Ares Management Corp (ARES-PB) Financials

ARES-PB

Trailing 12 months to June 30, 2026

Revenue $5.3B +28.5% YoY

Net Income $535.1M +17.0% YoY

EPS (Diluted) Not reported for the trailing 12 months

Operating Cash Flow $912.1M -77.5% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARES-PB SEC filings page.

Ares Management Corp (ARES-PB) reported $5.3B in revenue over the twelve months to Jun 30, 2026, up 28.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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 ARES-PB FY2025 2026-08-29

The dominant mechanic is leveraged financial intermediation: asset growth and cash distributions matter more than conventional operating margins.

Earnings conversion weakened: revenue rose while net income declined from FY2024 to FY2025, so added volume did not produce comparable earnings. Expense absorption helps explain the squeeze, with SG&A growth of 35.3% outpacing revenue growth of 28.9%.

Operating cash flow shifted from -$233M in FY2023 to $3.3B in FY2025 while net income remained positive; that gap indicates reported cash generation is shaped heavily by balance-sheet movements, not earnings alone.

FY2025 dividends of $2.6B exceeded net income of $426M, indicating distributions were not funded solely by that year's accounting profit. Liabilities of $19.9B versus $4.3B of equity make the balance sheet primarily liability-funded, increasing the sensitivity of equity outcomes to asset performance.

Financial Health Signals

Financial health score not available

Ares Management Corp 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

4/5

Ares Management Corp passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

7.67x

For every $1 of reported earnings, Ares Management Corp generates $7.67 in operating cash flow ($3.3B OCF vs $426.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.3B

YoY+24.3%

QoQ-0.4%

5Y CAGR0.0%

10Y CAGR+13.3%

Ares Management Corp generated $1.3B in revenue in Q2 2026. This represents an increase of 24.3% from the same quarter a year earlier. Against the prior quarter it is down 0.4%.

Net Income

$150.6M

YoY+9.9%

QoQ+5.6%

5Y CAGR+1.2%

10Y CAGR+14.9%

Ares Management Corp reported $150.6M in net income in Q2 2026. This represents an increase of 9.9% from the same quarter a year earlier. Against the prior quarter it is up 5.6%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$557.1M

YoY+9.3%

QoQ-2.1%

5Y CAGR-0.9%

Ares Management Corp held $557.1M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$1.35

YoY+20.5%

QoQ0.0%

Ares Management Corp paid $1.35 per share in dividends in Q2 2026. This represents an increase of 20.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q2 2026.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Net Margin

11.6%

YoY-1.5pp

QoQ+0.7pp

5Y change+0.7pp

10Y change+1.5pp

Ares Management Corp's net profit margin was 11.6% in Q2 2026, showing the share of revenue converted to profit. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.

Return on Equity

3.8%

YoY+0.7pp

QoQ+0.3pp

5Y change-4.9pp

10Y change+0.9pp

Ares Management Corp's ROE was 3.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

