Ares Management Corp. Class A Common Stock (ARES) 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 %
Q2 26	$1.27	$1.29	+1.6%	—	$1.4B	—
Q1 26	$1.33	$1.24	-6.8%	—	$1.4B	—
Q4 25	$1.69	$1.45	-14.2%	—	$1.5B	—
Q3 25	$1.14	$1.19	+4.4%	—	$1.7B	—
Q2 25	$1.09	$1.03	-5.5%	—	$1.4B	—
Q1 25	$0.94	$1.09	+16.0%	—	$1.1B	—
Q4 24	$1.3	$1.23	-5.4%	—	—	—
Q3 24	$0.94	$0.95	+1.1%	—	—	—
Q2 24	$0.98	$0.99	+1.0%	—	—	—
Q1 24	$0.92	$0.8	-13.0%	—	—	—
Q4 23	$1.1	$1.21	+10.0%	—	—	—
Q3 23	$0.87	$0.83	-4.6%	—	—	—
Q2 23	$0.85	$0.9	+5.9%	—	$1.4B	—
Q1 23	$0.81	$0.71	-12.3%	—	$1.1B	—
Q4 22	$1.08	$1.21	+12.0%	—	$1.2B	—
Q3 22	$0.74	$0.75	+1.4%	—	$966.2M	—

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	—	$1.71	—	—	$5.6B	—
FY24	—	$2.04	—	—	$3.9B	—
FY23	—	$2.44	—	—	$5B	—
FY22	—	$0.87	—	—	$3.7B

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	$1.4B	$1.7B	$1.3B	$2.2B	$2.1B	$4.8B	$3.7B	$5B	$3.9B	$5.6B
YoY change	+47.9%	+20.6%	-22.4%	+68.7%	-2.89%	+123.3%	-21.6%	+33.7%	-22.1%	+44.2%

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	1.4B	1.7B	1.3B	2.2B	2.1B	4.8B	3.7B	5B	3.9B	5.6B
Cost of revenue	447.7M	514.1M	570.4M	653.4M	767.3M	1.2B	1.5B	1.5B	1.7B	2.6B
Gross profit	940.4M	1.2B	729.5M	1.5B	1.4B	3.6B	2.2B	3.5B	2.2B	3B
Gross margin	67.7%	69.3%	56.1%	70.2%	64%	75.6%	59.8%	70.2%	55.4%	54.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	547.6M	676.5M	246.2M	767.4M	663.1M	2.2B	1.2B	1.3B	1.2B	2.1B
Operating expenses	568.7M	715.5M	300M	809.4M	683.2M	2.2B	1.3B	1.3B	1.2B	2.1B
Operating income	371.7M	445.1M	429.5M	730.4M	679.4M	1.3B	980.4M	2.2B	946.1M	892.7M
Operating margin	26.8%	26.6%	33%	33.3%	31.9%	28.3%	26.3%	43.9%	24.4%	15.9%
Non-operating income, net	35.6M	-147.3M	-851K	-7.8M	11.3M	14.4M	13.1M	4.8M	331.2M	538.9M
Pretax income	297.9M	149.9M	184.3M	425.2M	379.5M	1.1B	510.8M	1.3B	1.3B	1.3B
Income tax	11M	-23.1M	32.2M	52.4M	55M	147.4M	71.9M	173M	164.6M	198.5M
Net income	286.9M	172.9M	152.1M	372.8M	324.5M	918.3M	438.9M	1.2B	1.1B	1.1B
Net margin	20.7%	10.3%	11.7%	17%	15.2%	19.3%	11.8%	23.3%	28.6%	19.4%
EBITDA	444.8M	497.4M	457.2M	762.1M	732M	1.5B	1.3B	2.4B	2.1B	1.4B
EPS	1.22	0.62	0.3	1.11	0.89	2.24	0.87	2.44	2.04	1.71
Diluted EPS	1.2	0.62	0.3	1.06	0.87	2.15	0.87	2.42	2.04	1.7

