Athene Holding Ltd. (ATH-PA) Financials

ATH-PA

Trailing 12 months to June 30, 2026

Revenue $29.0B +45.9% YoY

Net Income $833.0M -67.6% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $6.3B +138.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ATH-PA SEC filings page.

Athene Holding Ltd. (ATH-PA) reported $29.0B in revenue over the twelve months to Jun 30, 2026, up 45.9% from the prior twelve months. This page shows its 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 2026-09-05

Athene’s dominant mechanic is balance-sheet expansion: investment deployment is largely paired with external financing, while returns compress.

Operating cash flow was nearly 2x net income in FY2025 but roughly 0.5x in FY2024, so cash realization swung materially even as reported margins remained positive. That divergence makes annual net income a less stable proxy for the cash economics of the business.

In FY2025, investing outflows of $63.8B were paired with financing inflows of $61.3B, a funding pattern consistent with deploying capital while replacing much of it through new financing. That pairing helped assets expand 22.0% while liabilities rose 20.5%, indicating that growth carried a similarly larger obligation base.

Net margin fell from 16.7% in FY2024 to 10.6% in FY2025, indicating that the lower earnings level was not simply a consequence of balance-sheet expansion. Return on assets also declined from 1.0% to 0.6%, meaning the enlarged asset base produced less profit per dollar deployed.

Financial Health Signals

Financial health score not available

Athene Holding Ltd. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/7

Athene Holding Ltd. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 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

$9.2B

YoY+70.8%

QoQ+149.5%

Athene Holding Ltd. generated $9.2B in revenue in Q2 2026. This represents an increase of 70.8% from the same quarter a year earlier. Against the prior quarter it is up 149.5%.

Net Income

$989.0M

YoY+113.1%

QoQ+151.0%

5Y CAGR-6.9%

10Y CAGR+17.8%

Athene Holding Ltd. reported $989.0M in net income in Q2 2026. This represents an increase of 113.1% from the same quarter a year earlier. Against the prior quarter it is up 151.0%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$23.7B

YoY+93.7%

QoQ+22.8%

5Y CAGR+24.1%

10Y CAGR+21.8%

Athene Holding Ltd. held $23.7B in cash against $7.8B in long-term debt as of Q2 2026.

Shares Outstanding

203,805

YoY0.0%

QoQ0.0%

5Y CAGR-74.6%

Athene Holding Ltd. had 203,805 shares outstanding in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin

10.8%

YoY+2.2pp

QoQ+63.6pp

Athene Holding Ltd.'s net profit margin was 10.8% in Q2 2026, showing the share of revenue converted to profit. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 63.6 percentage points.

Return on Equity

5.3%

YoY+2.8pp

QoQ+16.2pp

Athene Holding Ltd.'s ROE was 5.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 16.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

ATH-PA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ATH-PA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Revenue	$29.0B	$25.7B+24.1%	$20.7B-26.6%	$28.2B+269.9%	$7.6B-71.0%	$26.3B+78.3%	$14.8B-9.2%	$16.3B+145.0%	$6.6B-24.5%	$8.8B+114.1%	$4.1B+56.8%	$2.6B-36.2%	$4.1B
Interest Expense	N/A	$362.0M+46.0%	$248.0M+101.6%	$123.0M+25.5%	$98.0M-6.7%	$105.0M+52.2%	$69.0M+64.3%	$42.0M+2.4%	$41.0M	N/A	N/A	N/A	N/A
Income Tax	$2.6B	$886.0M+21.4%	$730.0M+162.9%	-$1.2B-79.7%	-$646.0M-267.4%	$386.0M+35.4%	$285.0M+143.6%	$117.0M-4.1%	$122.0M+15.1%	$106.0M+273.8%	-$61.0M-608.3%	$12.0M-77.4%	$53.0M
Net Income	$833.0M	$2.7B-21.7%	$3.5B-25.8%	$4.7B+260.3%	-$2.9B-175.4%	$3.9B+150.4%	$1.5B-29.1%	$2.2B+106.3%	$1.1B-22.5%	$1.4B+75.7%	$773.0M+37.5%	$562.0M+23.2%	$456.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$9.2B+70.8%	$3.7B-12.4%	$8.1B+115.1%	$8.0B+22.6%	$5.4B+14.9%	$4.2B-26.8%	$3.8B-62.2%	$6.5B+354.2%
Income Tax	$217.0M+738.2%	$1.7B+856.0%	$479.0M+574.6%	$266.0M+39.3%	-$34.0M-121.1%	$175.0M-43.0%	$71.0M+104.4%	$191.0M+17.9%
Net Income	$989.0M+113.1%	-$1.9B-516.8%	$523.0M-48.5%	$1.3B+101.4%	$464.0M-26.2%	$465.0M-61.0%	$1.0B-65.8%	$625.0M+28.6%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

