Operating Expenses
Total Operating Expenses
Apollo Global Management Total Operating Expenses increased by 15.4% to $8.16B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 121.1%, from $3.69B to $8.16B. Over 4 years (FY 2021 to FY 2025), Total Operating Expenses shows an upward trend with a 57.5% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
StatementIncome Statement
SectionOperating Expenses
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
Rising expenses without a corresponding rise in revenue can indicate operational bloat or aggressive expansion efforts.
Detailed definition
The sum of all costs required to run the business that are not directly tied to production, including R&D and SG&A. It r...
Peer comparison
Investors compare this to revenue to assess the 'operating leverage' of a business model.
Metric ID:
is_total_operating_expensesHistorical Data
19 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $747.00M | $648.00M | $1.70B | $3.39B | $5.94B | $4.44B | $3.65B | $3.57B | $12.83B | $1.75B | $9.18B | $4.89B | $4.58B | $5.82B | $3.69B | $4.34B | $5.72B | $7.07B | $8.16B |
| QoQ Change | — | -13.3% | +161.7% | +99.9% | +75.2% | -25.3% | -17.6% | -2.2% | +259.0% | -86.4% | +424.0% | -46.7% | -6.3% | +26.9% | -36.5% | +17.6% | +31.7% | +23.6% | +15.4% |
| YoY Change | — | — | — | — | +695.3% | +584.4% | +115.4% | +5.4% | +116.0% | -60.5% | +151.2% | +36.8% | -64.3% | +232.2% | -59.8% | -11.2% | +24.7% | +21.6% | +121.1% |
Range$648.00M – $12.83B
CAGR+70.1%
Avg YoY Growth+127.2%
Median YoY Growth+36.8%
Current Streak4 quarters growth
Business Segments
| Segment | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Retirement Services | $3.93B | $3.61B | $4.83B | $2.61B | $3.23B | $4.69B | $5.84B | $6.74B |
| Asset Management | $958.00M | $976.00M | $986.00M | — | $1.11B | $1.03B | $1.23B | — |
| Total | $4.89B | $4.58B | $5.82B | $3.69B | $4.34B | $5.72B | $7.07B | $8.16B |
Total Operating Expenses at Other Companies
Frequently Asked Questions
- What is Apollo Global Management's total operating expenses?
- Apollo Global Management (APO) reported total operating expenses of $8.16B in Q4 2025.
- How has Apollo Global Management's total operating expenses changed year-over-year?
- Apollo Global Management's total operating expenses increased by 121.1% year-over-year, from $3.69B to $8.16B.
- What is the long-term trend for Apollo Global Management's total operating expenses?
- Over 4 years (2021 to 2025), Apollo Global Management's total operating expenses has grown at a 57.5% compound annual growth rate (CAGR), from $4.11B to $25.29B.
- What does total operating expenses mean?
- The total cost of running the day-to-day business, excluding the direct cost of making products.