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Keywords: Apollo Global Management stock, APO stock, Apollo earnings, alternative asset manager, Apollo Q4 results, private markets

TLDR

• Apollo reported lower GAAP net income despite a sharp revenue jump
• Adjusted earnings beat Wall Street expectations by a wide margin
• Revenue surged nearly 87% year over year to $9.86 billion
• Assets under management reached $938 billion at year-end 2025
• APO stock rallied after results, trading above $133

Apollo Global Management, Inc. ($APO) delivered mixed fourth-quarter results, posting a sharp decline in GAAP net income even as revenue nearly doubled year over year. The stock closed at $133.03 on February 6, up 5.51%, and climbed further to $137.50 in pre-market trading, reflecting investor optimism around Apollo’s underlying operating strength.

Apollo Global Management, Inc. (APO)

Q4 Earnings Show Sharp GAAP Decline

Apollo reported fourth-quarter net income of $660 million, or $1.07 per share, down from $1.462 billion, or $2.39 per share, in the same period last year. The decline highlights the impact of year-ago comparisons that benefited from stronger investment-related gains.

On a GAAP basis, the earnings drop contrasted sharply with the firm’s top-line growth and adjusted performance. Revenue rose 86.7% to $9.864 billion, compared with $5.283 billion a year earlier, marking one of Apollo’s strongest quarterly revenue expansions in recent years.

Adjusted Earnings Beat Expectations

Excluding certain items, Apollo reported adjusted earnings of $1.540 billion, or $2.47 per share. That figure exceeded analyst expectations by $0.43 per share, while revenue came in far above the consensus estimate of roughly $5.3 billion.

The strong adjusted results helped soften concerns around the GAAP income decline. Shares edged higher in pre-market trading following the announcement before extending gains, signaling that investors focused more on operating momentum than headline net income.

A Year Of Exceptional Execution

Management framed the quarter as a capstone to a standout year. Chairman and Chief Executive Officer Marc Rowan described 2025 as a period of “exceptional execution,” driven by record origination and capital inflows.

Apollo reported origination activity exceeding $300 billion during the year, alongside inflows of more than $225 billion. Those trends fueled record fee and spread-related earnings, reinforcing the firm’s position as one of the most active players in private credit and alternative investments.

Assets Under Management Near $1 Trillion

By December 31, 2025, Apollo’s assets under management reached approximately $938 billion. The scale underscores the firm’s growing influence across private markets, retirement solutions, and structured financing.

Throughout the year, Apollo emphasized its role in financing industrial growth and expanding access to private markets. The company has leaned heavily into areas such as private credit and retirement-focused products, which have become core drivers of fee-based earnings.

Dividends And Shareholder Returns

Alongside earnings, Apollo declared a quarterly cash dividend of $0.51 per share of common stock. The dividend will be paid on February 27, 2026, to shareholders of record as of February 19, 2026.

The firm also announced a cash dividend of $0.8438 per share on its Mandatory Convertible Preferred Stock. The payouts reinforce Apollo’s focus on returning capital to shareholders while continuing to scale its investment platform.

Market Reaction And Outlook

While GAAP earnings fell sharply, the market response suggests confidence in Apollo’s longer-term trajectory. Revenue growth, adjusted earnings strength, and rising assets under management outweighed concerns tied to year-over-year income comparisons.

Apollo’s ability to attract capital at scale remains a key differentiator as institutional investors seek yield outside traditional markets. With APO stock rallying strongly on the day of the report, investors appear to be betting that the firm’s origination engine and private market exposure can sustain growth, even in a shifting macro environment.

As Apollo matures in 2026, the focus will remain on inflows, deployment opportunities, and fee durability. The fourth-quarter results show that while reported income can fluctuate, the firm’s core business momentum continues to build.