AP
APO
APO Apollo Global Management (APO) Q1 FY25 earnings call
Apollo Global Management delivered strong Q1 FY25 results, marked by record fee-related earnings and significant organic inflows, demonstrating resilience in a volatile market. The firm emphasized its principal mindset and origination-focused strategy, allowing it to navigate market disruptions and capitalize on opportunities, particularly in public markets. While spread-related earnings guidance was rebased due to macro headwinds and competitive pressures, management remains confident in long-term growth and strategic positioning.
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APO operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | This call Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Assets under management (AUM) | $751BRecord AUM, $751 billion, total inflow is $150 billion and origination volume over $220 billion.Source: earnings call transcript | β | $840BRobust inflows of $61 billion across the firm; record AUM, $840 billion.Source: earnings call transcript | $908BRecord AUM at the end of the quarter, $908 billion, up 24% year-over-year.Source: earnings call transcript | $938BIn Asset Management, we generated increases in AUM and fee-gen AUM of 25% year-over-year to $938 billion and $709 billion, respectively.Source: earnings call transcript | β | β | +3.3% |
| Origination volume | $60B+This quarter, second best quarter ever, more than $60 billion of originations.Source: earnings call transcript | $56BSolid origination quarter at $56 billion, led primarily by platforms.Source: earnings call transcript | $81B$81 billion originated from our platforms and our business in the quarter.Source: earnings call transcript | $75B$75 billion of origination led by platforms.Source: earnings call transcript | β | $71BOrigination for the quarter was a particularly high quality, $71 billion.Source: earnings call transcript | $74BOrigination here was a very strong quarter, $74 billion.Source: earnings call transcript | +4.2% |
| Net new assets | β | β | β | $82BRobust inflows of $82 billion for the quarter, led by asset management of $59 billion, retirement services of $23 billion.Source: earnings call transcript | $42BWe generated $42 billion of inflows in the quarter and $228 billion for the full year.Source: earnings call transcript | β | $60BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | β |
| Net new assets Athene | β | β | $21BInflows were driven by $40 billion from asset management, which included $12 billion of inorganic flows from the Redding Ridge Irradiant acquisition and $21 billion from Athene.Source: earnings call transcript | β | β | β | $22BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | β |
| Net new assets Asset Management | β | β | $40BInflows were driven by $40 billion from asset management, which included $12 billion of inorganic flows from the Redding Ridge Irradiant acquisition and $21 billion from Athene.Source: earnings call transcript | $59BRobust inflows of $82 billion for the quarter, led by asset management of $59 billion, retirement services of $23 billion.Source: earnings call transcript | β | β | $38BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | β |
| Net new assets Global Wealth | β | β | $4B+In Global Wealth, momentum continues to generate as we generated more than $4 billion of inflows in the quarter, the second best on record despite the turbulent backdrop.Source: earnings call transcript | $5BThe $5 billion we raised in the wealth channel was the second best quarter on record, bringing year-to-date total over $14 billion, up 60% over the prior year period.Source: earnings call transcript | β | β | $3BOur Global Wealth business had a solid quarter as well with fundraising totaling $3 billion and despite a softer backdrop, flows continue across semiliquid and drawdown strategies.Source: earnings call transcript | β |
| Net new assets Athene - Retail | β | β | $7BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $10BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | β | β | $12BIn particular, retail and flow insurance had exceptional quarters with inflows of $12 billion and $4 billion, respectively, marking the second highest quarter on record for each segment.Source: earnings call transcript | β |
| Net new assets Athene - Funding agreements | β | β | $12BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $10BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | β | β | β | -16.7% |
| Net new assets Athene - Flow reinsurance | β | β | $2BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $3BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | β | β | $4BIn particular, retail and flow insurance had exceptional quarters with inflows of $12 billion and $4 billion, respectively, marking the second highest quarter on record for each segment.Source: earnings call transcript | β |
| Origination volume Debt | β | β | β | β | β | $61BOur activity in the quarter was $61 billion of debt comprised approximately 75% investment grade with an average A rating and 25% sub-investment grade with an average rating of B With respect to spreads in the quarter, our investment-grade origination, we generated excess spread of 290 basis points over treasuries or approximately 210 basis points over comparably rated corporates.Source: earnings call transcript | $68BAcross our activity for the quarter, $68 billion was in debt, comprised basically 75% IG with an average rating of BBB+ and 25% sub-investment grade with an average rating of single B Consistent with recent quarters, we observed relatively stable spreads across our platform volumes.Source: earnings call transcript | +11.5% |
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