Ares Management Corporation Financials

ARES

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Ares Management Corporation (ARES) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Ares Management Corporation passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

6.02x

For every $1 of reported earnings, Ares Management Corporation generates $6.02 in operating cash flow ($2.8B OCF vs $463.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$3.7B

YoY+14.0%

5Y CAGR+20.8%

10Y CAGR+19.8%

Ares Management Corporation generated $3.7B in revenue in fiscal year 2024. This represents an increase of 14.0% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$463.7M

YoY-2.2%

5Y CAGR+25.5%

10Y CAGR+29.5%

Ares Management Corporation reported $463.7M in net income in fiscal year 2024. This represents a decrease of 2.2% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$1.5B

YoY+333.0%

5Y CAGR+61.2%

Ares Management Corporation held $1.5B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

313M

YoY+1.8%

5Y CAGR+22.1%

Ares Management Corporation had 313M shares outstanding in fiscal year 2024. This represents an increase of 1.8% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

12.6%

YoY-2.1pp

5Y CAGR+2.2pp

10Y CAGR+6.8pp

Ares Management Corporation's net profit margin was 12.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.

Return on Equity

13.1%

YoY-12.0pp

5Y CAGR-6.3pp

10Y CAGR+0.7pp

Ares Management Corporation's ROE was 13.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 12.0 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ARES Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.7B+14.0%	$3.2B+12.4%	$2.9B-31.6%	$4.2B+140.2%	$1.8B+22.4%	$1.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$736.5M+11.6%	$660.1M-5.0%	$695.3M+56.5%	$444.2M+71.5%	$259.0M	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$71.4M+94.1%	$36.8M+47.6%	$24.9M	N/A
Income Tax	$164.6M-4.8%	$173.0M+140.6%	$71.9M-51.2%	$147.4M+168.0%	$55.0M+5.0%	$52.4M
Net Income	$463.7M-2.2%	$474.3M+183.1%	$167.5M-59.0%	$408.8M+168.7%	$152.1M+2.2%	$148.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.7B+59.3%	$1.0B+3.6%	$1.0B+5.7%	$950.2M+8.6%	$874.9M+18.9%	$735.8M-9.3%	$811.6M+19.8%	$677.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$246.2M+6.0%	$232.2M+1.9%	$227.9M+14.5%	$199.1M+17.5%	$169.4M-0.9%	$170.9M+7.6%	$158.8M-25.0%	$211.8M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$26.0M
Income Tax	$111.9M+83.6%	$61.0M+247.6%	$17.5M-64.8%	$49.9M+21.4%	$41.1M+50.8%	$27.2M-54.3%	$59.6M+99.2%	$29.9M
Net Income	$288.9M+110.8%	$137.1M+190.6%	$47.2M-73.4%	$177.3M+86.8%	$94.9M+30.0%	$73.0M+183.4%	-$87.6M-175.0%	$116.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ARES Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$24.9B+0.6%	$24.7B+12.4%	$22.0B+1.8%	$21.6B+42.4%	$15.2B+26.3%	$12.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.5B+333.0%	$348.3M-10.7%	$390.0M+13.5%	$343.7M-36.3%	$539.8M+290.1%	$138.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.2B+3.4%	$1.1B+12.4%	$999.7M+26.9%	$788.0M+112.4%	$371.0M+157.9%	$143.9M
Total Liabilities	$17.5B-11.3%	$19.7B+15.3%	$17.1B+2.4%	$16.7B+32.5%	$12.6B+24.0%	$10.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.5B+87.2%	$1.9B+19.1%	$1.6B-12.9%	$1.8B+52.9%	$1.2B+55.4%	$768.3M
Retained Earnings	-$837.3M-69.1%	-$495.1M-34.0%	-$369.5M-313.4%	-$89.4M+41.1%	-$151.8M-198.7%	-$50.8M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$27.0B-0.9%	$27.3B+0.3%	$27.2B+9.2%	$24.9B+2.9%	$24.2B-0.9%	$24.4B-1.3%	$24.7B+5.8%	$23.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$496.7M-2.5%	$509.7M-17.6%	$618.5M-59.0%	$1.5B+430.1%	$284.4M-17.9%	$346.3M-0.6%	$348.3M+11.7%	$311.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$3.4B0.0%	$3.4B-1.8%	$3.5B+201.0%	$1.2B+2.9%	$1.1B0.0%	$1.1B+0.5%	$1.1B+12.6%	$997.8M
Total Liabilities	$18.4B-0.1%	$18.4B+0.2%	$18.4B+5.2%	$17.5B-5.2%	$18.4B-4.9%	$19.4B-1.7%	$19.7B+7.5%	$18.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.5B+2.6%	$4.4B-2.1%	$4.5B+25.7%	$3.5B+77.0%	$2.0B+13.3%	$1.8B-6.6%	$1.9B+9.2%	$1.7B
Retained Earnings	-$1.2B+0.2%	-$1.2B-13.7%	-$1.1B-28.3%	-$837.3M-17.5%	-$712.9M-16.4%	-$612.6M-23.7%	-$495.1M+3.9%	-$515.4M

