For the year ending 2025-12-31, APO had $3,479M increase in cash & cash equivalents over the period.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 5,401 | 6,373 | 6,509 | -4,746 |
| Equity-based compensation | 789 | 721 | 1,026 | 540 |
| Net investment income | 1,371 | 1,359 | 1,140 | 1,306 |
| Net recognized (gains) losses on investments and derivatives | 3,472 | 3,526 | 2,073 | -5,735 |
| Depreciation and amortization | 1,431 | 1,075 | 803 | 594 |
| Net amortization (accretion) of net investment premiums, discount and other | 202 | 123 | -81 | -285 |
| Policy acquisition costs deferred | -1,876 | -1,507 | -1,570 | -1,127 |
| Other non-cash amounts included in net income (loss), net | -593 | -92 | 415 | -321 |
| Changes in consolidation | 42 | -248 | 54 | 482 |
| Purchases of investments by funds and vies | 6,891 | 5,591 | 5,744 | 7,139 |
| Proceeds from sale of investments by funds and vies | -6,685 | -4,714 | -5,464 | -3,995 |
| Interest sensitive contract liabilities | 7,678 | 5,677 | 3,917 | -1,269 |
| Future policy benefits, market risk benefits and reinsurance recoverable | -367 | -1,969 | 4,333 | 5,339 |
| Other assets and liabilities, net | 1,110 | 1,572 | 4,815 | -3,049 |
| Net cash provided by operating activities | 7,246 | 3,253 | 6,322 | 3,789 |
| Purchases of investments and contributions to equity method investments | 9,198 | 3,835 | 4,650 | 3,992 |
| Purchases of available-for-sale securities | 93,472 | 80,168 | 37,263 | 36,684 |
| Purchases of mortgage loans | 41,406 | 28,168 | 20,972 | 12,951 |
| Purchases of investment funds | 4,276 | 2,833 | 2,678 | 6,308 |
| Purchases of u.s. treasury securities | 455 | 0 | 490 | 4,939 |
| Purchases of derivatives instruments and other investments | 6,178 | 5,032 | 5,637 | 3,008 |
| Sales, maturities and repayments of investments and distributions from equity method investments | 92,605 | 59,426 | 29,052 | 34,295 |
| Cash acquired through merger | - | 0 | 0 | 10,420 |
| Acquisition of subsidiaries, net of cash acquired | -99 | - | - | - |
| Other investing activities, net | 1,691 | 1,191 | -231 | 277 |
| Net cash used in investing activities | -63,972 | -61,801 | -42,407 | -23,444 |
| Issuance of debt | 7,218 | 7,945 | 4,912 | 5,745 |
| Repayment of debt | 4,644 | 5,259 | 3,780 | 4,033 |
| Redemption of subsidiary equity interests | 0 | 0 | 575 | - |
| Repurchase of common stock | 773 | 890 | 561 | 635 |
| Common stock dividends | 1,201 | 1,092 | 1,012 | 962 |
| Preferred stock dividends | 97 | 97 | 22 | 0 |
| Distributions paid to non-controlling interests | 1,925 | 1,299 | 766 | 1,050 |
| Contributions from non-controlling interests | 2,934 | 3,132 | 2,863 | 4,816 |
| Distributions to redeemable non-controlling interests | 0 | 0 | 1,072 | 776 |
| Contributions from redeemable non-controlling interests | - | - | - | 0 |
| Proceeds from issuance of class a units of spac, net of underwriting and offering costs | - | - | 0 | 0 |
| Issuance of mandatory convertible preferred stock, net of issuance costs | 0 | 0 | 1,398 | - |
| Deposits on investment-type policies and contracts | 81,183 | 71,323 | 53,660 | 33,920 |
| Withdrawals on investment-type policies and contracts | 22,657 | 19,119 | 14,125 | 10,209 |
| Subsidiary issuance of equity interests to non-controlling interests | 0 | 0 | 632 | - |
| Net change in cash collateral posted for derivative transactions and securities to repurchase | -340 | -4,116 | -829 | 330 |
| Other financing activities, net | -178 | -788 | 257 | 2,224 |
| Net cash provided by financing activities | 60,200 | 57,972 | 42,638 | 28,710 |
| Effect of exchange rate changes on cash and cash equivalents | 5 | -3 | 10 | -15 |
| Net increase (decrease) in cash and cash equivalents, restricted cash and cash held at consolidated variable interest entities | 3,479 | -579 | 6,563 | 9,040 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, beginning of period | 17,112 | 17,691 | 11,128 | 2,088 |
| Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalents held at consolidated variable interest entities, end of period | 20,591 | 17,112 | 17,691 | 11,128 |
Apollo Global Management, Inc. (APO)
Apollo Global Management, Inc. (APO)