← Apollo Global Management, Inc.

Annual Trend FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — ($3.5b) $6.5b $6.4b $5.4b
Net income (loss) $467.0m $4.3b ($4.7b) $6.5b $6.4b $5.4b
Other non-cash amounts included in net income (loss), net $77.0m $642.0m $321.0m ($415.0m) $92.0m $593.0m
Net Income (Loss) Attributable to Parent $467.0m $1.8b ($3.2b) $5.0b $4.6b $3.5b
Net Income (Loss) Available to Common Stockholders, Basic $467.0m $1.8b ($3.2b) $5.0b $4.5b $3.4b
Net Income (Loss) Attributable to Noncontrolling Interest — $2.4b ($1.5b) $1.5b $1.8b $1.9b
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — $4.3b ($4.7b) $6.5b $6.4b $5.4b
Deferred Policy Acquisition Costs, Amortization Expense — — $25.0m — — —
Depreciation Amortization Depletion — — $529.0m $803.0m $1.1b $1.4b
Depreciation and amortization $19.0m $27.0m $594.0m $803.0m $1.1b $1.4b
Depreciation, Depletion and Amortization $19.0m $27.0m $594.0m $803.0m $1.1b $1.4b
Net amortization (accretion) of net investment premiums, discount and other $0 $0 $285.0m $81.0m ($123.0m) ($202.0m)
Deferred Income Tax — $464.7m $107.6m — — —
Deferred Income Tax Expense (Benefit) — $475.0m ($1.6b) ($1.9b) ($99.0m) $643.0m
Deferred Tax — $464.7m $107.6m — — —
Payment, Tax Withholding, Share-based Payment Arrangement — $141.0m $185.0m $259.0m $338.0m $583.0m
Share-based Payment Arrangement, Expense — $1.2b $540.0m $1.0b $721.0m $789.0m
Share-based Payment Arrangement, Noncash Expense — $1.2b $540.0m $1.0b $721.0m $789.0m
Income Tax Expense (Benefit) — $594.0m ($1.1b) ($923.0m) $1.1b $1.3b
Purchases of investments and contributions to equity method investments $0 $0 ($4.0b) ($4.7b) ($3.8b) ($9.2b)
Sales, maturities and repayments of investments and distributions from equity method investments $1.8b $4.0b $34.3b $29.1b $59.4b $92.6b
Additional Financial Items
Acquisition of subsidiaries, net of cash acquired — — — $0 $0 $99.0m
Beginning Cash Position — — $2.1b $11.1b $17.7b $17.1b
Borrowings of VIEs settled with investments — $0 $0 $52.0m $0 $0
Capital increases related to equity-based compensation $174.0m $1.2b $413.0m $867.0m $606.0m $640.0m
Cash Flow From Continuing Financing Activities — — $28.7b $42.6b $58.0b $60.2b
Cash Flow From Continuing Investing Activities — — ($23.4b) ($42.4b) ($61.8b) ($64.0b)
Change In Account Payable — $25.1m $22.1m — — —
Change In Other Current Liabilities — — $3.9b $4.3b ($2.0b) ($367.0m)
Change In Other Working Capital — — $2.0b ($898.0m) $4.1b $6.6b
Change In Payable — $519.9m $80.4m — — —
Change In Payables And Accrued Expense — $519.9m $80.4m — — —
Change In Receivables — $28.5m ($232.8m) — — —
Change In Working Capital — — $5.9b $3.4b $2.1b $6.2b
Changes In Cash — — $9.1b $6.6b ($576.0m) $3.5b
Changes in consolidation $502.0m ($48.0m) ($482.0m) ($54.0m) $248.0m ($42.0m)
Contributions from non-controlling interests $843.0m $2.3b $4.8b $2.9b $3.1b $2.9b
