Ares Capital Corp. (ARCC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$0.47	$0.47	0.0%	—	—	—
Q2 26	$0.48	$0.47	-2.1%	—	—	—
Q1 26	$0.5	$0.5	0.0%	—	—	—
Q4 25	$0.5	$0.5	0.0%	—	—	—
Q3 25	$0.51	$0.5	-2.0%	—	—	—
Q2 25	$0.54	$0.5	-7.4%	—	—	—
Q1 25	$0.58	$0.55	-5.2%	—	—	—
Q4 24	$0.59	$0.58	-1.7%	—	—	—
Q3 24	$0.58	$0.61	+5.2%	—	—	—
Q2 24	$0.6	$0.59	-1.7%	—	—	—
Q1 24	$0.6	$0.63	+5.0%	—	—	—
Q4 23	$0.58	$0.59	+1.7%	—	—	—
Q3 23	$0.57	$0.59	+3.5%	—	—	—
Q2 23	$0.59	$0.57	-3.4%	—	—	—
Q1 23	$0.56	$0.63	+12.5%	—	—	—
Q4 22	$0.49	$0.5	+2.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.86	—	—	$1.5B	—
FY24	—	$2.44	—	—	$1.7B	—
FY23	—	$2.75	—	—	$1.6B	—
FY22	—	$1.21	—	—	$789M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$570M	$749M	$879M	$824M	$541M	$1.7B	$789M	$1.6B	$1.7B	$1.5B
YoY change	+19.2%	+31.4%	+17.4%	-6.26%	-34.3%	+210.2%	-53%	+107.4%	+4.4%	-11.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	570M	749M	879M	824M	541M	1.7B	789M	1.6B	1.7B	1.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	56M	89M	42M	45M	38M	39M	38M	42M	43M	51M
Operating expenses	75M	63M	2M	15M	74M	82M	134M	94M	113M	108M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	495M	686M	877M	809M	503M	1.6B	655M	1.5B	1.6B	1.4B
Income tax	21M	19M	19M	16M	19M	29M	55M	20M	73M	99M
Net income	474M	667M	858M	793M	484M	1.6B	600M	1.5B	1.5B	1.3B
Net margin	83.2%	89.1%	97.6%	96.2%	89.5%	93.4%	76%	93%	89.1%	86.3%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	1.51	1.57	2.01	1.86	1.14	3.51	1.21	2.75	2.44	1.86
Diluted EPS	1.51	1.57	2.01	1.86	1.14	3.51	1.19	2.68	2.44	1.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	528M	444M	495M	388M	432M	393M	275M	407M	460M	344M	151M	219M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	12M	9M	10M	11M	12M	10M	12M	13M	15M	11M	12M	14M
Operating expenses	25M	22M	39M	25M	26M	23M	27M	29M	29M	25M	27M	29M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	503M	422M	456M	363M	406M	370M	248M	378M	431M	319M	124M	190M
Income tax	3M	9M	7M	41M	12M	13M	7M	17M	27M	26M	32M	19M
Net income	500M	413M	449M	322M	394M	357M	241M	361M	404M	293M	92M	171M
Net margin	94.7%	93%	90.7%	83%	91.2%	90.8%	87.6%	88.7%	87.8%	85.2%	60.9%	78.1%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.89	—	0.76	0.52	0.62	0.55	0.36	0.52	0.57	0.41	0.13	0.24
Diluted EPS	0.87	—	0.76	0.52	0.62	0.55	0.36	0.52	0.57	0.41	0.13	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.2B	—	6.6B	8B	7.2B	9.5B	—	—	—	—	13.7B
Enterprise value	8.8B	—	11.6B	14.9B	15.5B	20.2B	—	—	—	—	29.2B
Shares outstanding	314M	425M	426M	427M	424M	446M	498M	554M	624M	699M	699M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.9	—	7.74	10	14.8	6.03	—	—	—	—	14.2
P/S	9.08	—	7.55	9.66	13.2	5.63	—	—	—	—	4.4
P/B	1	—	0.91	1.07	1	1.07	—	—	—	—	0.98
EV/Sales	15.5	—	13.2	18.1	28.6	12	—	—	—	—	9.41
Earnings yield	9.15%	—	12.9%	9.96%	6.76%	16.6%	—	—	—	—	7.03%
FCF yield	13.7%	—	4.58%	-15.5%	-8.1%	-26%	—	—	—	—	5.53%
PEG	—	—	—	—	—	—	—	—	—	—	-0.26

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	75.7%
Net margin	83.2%	89.1%	97.6%	96.2%	89.5%	93.4%	76%	93%	89.1%	86.3%	30.9%
ROE	9.18%	9.4%	11.8%	10.6%	6.74%	17.7%	6.28%	13.6%	11.4%	9.07%	6.88%
ROA	—	—	—	—	—	—	—	—	5.39%	4.16%	4.94%
Return on tangible assets	—	—	—	—	—	—	—	—	5.39%	4.16%	3.15%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	0.61
Debt / equity	0.75	0.68	0.72	0.95	1.19	1.26	1.29	1.07	1.03	1.12	1.14
Debt / assets	—	—	—	—	—	—	—	—	0.49	0.51	0.52
Effective tax rate	4.24%	2.77%	2.17%	1.98%	3.78%	1.82%	8.4%	1.3%	4.58%	7.08%	9.77%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.82	1.76	2.06	1.93	1.28	3.76	1.58	2.95	2.74	2.15	4.34
EPS (basic)	1.51	1.57	2.01	1.86	1.14	3.51	1.21	2.75	2.44	1.86	1.86
EPS (diluted)	1.51	1.57	2.01	1.86	1.14	3.51	1.19	2.68	2.44	1.86	1.34
Book value per share	16.4	16.7	17.1	17.5	16.9	19.9	19.2	20.2	21.4	20.5	19.3
FCF per share	2.25	-4.82	0.71	-2.89	-1.37	-5.51	-2.73	0.92	-3.41	-2.46	-0.95
Cash per share	0.71	0.74	0.69	0.39	0.6	0.83	0.61	0.97	1.02	0.91	0.55

