v3.25.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Data for Reportable Segments
The following presents financial data for the Company’s reportable segments.

Years ended December 31,
(In millions)202520242023
Asset Management
Management fees1
$3,391 $2,776 $2,480 
Capital solutions fees and other, net808 668 538 
Fee-related performance fee266 208 146 
Fee-related compensation (1,178)(925)(835)
Other operating expenses(759)(664)(561)
Fee Related Earnings2,528 2,063 1,768 
Retirement Services
Fixed income and other net investment income13,021 10,805 8,739 
Alternative net investment income1,299 939 864 
Strategic capital management fees131 105 72 
Cost of funds(10,083)(7,702)(5,650)
Other operating expenses(447)(458)(481)
Interest and other financing costs(560)(465)(436)
Spread Related Earnings 3,361 3,224 3,108 
Principal Investing
Realized performance fees2
1,198 921 742 
Realized investment income95 74 (2)
Principal investing compensation(892)(664)(601)
Other operating expenses(63)(60)(56)
Principal Investing Income 338 271 83 
Segment Income$6,227 $5,558 $4,959 

Years ended December 31,
(In millions)202520242023
Segment Revenue
Asset Management1
$4,465 $3,652 $3,164 
Retirement Services14,451 11,849 9,675 
Principal Investing2
1,293 995 740 
Total Segment Revenue$20,209 $16,496 $13,579 

(In millions)December 31, 2025December 31, 2024
Segment Assets
Asset Management$5,026 $2,286 
Retirement Services430,122 355,683 
Principal Investing11,527 10,473 
Total Assets$446,675 $368,442 
1 Includes intersegment management fees from Retirement Services of $1,441 million, $1,223 million and $955 million for the years ended December 31, 2025, 2024 and 2023 respectively.
2 Includes intersegment realized performance fees from Retirement Services of $0 million, $30 million and $20 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments
The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the consolidated statements of operations:

Years ended December 31,
(In millions)202520242023
Segment Income$6,227 $5,558 $4,959 
Asset Management Adjustments:
Equity-based profit sharing expense1,5
(211)(321)(239)
Equity-based compensation(439)(308)(662)
Net (income) loss attributable to non-controlling interests in consolidated entities2,157 1,840 1,556 
Unrealized performance fees5
(64)264127 
Unrealized profit sharing expense5
34 (145)(179)
HoldCo interest and other financing costs2
(143)(80)(88)
Unrealized principal investment (income) loss5
25 (9)88 
Unrealized net (gains) losses from investment activities5
(362)46 37 
Transaction-related costs, restructuring and other non-operating expenses3
(487)(184)(147)
Retirement Services Adjustments:
Investment gains (losses), net of offsets19 217 170 
Non-operating change in insurance liabilities and related derivatives4
91 846 182 
Integration, restructuring and other non-operating items(121)(239)(130)
Equity-based compensation(49)(50)(88)
Income (loss) before income tax (provision) benefit$6,677 $7,435 $5,586 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the year ended December 31, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
5 Represents adjustments that primarily impact the Principal Investing segment.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues
Years ended December 31,
(In millions)202520242023
Segment Revenues$20,209 $16,496 $13,579 
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1
780 525 362 
Performance fees2
(59)273 126 
Principal investment income (loss)2
7 7 102 
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
757 479 331 
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3
5,334 4,398 15,616 
Change in fair value of reinsurance assets283 129 (86)
Forward points adjustment on FX derivative hedges(113)(133)(187)
Held-for-trading amortization191 108 191 
Reinsurance impacts157 223 264 
ACRA non-controlling interests on net investment earnings4,741 3,864 2,377 
Other retirement services adjustments(238)(255)(31)
Total Revenues$32,049 $26,114 $32,644 
1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash
revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the consolidated statements of operations for a breakout of individual items.
Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets
The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)December 31, 2025December 31, 2024
Total reportable segment assets$446,675 $368,442 
Adjustments1
14,274 9,453 
Total Assets$460,949 $377,895 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.
Schedule of Revenue from External Customers by Geographic Areas
The table below presents the percentage of total asset management GAAP revenues attributed to the Company’s region of domicile and attributed to all foreign regions which the Company derives its revenues. Revenues attributed to a geographic region are generally based on the country of domicile of the Apollo funds.

Years ended December 31,
202520242023
Asset Management
Americas86 %88 %91 %
Europe, Middle East and Africa13 11 8 
Asia-Pacific1 1 1 
100 %100 %100 %