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	—	—	—	—	—	—	1.1B	1.4B	1.7B	1.5B	1.4B	1.4B
Cost of revenue	—	—	—	—	—	—	657.1M	643.7M	659.8M	605M	692.4M	688.7M
Gross profit	—	—	—	—	—	—	431.7M	706.4M	997.8M	900M	704M	740M
Gross margin	—	—	—	—	—	—	39.6%	52.3%	60.2%	59.8%	50.4%	51.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	350.5M	466.9M	650.2M	622.8M	468.8M	487.6M
Operating expenses	—	—	—	—	—	—	357.2M	493.9M	648.4M	643.7M	476.1M	491.3M
Operating income	448.5M	720.3M	168.9M	224.1M	274.9M	278.2M	74.5M	212.6M	349.4M	256.3M	228M	248.6M
Operating margin	—	—	—	—	—	—	6.84%	15.7%	21.1%	17%	16.3%	17.4%
Non-operating income, net	—	—	—	—	—	—	78M	93.9M	361.4M	5.6M	165.9M	228M
Pretax income	—	—	—	—	—	—	141M	286.9M	652.3M	206.6M	312.9M	385.9M
Income tax	—	—	—	—	—	—	17.5M	61M	111.9M	8.1M	59.9M	73M
Net income	—	—	—	—	—	—	123.5M	226M	540.4M	198.5M	253M	313M
Net margin	—	—	—	—	—	—	11.3%	16.7%	32.6%	13.2%	18.1%	21.9%
EBITDA	—	—	—	—	—	—	241.5M	335.7M	486.6M	131.9M	338.1M	293.2M
EPS	0.3	0.88	0.33	0.43	0.55	0.72	0	0.46	1.15	0.08	0.46	0.49
Diluted EPS	0.3	0.86	0.33	0.43	0.55	0.72	0	0.46	1.15	0.08	0.46	0.49

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	1.6B	1.6B	—	—	—	—	12B	21.9B	35.1B	35.1B	39.5B
Enterprise value	814M	6B	—	—	—	—	24.2B	36.2B	45.5B	47.9B	46.2B
Shares outstanding	80.7M	81.8M	96M	107.9M	135.1M	163.7M	175.5M	184.5M	198.1M	217.4M	217.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	5.4	9.47	—	—	—	—	27.4	18.9	31.6	32.3	54.3
P/S	1.12	0.98	—	—	—	—	3.22	4.4	9.03	6.27	7.51
P/B	1.13	1.12	—	—	—	—	3.16	4.9	5.14	4.05	10.8
EV/EBITDA	1.83	12.1	—	—	—	—	18.2	14.9	21.8	33.3	32.3
EV/Sales	0.59	3.6	—	—	—	—	6.5	7.26	11.7	8.55	8.8
Earnings yield	18.5%	10.6%	—	—	—	—	3.65%	5.29%	3.17%	3.1%	1.84%
FCF yield	-41.1%	-115.8%	—	—	—	—	-6.41%	-1.37%	7.7%	9.09%	5.47%
PEG	—	—	—	—	—	—	—	—	—	—	8.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	67.7%	69.3%	56.1%	70.2%	64%	75.6%	59.8%	70.2%	55.4%	54.2%	51.8%
Operating margin	26.8%	26.6%	33%	33.3%	31.9%	28.3%	26.3%	43.9%	24.4%	15.9%	9.47%
Net margin	20.7%	10.3%	11.7%	17%	15.2%	19.3%	11.8%	23.3%	28.6%	19.4%	12.1%
ROE	20.8%	11.8%	10.9%	20.1%	13.1%	24.1%	11.6%	25.9%	16.3%	12.5%	14.9%
ROA	4.92%	2.02%	1.5%	3.1%	2.14%	4.25%	1.99%	4.69%	4.46%	3.8%	4.58%
ROIC	55.9%	7.6%	4.29%	6.62%	4.72%	7.78%	5.26%	10.2%	4.78%	3.52%	4.19%
Return on tangible assets	5.29%	2.11%	1.55%	3.18%	2.32%	5.34%	2.5%	5.7%	5.39%	6.22%	7.05%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.79	0.64	0.53	0.71	1	0.63	0.64	0.73	0.98	1.18	0.62
Quick ratio	1.79	0.64	0.53	0.71	1	0.63	0.64	0.73	0.98	1.18	0.95
Debt / equity	2.46	3.92	5.28	4.61	4.41	3.28	3.51	3.52	1.93	1.64	1.72
Debt / assets	0.58	0.67	0.73	0.71	0.72	0.58	0.61	0.64	0.53	0.5	0.5
Net debt / EBITDA	-1.66	8.84	15	10.3	13.4	7.53	9.15	5.88	5	8.88	10.4
Interest coverage	3.72	2.01	1.75	2.43	2.22	4.61	2.06	2.55	2.3	2.68	3.12
Effective tax rate	3.7%	0%	17.5%	12.3%	14.5%	13.8%	14.1%	13%	12.9%	15.4%	16.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.2	20.5	13.5	20.3	15.8	29.1	21.2	27	19.6	25.8	23.6
EPS (basic)	1.22	0.62	0.3	1.11	0.89	2.24	0.87	2.44	2.04	1.71	1.71
EPS (diluted)	1.2	0.62	0.3	1.06	0.87	2.15	0.87	2.42	2.04	1.7	2.19
Book value per share	17.1	17.8	14.5	17.2	18.3	23.3	21.6	24.2	34.5	39.9	11
FCF per share	-7.9	-23.2	-14.9	-19.5	-3.27	-16	-4.39	-1.63	13.6	14.7	3.69
Cash per share	51.1	16.2	5.15	6.9	7.86	8.51	6.35	8.12	13.8	6.66	8.14
Capex per share	0.15	0.41	0.19	0.16	0.12	0.17	0.2	0.36	0.46	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.86%	1.98%	1.42%	0.77%	0.75%	0.57%	0.96%	1.35%	2.36%	—	—
Capex / operating cash flow	-0.57%	1.4%	0.53%	-0.83%	-3.1%	-1.12%	-5.33%	55.9%	2.93%	—	—
Payout ratio	74.2%	163.9%	219.8%	92.6%	144.4%	65.8%	190.6%	88.8%	118%	161.4%	226.6%
Dividend yield	13.7%	17.3%	—	—	—	—	6.96%	4.7%	3.74%	5%	4.54%

Yield

4.54%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.35

ex-dividend Sep 16, 2026

Payout ratio

227%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$1.35
Jun 16, 2026	$1.35
Mar 17, 2026	$1.35
Dec 17, 2025	$1.12
Sep 16, 2025	$1.12

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	—	—	—	—	—	—	$1.1B	$1.4B	$1.7B	$1.5B	$1.4B	$1.4B
YoY change	—	—	—	—	—	—	—	—	—	—	+28.3%	+5.81%

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	4.1B	1.3B	494.9M	744.7M	1.1B	1.4B	1.1B	1.5B	2.7B	1.4B
Receivables	760.2M	25.6M	61.3M	47.4M	45.5M	159.8M	120.9M	128.8M	169M	188.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.8B	958.7M	839.1M	1.2B	1.7B	2.6B	2.2B	2.8B	4.2B	8.9B
Property, plant & equipment	40.8M	61.2M	63.4M	206.3M	215.6M	238.9M	235.6M	371.5M	689M	745.2M
Goodwill & intangibles	404.1M	368.7M	350.4M	303.7M	1.2B	4.4B	4.4B	4.4B	4.3B	11.1B
Total assets	5.8B	8.6B	10.2B	12B	15.2B	21.6B	22B	24.7B	24.9B	28.6B
Accounts payable	104.4M	146.3M	167.1M	150M	162.1M	382.9M	400.2M	423.4M	687M	1.3B
Short-term debt	55.1M	132.5M	207.9M	106M	121.9M	127.8M	168M	125.2M	275M	2.3B
Total current liabilities	983.8M	1.5B	1.6B	1.7B	1.7B	4B	3.4B	3.8B	4.3B	7.5B
Long-term debt	3.3B	5.6B	7.2B	8.5B	10.8B	12.4B	13.2B	15.6B	12.9B	12B
Total liabilities	4.5B	7.1B	8.8B	10.2B	12.7B	17.8B	18.2B	20.3B	18.1B	20B
Shareholders' equity	1.4B	1.5B	1.4B	1.9B	2.5B	3.8B	3.8B	4.5B	6.8B	8.7B
Total debt	3.4B	5.7B	7.4B	8.6B	10.9B	12.5B	13.3B	15.8B	13.1B	14.2B
Net debt	2.6B	5B	6.9B	7.8B	9.8B	11.1B	12.2B	14.3B	10.4B	12.8B

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	1.2B	1.5B	1.5B	1.5B	1.7B	2.7B	1.8B	1.5B	1.5B	1.4B	1.4B	1.9B
Receivables	—	128.8M	—	—	—	169M	—	—	—	188.1M	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.1B	2.8B	2.6B	2.5B	2.7B	4.2B	3.1B	2.9B	9B	8.9B	7.5B	7.6B
Property, plant & equipment	259.5M	371.5M	237M	231.5M	426.5M	689M	546.8M	540.5M	526M	745.2M	564.6M	633.4M
Goodwill & intangibles	4.1B	4.4B	4.3B	4.3B	4.2B	4.3B	11.6B	11.3B	11.2B	11.1B	11.2B	11.1B
Total assets	23.4B	24.7B	24.4B	24.2B	24.5B	24.9B	27.2B	27.3B	27B	28.6B	28.4B	29.6B
Accounts payable	507.8M	423.4M	452.1M	444.8M	508.8M	687M	996.8M	1B	1B	1.3B	1.3B	1.4B
Short-term debt	—	125.2M	78.2M	137.2M	273M	275M	603.3M	667M	785.3M	2.3B	2.2B	2.5B
Total current liabilities	3.8B	3.8B	3.9B	3.8B	4.1B	4.3B	5.3B	5.2B	5.8B	7.5B	7.7B	8B
Long-term debt	14.2B	15.6B	15.3B	14.4B	14.1B	12.9B	12.8B	12.8B	11.9B	12B	11.9B	12.3B
Total liabilities	19.4B	20.3B	19.9B	19B	19.2B	18.1B	19B	19B	18.4B	20B	20B	21B
Shareholders' equity	4B	4.5B	4.5B	5.2B	5.3B	6.8B	8.2B	8.3B	8.6B	8.7B	8.4B	8.6B
Total debt	14.2B	15.8B	15.3B	14.5B	14.4B	13.1B	13.4B	13.5B	12.7B	14.2B	14.1B	14.9B
Net debt	13B	14.3B	13.8B	13B	12.8B	10.4B	11.6B	11.9B	11.2B	12.8B	12.7B	13B

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	286.9M	172.9M	152.1M	372.8M	324.5M	918.3M	438.9M	1.2B	1.1B	1.1B
Depreciation & amortization	37.5M	32.8M	28.5M	39.5M	41.2M	113.3M	341.3M	231.7M	158.6M	243.1M
Stock-based compensation	39.1M	69.7M	89.7M	97.7M	123M	237.2M	200.4M	256M	352.9M	740.5M
Change in working capital	-192.5M	-86.3M	331.5M	-383.2M	60.7M	-467.8M	-194.6M	-426.2M	-203M	273.2M
Operating cash flow	-2.1B	2.4B	3.5B	-2B	-514.5M	-2.4B	-671.7M	120.2M	3.1B	3.3B
Capital expenditure	-11.9M	-33.2M	-18.4M	-16.8M	-15.9M	-27.2M	-35.8M	-67.2M	-91.5M	—
Investing cash flow	-11.9M	-33.2M	-18.4M	-16.8M	-136.8M	-1.1B	-337.4M	-111.1M	-159.4M	-1.7B
Dividends paid	-212.8M	-283.4M	-334.3M	-345.4M	-468.5M	-604.4M	-836.4M	-1B	-1.3B	-1.8B
Share repurchases	—	0	0	-10.4M	0	-310M	0	0	—	—
Financing cash flow	770.8M	1.9B	1.4B	1.9B	-9M	3B	11.9M	-1B	-1.4B	-2.4B
Net change in cash	-1.3B	4.2B	4.9B	-164.8M	-660.2M	-516M	-997.2M	-999.7M	1.5B	-891.7M
Free cash flow	-637.6M	-1.9B	-1.4B	-2.1B	-441.6M	-2.6B	-769.9M	-300.4M	2.7B	3.2B

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	197M	423.5M	203.8M	276.3M	280.7M	350M	123.5M	226M	540.4M	198.5M	253M	313M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	294.7M	-41.1M	671M	435.8M	918.4M	793M	1.4B	415.7M	1.3B	-483.7M	406.5M	-351.4M
Capital expenditure	-23.1M	-23M	-26.1M	-29.2M	-26.9M	-9.3M	-22M	—	—	—	—	—
Investing cash flow	-23.1M	-66.9M	-34.1M	-29.2M	-32.6M	-63.5M	-1.7B	0	-3.5M	-5.3M	8.5M	-147K
Dividends paid	-249.6M	-270.6M	-320M	-312.2M	-337.1M	-341.5M	-445.1M	-428.2M	-423.7M	-459.8M	-522.8M	-513.8M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-231.4M	83.2M	-668.1M	-813.3M	-784.2M	478.2M	-1.2B	-567.2M	-1.2B	542.9M	-292.9M	370.9M
Net change in cash	40.3M	-24.8M	-31.2M	-406.7M	101.6M	1.2B	-1.5B	-151.5M	112.2M	53.9M	122.1M	19.3M
Free cash flow	295.2M	-583.1M	684M	402.9M	814.4M	798.3M	2B	392.8M	1.3B	-499.5M	390.9M	-384.5M

Ares Management Corp. Class A Common Stock 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