Apollo Global Management reported its third‑quarter 2025 earnings on November 4, 2025. Adjusted earnings per share were $2.14, surpassing the consensus estimate of $1.90. Fee‑related earnings reached a quarterly record of $652 million, up from $627 million in the prior quarter and $531 million a year earlier. Management fees climbed to $863 million, reflecting a 22% year‑over‑year increase driven by third‑party asset‑management inflows and growth from retirement‑services clients. Spread‑related earnings excluding notable items were $846 million, up from $821 million in Q2 2025. Principal‑investing income was $50 million, a modest rise from $47 million in Q2 2025 but down from $78 million in Q3 2024. Total assets under management reached $908 billion, exceeding the consensus of $890 billion, while gross inflows rose to $82 billion from $61 billion in Q2 2025. Dry powder increased to $75 billion at the end of the quarter, and origination volume fell to $75 billion from $81 billion in the prior quarter. Capital deployment grew to $99 billion from $90 billion, and total expenses were $7.07 billion, up from $5.72 billion in Q2 2025.
The company declared a cash dividend of $0.51 per common share, payable on November 28, 2025, and a dividend of $0.8438 per share for mandatory convertible preferred stock, payable on January 31, 2026.
Management highlighted the results as “outstanding” and cited broad‑based momentum across the business, noting that Apollo’s growth pillars—origination, global wealth, and capital solutions—continue to drive fee‑related earnings and asset‑under‑management growth.
Apollo’s performance underscores its execution on a strategy focused on retirement services, third‑party asset‑management inflows, and record gross capital deployment, positioning the firm to capitalize on structural trends such as re‑industrialization, aging populations, and increased demand for private‑market exposure.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.