NYSE : ARES
Ares Management Corporation — Financial statements
Financials · Asset Management · United States
Last price 128.15 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 42.32B
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Financial statements
Ares Management Corporation (ARES) reported revenue of 4.98B 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 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 763.69M | 1.15B | 390.18M | 618.58M | 458.01M | 2.07B |
| Total Interest Expense | 782.70M | 767.46M | 978.30M | 860.88M | 482.72M | 294.81M |
| Net Interest Income | -19.00M | 386.52M | -588.12M | -242.30M | -24.70M | 1.78B |
| Trading & Principal Transactions | 19.83M | 48.15M | 45.42M | 36.52M | 12.28M | 99.43M |
| Asset Management Fee | 4.06B | 3.68B | 2.94B | 2.55B | 2.14B | 1.61B |
| Other Revenue | 924.54M | 718.89M | 507.05M | 425.64M | 448.72M | 428.06M |
| Revenue | 4.98B | 4.83B | 2.91B | 2.77B | 2.57B | 3.92B |
| Salaries & Employee Benefits | 3.55B | 3.55B | 2.14B | 2.09B | 1.81B | 2.84B |
| Cost of Services Provided | 1.06B | 1.01B | 723.98M | 703.64M | 731.67M | 506.66M |
| Total Operating Expenses | 4.61B | 4.57B | 2.87B | 2.79B | 2.54B | 3.34B |
| Operating Income | 375.56M | 265.76M | 39.34M | -19.52M | 29.89M | 574.09M |
| Other Non-Operating Income (Expenses) | 147.17M | 302.98M | 977.03M | 1.02B | 609.05M | 462.08M |
| EBT Excluding Unusual Items | 522.73M | 568.74M | 1.02B | 1.00B | 638.94M | 1.04B |
| Merger & Restructuring Charges | -35.30M | -35.30M | -33.40M | |||
| Gain (Loss) on Sale of Investments | 727.62M | 858.66M | 330.53M | 340.27M | 78.12M | 96.41M |
| Other Unusual Items | -68.07M | -106.55M | -38.25M | -7.56M | -205.40M | -65.55M |
| Pretax Income | 1.15B | 1.29B | 1.28B | 1.33B | 511.66M | 1.07B |
| Income Tax Expense | 177.24M | 198.53M | 164.62M | 172.97M | 71.89M | 147.38M |
| Earnings From Continuing Ops. | 969.73M | 1.09B | 1.11B | 1.16B | 439.77M | 919.65M |
| Minority Interest in Earnings | -536.93M | -559.65M | -646.89M | -685.54M | -272.23M | -510.81M |
| Net Income | 432.80M | 527.36M | 463.74M | 474.33M | 167.54M | 408.84M |
| Preferred Dividends & Other Adjustments | 143.82M | 143.82M | 53.55M | 21.30M | 14.10M | 40.21M |
| Net Income to Common | 288.98M | 383.54M | 410.19M | 453.02M | 153.44M | 368.62M |
| Shares Outstanding (Basic) | 224.77M | 217.36M | 198.05M | 184.52M | 175.51M | 163.70M |
| Shares Outstanding (Diluted) | 224.77M | 217.36M | 198.05M | 195.77M | 175.51M | 180.11M |
| EPS (Basic) | 1.29 | 1.76 | 2.07 | 2.46 | 0.87 | 2.25 |
| EPS (Diluted) | 1.23 | 1.71 | 2.04 | 2.42 | 0.87 | 2.15 |
| Free Cash Flow | 3.19B | 2.70B | -300.44M | -769.91M | -2.62B | |
| Free Cash Flow Per Share | 14.70 | 13.63 | -1.53 | -4.39 | -14.56 | |
| Dividend Per Share | 5.17 | 4.48 | 3.72 | 3.08 | 2.44 | 1.88 |
| Operating Margin | 7.54% | 5.50% | 1.35% | -0.70% | 1.16% | 14.66% |
| Profit Margin | 5.80% | 7.93% | 14.11% | 16.35% | 5.96% | 9.41% |
| Free Cash Flow Margin | 66.09% | 92.88% | -10.84% | -29.93% | -66.97% | |
| Effective Tax Rate | 15.45% | 15.44% | 12.91% | 12.98% | 14.05% | 13.81% |
| Revenue as Reported | 5.76B | 5.60B | 3.88B | 3.63B | 3.06B | 4.21B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.45B | 2.74B | 1.50B | 1.11B | 1.39B | |
