NASDAQ : ARCC
Ares Capital Corporation — Financial statements
Financials · Asset Management · United States
Last price 19.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 13.72B
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Financial statements
Ares Capital Corporation (ARCC) reported revenue of 3.09B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 159.00M | 185.00M | 172.00M | 92.00M | 153.00M | 306.00M |
| Other Revenue | 2.93B | 2.87B | 2.82B | 2.52B | 1.94B | 1.51B |
| Revenue | 3.09B | 3.05B | 2.99B | 2.61B | 2.10B | 1.82B |
| Gross Profit | 3.09B | 3.05B | 2.99B | 2.61B | 2.10B | 1.82B |
| Selling, General & Admin | 737.00M | 801.00M | 799.00M | 746.00M | 494.00M | 678.00M |
| Operating Expenses | 737.00M | 801.00M | 799.00M | 746.00M | 494.00M | 678.00M |
| Operating Income | 2.35B | 2.25B | 2.19B | 1.87B | 1.60B | 1.14B |
| Interest Expense | -834.00M | -769.00M | -698.00M | -582.00M | -455.00M | -372.00M |
| Currency Exchange Gain (Loss) | 33.00M | -47.00M | 55.00M | -18.00M | 45.00M | 9.00M |
| Other Non Operating Income (Expenses) | -24.00M | -24.00M | -17.00M | |||
| EBT Excluding Unusual Items | 1.52B | 1.41B | 1.53B | 1.27B | 1.19B | 779.00M |
| Gain (Loss) on Sale of Investments | -562.00M | -13.00M | 83.00M | 338.00M | -489.00M | 860.00M |
| Other Unusual Items | -2.00M | -14.00M | -48.00M | -43.00M | ||
| Pretax Income | 961.00M | 1.40B | 1.60B | 1.61B | 655.00M | 1.60B |
| Income Tax Expense | 86.00M | 99.00M | 78.00M | 84.00M | 55.00M | 29.00M |
| Net Income | 875.00M | 1.30B | 1.52B | 1.52B | 600.00M | 1.57B |
| Net Income to Common | 875.00M | 1.30B | 1.52B | 1.52B | 600.00M | 1.57B |
| Shares Outstanding (Basic) | 717.75M | 699.00M | 624.00M | 554.00M | 498.00M | 446.00M |
| Shares Outstanding (Diluted) | 717.75M | 699.00M | 624.00M | 575.00M | 518.00M | 446.00M |
| EPS (Basic) | 1.22 | 1.86 | 2.44 | 2.75 | 1.20 | 3.51 |
| EPS (Diluted) | 1.22 | 1.86 | 2.44 | 2.68 | 1.19 | 3.51 |
| Dividend Per Share | 0.48 | 1.92 | 1.92 | 1.92 | 1.75 | 1.62 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 76.13% | 73.76% | 73.28% | 71.46% | 76.43% | 62.75% |
| Profit Margin | 28.34% | 42.56% | 50.90% | 58.23% | 28.63% | 86.10% |
| EBIT | 2.35B | 2.25B | 2.19B | 1.87B | 1.60B | 1.14B |
| EBIT Margin | 76.13% | 73.76% | 73.28% | 71.46% | 76.43% | 62.75% |
| Effective Tax Rate | 8.95% | 7.08% | 4.88% | 5.23% | 8.40% | 1.82% |
| Revenue as Reported | 3.09B | 3.05B | 2.99B | 2.61B | 2.10B | 1.82B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 722.00M | 638.00M | 635.00M | 535.00M | 303.00M | 372.00M |
| Trading Asset Securities | 77.00M | 2.00M | ||||
| Cash & Short-Term Investments | 722.00M | 715.00M | 637.00M | 535.00M | 303.00M | 372.00M |
| Receivables | 287.00M | 605.00M | 516.00M | 261.00M | 180.00M | 222.00M |
| Restricted Cash | 220.00M | 286.00M | 225.00M | 29.00M | 34.00M | 114.00M |
| Total Current Assets | 1.23B | 1.61B | 1.38B | 825.00M | 517.00M | 708.00M |
| Property, Plant & Equipment | 20.00M | 27.00M | ||||
| Long-Term Investments | 29.21B | 29.48B | 26.72B | 22.89B | 21.78B | 20.01B |
| Other Long-Term Assets | 154.00M | 144.00M | 156.00M | 86.00M | 81.00M | 99.00M |
| Total Assets | 30.60B | 31.23B | 28.25B | 23.80B | 22.40B | 20.84B |
| Accounts Payable | 723.00M | 86.00M | 299.00M | 115.00M | 87.00M | 307.00M |
| Accrued Expenses | 445.00M | 481.00M | 471.00M | 394.00M | 302.00M | 397.00M |
| Short-Term Debt | 32.00M | 29.00M | 32.00M | 57.00M | 20.00M | |
| Current Portion of Long-Term Debt | 2.09B | 1.84B | 1.30B | 750.00M | ||
| Other Current Liabilities | 168.00M | 86.00M | 24.00M | 21.00M | ||
| Total Current Liabilities | 1.17B | 2.86B | 2.72B | 1.87B | 1.22B | 724.00M |
| Long-Term Debt | 15.12B | 13.90B | 11.92B | 10.62B | 11.54B | 11.09B |
| Long-Term Leases | 31.00M | 43.00M | ||||
| Long-Term Deferred Tax Liabilities | 74.00M | 28.00M | 92.00M | 87.00M | 22.00M | |
| Other Long-Term Liabilities | 284.00M | 131.00M | 163.00M | 29.00M | 34.00M | 114.00M |
| Total Liabilities | 16.65B | 16.92B | 14.90B | 12.60B | 12.84B | 11.97B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | |
| Additional Paid-In Capital | 13.44B | 13.36B | 12.50B | 10.74B | 9.56B | 8.55B |
| Retained Earnings | 504.00M | 958.00M | 852.00M | 462.00M | -2.00M | 315.00M |
| Shareholders' Equity | 13.95B | 14.32B | 13.36B | 11.20B | 9.55B | 8.87B |
| Total Liabilities & Equity | 30.60B | 31.23B | 28.25B | 23.80B | 22.40B | 20.84B |
| Total Debt | 15.12B | 16.02B | 13.79B | 11.95B | 12.38B | 11.16B |
| Net Cash (Debt) | -14.40B | -15.31B | -13.15B | -11.41B | -12.07B | -10.79B |
| Net Cash Per Share | -20.07 | -21.90 | -21.08 | -19.85 | -23.31 | -24.18 |
| Filing Date Shares Outstanding | 722.00M | 718.02M | 671.48M | 582.31M | 531.37M | 478.88M |
| Total Common Shares Outstanding | 722.00M | 718.00M | 672.00M | 582.00M | 519.00M | 468.00M |
| Working Capital | 61.00M | -1.25B | -1.34B | -1.04B | -700.00M | -16.00M |
| Book Value Per Share | 19.32 | 19.94 | 19.87 | 19.25 | 18.41 | 18.95 |
| Tangible Book Value | 13.95B | 14.32B | 13.36B | 11.20B | 9.55B | 8.87B |
| Tangible Book Value Per Share | 19.32 | 19.94 | 19.87 | 19.25 | 18.41 | 18.95 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.30B | 1.52B | 1.52B | 600.00M | 1.57B | |
| Other Amortization | 34.00M | 33.00M | 31.00M | 30.00M | 29.00M | |
| Loss (Gain) From Sale of Investments | 99.00M | -117.00M | -282.00M | 431.00M | -885.00M | |
| Other Operating Activities | -3.07B | -3.72B | -799.00M | -2.27B | -3.38B | |
| Change in Accounts Receivable | -2.00M | -45.00M | -60.00M | -34.00M | -24.00M | |
| Change in Accounts Payable | -115.00M | -71.00M | -13.00M | -1.00M | 27.00M | |
| Change in Other Net Operating Assets | 35.00M | 273.00M | 112.00M | -112.00M | 205.00M | |
