Apollo Global Management Reports $5.5 Billion Revenue, 21.2% Decline in Q1 2025

Apollo Global Management, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $5.5 billion, a decrease of 21.2% from $7.0 billion in the same period last year. The decline was primarily driven by a significant drop in investment-related gains, which fell to a loss of $828 million compared to a gain of $1.7 billion in the prior year. Management fees increased by 16% to $508 million, reflecting growth in assets under management (AUM), which reached $785 billion, up from $751 billion at the end of 2024.

The company's net income attributable to common stockholders was $418 million, or $0.68 per diluted share, down 70.2% from $1.4 billion, or $2.28 per diluted share, in the previous year. This decline was attributed to lower investment income and increased expenses, which rose to $4.3 billion from $4.9 billion, largely due to higher compensation and benefits costs. The total compensation and benefits expense was $745 million, an increase of 11.7% year-over-year, driven by higher profit-sharing expenses and salary increases.

In terms of strategic developments, Apollo announced its intention to acquire Bridge Investment Group Holdings Inc. in an all-stock transaction, expected to close in the second half of 2025, pending regulatory approvals. The company also reported a headcount of 5,141 employees, including 1,984 at its subsidiary, Athene, which specializes in retirement services. Athene's investment portfolio grew significantly, with total investments, including related parties and consolidated variable interest entities, increasing to $332.8 billion as of March 31, 2025, compared to $314.6 billion at the end of 2024.

Looking ahead, Apollo's management expressed optimism about the company's ability to navigate current market conditions, which include elevated inflation and fluctuating interest rates. The firm is focused on leveraging its diverse investment strategies to generate returns and expand its AUM. The company also highlighted its commitment to maintaining a strong liquidity position, with $12.9 billion in unrestricted cash and cash equivalents as of March 31, 2025, alongside available credit facilities totaling $5.1 billion.