| Accounts Receivable | 1.05B | 839.62M | 707.48M | 580.36M | 653.38M | |
| Other Receivables | 402.78M | 423.64M | 388.68M | 372.24M | 417.66M | |
| Property, Plant & Equipment | 745.18M | 688.99M | 371.55M | 235.63M | 239.92M | |
| Goodwill | 3.45B | 1.16B | 1.12B | 999.66M | 787.97M | |
| Other Intangible Assets | 2.12B | 975.83M | 1.06B | 1.21B | 1.42B | |
| Investments in Debt & Equity Securities | 13.12B | 12.33B | 14.29B | 12.35B | 11.87B | |
| Other Current Assets | 451.78M | 247.54M | 177.02M | 132.18M | 86.89M | |
| Long-Term Deferred Tax Assets | 352.29M | 241.89M | 21.55M | 68.93M | 39.40M | |
| Other Long-Term Assets | 5.50B | 5.24B | 5.09B | 4.95B | 4.69B | |
| Total Assets | 28.63B | 24.88B | 24.73B | 22.00B | 21.61B | |
| Accounts Payable | 687.07M | 988.47M | 894.10M | 695.15M | 1.48B | |
| Accrued Expenses | 3.62B | 2.87B | 2.83B | 2.90B | 2.52B | |
| Short-Term Debt | 7.58M | 4.95M | 13.43M | 19.25M | 92.75M | |
| Current Portion of Long-Term Debt | 1.38B | 264.67M | 77.50M | |||
| Current Portion of Leases | 72.61M | |||||
| Other Current Liabilities | 7.80M | 29.30M | 7.80M | 9.20M | 45.90M | |
| Long-Term Debt | 12.17B | 12.51B | 15.17B | 13.07B | 12.22B | |
| Long-Term Leases | 597.38M | 641.86M | 319.57M | 190.62M | 206.01M | |
| Long-Term Unearned Revenue | 10.20M | 5.77M | 9.59M | 8.70M | 10.16M | |
| Long-Term Deferred Tax Liabilities | 14.97M | 8.40M | ||||
| Other Long-Term Liabilities | 1.36B | 433.57M | 200.85M | 126.80M | 121.90M | |
| Total Liabilities | 19.93B | 17.49B | 19.71B | 17.10B | 16.69B | |
| Common Stock | 3.27M | 3.13M | 3.08M | 2.95M | 2.90M | |
| Additional Paid-In Capital | 4.24B | 2.94B | 2.39B | 1.97B | 1.91B | |
| Retained Earnings | -1.45B | -837.29M | -495.08M | -369.48M | -89.38M | |
| Comprehensive Income & Other | 21.74M | -17.76M | -5.63M | -14.99M | -1.85M | |
| Total Common Equity | 2.51B | 2.82B | 2.08B | 1.89B | 1.59B | 1.83B |
| Minority Interest | 4.43B | 3.85B | 3.13B | 3.32B | 3.09B | |
| Shareholders' Equity | 8.63B | 8.70B | 7.40B | 5.02B | 4.91B | 4.91B |
| Total Liabilities & Equity | 28.63B | 24.88B | 24.73B | 22.00B | 21.61B | |
| Total Debt | 14.87B | 14.23B | 13.15B | 15.77B | 13.35B | 12.52B |
| Net Cash (Debt) | -13.02B | -12.78B | -10.42B | -14.27B | -12.24B | -11.12B |
| Net Cash Per Share | -57.93 | -58.80 | -52.60 | -72.90 | -69.73 | -61.76 |
| Filing Date Shares Outstanding | 227.52M | 224.39M | 207.60M | 193.37M | 179.51M | 174.65M |
| Total Common Shares Outstanding | 227.52M | 221.96M | 203.36M | 190.56M | 177.38M | 171.84M |
| Working Capital | -2.43B | 356.05M | -1.24B | -1.51B | -1.59B | |
| Book Value Per Share | 11.03 | 12.68 | 10.25 | 9.94 | 8.96 | 10.62 |
| Tangible Book Value | -3.05B | -2.75B | -53.59M | -289.07M | -618.64M | -385.56M |
| Tangible Book Value Per Share | -13.42 | -12.41 | -0.26 | -1.52 | -3.49 | -2.24 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 527.36M | 463.74M | 474.33M | 167.54M | 408.84M | |
| Depreciation & Amortization, Total | 243.15M | 158.58M | 231.71M | 341.34M | 113.29M | |
| Gain (Loss) On Sale of Investments | -866.45M | -335.43M | -353.44M | -62.46M | -166.28M | |
| Stock-Based Compensation | 740.55M | 352.85M | 255.97M | 200.39M | 237.19M | |