| Operating Cash Flow | -1.72B | -2.13B | 511.00M | -1.36B | -2.46B | |
| Long-Term Debt Issued | 12.53B | 13.24B | 5.21B | 7.96B | 19.39B | |
| Long-Term Debt Repaid | -10.37B | -10.98B | -5.60B | -6.82B | -16.83B | |
| Net Debt Issued (Repaid) | 2.16B | 2.26B | -388.00M | 1.14B | 2.56B | |
| Issuance of Common Stock | 928.00M | 1.36B | 1.16B | 1.00B | 819.00M | |
| Common Dividends Paid | -1.26B | -1.14B | -1.03B | -912.00M | -694.00M | |
| Other Financing Activities | -45.00M | -59.00M | -20.00M | -16.00M | -64.00M | |
| Financing Cash Flow | 1.78B | 2.42B | -284.00M | 1.21B | 2.62B | |
| Net Cash Flow | 64.00M | 296.00M | 227.00M | -149.00M | 160.00M | |
| Levered Free Cash Flow | 689.25M | 838.12M | 881.75M | 574.88M | 825.25M | |
| Unlevered Free Cash Flow | 1.14B | 1.24B | 1.21B | 829.25M | 1.03B | |
| Cash Interest Paid | 750.00M | 676.00M | 524.00M | 402.00M | 310.00M | |
| Cash Income Tax Paid | 163.00M | 66.00M | 36.00M | 39.00M | 26.00M | |
| Change in Working Capital | -82.00M | 157.00M | 39.00M | -147.00M | 208.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.72B | 14.48B | 14.14B | 11.41B | 9.56B | 9.76B |
| Enterprise Value | 28.12B | 28.98B | 27.23B | 22.48B | 21.28B | 18.63B |
| Last Close Price | 19.11 | 18.74 | 18.54 | 15.48 | 12.89 | 13.41 |
| PE Ratio | 15.68 | 11.15 | 9.29 | 7.49 | 15.93 | 6.23 |
| Forward PE | 9.94 | 10.32 | 9.80 | 8.52 | 8.37 | 11.53 |
| PS Ratio | 4.44 | 4.74 | 4.73 | 4.36 | 4.56 | 5.36 |
| PB Ratio | 0.99 | 1.01 | 1.06 | 1.02 | 1.00 | 1.10 |
| P/TBV Ratio | 0.98 | 1.01 | 1.06 | 1.02 | 1.00 | 1.10 |
| P/OCF Ratio | 22.32 | |||||
| PEG Ratio | 3.40 | 3.40 | 3.40 | 3.40 | 3.40 | |
| EV/Sales Ratio | 9.11 | 9.50 | 9.11 | 8.60 | 10.15 | 10.24 |
| EV/EBIT Ratio | 11.97 | 12.88 | 12.43 | 12.03 | 13.29 | 16.32 |
| Debt / Equity Ratio | 1.08 | 1.12 | 1.03 | 1.07 | 1.29 | 1.26 |
| Debt / EBITDA Ratio | 7.72 | 9.76 | ||||
| Net Debt / Equity Ratio | 1.03 | 1.07 | 0.98 | 1.02 | 1.26 | 1.22 |
| Asset Turnover | 0.10 | 0.10 | 0.12 | 0.11 | 0.10 | 0.10 |
| Quick Ratio | 0.86 | 0.46 | 0.42 | 0.43 | 0.40 | 0.82 |
| Current Ratio | 1.05 | 0.56 | 0.51 | 0.44 | 0.42 | 0.98 |
| Return on Equity (ROE) | 6.19% | 9.39% | 12.40% | 14.67% | 6.51% | 19.53% |
| Return on Assets (ROA) | 4.78% | 4.73% | 5.26% | 5.05% | 4.63% | 3.85% |
| Return on Invested Capital (ROIC) | 7.42% | 7.45% | 8.49% | 8.00% | 7.11% | 6.38% |
| Return on Capital Employed (ROCE) | 8.00% | 7.90% | 8.60% | 8.50% | 7.60% | 5.70% |
| Earnings Yield | 6.38% | 8.97% | 10.76% | 13.34% | 6.28% | 16.05% |
| Dividend Yield | 10.05% | 9.52% | 9.12% | 9.80% | 9.50% | 7.76% |
| Payout Ratio | 157.49% | 97.31% | 74.84% | 67.74% | 152.00% | 44.29% |
| Buyback Yield / Dilution | -4.93% | -12.02% | -8.52% | -11.00% | -16.14% | -5.19% |
| Total Shareholder Return | 5.11% | -2.50% | 0.60% | -1.21% | -6.64% | 2.58% |