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Side-by-side financial comparison of Apollo Global Management (APO) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $6.2B, roughly 1.6× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 6.9%, a 20.4% gap on every dollar of revenue. On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs 3.2%). Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs 1.7%).
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...
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
APO vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $6.2B |
| Net Profit | $684.0M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 17.8% | 39.5% |
| Net Margin | 6.9% | 27.4% |
| Revenue YoY | 86.7% | 3.2% |
| Net Profit YoY | -54.0% | -2.1% |
| EPS (diluted) | $1.09 | $2.87 |
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.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $9.9B | $6.1B | ||
| Q3 25 | $9.8B | $6.2B | ||
| Q2 25 | $6.8B | $6.2B | ||
| Q1 25 | $5.5B | $6.0B | ||
| Q4 24 | $5.3B | $6.1B | ||
| Q3 24 | $7.8B | $6.1B | ||
| Q2 24 | $6.0B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $684.0M | $1.8B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $630.0M | $1.9B | ||
| Q1 25 | $442.0M | $1.6B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $811.0M | $1.7B | ||
| Q2 24 | $853.0M | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 17.8% | 39.5% | ||
| Q3 25 | 29.5% | 40.8% | ||
| Q2 25 | 12.4% | 41.0% | ||
| Q1 25 | 21.3% | 39.3% | ||
| Q4 24 | 32.6% | 41.3% | ||
| Q3 24 | 26.8% | 39.7% | ||
| Q2 24 | 23.9% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 6.9% | 30.4% | ||
| Q3 25 | 17.7% | 28.6% | ||
| Q2 25 | 9.2% | 30.5% | ||
| Q1 25 | 8.0% | 27.0% | ||
| Q4 24 | 28.1% | 28.8% | ||
| Q3 24 | 10.4% | 27.4% | ||
| Q2 24 | 14.2% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.09 | $3.12 | ||
| Q3 25 | $2.78 | $3.01 | ||
| Q2 25 | $0.99 | $3.15 | ||
| Q1 25 | $0.68 | $2.70 | ||
| Q4 24 | $2.41 | $2.91 | ||
| Q3 24 | $1.29 | $2.75 | ||
| Q2 24 | $1.35 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $735.0M |
| Total DebtLower is stronger | $13.4B | — |
| Stockholders' EquityBook value | $23.3B | — |
| Total Assets | $460.9B | $69.6B |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $808.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $13.4B | $30.3B | ||
| Q3 25 | $12.6B | $30.3B | ||
| Q2 25 | $12.1B | $30.3B | ||
| Q1 25 | $10.6B | $30.6B | ||
| Q4 24 | $10.6B | $29.8B | ||
| Q3 24 | $9.8B | $29.8B | ||
| Q2 24 | $9.8B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $23.3B | $18.5B | ||
| Q3 25 | $23.1B | $17.3B | ||
| Q2 25 | $19.3B | $16.3B | ||
| Q1 25 | $18.0B | $16.0B | ||
| Q4 24 | $17.3B | $16.9B | ||
| Q3 24 | $17.9B | $16.6B | ||
| Q2 24 | $15.3B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $460.9B | $69.7B | ||
| Q3 25 | $449.5B | $68.6B | ||
| Q2 25 | $419.6B | $68.6B | ||
| Q1 25 | $395.0B | $68.5B | ||
| Q4 24 | $377.9B | $67.7B | ||
| Q3 24 | $368.7B | $67.6B | ||
| Q2 24 | $346.5B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 1.64× | ||
| Q3 25 | 0.55× | 1.75× | ||
| Q2 25 | 0.63× | 1.86× | ||
| Q1 25 | 0.59× | 1.91× | ||
| Q4 24 | 0.61× | 1.76× | ||
| Q3 24 | 0.55× | 1.79× | ||
| Q2 24 | 0.64× | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | — | $631.0M |
| FCF MarginFCF / Revenue | — | 10.1% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $4.7B | $2.2B | ||
| Q3 25 | $303.0M | $2.5B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.0B | $2.2B | ||
| Q4 24 | $-4.0M | $2.7B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.3B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 6.83× | 1.20× | ||
| Q3 25 | 0.17× | 1.41× | ||
| Q2 25 | 2.00× | 1.24× | ||
| Q1 25 | 2.29× | 1.36× | ||
| Q4 24 | -0.00× | 1.51× | ||
| Q3 24 | 2.29× | 1.59× | ||
| Q2 24 | 1.56× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
