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Side-by-side financial comparison of Apollo Global Management (APO) and IREN Ltd (IREN). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $184.7M, roughly 53.4× IREN Ltd). Apollo Global Management runs the higher net margin — 6.9% vs -84.1%, a 91.1% gap on every dollar of revenue. On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs 59.0%).
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...
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
APO vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $184.7M |
| Net Profit | $684.0M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 17.8% | -63.0% |
| Net Margin | 6.9% | -84.1% |
| Revenue YoY | 86.7% | 59.0% |
| Net Profit YoY | -54.0% | -610.0% |
| EPS (diluted) | $1.09 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $9.8B | $240.3M | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $5.5B | — | ||
| Q4 24 | $5.3B | $116.1M | ||
| Q3 24 | $7.8B | $52.8M | ||
| Q2 24 | $6.0B | — | ||
| Q1 24 | $7.0B | $54.3M |
| Q4 25 | $684.0M | $-155.4M | ||
| Q3 25 | $1.7B | $384.6M | ||
| Q2 25 | $630.0M | — | ||
| Q1 25 | $442.0M | — | ||
| Q4 24 | $1.5B | $-21.9M | ||
| Q3 24 | $811.0M | $-51.7M | ||
| Q2 24 | $853.0M | — | ||
| Q1 24 | $1.4B | $8.6M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 17.8% | -63.0% | ||
| Q3 25 | 29.5% | -31.8% | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | 21.3% | — | ||
| Q4 24 | 32.6% | 14.9% | ||
| Q3 24 | 26.8% | -89.2% | ||
| Q2 24 | 23.9% | — | ||
| Q1 24 | 31.1% | 11.1% |
| Q4 25 | 6.9% | -84.1% | ||
| Q3 25 | 17.7% | 160.1% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 28.1% | -18.8% | ||
| Q3 24 | 10.4% | -98.0% | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | 20.3% | 15.9% |
| Q4 25 | $1.09 | $-0.52 | ||
| Q3 25 | $2.78 | $1.08 | ||
| Q2 25 | $0.99 | — | ||
| Q1 25 | $0.68 | — | ||
| Q4 24 | $2.41 | $-0.10 | ||
| Q3 24 | $1.29 | $-0.27 | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $2.28 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.3B |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $23.3B | $2.5B |
| Total Assets | $460.9B | $7.0B |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $259.7M |
| 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 | $2.5B | ||
| Q3 25 | $23.1B | $2.9B | ||
| Q2 25 | $19.3B | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | $17.3B | $1.2B | ||
| Q3 24 | $17.9B | $1.1B | ||
| Q2 24 | $15.3B | — | ||
| Q1 24 | $14.8B | $677.2M |
| Q4 25 | $460.9B | $7.0B | ||
| Q3 25 | $449.5B | $4.3B | ||
| Q2 25 | $419.6B | — | ||
| Q1 25 | $395.0B | — | ||
| Q4 24 | $377.9B | $1.9B | ||
| Q3 24 | $368.7B | $1.3B | ||
| Q2 24 | $346.5B | — | ||
| Q1 24 | $334.1B | $723.6M |
| 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 | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 6.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $71.7M | ||
| Q3 25 | $303.0M | $142.4M | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $-4.0M | $53.6M | ||
| Q3 24 | $1.9B | $-3.9M | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $70.0M | $-27.1M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-108.3M |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -199.4% |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 149.5% |
| Q4 25 | 6.83× | — | ||
| Q3 25 | 0.17× | 0.37× | ||
| Q2 25 | 2.00× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | -0.00× | — | ||
| Q3 24 | 2.29× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 0.05× | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