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded — — $270.0m $155.0m $118.0m $55.0m
Debt Securities, Available-for-sale, Realized Gain (Loss) — — ($814.0m) $147.0m ($1.0b) $1.5b
Deposits on investment-type policies and contracts $0 $0 $33.9b $53.7b $71.3b $81.2b
Deposits on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) $0 $0 $878.0m $99.0m ($4.1b) ($1.8b)
Distribution of investments to non-controlling interests of consolidated VIEs — — — $0 $1.1b $0
Distributions paid to shareholders — $517.0m $962.0m $1.0b $1.1b $1.2b
Distributions to redeemable non-controlling interests $0 $0 ($776.0m) ($1.1b) $0 $0
End Cash Position — — $11.1b $17.7b $17.1b $20.6b
Equity Securities, FV-NI, Realized Gain (Loss) — — ($153.0m) $13.0m $22.0m $55.0m
Equity Securities, FV-NI, Unrealized Gain (Loss) — — ($146.0m) $51.0m $12.0m $36.0m
Equity-based compensation $213.0m $1.2b $540.0m $1.0b $721.0m $789.0m
Financing Cash Flow — — $28.7b $42.6b $58.0b $60.2b
Free Cash Flow — — $3.8b $6.3b $3.3b $7.2b
Future policy benefits, market risk benefits and reinsurance recoverable $0 $0 $5.3b $4.3b ($2.0b) ($367.0m)
Gain (Loss) on Sale of Mortgage Loans — — ($3.0b) $207.0m ($132.0m) $2.3b
Gain Loss On Investment Securities — — $4.4b ($3.2b) ($4.9b) ($4.8b)
Goodwill — $117.0m $4.3b $4.3b $4.3b $5.9b
Interest sensitive contract liabilities $0 $0 ($1.3b) $3.9b $5.7b $7.7b
Investing Cash Flow — — ($23.4b) ($42.4b) ($61.8b) ($64.0b)
Investments exchanged with third-party cedants $0 $0 $612.0m $145.0m $0 $0
Investments received at inception of reinsurance agreements — $0 $0 $2.2b $0 $0
Investments received from pension group annuity premiums $0 $0 $4.2b $4.8b $521.0m $540.0m
Investments received from settlements on reinsurance agreements $0 $0 $36.0m $1.1b $48.0m $0
Issuance Of Capital Stock — — $0 $1.4b $0 $0
Issuance of Mandatory Convertible Preferred Stock, net of issuance costs — $0 $0 $1.4b $0 $0
Issuance of restricted shares $29.0m $79.0m $36.0m $41.0m $52.0m $55.0m
Issuance of warrants — — $142.0m $0 $109.0m $54.0m
Net Business Purchase And Sale — — $30.3b $24.4b $55.6b $83.4b
Net PPE Purchase And Sale — ($64.7m) ($202.5m) — — —
Net Preferred Stock Issuance — — $0 $1.4b $0 $0
Net change in cash collateral posted for derivative transactions and securities to repurchase $0 $0 ($330.0m) $829.0m $4.1b $340.0m
Net investment income ($392.0m) ($3.7b) ($1.3b) ($1.1b) ($1.4b) ($1.4b)
Net recognized (gains) losses on investments and derivatives $430.0m ($3.2b) $5.7b ($2.1b) ($3.5b) ($3.5b)
Operating Expenses — $4.1b $17.5b $27.3b $19.0b $25.3b
Operating Gains Losses — — $4.4b ($3.2b) ($4.9b) ($4.8b)
Other Non Cash Items — — ($4.1b) ($2.2b) ($2.2b) ($1.7b)
Other assets and liabilities, net ($24.0m) $3.0b $3.0b ($4.8b) ($1.6b) ($1.1b)
Policy acquisition costs deferred $0 $0 ($1.1b) ($1.6b) ($1.5b) ($1.9b)
Preferred Stock Issuance — — $0 $1.4b $0 $0
Purchase Of Business — — ($4.0b) ($4.7b) ($3.8b) ($9.2b)
Purchase Of PPE — ($64.7m) ($202.5m) — — —
