Apollo Commercial Real Estate Finance (ARI) financial statements
Apollo Commercial Real Estate Finance reported revenue of $272M in fiscal 2025, down 3.4% a year over 6 years.
Net income was $127M.
The diluted share count rose 89% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Apollo Commercial Real Estate Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $334M | $279M | $285M | $304M | $345M | $304M | $272M |
| Selling, general and admin | $25M | $21M | $20M | $24M | $27M | $29M | $30M | $30M | $30M | $27M |
| Interest expense | $64M | $78M | $115M | $153M | $149M | $163M | $271M | $466M | — | — |
| Pre-tax income | — | — | — | — | — | $224M | $265M | $59M | -$119M | $127M |
| Income tax | — | — | — | — | — | $0 | $0 | $442,000 | $394,000 | $331,000 |
| Net income | $158M | $193M | $220M | $230M | $18M | $224M | $265M | $58M | -$120M | $127M |
| EPS (diluted) | $1.74 | $1.54 | $1.48 | $1.40 | $0.01 | $1.46 | $1.68 | $0.29 | -$0.97 | $0.81 |
| Diluted shares | 73M | 101M | 154M | 176M | 148M | 168M | 166M | 141M | 140M | 139M |
| Net margin | — | — | — | 68.8% | 6.6% | 78.6% | 87.4% | 16.9% | -39.4% | 46.7% |
Balance sheet
Fiscal years, from Apollo Commercial Real Estate Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $201M | $78M | $110M | $452M | $325M | $343M | $222M | $225M | $317M | $140M |
| Total assets | $3.5B | $4.1B | $5.1B | $6.9B | $6.9B | $8.4B | $9.6B | $9.3B | $8.4B | $9.9B |
| Long-term debt | — | — | — | — | — | — | — | $669M | $463M | $941M |
| Total liabilities | $1.6B | $2.0B | $2.6B | $4.3B | $4.7B | $6.1B | $7.2B | $7.1B | $6.5B | $8.0B |
| Shareholders' equity | $1.9B | $2.1B | $2.5B | $2.6B | $2.3B | $2.3B | $2.4B | $2.2B | $1.9B | $1.9B |
| Net debt | -$201M | -$78M | -$110M | -$452M | -$325M | -$343M | -$222M | $444M | $146M | $801M |
Cash flow
Fiscal years, from Apollo Commercial Real Estate Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $124M | $155M | $266M | $273M | $164M | $199M | $268M | $274M | $200M | $143M |
| Stock-based compensation | $4M | $11M | $9M | $16M | $17M | $18M | $18M | $17M | $16M | $14M |
| Dividends paid | $132M | $184M | $227M | $269M | $238M | $200M | $201M | $202M | $186M | $141M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | -$128M | $0 | $0 | $0 | -$41M | $0 |
| Dividends per share | $1.80 | $1.82 | $1.48 | $1.53 | $1.61 | $1.19 | $1.21 | $1.43 | $1.33 | $1.02 |
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What was Apollo Commercial Real Estate Finance's revenue in 2025?
$272M in fiscal 2025, from its 10-K filing.
From Apollo Commercial Real Estate Finance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.