Apollo Global Management, Inc.

NYSE-APO

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	5,903	6,373	6,509	-3,507	4,267	466.8	1,536.8	19.3	1,443.6	970.3	350.5
Net Income
Depreciation & Amortization	1,336	1,075	803	529	27	18.8	15.8	15.2	18.4	18.7	44.5
Depreciation
Depreciation and Amortization
Amortization of Intangible Assets
Stock Based Compensation	766	721	1,026	540	1,181	213.1	189.6	173.2	91.5	103	97.7
Equity Based Compensation
Equity-Based Compensation
Other Adjustments	-5,834	-6,175	-5,171	3,426	-6,270	115.8	-1,431.7	560.5	-1,453.2	-854.9	-179.5
Interest Expense-Beneficial Conversion Feature
Net Investment Income
Change in Fair Value of Contingent Obligations
Gain from Remeasurements of Tax Receivable Agreement Liability
Gain from Change in Tax Receivable Agreement Liability
Deferred Taxes, Net
Gain on Business Acquisitions and Dispositions
Gain Related to General Partner Commitment
Loss Related to General Partner Commitment
Loss on Disposal of Fixed Assets
Gain from Repurchase of Debt
Other
Loss on Fixed Assets
Net Gain on Disposal of Fixed Assets
Gain on Business Acquisitions
Net Income Related to Cash Flow Hedge Instruments
Non-Cash Lease Expense
Net Recognized Losses on Investments and Derivatives
Amortization of Debt Issuance Costs
Non-Controlling Interest
Unrealized Gains from Investment in HFA and Other Investments
Unrealized Gains from Investment in Other Investments
Non-Cash Interest Income
Income from Equity Awards Received for Directors' Fees
Income from Equity Method Investment
Unrealized Gains from Investment Activities
Cash Distributions of Earnings from Equity Method Investments
Income from Equity Method Investments
Waived Management Fees
Non-Cash Compensation Expense Related to Waived Management Fees
Excess Tax Benefits from Share-Based Payment Arrangements
Principal Investment Income
Performance Allocations
Net Accretion of Net Investment Premiums, Discount and Other
Policy Acquisition Costs Deferred
Other Non-Cash Amounts Included in Net Income, Net
Non-Controlling Interest
Net Realized Gains from Investment Activities
Net Increase in Unrealized Gains and Losses from Investment Activities
Net Gains from Investment Activities
Net Unrealized Losses from Investment Activities
Net Unrealized Gains from Investment Activities
Non-Cash Dividends from Investment Activities
Net Realized Gains on Debt
Net Unrealized Losses on Debt
Net Unrealized Gains on Debt
Net Realized and Unrealized Gains from Investing Activities and Debt
Changes in Consolidation
Changes in Trade Receivables	—	—	—	—	—	—	4.4	0.7	5.7	6.2	303.3
Change in Carried Interest Receivables
Change in Carried Interest Receivable
Receivable from Brokers and Counterparties
Incentive Fees Receivable
Changes in Accounts Payable	—	—	—	—	—	25.6	23.5	2	11.4	-34.4	49.4
Accounts Payable and Accrued Expenses
Changes in Accrued Expenses	—	—	—	—	—	93.8	259.3	-213.7	225.5	226.1	-132.5
Accrued Compensation and Benefits
Profit Sharing Payable
Changes in Unearned Revenue	—	—	—	—	—	-50.9	-17.3	-13.7	-43.4	0.4	-18.4
Deferred Revenue
Changes in Other Operating Activities	513	1,259	3,155	2,801	1,859	-2,499.5	502.3	270.8	560.4	164.4	67.7
Due from Affiliates
Other Assets
Due from Related Parties
Due to Affiliates
Due to Related Parties
Change in Other Liabilities
Cash Relinquished with Deconsolidation of Funds
Net Purchases of Investments
Distributions from Investment Activities
Cash Transferred in from Consolidated Funds
Cash Transferred from Consolidated Funds
Change in Cash Held at Consolidated Variable Interest Entities
Purchases of Investments
Proceeds from Sale of Investments and Liquidating Dividends
Proceeds from Sale of Investments and Liquidating Distributions
Change in Other Assets
Change in Other Liabilities
Lease Liability
Change in Other Assets and Other Liabilities, Net
Cash Distributions of Earnings from Equity Method Investments
Cash Distributions of Earnings from Principal Investments
Cash Distributions of Earnings from Performance Allocations
Cash Distributions of Earnings from Principal Investments
Cash Distributions of Earnings from Performance Allocations
