Athene Holding Ltd. Financials

ATH-PA

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Athene Holding Ltd. (ATH-PA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ATH-PA FY2025 2026-04-22

Balance-sheet expansion is the core mechanic here: assets keep compounding, but returns on those assets have thinned as liabilities fund growth.

Between FY2023 and FY2025, total assets added roughly $142B while return on assets compressed by about 1.0% point. That pairing suggests the company is getting bigger faster than it is getting more productive, so recent growth looks driven by balance-sheet volume rather than by better earnings efficiency.

The equity base rebuilt from $13.8B in FY2023 to $20.5B in FY2025, which gives the company more loss-absorbing capacity as the balance sheet expands. Even so, liabilities still dwarf equity, so the thicker capital cushion is being earned on less intensely than during the rebound year and shareholder results remain highly sensitive to small changes in asset profitability.

Operating cash flow reached $5.2B in FY2025, but it sat next to $63.8B of investing outflow, with financing inflows doing most of the balancing work. That is a clue that cash generation is heavily shaped by large portfolio and funding movements, so reported profit alone does not explain expansion; the business has to keep pulling in external funding to support asset growth.

Financial Health Signals

Financial health score pending refresh

We are recalculating Athene Holding Ltd.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Athene Holding Ltd. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.90x

For every $1 of reported earnings, Athene Holding Ltd. generates $1.90 in operating cash flow ($5.2B OCF vs $2.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$25.7B

YoY+24.1%

5Y CAGR+11.7%

10Y CAGR+25.6%

Athene Holding Ltd. generated $25.7B in revenue in fiscal year 2025. This represents an increase of 24.1% from the prior year.

EBITDA

N/A

Net Income

$2.7B

YoY-21.7%

5Y CAGR+12.0%

10Y CAGR+17.0%

Athene Holding Ltd. reported $2.7B in net income in fiscal year 2025. This represents a decrease of 21.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$16.9B

YoY+18.5%

5Y CAGR+17.0%

10Y CAGR+20.0%

Athene Holding Ltd. held $16.9B in cash against $7.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

10.6%

YoY-6.2pp

5Y CAGR+0.1pp

10Y CAGR-10.9pp

Athene Holding Ltd.'s net profit margin was 10.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.2 percentage points from the prior year.

Return on Equity

13.2%

YoY-7.9pp

5Y CAGR+5.0pp

10Y CAGR+2.7pp

Athene Holding Ltd.'s ROE was 13.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ATH-PA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$25.7B+24.1%	$20.7B-26.6%	$28.2B+269.9%	$7.6B-71.0%	$26.3B+78.3%	$14.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$886.0M+21.4%	$730.0M+162.9%	-$1.2B-79.7%	-$646.0M-267.4%	$386.0M+35.4%	$285.0M
Net Income	$2.7B-21.7%	$3.5B-25.8%	$4.7B+260.3%	-$2.9B-175.4%	$3.9B+150.4%	$1.5B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$3.7B-54.9%	$8.1B+1.7%	$8.0B+49.2%	$5.4B+28.0%	$4.2B+10.7%	$3.8B-42.0%	$6.5B+39.8%	$4.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.7B+249.3%	$479.0M+80.1%	$266.0M+882.4%	-$34.0M-119.4%	$175.0M+146.5%	$71.0M-62.8%	$191.0M+18.6%	$161.0M
Net Income	-$1.9B-470.6%	$523.0M-58.5%	$1.3B+171.3%	$464.0M-0.2%	$465.0M-54.2%	$1.0B+62.4%	$625.0M-0.6%	$629.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATH-PA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$442.2B+21.7%	$363.3B+20.9%	$300.6B+23.2%	$243.9B+3.7%	$235.1B+16.0%	$202.8B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$16.9B+18.5%	$14.3B+9.5%	$13.0B+67.4%	$7.8B-17.9%	$9.5B+23.0%	$7.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$4.1B+0.2%	$4.1B0.0%	$4.1B+0.2%	$4.1B	$0	N/A
Total Liabilities	$406.6B+20.5%	$337.5B+20.8%	$279.3B+19.7%	$233.4B+9.6%	$213.0B+16.6%	$182.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$7.8B+24.4%	$6.3B+49.9%	$4.2B+15.1%	$3.7B+23.4%	$3.0B+50.0%	$2.0B
Total Equity	$20.5B+25.3%	$16.4B+18.2%	$13.8B+93.3%	$7.2B-64.4%	$20.1B+7.9%	$18.7B
Retained Earnings	$3.9B+74.1%	$2.2B+2531.5%	-$92.0M+97.5%	-$3.6B-133.0%	$11.0B+36.7%	$8.1B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$447.8B+1.3%	$442.2B+2.9%	$429.9B+6.1%	$405.3B+6.2%	$381.5B+5.0%	$363.3B+2.4%	$355.0B+6.7%	$332.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$19.3B+14.3%	$16.9B-6.0%	$18.0B+46.8%	$12.2B-8.7%	$13.4B-6.0%	$14.3B-4.0%	$14.9B+1.4%	$14.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$4.1B+0.2%	$4.1B0.0%	$4.1B-0.1%	$4.1B+0.2%	$4.1B+0.1%	$4.1B-0.2%	$4.1B+0.2%	$4.1B
Total Liabilities	$414.1B+1.9%	$406.6B+2.4%	$396.9B+5.5%	$376.1B+6.3%	$353.7B+4.8%	$337.5B+2.9%	$327.9B+6.3%	$308.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$7.8B-0.1%	$7.8B-0.1%	$7.9B-0.1%	$7.9B+24.8%	$6.3B-0.1%	$6.3B+10.2%	$5.7B-0.1%	$5.7B
Total Equity	$17.8B-12.9%	$20.5B+0.4%	$20.4B+12.5%	$18.1B+3.6%	$17.5B+7.1%	$16.4B-6.2%	$17.4B+16.3%	$15.0B
Retained Earnings	$1.7B-56.2%	$3.9B+5.0%	$3.7B+38.7%	$2.7B+8.3%	$2.5B+10.4%	$2.2B+66.3%	$1.3B+6.4%	$1.3B

