Apollo Global Management, Inc. Earnings Per Share Disclosure
| Basic and Diluted | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| (In millions, except share and per share amounts) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 3,395 | $ | 4,480 | $ | 5,001 | |||||||||||
Dividends declared on common stock1 | (1,143) | (1,032) | (961) | ||||||||||||||
Dividends on participating securities2 | (58) | (60) | (51) | ||||||||||||||
| Earnings allocable to participating securities | (50) | (91) | (115) | ||||||||||||||
| Undistributed income (loss) attributable to common stockholders: Basic | 2,144 | 3,297 | 3,874 | ||||||||||||||
| Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock | — | 97 | 46 | ||||||||||||||
| Dilution effect on distributable income attributable to contingent shares | — | — | (5) | ||||||||||||||
| Undistributed income (loss) attributable to common stockholders: Diluted | $ | 2,144 | $ | 3,394 | $ | 3,915 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted average number of shares of common stock outstanding: Basic | 589,450,878 | 586,069,166 | 581,380,268 | ||||||||||||||
| Dilution effect of Mandatory Convertible Preferred Stock | — | 14,530,212 | 6,440,346 | ||||||||||||||
| Dilution effect of options | 887,361 | 1,090,151 | 994,172 | ||||||||||||||
| Dilution effect of warrants | 3,318,984 | 2,346,463 | — | ||||||||||||||
| Dilution effect of contingent shares | — | — | 31,661 | ||||||||||||||
| Weighted average number of shares of common stock outstanding: Diluted | 593,657,223 | 604,035,992 | 588,846,447 | ||||||||||||||
| Net income (loss) per share of common stock: Basic | |||||||||||||||||
| Distributed income | $ | 1.99 | $ | 1.82 | $ | 1.69 | |||||||||||
| Undistributed income (loss) | 3.59 | 5.57 | 6.63 | ||||||||||||||
| Net income (loss) per share of common stock: Basic | $ | 5.58 | $ | 7.39 | $ | 8.32 | |||||||||||
| Net income (loss) per share of common stock: Diluted | |||||||||||||||||
| Distributed income | $ | 1.99 | $ | 1.82 | $ | 1.69 | |||||||||||
| Undistributed income (loss) | 3.55 | 5.51 | 6.59 | ||||||||||||||
| Net income (loss) per share of common stock: Diluted | $ | 5.54 | $ | 7.33 | $ | 8.28 | |||||||||||
1 See note 16 for information regarding quarterly dividends. | |||||||||||||||||
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares. | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Weighted average unvested RSUs | 12,562,494 | 14,273,743 | 15,316,350 | ||||||||||||||
| Weighted average unexercised warrants | 477,848 | 63,388 | 4,761,918 | ||||||||||||||
| Weighted average Mandatory Convertible Preferred Stock | 14,551,626 | — | — | ||||||||||||||
| Weighted average unvested restricted shares | 1,360,830 | 1,327,484 | 1,688,421 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.