APOLLO GLOBAL MANAGEMENT, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$32.0B
Gross margin	— not reported
Operating income	— not reported
Net income	$3.5B
Diluted EPS	$5.54
Cash & equivalents	— not reported
Total assets	$460.9B
Long-term debt	$13.4B

Key takeaway

Apollo reported $32.0 billion in revenue and $3.5 billion in net income for 2025, with an effective tax rate of 19.1%.

🔒 4 more takeaways in the full analysis

Beneath the surface

Noncontrolling interests are unusually large relative to net income—$1.9 billion of the $3.5 billion net income, plus $19.2 billion of minority interest on the balance sheet—showing much of Apollo's consolidated earnings and equity belong to outside investors, not AGM shareholders.

🔒 4 more insights a headline reader would miss