Apollo Commercial Real Estate Finance (ARI) Financial Statements & Analysis

Apollo Commercial Real Estate Finance Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Apollo Commercial Real Estate Finance, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	271.59	303.67	344.59	303.64	284.51	342.84	489.05	413.60	288.17
Cost of Revenue	141.72	141.14	127.23	92.20	63.37	39.75	40.73	36.42	31.65
Gross Profit	568.76	560.39	649.77	549.15	357.85	303.09	448.31	377.18	256.52
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	61.58	65.77	67.50	68.08	67.01	0.00	0.00	0.00	0.00
Operating Expenses	104.39	142.71	182.23	-100.52	-56.60	164.34	240.07	11.13	78.14
Operating Income	110.40	-11.23	136.66	200.11	229.16	138.75	208.24	366.05	178.38
Other Income/Expense
Interest Income	626.78	702.93	718.28	512.10	428.12	427.57	487.41	403.89	339.46
Interest Expense	460.09	503.95	466.11	270.53	162.52	148.89	152.93	114.60	78.06
Other Income/Expense	-337.32	-536.93	-408.97	-384.43	-190.94	-120.37	21.93	-146.07	14.65
Income
Income Before Tax	127.05	-119.24	58.57	265.23	223.52	18.38	230.17	219.99	193.03
Income Tax Expense	0.33	0.39	0.44	0.00	0.00	0.00	0.00	0.00	0.00
Net Income	114.45	-131.91	45.86	252.96	210.55	18.38	230.17	219.99	193.03
Net Income - Continuous Operations	126.72	-119.64	58.13	265.23	223.52	18.38	230.17	219.99	193.03
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-4.71	-0.88	-6.64	-38.23	-53.21	167.27	383.10	334.58	271.09
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	11.17	11.67	8.25	0.70	2.65	0.00	0.00	0.00	0.00
Earnings Per Share
Basic EPS	1.00	-1.00	-	2.00	1.00	-	1.00	2.00	2.00
Diluted EPS	1.00	-1.00	-	2.00	1.00	-	1.00	1.00	2.00
Basic Shares Outstanding	138.87	139.67	141.28	140.53	139.87	148.00	146.88	124.15	99.86
Diluted Shares Outstanding	138.87	139.67	141.28	165.50	168.40	148.00	175.79	153.82	101.23

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Apollo Commercial Real Estate Finance Financial Statements

What was Apollo Commercial Real Estate Finance's revenue in fiscal 2025?

Apollo Commercial Real Estate Finance reported revenue of $271.59M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 10.6% from $303.67M a year earlier.

Is Apollo Commercial Real Estate Finance profitable?

Yes. Apollo Commercial Real Estate Finance earned net income of $114.45M in fiscal 2025, a net margin of 42.1%. In fiscal 2024 it lost $131.91M.

What is Apollo Commercial Real Estate Finance's operating margin?

Apollo Commercial Real Estate Finance's operating income was $110.40M on revenue of $271.59M in fiscal 2025, an operating margin of 40.6%, compared with -3.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition