Ares Management Corporation (ARES) Financial Statements

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Ares Management financial statements at a glance

Ares Management reported revenue of $5.60 billion for fiscal year 2025 (ended December 31, 2025), up 7.9% from fiscal year 2024. Net income was -$602.00 million, a net margin of 10.7% loss.

At the end of fiscal year 2025 it had total assets of $28.63 billion, total liabilities of $19.96 billion and shareholders' equity of $4.28 billion, with cash and short-term investments of $1.45 billion and total debt of $14.22 billion.

Its operations brought in $3.27 billion of cash; capital spending was $72.18 million, leaving free cash flow of $3.19 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

ARES logo

Ares Management Corporation

ARESUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
5.60B
Prev Year: 5.19B
YoY: +7.9%
Interest Income
622.72M
Non-operating Interest Expense
767.46M
Prev Year: 978.30M
YoY: -21.6%
Non-operating Interest Income
622.72M
Operating Income
892.72M
Prev Year: 2.25B
YoY: -60.4%
Operating Expense
2.14B
Prev Year: 1.21B
YoY: +77.6%
Other General and Administrative
996.08M
Prev Year: 736.50M
YoY: +35.2%
Salaries and Wages
1.09B
Prev Year: 449.56M
YoY: +143.4%
Gross Profit
3.04B
Prev Year: 3.46B
YoY: -12.3%
Cost of Revenue
2.57B
Prev Year: 1.73B
YoY: +48.2%
Operating Revenue
5.60B
Prev Year: 5.19B
YoY: +7.9%
Total Expenses
4.71B
Prev Year: 2.94B
YoY: +60.2%
Selling General and Administrative
2.09B
Prev Year: 1.19B
YoY: +76.2%
General and Administrative Expense
2.09B
Prev Year: 1.19B
YoY: +76.2%
Net Non Operating Interest Income Expense
-144.74M
Prev Year: -978.30M
YoY: +85.2%
Other Operating Expenses
52.71M
Prev Year: 20.88M
YoY: +152.5%
Pre-tax Income
1.29B
Prev Year: 1.28B
YoY: +0.9%
Provision for Income Taxes
198.53M
Prev Year: 164.62M
YoY: +20.6%
Net Income Common Stockholders
-602.00M
Prev Year: -332.77M
YoY: -80.9%
Net Income
527.36M
Prev Year: 463.74M
YoY: +13.7%
Net Income Including Non-Controlling Interests
1.09B
Prev Year: 1.11B
YoY: -2.0%
Net Income from Continuing Operations
1.09B
Prev Year: 1.11B
YoY: -2.0%
Noncontrolling Interests
-561.00M
Prev Year: -646.99M
YoY: +13.3%
Diluted NI Available to Com Stockholders
383.54M
Prev Year: 410.19M
YoY: -6.5%
Net Income from Continuing and Discontinued Operation
527.36M
Prev Year: 463.74M
YoY: +13.7%
Normalized Income
-199.92M
Prev Year: 463.74M
YoY: -143.1%
Reconciled Depreciation
243.15M
Prev Year: 158.58M
YoY: +53.3%
Net Income from Continuing Operation Net Minority Interest
527.36M
Prev Year: 463.74M
YoY: +13.7%
Tax Rate for Calcs
0.153
Prev Year: 0
Tax Effect of Unusual Items
131.37M
Normalized EBITDA
1.44B
Prev Year: 2.41B
YoY: -40.4%
Basic EPS
-
Total Unusual Items
858.66M
Diluted EPS
-
Total Unusual Items Excluding Goodwill
858.66M
Weighted Average Shares (basic)
-
Reconciled Cost of Revenue
2.57B
Prev Year: 1.73B
YoY: +48.2%
Weighted Average Shares (diluted)
-
Total Operating Income as Reported
-
EBITDA
2.30B
Prev Year: 2.41B
YoY: -4.8%
EBIT
2.05B
Prev Year: 2.25B
YoY: -8.8%
Net Interest Income
-144.74M
Prev Year: -978.30M
YoY: +85.2%
Interest Expense
767.46M
Prev Year: 978.30M
YoY: -21.6%
Average Dilution Earnings
985.54M
Prev Year: 742.97M
YoY: +32.6%
Otherunder Preferred Stock Dividend
1.03B
Prev Year: 773.74M
YoY: +32.9%
Preferred Stock Dividends
101.25M
Prev Year: 22.78M
YoY: +344.4%
Other Income Expense
538.91M
Prev Year: 627.0K
YoY: +85851.0%
Other Non-operating Income (expense)
-319.75M
Prev Year: 627.0K
YoY: -51096.0%
Gain on Sale of Securities
858.66M
Values in USD

Ares Management key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$5.6B$5.2B$5.0B$3.7B$4.8B
Gross profit$3.0B$3.5B$3.5B$2.2B$3.6B
Operating income$892.7M$2.3B$2.2B$980.4M$1.3B
Net income-$602.0M-$332.8M-$118.9M-$275.7M$386.7M
Diluted EPS––$2.42$0.87$2.15
Total assets$28.6B$24.9B$24.7B$22.0B$21.6B
Total liabilities$20.0B$18.1B$20.3B$18.2B$17.8B
Shareholders' equity$4.3B$3.5B$1.9B$1.6B$1.8B
Cash and short-term investments$1.4B$2.7B$1.5B$1.1B$1.4B
Total debt$14.2B$13.1B$15.8B$13.3B$12.5B
Operating cash flow$3.3B$2.8B-$233.3M-$734.1M-$2.6B
Capital spending$72.2M$91.5M$67.2M$35.8M$27.2M
Free cash flow$3.2B$2.7B-$300.4M-$769.9M-$2.6B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Ares Management's revenue in fiscal year 2025?

$5.60 billion, up 7.9% from $5.19 billion in fiscal year 2024.

How much profit does Ares Management make?

Ares Management reported net income of -$602.00 million for fiscal year 2025 (10.7% of revenue); operating income was $892.72 million.

How much cash and debt does Ares Management have?

At the end of fiscal year 2025: cash and short-term investments of $1.45 billion and total debt of $14.22 billion.

What is Ares Management's free cash flow?

$3.19 billion in fiscal year 2025 (operating cash flow of $3.27 billion minus capital spending of $72.18 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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