per share) $ 5.54 $ 7.33 $ 8.28
Weighted average shares outstanding      
Weighted average shares outstanding – Basic (in shares) 589,450,878 586,069,166 581,380,268
Weighted average shares outstanding – Diluted (in shares) 593,657,223 604,035,992 588,846,447
Management fees      
Revenues      
Revenues $ 2,378 $ 1,899 $ 1,772
Advisory and transaction fees, net      
Revenues      
Revenues 1,202 822 623
Incentive fees      
Revenues      
Revenues 245 150 80
Asset Management      
Revenues      
Investment income (loss) 1,143 1,305 1,032
Property management, development and other fees 32 0 0
Total Revenues 5,000 4,176 3,507
Expenses      
Compensation and benefits 2,993 2,608 2,722
Interest expense 256 226 145
General, administrative and other 1,546 1,170 872
Total Expenses 4,795 4,004 3,739
Other income (loss) – Asset Management      
Net gains (losses) from investment activities (251) 58 7
Net gains (losses) from investment activities of consolidated variable interest entities 304 90 130
Other income (loss), net (136) 155 136
Total Other income (loss) (83) 303 273
Retirement Services      
Revenues      
Investment income (loss) 19,245 15,718 12,080
Premiums 2,628 1,318 12,749
Product charges 1,137 1,016 848
Investment related gains (losses) 1,544 2,045 1,428
Revenues of consolidated variable interest entities 2,470 1,822 1,441
Other revenues 25 19 591
Total Revenues 27,049 21,938 29,137
Expenses      
Interest sensitive contract benefits 12,089 8,949 6,229
Future policy and other policy benefits 4,433 3,054 14,434
Market risk benefits remeasurement (gains) losses 452 (102) 404
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired 1,242 941 688
Policy and other operating expenses 2,278 2,136 1,837
Total Expenses $ 20,494 $ 14,978 $ 23,592