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Side-by-side financial comparison of Apollo Global Management (APO) and Brookfield Asset Management Ltd. (BAM). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $1.1B, roughly 9.1× Brookfield Asset Management Ltd.). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs 6.9%, a 49.7% gap on every dollar of revenue.
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2025, the company had $840 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of p...
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
APO vs BAM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $1.1B |
| Net Profit | $684.0M | $615.0M |
| Gross Margin | — | — |
| Operating Margin | 17.8% | 84.2% |
| Net Margin | 6.9% | 56.7% |
| Revenue YoY | 86.7% | — |
| Net Profit YoY | -54.0% | — |
| EPS (diluted) | $1.09 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.9B | $1.1B | ||
| Q3 25 | $9.8B | $974.0M | ||
| Q2 25 | $6.8B | $931.0M | ||
| Q1 25 | $5.5B | $954.0M | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $7.8B | $873.0M | ||
| Q2 24 | $6.0B | $821.0M | ||
| Q1 24 | $7.0B | $786.0M |
| Q4 25 | $684.0M | $615.0M | ||
| Q3 25 | $1.7B | $692.0M | ||
| Q2 25 | $630.0M | $584.0M | ||
| Q1 25 | $442.0M | $507.0M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $811.0M | $537.0M | ||
| Q2 24 | $853.0M | $124.0M | ||
| Q1 24 | $1.4B | $373.0M |
| Q4 25 | 17.8% | 84.2% | ||
| Q3 25 | 29.5% | 79.1% | ||
| Q2 25 | 12.4% | 70.8% | ||
| Q1 25 | 21.3% | 61.0% | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 26.8% | 72.5% | ||
| Q2 24 | 23.9% | 80.4% | ||
| Q1 24 | 31.1% | 56.5% |
| Q4 25 | 6.9% | 56.7% | ||
| Q3 25 | 17.7% | 71.0% | ||
| Q2 25 | 9.2% | 62.7% | ||
| Q1 25 | 8.0% | 53.1% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 10.4% | 61.5% | ||
| Q2 24 | 14.2% | 15.1% | ||
| Q1 24 | 20.3% | 47.5% |
| Q4 25 | $1.09 | — | ||
| Q3 25 | $2.78 | — | ||
| Q2 25 | $0.99 | — | ||
| Q1 25 | $0.68 | — | ||
| Q4 24 | $2.41 | — | ||
| Q3 24 | $1.29 | — | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $2.28 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.6B |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $23.3B | $8.9B |
| Total Assets | $460.9B | $17.0B |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $480.0M | ||
| Q1 25 | — | $332.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | — |
| Q4 25 | $13.4B | — | ||
| Q3 25 | $12.6B | — | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
| Q4 25 | $23.3B | $8.9B | ||
| Q3 25 | $23.1B | $8.5B | ||
| Q2 25 | $19.3B | $8.5B | ||
| Q1 25 | $18.0B | $8.5B | ||
| Q4 24 | $17.3B | — | ||
| Q3 24 | $17.9B | $9.0B | ||
| Q2 24 | $15.3B | $3.2B | ||
| Q1 24 | $14.8B | $2.2B |
| Q4 25 | $460.9B | $17.0B | ||
| Q3 25 | $449.5B | $16.5B | ||
| Q2 25 | $419.6B | $16.1B | ||
| Q1 25 | $395.0B | $15.0B | ||
| Q4 24 | $377.9B | — | ||
| Q3 24 | $368.7B | — | ||
| Q2 24 | $346.5B | $4.2B | ||
| Q1 24 | $334.1B | — |
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.63× | — | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.64× | — | ||
| Q1 24 | 0.65× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.7B | $562.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.83× | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $562.0M | ||
| Q3 25 | $303.0M | $745.0M | ||
| Q2 25 | $1.3B | $529.0M | ||
| Q1 25 | $1.0B | $265.0M | ||
| Q4 24 | $-4.0M | — | ||
| Q3 24 | $1.9B | $567.0M | ||
| Q2 24 | $1.3B | $159.0M | ||
| Q1 24 | $70.0M | $516.0M |
| Q4 25 | 6.83× | 0.91× | ||
| Q3 25 | 0.17× | 1.08× | ||
| Q2 25 | 2.00× | 0.91× | ||
| Q1 25 | 2.29× | 0.52× | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | 1.06× | ||
| Q2 24 | 1.56× | 1.28× | ||
| Q1 24 | 0.05× | 1.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APO
| Retirement Services Segment | $8.5B | 86% |
| Asset Management1 | $681.0M | 7% |
| Principal Investing Segment | $624.0M | 6% |
| Management Service Incentive | $96.0M | 1% |
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
