For the quarter ending 2026-03-31, APO had $3,157M increase in cash & cash equivalents over the period.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income (loss) | -1,411 | 1,160 | 2,461 | 842 |
| Equity-based compensation | 232 | 266 | 208 | 166 |
| Net investment income | 85 | 252 | 343 | 406 |
| Net recognized (gains) losses on investments and derivatives | -1,548 | 718 | 2,803 | 257 |
| Depreciation and amortization | 397 | 391 | 400 | 332 |
| Net amortization (accretion) of net investment premiums, discount and other | 65 | 67 | 45 | 48 |
| Policy acquisition costs deferred | -364 | -383 | -536 | -442 |
| Other non-cash amounts included in net income (loss), net | 163 | -236 | -129 | 72 |
| Changes in consolidation | 0 | 19 | 0 | 0 |
| Purchases of investments by funds and vies | 3,030 | 2,337 | 2,835 | 848 |
| Proceeds from sale of investments by funds and vies | -2,981 | -4,187 | -833 | -474 |
| Interest sensitive contract liabilities | 247 | 1,811 | 2,890 | 2,458 |
| Future policy benefits, market risk benefits and reinsurance recoverable | -259 | 1,154 | -448 | -784 |
| Other assets and liabilities, net | -1,592 | 760 | -392 | 153 |
| Net cash provided by operating activities | 1,620 | 4,669 | 303 | 1,262 |
| Purchases of investments and contributions to equity method investments | 2,497 | 3,207 | 1,678 | 2,977 |
| Purchases of available-for-sale securities | 18,114 | 22,487 | 23,540 | 23,128 |
| Purchases of mortgage loans | 6,634 | 15,429 | 8,198 | 8,766 |
| Purchases of investment funds | 2,789 | 1,842 | 841 | 879 |
| Purchases of u.s. treasury securities | 1 | 4 | 7 | 0 |
| Purchases of derivatives instruments and other investments | 1,160 | 1,205 | 2,436 | 1,595 |
| Sales, maturities and repayments of investments and distributions from equity method investments | 22,587 | 31,236 | 23,509 | 18,884 |
| Acquisition of subsidiaries, net of cash acquired | - | 0 | -99 | - |
| Other investing activities, net | -274 | 1,280 | 145 | 1,168 |
| Net cash used in investing activities | -8,334 | -14,218 | -13,237 | -19,629 |
| Issuance of debt | 3,146 | 2,516 | 2,070 | 2,338 |
| Repayment of debt | 1,419 | 2,445 | 914 | 467 |
| Redemption of subsidiary equity interests | - | 0 | - | - |
| Repurchase of common stock | 632 | 240 | 340 | 0 |
| Common stock dividends | 312 | 311 | 306 | 306 |
| Preferred stock dividends | 24 | 24 | 24 | 25 |
| Distributions paid to non-controlling interests | 891 | 610 | 285 | 820 |
| Contributions from non-controlling interests | 947 | 737 | 1,006 | 584 |
| Distributions to redeemable non-controlling interests | - | 0 | - | - |
| Issuance of mandatory convertible preferred stock, net of issuance costs | - | 0 | - | - |
| Deposits on investment-type policies and contracts | 19,652 | 11,914 | 23,296 | 20,667 |
| Withdrawals on investment-type policies and contracts | 7,831 | 5,836 | 7,217 | 4,356 |
| Subsidiary issuance of equity interests to non-controlling interests | - | 0 | - | - |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | 2,556 | -2,926 | -1,806 | -7 |
| Other financing activities, net | -208 | 320 | 72 | 193 |
| Net cash provided by financing activities | 9,872 | 8,947 | 19,164 | 17,815 |
| Effect of exchange rate changes on cash and cash equivalents | -1 | -8 | 0 | 10 |
| Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities | 3,157 | -610 | 6,230 | -542 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period | 20,591 | 21,201 | 14,971 | 15,513 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period | 23,748 | 20,591 | 21,201 | 14,971 |