What is Ares Capital's earnings per share (EPS)?

Ares Capital (ARCC) reported diluted earnings per share of $1.86 for fiscal year 2025. This represents a -23.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ares Capital Financials

ARCC

FY2025 annual

Revenue Not reported for FY2025

Net Income $1.3B -14.7% YoY

EPS (Diluted) $1.86 -23.8% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Ares Capital (ARCC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ARCC FY2025 2026-04-28

Portfolio expansion is being funded externally, while per-share earning power weakens as a larger balance sheet absorbs more capital.

The balance sheet added $7.4B of assets since FY2023, but that extra scale did not lift shareholder efficiency. ROE fell from 13.6% to 9.1%, which means the larger portfolio generated less profit for each shareholder dollar even before considering the higher share count.

Positive net income alongside -$1.72B of operating cash flow in FY2025 shows that cash usage is being driven by investment deployment and repayment timing, not by weak accounting earnings alone. Because the same mismatch appeared in FY2024, cash generation here is tied to how fast the portfolio is expanding year to year, not simply whether reported profit is positive.

With $1.26B of dividends paid against $1.30B of net income, little profit remained inside the company to self-fund growth. That helps explain why long-term debt reached $16.0B and share count kept rising: the model depends on tapping creditors and equity investors rather than retaining much of what it earns for expansion.

Financial Health Signals

Financial health score not available

Ares Capital does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Ares Capital passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

$1.32used

For every $1 of reported earnings, Ares Capital used $1.32 of operating cash (-$1.7B OCF vs $1.3B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Net Income

$1.3B

YoY-14.7%

5Y CAGR+21.8%

Ares Capital reported $1.3B in net income in fiscal year 2025. This represents a decrease of 14.7% from the prior year.

EPS (Diluted)

$1.86

YoY-23.8%

5Y CAGR+10.3%

Ares Capital earned $1.86 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 23.8% from the prior year.

Revenue

Not reported for fiscal year 2025.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$638.0M

YoY+0.5%

5Y CAGR+14.4%

Ares Capital held $638.0M in cash against $16.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.92

YoY0.0%

5Y CAGR+3.7%

Ares Capital paid $1.92 per share in dividends in fiscal year 2025. That is unchanged from the prior year.

Shares Outstanding

718M

YoY+6.9%

5Y CAGR+11.2%

Ares Capital had 718M shares outstanding in fiscal year 2025. This represents an increase of 6.9% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

9.1%

YoY-2.3pp

5Y CAGR+2.3pp

Ares Capital's ROE was 9.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

ARCC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARCC annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Interest Expense	N/A	$793.0M+10.9%	$715.0M+22.9%	$582.0M+27.9%	$455.0M+22.3%	$372.0M+17.4%	$317.0M
Net Income	N/A	$1.3B-14.7%	$1.5B0.0%	$1.5B+153.7%	$600.0M-61.7%	$1.6B+223.8%	$484.0M
EPS (Diluted)	—	$1.86-23.8%	$2.44-9.0%	$2.68+125.2%	$1.19-66.1%	$3.51+207.9%	$1.14

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Interest Expense	$213.0M	N/A	$209.0M+11.2%	$188.0M+1.1%	$186.0M	N/A	$195.0M+12.1%	$174.0M
Net Income	$92.0M	N/A	$404.0M+11.9%	$361.0M+49.8%	$241.0M	N/A	$394.0M+22.4%	$322.0M
EPS (Diluted)	$0.13	N/A	$0.57+9.6%	$0.52+44.4%	$0.36	N/A	$0.62+19.2%	$0.52

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Income Tax.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

ARCC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARCC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$31.2B+10.6%	$28.3B+18.7%	$23.8B+6.3%	$22.4B+7.5%	$20.8B	N/A
Cash & Equivalents	$638.0M+0.5%	$635.0M+18.7%	$535.0M+76.6%	$303.0M-18.5%	$372.0M+14.1%	$326.0M
Total Liabilities	$16.9B+13.5%	$14.9B+18.3%	$12.6B-1.9%	$12.8B+7.2%	$12.0B	N/A
Long-Term Debt	$16.0B+16.5%	$13.7B+15.5%	$11.9B-2.7%	$12.2B+10.8%	$11.0B	N/A
Total Equity	$14.3B+7.2%	$13.4B+19.2%	$11.2B+17.2%	$9.6B+7.7%	$8.9B+23.6%	$7.2B
Retained Earnings	$958.0M+12.4%	$852.0M+84.4%	$462.0M+23200.0%	-$2.0M	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$30.7B-1.8%	$31.2B+1.4%	$30.8B+6.0%	$29.1B+2.7%	$28.3B+0.2%	$28.3B+4.3%	$27.1B+3.9%	$26.1B
Cash & Equivalents	$505.0M-20.8%	$638.0M-38.4%	$1.0B+131.8%	$447.0M-30.9%	$647.0M+1.9%	$635.0M+30.7%	$486.0M-19.1%	$601.0M
Total Liabilities	$16.6B-1.8%	$16.9B+2.6%	$16.5B+9.6%	$15.0B+2.7%	$14.6B-1.7%	$14.9B+4.0%	$14.3B+4.4%	$13.7B
Long-Term Debt	$15.8B-0.9%	$16.0B+2.5%	$15.6B+10.6%	$14.1B+1.3%	$13.9B+1.4%	$13.7B+1.7%	$13.5B+4.2%	$13.0B
Total Equity	$14.1B-1.8%	$14.3B0.0%	$14.3B+2.1%	$14.0B+2.6%	$13.7B+2.4%	$13.4B+4.6%	$12.8B+3.3%	$12.4B
Retained Earnings	$705.0M-26.4%	$958.0M+12.6%	$851.0M+7.9%	$789.0M+3.1%	$765.0M-10.2%	$852.0M+17.0%	$728.0M+13.4%	$642.0M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.