Purchases of U.S. Treasury securities ($1.9b) ($4.5b) ($4.9b) ($490.0m) $0 ($455.0m)
Purchases of available-for-sale securities $0 $0 ($36.7b) ($37.3b) ($80.2b) ($93.5b)
Purchases of mortgage loans $0 $0 ($13.0b) ($21.0b) ($28.2b) ($41.4b)
Realized Investment Gains (Losses) — — ($12.7b) $1.4b $2.0b $1.5b
Redemption of subsidiary equity interests — $0 $0 ($575.0m) $0 $0
Reduction in investments relating to recapture of reinsurance agreement — $0 $0 $482.0m $0 $0
Repurchase Of Capital Stock — — ($635.0m) ($561.0m) ($890.0m) ($773.0m)
Sale Of Business — — $34.3b $29.1b $59.4b $92.6b
Stock Based Compensation — — $540.0m $1.0b $721.0m $789.0m
Subsidiary issuance of equity interest — — $0 $0 $72.0m $0
Subsidiary issuance of equity interests to non-controlling interests — $0 $0 $632.0m $0 $0
Unrealized Gain Loss On Investment Securities — ($2.6b) $24.5m — — —
Withdrawals on investment-type policies and contracts $0 $0 ($10.2b) ($14.1b) ($19.1b) ($22.7b)
Withdrawals on investment-type policies and contracts through reinsurance agreements, net assumed (ceded) $0 $0 $9.1b $12.4b $8.5b $5.8b
Derivative, Gain (Loss) on Derivative, Net — — ($9.2b) $2.1b $2.2b ($1.6b)
Net cash provided by operating activities ($1.6b) $1.1b $3.8b $6.3b $3.3b $7.2b
Net Cash Provided by (Used in) Operating Activities ($1.6b) $1.1b $3.8b $6.3b $3.3b $7.2b
Cash flows from investing activities:
Capital Expenditure — ($64.7m) ($202.5m) — — —
Payments to Acquire Businesses, Net of Cash Acquired — — — — — ($99.0m)
Net Investment Purchase And Sale — — ($63.9b) ($67.0b) ($116.2b) ($145.8b)
Payments to Acquire Investments — — — — — $444.0m
Purchase Of Investment — — ($63.9b) ($67.0b) ($116.2b) ($145.8b)
Purchase of investments — — — $10.0m $14.0m $61.0m
Purchases of derivatives instruments and other investments $0 $0 ($3.0b) ($5.6b) ($5.0b) ($6.2b)
Purchases of investment funds ($784.0m) ($1.0b) ($6.3b) ($2.7b) ($2.8b) ($4.3b)
Purchases of investments by funds and VIEs ($5.0b) ($4.7b) ($7.1b) ($5.7b) ($5.6b) ($6.9b)
Proceeds from sale of investments by funds and VIEs $2.1b $3.5b $4.0b $5.5b $4.7b $6.7b
Sale Of Investment — $3.7b $6.1b — — —
Net Other Investing Changes — — $10.1b $231.0m ($1.2b) ($1.6b)
Other investing activities, net ($52.0m) ($69.0m) ($277.0m) $231.0m ($1.2b) ($1.7b)
Payments for (Proceeds from) Other Investing Activities — $69.0m $277.0m ($231.0m) $1.2b $1.7b
Net cash used in investing activities ($838.0m) ($1.6b) ($23.4b) ($42.4b) ($61.8b) ($64.0b)
Net Cash Provided by (Used in) Investing Activities ($838.0m) ($1.6b) ($23.4b) ($42.4b) ($61.8b) ($64.0b)
Cash flows from financing activities:
Issuance of debt $4.3b $1.3b $5.7b $4.9b $7.9b $7.2b
Long Term Debt Issuance — — $5.7b $4.9b $7.9b $7.2b
Net Issuance Payments Of Debt — — $1.7b $1.1b $2.7b $2.6b
Net Long Term Debt Issuance — — $1.7b $1.1b $2.7b $2.6b
Proceeds from Issuance of Long-term Debt — $1.3b $5.7b $4.9b $7.9b $7.2b
Long Term Debt Payments — — ($4.0b) ($3.8b) ($5.3b) ($4.6b)
Repayment of debt ($925.0m) ($2.0b) ($4.0b) ($3.8b) ($5.3b) ($4.6b)
Repayments of Long-term Debt — $2.0b $4.0b $3.8b $5.3b $4.6b
Common Stock Issuance — $1.0b $0 $0 — —
Issuance of common stock related to equity transactions — — $252.0m $0 $12.0m $0
Issuance of common stock to donor-advise fund — — — $0 $0 $200.0m
Net Common Stock Issuance — — ($635.0m) ($561.0m) ($890.0m) ($773.0m)
Common Stock Payments — — ($635.0m) ($561.0m) ($890.0m) ($773.0m)
Payments for Repurchase of Common Stock — $299.0m $635.0m $561.0m $890.0m $773.0m
Payments of Ordinary Dividends, Common Stock — $517 $962 $1k $1k $1k
Repurchase of common stock ($92.0m) ($299.0m) ($635.0m) ($561.0m) ($890.0m) ($773.0m)
Proceeds from Noncontrolling Interests — $2.3b $4.8b $2.9b $3.1b $2.9b
Cash Dividends Paid — — ($962.0m) ($1.0b) ($1.2b) ($1.3b)
Common Stock Dividend Paid — — ($962.0m) ($1.0b) ($1.1b) ($1.2b)
Common stock dividends ($550.0m) ($517.0m) ($962.0m) ($1.0b) ($1.1b) ($1.2b)
Dividends Received CFI — $322.8m $97.9m — — —
Preferred Stock Dividend Paid — — $0 ($22.0m) ($97.0m) ($97.0m)
Preferred stock dividends ($37.0m) ($37.0m) $0 ($22.0m) ($97.0m) ($97.0m)
Net Other Financing Charges — — $28.6b $41.7b $57.4b $59.7b
Other financing activities, net ($157.0m) ($187.0m) $2.2b $257.0m ($788.0m) ($178.0m)
Proceeds from (Payments for) Other Financing Activities — ($187.0m) $2.2b $257.0m ($788.0m) ($178.0m)
Net cash provided by financing activities $3.3b $109.0m $28.7b $42.6b $58.0b $60.2b
Net Cash Provided by (Used in) Financing Activities $3.3b $109.0m $28.7b $42.6b $58.0b $60.2b
Effect Of Exchange Rate Changes — — ($15.0m) $10.0m ($3.0m) $5.0m
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $0 ($15.0m) $10.0m ($3.0m) $5.0m
Effect of exchange rate changes on cash and cash equivalents $0 $0 ($15.0m) $10.0m ($3.0m) $5.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — ($379.0m) $9.0b $6.6b ($579.0m) $3.5b
Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities $846.0m ($379.0m) $9.0b $6.6b ($579.0m) $3.5b
Cash and cash equivalents $1.6b $917.0m $9.0b $16.9b $16.8b $20.4b
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period $2.5b $2.1b $11.1b $17.7b $17.1b $20.6b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — $2.1b $11.1b $17.7b $17.1b $20.6b
Restricted cash and cash equivalents $18.0m $708.0m $1.7b $1.8b $946.0m $1.4b
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — $9.0b $6.6b ($579.0m) $3.5b
Cash paid for interest $307.0m $556.0m $566.0m $720.0m $805.0m $994.0m
Distributions paid to non-controlling interests ($855.0m) ($1.5b) ($1.1b) ($766.0m) ($1.3b) ($1.9b)
Interest Paid, Excluding Capitalized Interest, Operating Activities ($516.0m) $556.0m $566.0m $720.0m $805.0m $994.0m
Cash paid for taxes $37.0m $121.0m $1.0b $358.0m $1.0b $590.0m
Income Taxes Paid, Net $37.0m $121.0m $1.0b $358.0m $1.0b $590.0m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.