Earnings from Net Investment Income
Satisfaction of Contingent Obligations
Satisfaction of Contingent Obligations
Change in Cash Held at Consolidated Variable Interest Entities
Change in Consolidation
Purchases of Investments
Proceeds from Sale of Investments
Changes in Other Assets and Other Liabilities, Net
Changes in Other Assets and Other Liabilities, Net
Purchases of Investments by Funds and VIES
Proceeds from Sale of Investments by Funds and VIEs
Interest Sensitive Contract Liabilities
Future Policy Benefits, Market Risk Benefits and Reinsurance Recoverable
Other Assets and Liabilities, Net
Cash from Operating Activities	2,573	3,253	6,322	3,789	1,064	-1,616.4	1,082.7	814.3	859.9	599.8	582.7
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	—	—	—	—	—	-59.6	-39.5	-14.7	-8.5	-6.4	-6.2
Purchases of Fixed Assets
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Disposals of Fixed Assets
Purchases of Investments	-139,877	-120,036	-71,690	-67,882	-5,515	-2,657.7	-743.6	-823.6	-529.8	-271.8	-259.4
Cash Contributions to Equity Investments
Purchase of Investment in HFA
Investment in Apollo Senior Loan Fund
Purchase of Investments
Purchase of U.S. Treasury Securities
Cash Contributions to Equity Method Investments
Cash Contributions to Principal Investments
Purchases of Investments and Contributions to Equity Method Investments
Purchases of Available-for-Sale Securities
Purchases of Mortgage Loans
Purchases of Investment Funds
Purchases of U.S. Treasury Securities
Purchases of Derivatives Instruments and Other Investments
Purchase of U.S. Treasury Securities
Proceeds from Sale of Investments	75,706	59,426	29,052	34,295	4,032	1,823.6	521.1	594.1	117.6	102.8	86.6
Cash Distributions from Equity Investments
Proceeds from Sale of Investments
Proceeds from Maturities of U.S. Treasury Securities
Cash Distributions from Equity Method Investments
Cash Distributions from Principal Investments
Sales, Maturities and Repayments of Investments and Distributions from Equity Method Investments
Payments for Business Acquisitions	—	—	—	—	—	48.5	—	—	—	—	—
Acquisitions (Net of Cash Assumed)
Acquisitions
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Cash Received from Business Acquisition and Disposition
Other Investing Activities	-1,481	-1,191	231	10,143	-69	7.5	-2	-3.1	3	-8.4	-23.9
Cash Relinquished Related to Excluded Assets
Change in Restricted Cash
Issuance of Related Party Loans
Repayment of Related Party Loans
Other Investing Activities
Related Party Inflows
Related Party Outflows (Issuances)
Cash Acquired Through Merger
Other Investing Activities, Net
Cash from Investing Activities	-66,004	-61,801	-42,407	-23,444	-1,552	-837.7	-264	-247.3	-417.8	-183.8	-202.9
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	6,523	7,945	4,912	5,745	2,668	4,299.5	1,702.8	303.3	553	532.7	—
Proceeds from Credit Agreement
Issuance of Debt
Issuance of Debt
Issuance of Debt
Issuance of Debt
Repayments of Long-Term Debt	-2,964	-5,259	-3,780	-4,033	-3,918	-924.7	-388.9	-392.2	-443.1	-200	—
Principal Repayments on Debt
Principal Repayments of Debt and Repurchase of Debt
Principal Repayments of Debt
Principal Repayments on Debt and Repurchase of Debt
Principal Repayment of Debt
Repayment of Debt
Principal Repayment of Debt
Principal Repayment of Debt
Net Issuance / (Repayments) of Long-Term Debt	3,559	2,686	1,132	1,712	-1,250	3,374.7	1,313.9	-88.9	110	332.7	—
Issuance of Common Shares	—	—	—	—	1,001	—	—	—	—	—	—
Issuance of Class a Shares
Net Proceeds from Issuance of Shares
Proceeds from Issuance of Class a Units of SPAC, Net of Underwriting and Offering Costs
Repurchases of Common Shares	-731.5	-890	-561	-635	-299	-91.6	-110.7	-90.9	-18.5	-13.4	-3.1
Repurchase of Class a Shares Related to Net Share Settlement
Distributions Related to AGM's Repurchase of Common Stock
Repurchase of Class a Shares
Repurchase of Class a Common Stock
Purchase of Class a Shares
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-731.5	-890	-561	-635	702	-91.6	-110.7	-90.9	-18.5	-13.4	-3.1
Issuance of Preferred Shares	—	—	1,398	—	—	—	—	289.8	264.4	—	—
Issuance of Preferred Stock, Net of Issuance Costs