| Change in Accounts Payable | 91.96M | 148.38M | 27.86M | -51.69M | 125.17M | |
| Change in Other Net Operating Assets | 181.28M | -351.38M | -454.06M | -142.95M | -593.00M | |
| Other Operating Activities | 2.35B | 2.35B | -415.63M | -1.19B | -2.72B | |
| Operating Cash Flow | 3.27B | 2.79B | -233.26M | -734.11M | -2.60B | |
| Capital Expenditures | -72.18M | -91.51M | -67.18M | -35.80M | -27.23M | |
| Cash Acquisitions | -1.73B | -67.89M | -43.90M | -301.58M | -1.06B | |
| Investing Cash Flow | -1.80B | -159.40M | -111.08M | -337.38M | -1.08B | |
| Long-Term Debt Issued | 4.41B | 2.31B | 3.30B | 3.01B | 3.38B | |
| Long-Term Debt Repaid | -4.12B | -4.58B | -1.61B | -1.24B | -548.75M | |
| Net Debt Issued (Repaid) | 293.08M | -2.28B | 1.68B | 1.77B | 2.83B | |
| Issuance of Common Stock | 408.63M | 85.96M | 21.20M | 864.65M | ||
| Repurchase of Common Stock | -436.87M | -227.53M | -157.01M | -201.31M | -226.10M | |
| Preferred Dividends Paid | -10.85M | |||||
| Common Dividends Paid | -1.76B | -1.03B | -447.63M | -593.51M | ||
| Dividends Paid | -1.76B | -1.31B | -1.03B | -447.63M | -604.36M | |
| Other Financing Activities | -526.69M | 517.42M | -288.60M | -13.57M | 946.26M | |
| Financing Cash Flow | -2.43B | -1.43B | 292.13M | 1.13B | 3.50B | |
| Foreign Exchange Rate Adjustments | -55.23M | -40.45M | 10.50M | -10.24M | -19.10M | |
| Net Cash Flow | -1.02B | 1.16B | -41.71M | 46.33M | -196.16M | |
| Free Cash Flow | 3.19B | 2.70B | -300.44M | -769.91M | -2.62B | |
| Free Cash Flow Margin | 66.09% | 92.88% | -10.84% | -29.93% | -66.97% | |
| Free Cash Flow Per Share | 14.70 | 13.63 | -1.53 | -4.39 | -14.56 | |
| Cash Interest Paid | 675.80M | 866.76M | 722.64M | 320.33M | 205.09M | |
| Cash Income Tax Paid | 91.33M | 107.57M | 62.01M | 104.86M | 22.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 44.09B | 35.61B | 35.74B | 22.49B | 12.11B | 13.91B |
| Last Close Price | 128.15 | 156.22 | 166.50 | 109.05 | 60.75 | 69.63 |
| PE Ratio | 108.25 | 92.86 | 87.13 | 49.63 | 78.91 | 37.72 |
| PS Ratio | 8.94 | 7.37 | 12.30 | 8.11 | 4.71 | 3.55 |
| PB Ratio | 11.62 | 4.09 | 4.83 | 4.48 | 2.47 | 2.83 |
| P/FCF Ratio | 53.28 | 11.15 | 13.24 | |||
| P/OCF Ratio | 48.84 | 10.90 | 12.80 | |||
| Debt / Equity Ratio | 1.72 | 1.64 | 1.78 | 3.14 | 2.72 | 2.55 |
| Debt / FCF Ratio | 4.45 | 4.87 | ||||
| Net Debt / Equity Ratio | 1.51 | 1.47 | 1.41 | 2.84 | 2.50 | 2.27 |
| Net Debt / FCF Ratio | 4.00 | 3.86 | -47.50 | -15.90 | -4.24 | |
| Asset Turnover | 0.18 | 0.12 | 0.12 | 0.12 | 0.21 | |
| Quick Ratio | 0.50 | 1.03 | 0.65 | 0.56 | 0.59 | |
| Current Ratio | 0.58 | 1.09 | 0.69 | 0.59 | 0.62 | |
| Return on Equity (ROE) | 13.50% | 17.89% | 23.37% | 8.96% | 24.58% | |
| Return on Assets (ROA) | 4.06% | 4.48% | 4.96% | 2.02% | 5.00% | |
| Return on Invested Capital (ROIC) | 1.35% | 1.03% | 0.17% | -0.09% | 0.14% | 3.20% |
| Earnings Yield | 0.92% | 1.48% | 1.30% | 2.11% | 1.38% | 2.94% |
| FCF Yield | 1.88% | 8.97% | 7.55% | -1.34% | -6.36% | -18.87% |
| Dividend Yield | 4.01% | 2.79% | 2.12% | 2.61% | 3.57% | 2.32% |
| Payout Ratio | 437.92% | 333.11% | 282.68% | 217.29% | 267.18% | 147.82% |
| Buyback Yield / Dilution | -5.67% | -9.75% | -1.17% | -11.54% | 2.56% | -20.47% |
| Total Shareholder Return | -1.67% | -6.96% | 0.95% | -8.94% | 6.13% | -18.15% |