Athene Holding (ATHS) Financials

ATHS

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 ATHS SEC filings page.

Athene Holding (ATHS) 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 ATHS FY2025 2026-09-05

A rapidly expanding asset base is being funded through financing flows, while asset returns weaken despite FY2025 cash-flow recovery.

The key shift is earnings quality: in FY2025, operating cash flow exceeded net income, reversing FY2024 when cash generation was below reported profit. That reversal makes working-capital movement or accrual timing more important to interpretation than the earnings line alone.

With assets at $442.2B against revenue of $25.7B in FY2025, this is an asset-heavy financial model where balance-sheet deployment matters more than conventional margin analysis. ROA fell from 1.0% in FY2024 to 0.6% in FY2025 as assets expanded, indicating the added balance-sheet scale produced less accounting return.

Investing outflows of $63.8B were nearly offset by $61.3B of financing inflows in FY2025, indicating that expansion relied heavily on funding activity rather than internally generated cash alone. Debt-to-equity remained near 0.4x across FY2024-FY2025, so ratio stability masks a much larger absolute liability base and rising interest expense; leverage ratios alone do not capture the scale of funding activity.

Financial Health Signals

Financial health score not available

Athene Holding 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 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 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 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 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 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 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'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'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.

ATHS 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.

ATHS 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).

ATHS Balance Sheet

ATHS 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.

ATHS Cash Flow Statement

ATHS 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.

ATHS 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.

ATHS 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.

Where Athene Holding Ranks

Frequently Asked Questions

What is Athene Holding's annual revenue?

Athene Holding (ATHS) 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's revenue growing?

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

Is Athene Holding profitable?

Yes, Athene Holding (ATHS) 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 have?

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

What is Athene Holding's net profit margin?

Athene Holding (ATHS) 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's return on equity (ROE)?

Athene Holding (ATHS) 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's operating cash flow?

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

What are Athene Holding's total assets?

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

How many shares does Athene Holding have outstanding?

Athene Holding (ATHS) had 203,805 shares outstanding as of fiscal year 2025.

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

Athene Holding (ATHS) 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's return on assets (ROA)?

Athene Holding (ATHS) 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's Piotroski F-Score?

Athene Holding (ATHS) 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's earnings high quality?

Athene Holding (ATHS) 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.