Issuance of Mandatory Convertible Preferred Stock, Net of Issuance Costs
Net Issuance / (Repurchases) of Preferred Shares	—	—	1,398	—	—	—	—	289.8	264.4	—	—
Common Share Dividends Paid	-1,167	-1,092	-1,012	-962	-517	—	-435.3	-406.9	-366.7	—	-354.4
Dividends Paid
Distributions Paid
Common Stock Dividends
Preferred Share Dividends Paid	-97	-97	-22	—	-37	-36.7	-36.7	-31.7	-13.5	—	—
Dividends to Preferred Stockholders
Preferred Stock Dividends
Other Financing Activities	66,073	57,365	41,703	28,595	2,896	52.9	-591.5	-423.7	-429.3	-40.7	-610.5
Debt Issuance Costs
Public Offering Costs
Contributions from Non-Controlling Interests in Apollo Operating Group
Distributions to Managing Partners Related to the Reorganization
Distributions to Managing Partners
Distributions to Contributing Partners
Contributions from Managing Partners
Contributions from Contributing Partners
Distributions to Non-Controlling Interests
Purchase of Interests from Contributing Partners
Purchase of RDUs from Non-Controlling Interests in Consolidated Entities
Issuance Costs
Satisfaction of Tax Receivable Agreement
Satisfaction of Contingent Obligations
Distributions Related to Deliveries of Class A Shares for RSUs
Distributions to Non-Controlling Interests in Consolidated Entities
Payments Related to Deliveries of Class a Common Stock for RSUs
Distributions Related to Deliveries of AGM's Common Stock for RSUs
Dividends Paid to Non-Controlling Interests in Apollo Operating Group
Dividends / Distributions
Distributions Paid to Non-Controlling Interests in Apollo Operating Group
Distributions to Non-Controlling Interests in Apollo Operating Group
Withdrawals Paid to Non-Controlling Interests in Consolidated Entities
Excess Tax Benefits from Share-Based Payment Arrangements
Purchase of AAA Shares
Purchase of AAA Units
Distributions Paid
Distributions Paid to Non-Controlling Interests in Consolidated Variable Interest Entities
Distributions Paid to Non-Controlling Interests in Consolidated Entities
Issuance of Related Party Loans
Repayment of Related Party Loans
Other Financing Activities
Contributions from Non-Controlling Interests in Consolidated Variable Interest Entities
Distributions to Non-Controlling Interests in Consolidated Entities
Subscriptions Received in Advance
Distributions Paid to Non-Controlling Interests in Consolidated Variable Interest Entities
Contributions from Non-Controlling Interests in Consolidated Variable Interest Entities
Payments Related to Deliveries of Class a Shares for RSUs
Distributions Paid to Non-Controlling Interests in Consolidated Entities
Contributions from Non-Controlling Interests in Consolidated Entities
Distributions Paid to Non-Controlling Interests
Contributions from Non-Controlling Interests
Distributions to Redeemable Non-Controlling Interests
Redemption of Subsidiary Equity Interests
Distributions Paid to Non-Controlling Interests
Contributions from Non-Controlling Interests
Distributions to Redeemable Non-Controlling Interests
Deposits on Investment-Type Policies and Contracts
Withdrawals on Investment-Type Policies and Contracts
Subsidiary Issuance of Equity Interests to Non-Controlling Interests
Net Change in Cash Collateral Posted for Derivative Transactions and Securities to Repurchase
Other Financing Activities, Net
Purchase of AAA Units
Distributions Paid
Distributions Paid to Non-Controlling Interests in Consolidated Entities
Contributions from Non-Controlling Interests in Consolidated Entities
Contributions from Redeemable Non-Controlling Interests
Cash from Financing Activities	66,998	57,972	42,638	28,710	109	3,299.3	139.7	-752.2	-453.6	278.7	-968.1
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	2,573	3,253	6,322	3,789	1,064	-1,676	1,043.2	799.5	851.3	593.4	576.5
NOPAT	6,124.1	6,307	6,359.8	-3,980.3	1,734.5	766.5	1,461.6	45.6	1,194.9	869.8	223.7
Levered Free Cash Flow	9,605	9,500	10,091	3,081	2,438	1,023	2,864.5	-85	1,489.3	1,104.4	139
Unlevered Free Cash Flow	7,973.1	8,641	10,317.8	-650.3	3,620.5	-1,705.2	2,205.7	91.5	1,958.6	1,238.7	228.2
Net Change in Cash	3,567	-576	6,553	9,055	-379	845.2	958.4	-185.2	-11.6	694.7	-588.3