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Side-by-side financial comparison of Apollo Global Management (APO) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $59.7M, roughly 165.2× Cipher Mining Inc.). Apollo Global Management runs the higher net margin — 6.9% vs -1229.6%, a 1236.5% gap on every dollar of revenue. On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs 41.4%). Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs 11.4%).
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...
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
APO vs CIFR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $59.7M |
| Net Profit | $684.0M | $-734.2M |
| Gross Margin | — | 59.4% |
| Operating Margin | 17.8% | -503.4% |
| Net Margin | 6.9% | -1229.6% |
| Revenue YoY | 86.7% | 41.4% |
| Net Profit YoY | -54.0% | -4293.1% |
| EPS (diluted) | $1.09 | $-1.91 |
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 | $59.7M | ||
| Q3 25 | $9.8B | $71.7M | ||
| Q2 25 | $6.8B | $43.6M | ||
| Q1 25 | $5.5B | $49.0M | ||
| Q4 24 | $5.3B | $42.2M | ||
| Q3 24 | $7.8B | $24.1M | ||
| Q2 24 | $6.0B | $36.8M | ||
| Q1 24 | $7.0B | $48.1M |
| Q4 25 | $684.0M | $-734.2M | ||
| Q3 25 | $1.7B | $-3.3M | ||
| Q2 25 | $630.0M | $-45.8M | ||
| Q1 25 | $442.0M | $-39.0M | ||
| Q4 24 | $1.5B | $17.5M | ||
| Q3 24 | $811.0M | $-86.8M | ||
| Q2 24 | $853.0M | $-15.3M | ||
| Q1 24 | $1.4B | $39.9M |
| Q4 25 | — | 59.4% | ||
| Q3 25 | — | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | — | 69.6% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 61.2% | ||
| Q1 24 | — | 69.2% |
| Q4 25 | 17.8% | -503.4% | ||
| Q3 25 | 29.5% | -52.5% | ||
| Q2 25 | 12.4% | -103.9% | ||
| Q1 25 | 21.3% | -77.8% | ||
| Q4 24 | 32.6% | 40.5% | ||
| Q3 24 | 26.8% | -379.2% | ||
| Q2 24 | 23.9% | -43.9% | ||
| Q1 24 | 31.1% | 97.2% |
| Q4 25 | 6.9% | -1229.6% | ||
| Q3 25 | 17.7% | -4.6% | ||
| Q2 25 | 9.2% | -105.1% | ||
| Q1 25 | 8.0% | -79.6% | ||
| Q4 24 | 28.1% | 41.5% | ||
| Q3 24 | 10.4% | -359.9% | ||
| Q2 24 | 14.2% | -41.5% | ||
| Q1 24 | 20.3% | 82.9% |
| Q4 25 | $1.09 | $-1.91 | ||
| Q3 25 | $2.78 | $-0.01 | ||
| Q2 25 | $0.99 | $-0.12 | ||
| Q1 25 | $0.68 | $-0.11 | ||
| Q4 24 | $2.41 | $0.04 | ||
| Q3 24 | $1.29 | $-0.26 | ||
| Q2 24 | $1.35 | $-0.05 | ||
| Q1 24 | $2.28 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $628.3M |
| Total DebtLower is stronger | $13.4B | $2.7B |
| Stockholders' EquityBook value | $23.3B | $805.5M |
| Total Assets | $460.9B | $4.3B |
| Debt / EquityLower = less leverage | 0.57× | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $628.3M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $62.7M | ||
| Q1 25 | — | $23.2M | ||
| Q4 24 | — | $5.6M | ||
| Q3 24 | — | $25.3M | ||
| Q2 24 | — | $122.6M | ||
| Q1 24 | — | $88.7M |
| Q4 25 | $13.4B | $2.7B | ||
| Q3 25 | $12.6B | $1.0B | ||
| Q2 25 | $12.1B | $167.1M | ||
| Q1 25 | $10.6B | — | ||
| Q4 24 | $10.6B | $0 | ||
| Q3 24 | $9.8B | — | ||
| Q2 24 | $9.8B | — | ||
| Q1 24 | $9.6B | — |
| Q4 25 | $23.3B | $805.5M | ||
| Q3 25 | $23.1B | $783.2M | ||
| Q2 25 | $19.3B | $748.9M | ||
| Q1 25 | $18.0B | $734.8M | ||
| Q4 24 | $17.3B | $682.0M | ||
| Q3 24 | $17.9B | $672.0M | ||
| Q2 24 | $15.3B | $690.8M | ||
| Q1 24 | $14.8B | $600.9M |
| Q4 25 | $460.9B | $4.3B | ||
| Q3 25 | $449.5B | $2.8B | ||
| Q2 25 | $419.6B | $1.0B | ||
| Q1 25 | $395.0B | $913.8M | ||
| Q4 24 | $377.9B | $855.4M | ||
| Q3 24 | $368.7B | $775.4M | ||
| Q2 24 | $346.5B | $775.6M | ||
| Q1 24 | $334.1B | $677.1M |
| Q4 25 | 0.57× | 3.37× | ||
| Q3 25 | 0.55× | 1.31× | ||
| Q2 25 | 0.63× | 0.22× | ||
| Q1 25 | 0.59× | — | ||
| Q4 24 | 0.61× | 0.00× | ||
| 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 | $-207.9M |
| Free Cash FlowOCF − Capex | — | $-695.9M |
| FCF MarginFCF / Revenue | — | -1165.4% |
| Capex IntensityCapex / Revenue | — | 817.1% |
| Cash ConversionOCF / Net Profit | 6.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $-207.9M | ||
| Q3 25 | $303.0M | $-50.1M | ||
| Q2 25 | $1.3B | $-56.2M | ||
| Q1 25 | $1.0B | $-47.2M | ||
| Q4 24 | $-4.0M | $-87.5M | ||
| Q3 24 | $1.9B | $-6.5M | ||
| Q2 24 | $1.3B | $-25.4M | ||
| Q1 24 | $70.0M | $-26.6M |
| Q4 25 | — | $-695.9M | ||
| Q3 25 | — | $-256.2M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-71.8M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $-83.2M | ||
| Q2 24 | — | $-33.2M | ||
| Q1 24 | — | $-34.5M |
| Q4 25 | — | -1165.4% | ||
| Q3 25 | — | -357.3% | ||
| Q2 25 | — | -200.9% | ||
| Q1 25 | — | -146.7% | ||
| Q4 24 | — | -537.6% | ||
| Q3 24 | — | -345.0% | ||
| Q2 24 | — | -90.2% | ||
| Q1 24 | — | -71.7% |
| Q4 25 | — | 817.1% | ||
| Q3 25 | — | 287.5% | ||
| Q2 25 | — | 71.8% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | — | 330.4% | ||
| Q3 24 | — | 317.8% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | -0.00× | -5.00× | ||
| Q3 24 | 2.29× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 0.05× | -0.67× |
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% |
CIFR
Segment breakdown not available.