ATH-PA Balance Sheet

ATH-PA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Total Assets	$442.2B+21.7%	$363.3B+20.9%	$300.6B+23.2%	$243.9B+3.7%	$235.1B+16.0%	$202.8B+38.1%	$146.9B+17.0%	$125.5B+25.3%	$100.2B+15.5%	$86.7B+7.2%	$80.8B-2.3%	$82.7B
Cash & Equivalents	$16.9B+18.5%	$14.3B+9.5%	$13.0B+67.4%	$7.8B-17.9%	$9.5B+23.0%	$7.7B+81.7%	$4.2B+24.5%	$3.4B-31.9%	$5.0B+98.6%	$2.5B-7.5%	$2.7B+1.8%	$2.7B
Short-Term Investments	$0	$0	$0	$0	$0	$0-100.0%	$596.0M	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$4.1B+0.2%	$4.1B0.0%	$4.1B+0.2%	$4.1B	$0	N/A	N/A	N/A	N/A	N/A	N/A	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+37.6%	$132.7B+13.2%	$117.2B+28.8%	$91.0B+14.0%	$79.8B+5.8%	$75.5B-3.4%	$78.2B
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+99.2%	$992.0M	N/A	N/A	N/A	N/A	N/A
Total Equity	$20.5B+25.3%	$16.4B+18.2%	$13.8B+93.3%	$7.2B-64.4%	$20.1B+7.9%	$18.7B+39.3%	$13.4B+61.8%	$8.3B-10.1%	$9.2B+34.3%	$6.9B+28.1%	$5.4B+16.9%	$4.6B
Retained Earnings	$3.9B+74.1%	$2.2B+2531.5%	-$92.0M+97.5%	-$3.6B-133.0%	$11.0B+36.7%	$8.1B+16.3%	$6.9B+31.3%	$5.3B+24.2%	$4.3B+38.6%	$3.1B+33.0%	$2.3B	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$472.9B+16.7%	$447.8B+17.4%	$442.2B+21.7%	$429.9B+21.1%	$405.3B+21.9%	$381.5B+19.0%	$363.3B+20.9%	$355.0B+31.6%
Cash & Equivalents	$23.7B+93.7%	$19.3B+44.0%	$16.9B+18.5%	$18.0B+20.9%	$12.2B-16.5%	$13.4B-12.1%	$14.3B+9.5%	$14.9B+48.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$4.1B+0.1%	$4.1B+0.3%	$4.1B+0.2%	$4.1B0.0%	$4.1B+0.3%	$4.1B+0.1%	$4.1B0.0%	$4.1B+0.3%
Total Liabilities	$438.1B+16.5%	$414.1B+17.1%	$406.6B+20.5%	$396.9B+21.1%	$376.1B+22.0%	$353.7B+18.9%	$337.5B+20.8%	$327.9B+28.2%
Long-Term Debt	$7.8B-0.4%	$7.8B+24.4%	$7.8B+24.4%	$7.9B+37.2%	$7.9B+37.2%	$6.3B+9.8%	$6.3B+49.9%	$5.7B+57.5%
Total Equity	$18.6B+2.2%	$17.8B+1.9%	$20.5B+25.3%	$20.4B+17.0%	$18.1B+21.0%	$17.5B+18.7%	$16.4B+18.2%	$17.4B+104.3%
Retained Earnings	$2.4B-8.8%	$1.7B-30.9%	$3.9B+74.1%	$3.7B+175.8%	$2.7B+111.6%	$2.5B+184.4%	$2.2B+2531.5%	$1.3B+147.5%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities.