ATH-PA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$5.2B+175.1%	$1.9B-62.4%	$5.0B-20.4%	$6.3B-39.2%	$10.3B+147.8%	$4.2B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$63.8B-3.0%	-$61.9B-41.9%	-$43.6B-27.0%	-$34.4B-23.1%	-$27.9B-88.5%	-$14.8B
Financing Cash Flow	$61.3B+3.1%	$59.4B+32.7%	$44.8B+69.1%	$26.5B+34.9%	$19.6B+35.5%	$14.5B
Dividends Paid	$752.0M+66.4%	$452.0M-51.8%	$937.0M-28.6%	$1.3B	$0	$0
Share Buybacks	N/A	N/A	$0	$0-100.0%	$8.0M-98.1%	$428.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$835.0M-72.6%	$3.0B+378.3%	$636.0M-39.8%	$1.1B+147.9%	$426.0M+10.4%	$386.0M-50.5%	$780.0M+48.6%	$525.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$7.9B+41.7%	-$13.5B-0.4%	-$13.4B+33.3%	-$20.1B-20.5%	-$16.7B-1.2%	-$16.5B-14.6%	-$14.4B+1.5%	-$14.6B
Financing Cash Flow	$9.5B+0.6%	$9.4B-49.3%	$18.5B+3.5%	$17.9B+16.0%	$15.4B-0.6%	$15.5B+12.4%	$13.8B+16.8%	$11.8B
Dividends Paid	$188.0M-0.5%	$189.0M+0.5%	$188.0M+0.5%	$187.0M-0.5%	$188.0M+141.0%	$78.0M	$0-100.0%	$187.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATH-PA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.6%-6.2pp	16.7%+0.2pp	16.6%+54.7pp	-38.2%-52.8pp	14.7%+4.2pp	10.4%
Return on Equity	13.2%-7.9pp	21.2%-12.6pp	33.7%+74.4pp	-40.6%-59.8pp	19.2%+10.9pp	8.3%
Return on Assets	0.6%-0.3pp	0.9%-0.6pp	1.6%+2.7pp	-1.2%-2.8pp	1.6%+0.9pp	0.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.380.0	0.39+0.1	0.30-0.2	0.51+0.4	0.15+0.0	0.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-52.8%-59.3pp	6.4%-9.3pp	15.7%+7.1pp	8.7%-2.5pp	11.1%-15.7pp	26.8%+17.3pp	9.6%-3.9pp	13.5%
Return on Equity	-10.9%-13.4pp	2.5%-3.6pp	6.2%+3.6pp	2.6%-0.1pp	2.6%-3.6pp	6.2%+2.6pp	3.6%-0.6pp	4.2%
Return on Assets	-0.4%-0.5pp	0.1%-0.2pp	0.3%+0.2pp	0.1%0.0pp	0.1%-0.2pp	0.3%+0.1pp	0.2%-0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.44+0.1	0.380.0	0.38-0.0	0.43+0.1	0.36-0.0	0.39+0.1	0.33-0.1	0.38
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Athene Holding Ltd.'s annual revenue?

Athene Holding Ltd. (ATH-PA) reported $25.7B in total revenue for fiscal year 2025. This represents a 24.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Athene Holding Ltd.'s revenue growing?

Athene Holding Ltd. (ATH-PA) revenue grew by 24.1% year-over-year, from $20.7B to $25.7B in fiscal year 2025.

Is Athene Holding Ltd. profitable?

Yes, Athene Holding Ltd. (ATH-PA) reported a net income of $2.7B in fiscal year 2025, with a net profit margin of 10.6%.

How much debt does Athene Holding Ltd. have?

As of fiscal year 2025, Athene Holding Ltd. (ATH-PA) had $16.9B in cash and equivalents against $7.8B in long-term debt.

What is Athene Holding Ltd.'s net profit margin?

Athene Holding Ltd. (ATH-PA) had a net profit margin of 10.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Athene Holding Ltd.'s return on equity (ROE)?

Athene Holding Ltd. (ATH-PA) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Athene Holding Ltd.'s operating cash flow?

Athene Holding Ltd. (ATH-PA) generated $5.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Athene Holding Ltd.'s total assets?

Athene Holding Ltd. (ATH-PA) had $442.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What is Athene Holding Ltd.'s debt-to-equity ratio?

Athene Holding Ltd. (ATH-PA) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Athene Holding Ltd.'s return on assets (ROA)?

Athene Holding Ltd. (ATH-PA) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Athene Holding Ltd.'s Piotroski F-Score?

Athene Holding Ltd. (ATH-PA) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Athene Holding Ltd.'s earnings high quality?

Athene Holding Ltd. (ATH-PA) has an earnings quality ratio of 1.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.