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	100.6%	96.3%	76.5%	87.5%	140.3%	44.3%	152%	67.7%	74.8%	97.3%	143.3%
Dividend yield	9.21%	—	9.88%	8.71%	9.48%	7.34%	—	—	—	—	10%

Yield

10%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.48

ex-dividend Sep 15, 2026

Payout ratio

143%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.48
Jun 15, 2026	$0.48
Mar 13, 2026	$0.48
Dec 15, 2025	$0.48
Sep 15, 2025	$0.48

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$528M	$444M	$495M	$388M	$432M	$393M	$275M	$407M	$460M	$344M	$151M	$219M
YoY change	+266.7%	+107.5%	+63.9%	+7.48%	-18.2%	-11.5%	-44.4%	+4.9%	+6.48%	-12.5%	-45.1%	-46.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	223M	316M	296M	167M	254M	372M	303M	535M	635M	638M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	—	—	—	—	—	—	28.3B	31.2B
Accounts payable	102M	245M	155M	177M	179M	427M	294M	373M	406M	198M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	3.9B	4.9B	5.2B	7.1B	8.6B	11.1B	12.3B	11.9B	13.8B	16B
Total liabilities	—	—	—	—	—	—	—	—	14.9B	16.9B
Shareholders' equity	5.2B	7.1B	7.3B	7.5B	7.2B	8.9B	9.6B	11.2B	13.4B	14.3B
Total debt	3.9B	4.9B	5.2B	7.1B	8.6B	11.1B	12.3B	11.9B	13.8B	16B
Net debt	3.7B	4.5B	5B	6.9B	8.3B	10.8B	12B	11.4B	13.1B	15.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	527M	535M	509M	601M	486M	635M	647M	447M	1B	638M	505M	383M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	—	—	24.3B	26.1B	27.1B	28.3B	28.3B	29.1B	30.8B	31.2B	30.7B	30.5B
Accounts payable	218M	373M	121M	163M	164M	406M	140M	199M	130M	198M	225M	201M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	11.6B	11.9B	11.7B	13B	13.5B	13.8B	13.9B	14.1B	15.6B	16B	15.8B	15.8B
Total liabilities	—	—	12.4B	13.7B	14.3B	14.9B	14.6B	15B	16.5B	16.9B	16.6B	16.6B
Shareholders' equity	10.8B	11.2B	11.9B	12.4B	12.8B	13.4B	13.7B	14B	14.3B	14.3B	14.1B	13.9B
Total debt	11.6B	11.9B	11.7B	13B	13.5B	13.8B	13.9B	14.1B	15.6B	16B	15.8B	15.8B
Net debt	11B	11.4B	11.2B	12.4B	13.1B	13.1B	13.3B	13.7B	14.6B	15.4B	15.3B	15.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	474M	667M	858M	793M	484M	1.6B	600M	1.5B	1.5B	1.3B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	15M	60M	39M	-23M	-52M	20M	19M	-82M	-40M	-37M
Operating cash flow	455M	-1.7B	840M	705M	305M	1.5B	542M	1.3B	1.3B	-1.7B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	-477M	-642M	-656M	-694M	-679M	-694M	-912M	-1B	-1.1B	-1.3B
Share repurchases	-5M	0	0	0	-100M	0	0	—	—	—
Financing cash flow	-731M	2.2B	-305M	1.1B	767M	2.7B	1.2B	-264M	2.5B	1.8B
Net change in cash	-276M	463M	535M	1.9B	1.1B	4.2B	1.8B	1B	3.8B	109M
Free cash flow	707M	-2B	304M	-1.2B	-580M	-2.5B	-1.4B	511M	-2.1B	-1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	500M	413M	449M	322M	394M	357M	241M	361M	404M	293M	92M	171M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-35M	-20M	13M	-58M	15M	-15M	88M	-104M	46M	-67M	75M	-75M
Operating cash flow	431M	346M	430M	215M	360M	290M	283M	205M	-773M	-427M	184M	336M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	—	—	—	—
Dividends paid	-254M	-263M	-270M	-279M	-287M	-303M	-308M	-317M	-320M	-319M	-345M	-345M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	111M	321M	49M	1.4B	469M	525M	192M	159M	1.4B	97M	-442M	-349M
Net change in cash	542M	667M	479M	1.7B	829M	815M	475M	364M	605M	-330M	-258M	-13M
Free cash flow	46M	-359M	-21M	-1.3B	-521M	-268M	-299M	-218M	-773M	-427M	184M	336M

Ares Capital Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement