Athene Hldg (ATH) Financials

ATH NYSE

Trailing 12 months to March 31, 2026

Revenue $25.2B +31.4% YoY

Net Income $308.0M -88.7% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $5.6B +163.1% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ATH SEC filings page.

Athene Hldg (ATH) reported $25.2B in revenue over the twelve months to Mar 31, 2026, up 31.4% 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 FY2025 2026-10-24

Liability-heavy financing supports a much larger balance sheet, but profit growth is not keeping pace with expansion.

Cash conversion is highly variable: operating cash flow equaled 54.2% of net income in FY2024 but 190.3% in FY2025. That reversal means reported earnings are not a stable proxy for the cash the business produces in a given year.

Assets expanded 21.7% in FY2025 while liabilities rose 20.5%, so growth remained funded predominantly by obligations. Liabilities represented 91.9% of assets, leaving equity as a comparatively narrow funding layer despite its 25.3% increase.

FY2025 revenue recovered 24.1%, yet net income fell 21.7%; the rebound therefore did not flow through to reported profit. Long-term debt rose 24.4% while return on assets fell 0.3 percentage points, indicating that balance-sheet expansion was not translating proportionally into asset returns.

Financial Health Signals

Financial health score not available

Athene Hldg 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

4/6

Athene Hldg 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), the one computable operating efficiency signal (asset turnover improving) passes.

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

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Earnings & Revenue

Revenue

$3.7B

YoY-12.4%

QoQ-54.9%

Athene Hldg generated $3.7B in revenue in Q1 2026. This represents a decrease of 12.4% from the same quarter a year earlier. Against the prior quarter it is down 54.9%.

Net Income

-$1.9B

YoY-516.8%

QoQ-470.6%

Athene Hldg reported a net loss of $1.9B in Q1 2026. This represents a decrease of 516.8% from the same quarter a year earlier. Against the prior quarter it is down 470.6%.

EBITDA

Not reported for Q1 2026.

EPS (Diluted)

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$19.3B

YoY+44.0%

QoQ+14.3%

5Y CAGR+24.6%

10Y CAGR+21.6%

Athene Hldg held $19.3B in cash against $7.8B in long-term debt as of Q1 2026.

Shares Outstanding

203,805

Athene Hldg had 203,805 shares outstanding in Q1 2026.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Net Margin

-52.8%

YoY-63.9pp

QoQ-59.3pp

Athene Hldg's net profit margin was -52.8% in Q1 2026, showing the share of revenue converted to profit. This is down 63.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 59.3 percentage points.

Return on Equity

-10.9%

YoY-13.5pp

QoQ-13.4pp

Athene Hldg's quarterly ROE was -10.9% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is down 13.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.4 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

None of these metrics is reported for Q1 2026.

ATH 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 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	$25.2B	$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
Income Tax	$2.4B	$886.0M+21.4%	$730.0Mn/m	-$1.2Bn/m	-$646.0M-267.4%	$386.0M+35.4%	$285.0M+143.6%	$117.0M-4.1%	$122.0M+15.1%	$106.0Mn/m	-$61.0M-608.3%	$12.0M-77.4%	$53.0M
Net Income	$308.0M	$2.7B-21.7%	$3.5B-25.8%	$4.7Bn/m	-$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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$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%	$4.7B-63.2%
Income Tax	$1.7B+856.0%	$479.0M+574.6%	$266.0M+39.3%	-$34.0M-121.1%	$175.0M-43.0%	$71.0Mn/m	$191.0M+17.9%	$161.0M+21.1%
Net Income	-$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%	$629.0M+42.6%

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 Balance Sheet

ATH 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
Goodwill	$4.1B+0.2%	$4.1B0.0%	$4.1B+0.2%	$4.1Bn/m	$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%	$2.2Bn/m	-$92.0Mn/m	-$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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$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%	$332.6B+23.5%
Cash & Equivalents	$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%	$14.7B+38.2%
Goodwill	$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%	$4.1B0.0%
Total Liabilities	$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%	$308.3B+20.3%
Long-Term Debt	$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%	$5.7B+57.4%
Total Equity	$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%	$15.0B+72.4%
Retained Earnings	$1.7B-30.9%	$3.9B+74.1%	$3.7B+175.8%	$2.7B+111.6%	$2.5B+184.4%	$2.2Bn/m	$1.3Bn/m	$1.3Bn/m

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

ATH Cash Flow Statement

ATH 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	$5.6B	$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	-$55.0B	-$63.8Bn/m	-$61.9Bn/m	-$43.6Bn/m	-$34.4Bn/m	-$27.9Bn/m	-$14.8Bn/m	-$10.0Bn/m	-$8.2Bn/m	-$5.8Bn/m	-$2.7Bn/m	-$52.0M-103.9%	$1.3B
Financing Cash Flow	$55.3B	$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%	$1.2Bn/m	-$944.0Mn/m	-$2.3B
Dividends Paid	$752.0M	$752.0M+66.4%	$452.0M-51.8%	$937.0M-28.6%	$1.3Bn/m	$0n/m	$0	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0n/m	$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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$835.0M+96.0%	$3.0B+688.1%	$636.0M-18.5%	$1.1B+101.1%	$426.0M+130.3%	$386.0M-69.8%	$780.0Mn/m	$525.0M-87.9%
Investing Cash Flow	-$7.9Bn/m	-$13.5Bn/m	-$13.4Bn/m	-$20.1Bn/m	-$16.7Bn/m	-$16.5Bn/m	-$14.4Bn/m	-$14.6Bn/m
Financing Cash Flow	$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%	$11.8B+125.1%
Dividends Paid	$188.0M0.0%	$189.0M+142.3%	$188.0Mn/m	$187.0M0.0%	$188.0M+0.5%	$78.0M-58.3%	$0-100.0%	$187.0M-0.5%

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

ATH 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 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	N/A	N/A	N/A	N/A	N/A
Liabilities-to-Equity	19.84-0.8x	20.63+0.4x	20.19-12.4x	32.60+22.0x	10.58+0.8x	9.79-0.1x	9.91-4.3x	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	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Net Margin	-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	13.5%+10.0pp
Return on Equity	-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	4.2%-0.9pp
Return on Assets	-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	0.2%0.0pp
Debt-to-Equity	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	0.380.0x
Liabilities-to-Equity	23.20+3.0x	19.84-0.8x	19.44+0.7x	20.72+0.2x	20.190.0x	20.63+0.4x	18.79-11.2x	20.56-8.9x
Asset Turnover	0.010.0x	0.020.0x	0.020.0x	0.010.0x	0.010.0x	0.010.0x	0.020.0x	0.010.0x

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

Where Athene Hldg Ranks

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 $308.0M over the trailing 12 months to March 31, 2026. In fiscal year 2025 it reported a net income of $2.7B, 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. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

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

Athene Hldg (ATH) had a liabilities-to-equity ratio of 19.84 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 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 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.