Apollo Global Management, Inc. Q3 2025 Earnings Recap

Apollo Global Management delivered strong third quarter results, with adjusted net income rising 17% year-over-year to $1.4 billion, driven by robust origination and inflows.

Key Takeaways

• Record fee-related earnings (FRE) of $652 million, up 23% year-over-year, reflecting strong management fee growth of 22%.
• Total assets under management (AUM) reached a record $908 billion, a 24% increase from the prior year, supported by $82 billion in inflows during the quarter.
• Anticipated strong performance in Q4 with estimated spread-related earnings (SRE) of approximately $880 million, resulting in estimated full-year SRE growth of 8%.
• Ongoing demand for private assets across various markets, bolstered by strong fundamentals in infrastructure, retirement solutions, and the private asset sector.
• The company continues to capitalize on multiple secular trends enhancing its growth potential in the asset management industry.