ARCC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ARCC annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$1.2B	-$1.7B+19.3%	-$2.1B-516.4%	$511.0M+137.6%	-$1.4B+44.7%	-$2.5B-324.0%	-$580.0M
Financing Cash Flow	$1.1B	$1.8B-26.5%	$2.4B+953.5%	-$284.0M-123.5%	$1.2B-53.8%	$2.6B+258.8%	$730.0M
Dividends Paid	$1.3B	$1.3B+11.0%	$1.1B+10.5%	$1.0B+13.0%	$912.0M+31.4%	$694.0M+2.2%	$679.0M
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$100.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$184.0M+143.1%	-$427.0M+44.8%	-$773.0M-254.6%	-$218.0M+27.1%	-$299.0M-11.6%	-$268.0M+48.6%	-$521.0M+60.5%	-$1.3B
Financing Cash Flow	-$453.0M-567.0%	$97.0M-92.9%	$1.4B+873.6%	$140.0M-22.7%	$181.0M-64.1%	$504.0M+8.6%	$464.0M-67.4%	$1.4B
Dividends Paid	$345.0M+8.2%	$319.0M-0.3%	$320.0M+0.9%	$317.0M+2.9%	$308.0M+1.7%	$303.0M+5.6%	$287.0M+2.9%	$279.0M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow.

ARCC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

ARCC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Return on Equity	9.1%-2.3pp	11.4%-2.2pp	13.6%+7.3pp	6.3%-11.4pp	17.7%+10.9pp	6.7%
Return on Assets	4.2%-1.2pp	5.4%-1.0pp	6.4%+3.7pp	2.7%-4.8pp	7.5%	N/A
Debt-to-Equity	1.12+0.1x	1.030.0x	1.06-0.2x	1.280.0x	1.24	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Return on Equity	0.7%	N/A	2.8%+0.2pp	2.6%+0.8pp	1.8%	N/A	3.1%+0.5pp	2.6%
Return on Assets	0.3%	N/A	1.3%+0.1pp	1.2%+0.4pp	0.9%	N/A	1.5%+0.2pp	1.2%
Debt-to-Equity	1.130.0x	1.120.0x	1.09+0.1x	1.010.0x	1.020.0x	1.030.0x	1.060.0x	1.05

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, FCF Margin.

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Where Ares Capital Ranks

Frequently Asked Questions

Is Ares Capital profitable?

Yes, Ares Capital (ARCC) reported a net income of $1.3B in fiscal year 2025.

How much debt does Ares Capital have?

As of fiscal year 2025, Ares Capital (ARCC) had $638.0M in cash and equivalents against $16.0B in long-term debt.

Does Ares Capital pay dividends?

Yes, Ares Capital (ARCC) paid $1.92 per share in dividends during fiscal year 2025.

What is Ares Capital's return on equity (ROE)?

Ares Capital (ARCC) has a return on equity of 9.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ares Capital's operating cash flow?

Ares Capital (ARCC) recorded an outflow of $1.7B in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Ares Capital's total assets?

Ares Capital (ARCC) had $31.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Ares Capital have outstanding?

Ares Capital (ARCC) had 718M shares outstanding as of fiscal year 2025.

What is Ares Capital's debt-to-equity ratio?

Ares Capital (ARCC) had a debt-to-equity ratio of 1.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ares Capital's return on assets (ROA)?

Ares Capital (ARCC) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ares Capital's cash runway?

Based on fiscal year 2025 data, Ares Capital (ARCC) had $638.0M in cash against an annual operating cash burn of $1.7B. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ares Capital's Piotroski F-Score?

Ares Capital (ARCC) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ares Capital's earnings high quality?

For every $1 of reported earnings, Ares Capital (ARCC) used $1.32 of operating cash (-$1.7B OCF vs $1.3B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.