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Apollo Global Management APO Retirement Services — Total Valuation Allowance

Other segment segments

Asset Management
$27M

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Other financials

Income statement

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Revenue$5.1B-8.8%
Net income-$1.9B-531%
EPS (diluted)-$3.27-581%

Balance sheet

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Cash & equivalents$23.7B+53.1%
Total debt$14.2B+34.4%
Total equity$20.0B+11.0%
Total assets$467.53B+18.3%

Cash flow

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Operating cash flow$1.6B+60.1%

Valuation

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Market cap$69.33B-16.5%
Enterprise value$59.8B-25.5%
P/E60.6×+35.9×
P/S2.2×-1.1×

Profitability

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Net margin3.6%-11.0pp

Returns & leverage

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Return on equity6%-15.9pp
Debt / equity0.7×+0.1×

Where this comes from

Reported directly by Apollo Global Management in its filing.

Tagged under the XBRL concept us-gaap:DeferredTaxAssetsValuationAllowance.

The official record: Apollo Global Management’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Apollo Global Management's retirement services — total valuation allowance?
Apollo Global Management (APO) reported retirement services — total valuation allowance of $197M in Q4 2025.
How has Apollo Global Management's retirement services — total valuation allowance changed year-over-year?
Apollo Global Management's retirement services — total valuation allowance increased by 310.4% year-over-year, from $48M to $197M.
What does retirement services — total valuation allowance mean?
A contra-asset account used to reduce the carrying value of deferred tax assets to the amount that is more likely than not to be realized. It reflects management's assessment of the recoverability of tax benefits.