NYSE · Financial Statements

Ares Management Corporation (ARES) Financial Statements

$122.08 NYSE: ARES Market Cap $40.09B

Ares Management Corporation most recently reported annual revenue of $6.5B, net profit of $527.0M. Revenue grew at an average annual rate of 29.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Ares Management Corporation: Revenue rose from $1.3B in 2016 to $6.5B in 2025, a change of +415.9% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 14.6% to 27.2%, a shift of +12.6 percentage points; the most recent year shows net profit of $527.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.3B$1.5B$958.0M$1.8B$1.8B$4.2B$3.1B$3.6B$3.9B$6.5B
Operating Expenses$1.1B$1.6B$870.0M$1.5B$1.4B$3.4B$2.7B$2.8B$2.9B$4.7B
Operating Profit$183.0M$-89.0M$88.0M$303.0M$314.0M$802.0M$306.0M$834.0M$946.0M$1.8B
Operating Margin14.6%-6.0%9.2%17.1%17.8%19.0%10.0%23.0%24.4%27.2%
Other Income$115.0M$239.0M$96.0M$123.0M$66.0M$264.0M$204.0M$499.0M$329.0M$-474.0M
Interest$109.0M$148.0M$244.0M$297.0M$311.0M$295.0M$483.0M$861.0M$978.0M$767.0M
Depreciation$37.0M$33.0M$29.0M$39.0M$41.0M$113.0M$341.0M$232.0M$159.0M$242.0M
Profit Before Tax$298.0M$150.0M$184.0M$425.0M$379.0M$1.1B$511.0M$1.3B$1.3B$1.3B
Tax$3.7M$-15.4M$17.5M$12.3M$14.5M$13.8M$14.1M$13.0M$12.9M$15.4M
Net Profit$112.0M$76.0M$57.0M$149.0M$152.0M$409.0M$168.0M$474.0M$464.0M$527.0M
EPS$1.20$0.62$0.30$1.06$0.87$2.15$0.87$2.42$2.07$1.96
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$671.0M$1.1B$707.0M$789.0M$1.1B$1.3B$1.1B$1.4B$1.7B$1.8B$1.5B$1.4B
Operating Expenses$561.0M$771.0M$538.0M$565.0M$855.0M$981.0M$1.0B$1.1B$1.3B$1.2B$1.2B$1.2B
Operating Profit$110.0M$283.0M$169.0M$224.0M$275.0M$278.0M$74.0M$213.0M$349.0M$517.0M$365.0M$249.0M
Operating Margin16.4%26.9%23.9%28.4%24.3%22.1%6.8%15.7%21.1%29.3%23.8%17.4%
Interest$227.0M$243.0M$246.0M$255.0M$231.0M$247.0M$189.0M$189.0M$203.0M$186.0M$190.0M$156.0M
Profit Before Tax$227.0M$483.0M$231.0M$317.0M$327.0M$400.0M$141.0M$287.0M$652.0M$207.0M$313.0M$386.0M
Tax$13.2M$12.3M$11.8M$12.9M$14.2M$12.5M$12.4M$21.2M$17.1M$3.9M$19.1M$18.9M
Net Profit$62.0M$174.0M$73.0M$95.0M$118.0M$177.0M$47.0M$137.0M$289.0M$54.0M$143.0M$151.0M
EPS$0.30$0.86$0.34$0.45$0.55$0.68$0.05$0.46$1.15$0.13$0.64$0.49

Over the 10 years reported for Ares Management Corporation, borrowings increased from $3.4B in 2016 to $14.9B in 2025, cash stood at $1.5B in the latest year, shareholders' equity was $3.0M, current assets covered current liabilities 2.24 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$5.8B$8.6B$10.2B$12.0B$15.2B$21.6B$22.0B$24.7B$24.9B$29.0B
Current Assets$1.8B$959.0M$839.0M$1.2B$1.7B$2.6B$2.2B$2.8B$4.2B$3.3B
Cash$798.0M$675.0M$495.0M$745.0M$1.1B$1.4B$1.1B$1.5B$2.7B$1.5B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$957.0M$283.0M$344.0M$440.0M$625.0M$1.2B$1.1B$1.3B$1.5B$1.9B
Fixed Assets$41.0M$61.0M$63.0M$206.0M$216.0M$239.0M$236.0M$372.0M$689.0M$517.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$3.8B$7.3B$9.0B$10.4B$12.6B$16.5B$17.2B$19.2B$17.4B$12.8B
Other Assets$144.0M$144.0M$144.0M$144.0M$371.0M$788.0M$1.0B$1.1B$1.2B$3.5B
Total Liabilities$4.5B$7.1B$8.8B$10.2B$12.7B$17.8B$18.2B$20.3B$18.1B$20.3B
Current Liabilities$984.0M$1.5B$1.6B$1.7B$1.7B$4.0B$3.4B$3.8B$4.3B$1.5B
Borrowings$3.4B$11.3B$7.4B$8.6B$10.9B$12.5B$13.3B$15.8B$13.1B$14.9B
Other Liabilities$1.1B$0$1.4B$1.6B$1.8B$5.3B$4.9B$4.5B$4.9B$5.4B
Equity$0$279.0M$1.0M$1.0M$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M
Reserves$592.0M$1.5B$588.0M$768.0M$1.2B$1.8B$1.6B$1.9B$3.5B$4.3B

For Ares Management Corporation, operating cash flow was positive in 2 of 10 reported years; free cash flow in the latest year was $3.2B; free cash flow was positive in 2 of 10 years; financing activities used $964.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-626.0M$-1.9B$-1.4B$-2.1B$-426.0M$-2.6B$-734.0M$-233.0M$2.8B$3.3B
Investing Cash Flow$-24.0M$-66.0M$-37.0M$-34.0M$-153.0M$-1.1B$-373.0M$-178.0M$-251.0M$-1.9B
Financing Cash Flow$-26.0M$118.0M$-157.0M$120.0M$-216.0M$757.0M$174.0M$-446.0M$291.0M$-964.0M
Net Cash Flow$221.0M$-224.0M$-9.0M$28.0M$401.0M$-196.0M$46.0M$-42.0M$1.2B$-1.0B
Free Cash Flow$-638.0M$-1.9B$-1.4B$-2.1B$-442.0M$-2.6B$-770.0M$-300.0M$2.7B$3.2B

Valuation & Return Ratios

MetricValue
PEG Ratio1.81
EV / EBITDA20.98
FCF Yield2.14%
Quick Ratio0.83
Interest Coverage2.01
Return 1Y-13.44%
Return 3Y29.74%
Return 5Y66.56%

Ares Management Corporation (ARES) financials — frequently asked questions

What is Ares Management Corporation's annual revenue?

Ares Management Corporation (ARES) reported annual revenue of $6.5B in its most recent fiscal year.

What is Ares Management Corporation's net profit?

Ares Management Corporation (ARES) reported net profit of $527.0M in its most recent fiscal year.

What is ARES EV/EBITDA?

Ares Management Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 20.98.

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