ATH-PA Cash Flow Statement

ATH-PA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Operating Cash Flow	$6.3B	$5.2B+175.1%	$1.9B-62.4%	$5.0B-20.4%	$6.3B-39.2%	$10.3B+147.8%	$4.2B+56.4%	$2.7B-7.6%	$2.9B-9.3%	$3.2B+164.4%	$1.2B+14.3%	$1.0B+75.1%	$599.0M
Stock-Based Compensation	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$26.0M-42.2%	$45.0M-46.4%	$84.0M+25.4%	$67.0M-54.7%	$148.0M
Investing Cash Flow	-$50.6B	-$63.8B-3.0%	-$61.9B-41.9%	-$43.6B-27.0%	-$34.4B-23.1%	-$27.9B-88.5%	-$14.8B-48.8%	-$10.0B-21.8%	-$8.2B-41.7%	-$5.8B-116.8%	-$2.7B-5017.3%	-$52.0M-103.9%	$1.3B
Financing Cash Flow	$55.7B	$61.3B+3.1%	$59.4B+32.7%	$44.8B+69.1%	$26.5B+34.9%	$19.6B+35.5%	$14.5B+69.7%	$8.5B+130.3%	$3.7B-26.6%	$5.0B+337.1%	$1.2B+222.4%	-$944.0M+58.9%	-$2.3B
Dividends Paid	$752.0M	$752.0M+66.4%	$452.0M-51.8%	$937.0M-28.6%	$1.3B	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$8.0M-98.1%	$428.0M-48.6%	$832.0M+692.4%	$105.0M	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$1.8B+70.1%	$835.0M+96.0%	$3.0B+688.1%	$636.0M-18.5%	$1.1B+101.1%	$426.0M+130.3%	$386.0M-69.8%	$780.0M+211.1%
Investing Cash Flow	-$15.7B+21.9%	-$7.9B+52.9%	-$13.5B+18.2%	-$13.4B+6.7%	-$20.1B-37.7%	-$16.7B-2.1%	-$16.5B-12.7%	-$14.4B-33.8%
Financing Cash Flow	$18.3B+2.4%	$9.5B-38.7%	$9.4B-39.5%	$18.5B+34.1%	$17.9B+51.3%	$15.4B-15.3%	$15.5B-8.0%	$13.8B+39.4%
Dividends Paid	$187.0M0.0%	$188.0M0.0%	$189.0M+142.3%	$188.0M	$187.0M0.0%	$188.0M+0.5%	$78.0M-58.3%	$0-100.0%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

ATH-PA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ATH-PA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Net Margin	10.6%-6.2pp	16.7%+0.2pp	16.6%+54.7pp	-38.2%-52.8pp	14.7%+4.2pp	10.4%-2.9pp	13.4%-2.5pp	15.9%+0.4pp	15.4%-3.4pp	18.8%-2.6pp	21.5%+10.4pp	11.1%
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%-8.0pp	16.2%+3.5pp	12.7%-2.0pp	14.8%+3.5pp	11.3%+0.8pp	10.5%+0.5pp	10.0%
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%-0.7pp	1.5%+0.6pp	0.8%-0.5pp	1.4%+0.5pp	0.9%+0.2pp	0.7%+0.2pp	0.5%
Debt-to-Equity	0.380.0x	0.39+0.1x	0.30-0.2x	0.51+0.4x	0.150.0x	0.110.0x	0.07-14.1x	14.16+4.3x	9.88-1.8x	11.64-2.5x	14.11-3.0x	17.07
Asset Turnover	0.060.0x	0.060.0x	0.09+0.1x	0.03-0.1x	0.110.0x	0.070.0x	0.11+0.1x	0.050.0x	0.090.0x	0.050.0x	0.030.0x	0.05

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	10.8%+2.2pp	-52.8%-63.9pp	6.4%-20.4pp	15.7%+6.2pp	8.7%-4.8pp	11.1%-9.7pp	26.8%-2.8pp	9.6%-24.3pp
Return on Equity	5.3%+2.8pp	-10.9%-13.5pp	2.5%-3.7pp	6.2%+2.6pp	2.6%-1.6pp	2.6%-5.4pp	6.2%-15.3pp	3.6%-2.1pp
Return on Assets	0.2%+0.1pp	-0.4%-0.5pp	0.1%-0.2pp	0.3%+0.1pp	0.1%-0.1pp	0.1%-0.3pp	0.3%-0.7pp	0.2%0.0pp
Debt-to-Equity	0.420.0x	0.44+0.1x	0.380.0x	0.38+0.1x	0.43+0.1x	0.360.0x	0.39+0.1x	0.33-0.1x
Asset Turnover	0.020.0x	0.010.0x	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.010.0x	0.020.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Athene Holding Ltd. ATH-PA	FY2025	$25.7B	$2.7B	10.6%	$6.9B	—
Blue Owl Capital Corporation OBDC	FY2025	N/A	$627.4M	N/A	$5.5B	—
Synovus Financial Corp. SNV	FY2024	$2.0B	$482.5M	24.3%	$6.9B	40/100
Janus Henderson Group plc JHG	FY2025	$3.1B	$815.9M	26.3%	$8.0B	87/100
BOK Financial Corp BOKF	FY2025	$2.2B	$578.0M	26.6%	$8.1B	63/100

Where Athene Holding Ltd. Ranks

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.

How many shares does Athene Holding Ltd. have outstanding?

Athene Holding Ltd. (ATH-PA) had 203,805 shares outstanding as of fiscal year 2025.

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 5 out of 7 computable signals; 2 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.