ARES Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.8B+1296.6%	-$233.3M+68.2%	-$734.1M+71.7%	-$2.6B-509.9%	-$425.7M+79.6%	-$2.1B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$159.4M-43.5%	-$111.1M+67.1%	-$337.4M+68.9%	-$1.1B-693.1%	-$136.8M-714.3%	-$16.8M
Financing Cash Flow	-$1.4B-590.1%	$292.1M-74.1%	$1.1B-67.8%	$3.5B+271.2%	$943.9M-55.5%	$2.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.3B+222.5%	$415.7M-79.2%	$2.0B+146.9%	$807.6M+86.9%	$432.2M-39.1%	$710.0M+226.8%	-$560.1M-276.0%	$318.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$15.0M+34.8%	-$22.9M+98.7%	-$1.7B-2646.8%	-$63.5M-117.2%	-$29.2M+14.2%	-$34.1M+49.1%	-$66.9M-190.2%	-$23.1M
Financing Cash Flow	-$1.2B-116.0%	-$567.2M+51.8%	-$1.2B-346.3%	$478.2M+204.2%	-$458.9M+31.2%	-$666.6M-205.2%	$633.7M+359.6%	-$244.1M
Dividends Paid	$21.1M+0.7%	$21.0M-2.5%	$21.5M+33.5%	$16.1M+0.6%	$16.0M-1.8%	$16.3M	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ARES Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.6%-2.1pp	14.7%+8.8pp	5.8%-3.9pp	9.7%+1.0pp	8.7%-1.7pp	10.4%
Return on Equity	13.1%-12.0pp	25.1%+14.5pp	10.5%-11.9pp	22.4%+9.7pp	12.8%-6.6pp	19.4%
Return on Assets	1.9%-0.1pp	1.9%+1.2pp	0.8%-1.1pp	1.9%+0.9pp	1.0%-0.2pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.93-5.5	10.41-0.3	10.76+1.6	9.15-1.4	10.55-2.7	13.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	17.4%+4.3pp	13.2%+8.5pp	4.7%-14.0pp	18.7%+7.8pp	10.8%+0.9pp	9.9%+20.7pp	-10.8%-28.0pp	17.2%
Return on Equity	6.5%+3.3pp	3.1%+2.1pp	1.1%-3.9pp	5.0%+0.3pp	4.7%+0.6pp	4.1%	N/A	6.7%
Return on Assets	1.1%+0.6pp	0.5%+0.3pp	0.2%-0.5pp	0.7%+0.3pp	0.4%+0.1pp	0.3%+0.7pp	-0.4%-0.9pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.11-0.1	4.22+0.1	4.13-0.8	4.93-4.3	9.21-1.8	10.97+0.6	10.41-0.2	10.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Apollo Global Mgmt Inc APO

$72.4B

Brookfield Corporation BN

$107.3B

Brookfield Asst BAM

$84.9B

Ameriprise Finl Inc AMP

$43.2B

Raymond James RJF

$31.3B

Frequently Asked Questions

What is Ares Management Corporation's annual revenue?

Ares Management Corporation (ARES) reported $3.7B in total revenue for fiscal year 2024. This represents a 14.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ares Management Corporation's revenue growing?

Ares Management Corporation (ARES) revenue grew by 14% year-over-year, from $3.2B to $3.7B in fiscal year 2024.

Is Ares Management Corporation profitable?

Yes, Ares Management Corporation (ARES) reported a net income of $463.7M in fiscal year 2024, with a net profit margin of 12.6%.

What is Ares Management Corporation's net profit margin?

Ares Management Corporation (ARES) had a net profit margin of 12.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

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

Ares Management Corporation (ARES) has a return on equity of 13.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Ares Management Corporation's operating cash flow?

Ares Management Corporation (ARES) generated $2.8B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ares Management Corporation's total assets?

Ares Management Corporation (ARES) had $24.9B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Ares Management Corporation have outstanding?

Ares Management Corporation (ARES) had 313M shares outstanding as of fiscal year 2024.

What is Ares Management Corporation's debt-to-equity ratio?

Ares Management Corporation (ARES) had a debt-to-equity ratio of 4.93 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Ares Management Corporation (ARES) had a return on assets of 1.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ares Management Corporation's Piotroski F-Score?

Ares Management Corporation (ARES) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ares Management Corporation's earnings high quality?

Ares Management Corporation (ARES) has an earnings quality ratio of 6.02x, considered cash-backed (high quality). 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.