Athene Hldg Financials

ATH

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Athene Hldg (ATH) 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).

Financial Health Signals

Financial Profile 29/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Athene Hldg's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Athene Hldg's revenue surged 24.1% year-over-year to $25.7B, reflecting rapid business expansion. This strong growth earns a score of 26/100.

Leverage

Athene Hldg carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Returns

Athene Hldg's ROE of 13.2% shows moderate profitability relative to equity, earning a score of 55/100. This is down from 21.2% the prior year.

Piotroski F-Score Neutral

4/9

Athene Hldg passes 4 of 9 financial strength tests. 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 Hldg 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

Export CSV

Earnings & Revenue

Revenue

$25.7B

YoY+24.1%

5Y CAGR+11.7%

10Y CAGR+25.6%

Athene Hldg 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 Hldg 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 Hldg 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 Hldg'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 Hldg'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 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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-18.5%	$5.7B
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	$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-47.6%	$307.0M
Net Income	$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-47.2%	$1.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATH 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+3.8%	$320.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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-3.9%	$15.3B
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	$4.1B0.0%	$4.1B-0.1%	$4.1B+0.2%	$4.1B+0.1%	$4.1B-0.2%	$4.1B+0.2%	$4.1B0.0%	$4.1B
Total Liabilities	$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+3.7%	$297.4B
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%	$7.9B-0.1%	$7.9B+24.8%	$6.3B-0.1%	$6.3B+10.2%	$5.7B-0.1%	$5.7B-0.1%	$5.7B
Total Equity	$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+1.6%	$14.8B
Retained Earnings	$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+45.6%	$868.0M

ATH 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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+183.8%	$185.0M
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	-$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+10.7%	-$16.4B
Financing Cash Flow	$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-35.1%	$18.2B
Dividends Paid	$189.0M+0.5%	$188.0M+0.5%	$187.0M-0.5%	$188.0M+141.0%	$78.0M	$0-100.0%	$187.0M0.0%	$187.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ATH 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	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%-7.4pp	20.8%
Return on Equity	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%-3.9pp	8.1%
Return on Assets	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%-0.2pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.380.0	0.38-0.0	0.43+0.1	0.36-0.0	0.39+0.1	0.33-0.1	0.380.0	0.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Athene Hldg's annual revenue?

Athene Hldg (ATH) 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 Hldg's revenue growing?

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

Is Athene Hldg profitable?

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

How much debt does Athene Hldg have?

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

What is Athene Hldg's net profit margin?

Athene Hldg (ATH) 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 Hldg's return on equity (ROE)?

Athene Hldg (ATH) 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 Hldg's operating cash flow?

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

What are Athene Hldg's total assets?

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

What is Athene Hldg's debt-to-equity ratio?

Athene Hldg (ATH) 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 Hldg's return on assets (ROA)?

Athene Hldg (ATH) 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 Hldg's Piotroski F-Score?

Athene Hldg (ATH) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 Hldg's earnings high quality?

Athene Hldg (ATH) 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.

How financially healthy is Athene Hldg?

Athene Hldg (ATH) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.