AP
APO
APO Apollo Global Management (APO) Q4 FY24 earnings call
Apollo Global Management concluded FY24 with record Q4 earnings, driven by strong fee-related and spread-related earnings, and achieved its highest quarterly adjusted net income. The firm reported record annual AUM and origination volumes, demonstrating robust execution against its strategic plan. Management emphasized disciplined growth, focusing on long-term value creation and strategic investments in key growth areas, while navigating a dynamic market and regulatory environment.
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APO operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | 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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