ARES-PB Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARES-PB quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$5.3B	$4.8B+28.9%	$3.7B+14.0%	$3.2B+12.4%	$2.9B-31.6%	$4.2B+140.2%	$1.8B+22.4%	$1.4B+17.6%	$1.2B-17.7%	$1.5B+53.4%	$964.8M+18.5%	$814.4M+34.9%	$603.9M+26.2%	$478.7M+43.3%	$334.0M
SG&A Expenses	$1.0B	$996.1M+35.2%	$736.5M+11.6%	$660.1M-5.0%	$695.3M+56.5%	$444.2M+71.5%	$259.0M	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	$71.4M+94.1%	$36.8M+47.6%	$24.9M	N/A	N/A	$21.2M+18.0%	$18.0M-5.1%	$18.9M	N/A	N/A	N/A
Income Tax	$252.9M	$198.5M+20.6%	$164.6M-4.8%	$173.0M+140.6%	$71.9M-51.2%	$147.4M+168.0%	$55.0M+5.0%	$52.4M+62.6%	$32.2M+239.7%	-$23.1M-309.2%	$11.0M-42.2%	$19.1M+69.4%	$11.3M-81.0%	$59.3M+126.6%	$26.2M
Net Income	$535.1M	$426.1M-3.4%	$441.0M-7.0%	$474.3M+183.1%	$167.5M-56.7%	$386.7M+154.2%	$152.1M+2.2%	$148.9M+161.1%	$57.0M-25.1%	$76.2M-31.9%	$111.8M+477.0%	$19.4M-44.6%	$35.0M-95.7%	$813.4M-34.2%	$1.2B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.3B+24.3%	$1.3B+29.3%	$1.1B+10.8%	$1.7B+46.7%	$1.0B+19.0%	$1.0B+36.5%	$950.2M+17.1%	$1.1B+66.7%
SG&A Expenses	$255.7M+10.1%	$240.4M+5.5%	$289.9M+45.6%	$246.2M+24.9%	$232.2M+37.0%	$227.9M+33.3%	$199.1M+25.4%	$197.0M-7.0%
Income Tax	$73.0M+19.7%	$59.9M+241.4%	$8.1M-83.7%	$111.9M+140.9%	$61.0M+48.4%	$17.5M-35.6%	$49.9M-16.3%	$46.5M+55.4%
Net Income	$150.6M+9.9%	$142.6M+202.3%	-$47.0M-130.4%	$288.9M+143.9%	$137.1M+44.4%	$47.2M-35.4%	$154.5M+276.5%	$118.5M+1.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Interest Expense, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

ARES-PB Balance Sheet

ARES-PB quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$28.6B+15.1%	$24.9B+0.6%	$24.7B+12.4%	$22.0B+1.8%	$21.6B+42.4%	$15.2B+26.3%	$12.0B+18.3%	$10.2B+18.6%	$8.6B+46.9%	$5.8B+34.9%	$4.3B-80.0%	$21.6B-8.7%	$23.7B-3.2%	$24.5B
Cash & Equivalents	$488.9M-67.6%	$1.5B+333.0%	$348.3M-10.7%	$390.0M+13.5%	$343.7M-36.3%	$539.8M+290.1%	$138.4M+25.5%	$110.2M-7.3%	$118.9M-65.3%	$342.9M	N/A	N/A	$89.8M	N/A
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	$0	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	$0	N/A
Goodwill	$3.5B+197.1%	$1.2B+3.4%	$1.1B+12.4%	$999.7M+26.9%	$788.0M+112.4%	$371.0M+157.9%	$143.9M0.0%	$143.8M-0.1%	$143.9M+0.1%	$143.7M-0.2%	$144.1M+68.3%	$85.6M+47.2%	$58.2M	N/A
Total Liabilities	$19.9B+14.0%	$17.5B-11.3%	$19.7B+15.3%	$17.1B+2.4%	$16.7B+32.5%	$12.6B+24.0%	$10.2B+15.9%	$8.8B+23.3%	$7.1B+59.5%	$4.5B+33.7%	$3.3B-84.4%	$21.4B+33.2%	$16.0B	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$153.1M	N/A
Total Equity	$4.3B+20.7%	$3.5B+87.2%	$1.9B+19.1%	$1.6B-12.9%	$1.8B+52.9%	$1.2B+55.4%	$768.3M+30.7%	$587.9M-59.7%	$1.5B+398.6%	$292.9M+18.6%	$246.9M-12.9%	$283.6M-95.7%	$6.5B	N/A
Retained Earnings	-$1.5B-73.4%	-$837.3M-69.1%	-$495.1M-34.0%	-$369.5M-313.4%	-$89.4M+41.1%	-$151.8M-198.7%	-$50.8M-73.2%	-$29.3M	$0	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$29.6B+8.7%	$28.4B+4.5%	$28.6B+15.1%	$27.0B+10.2%	$27.3B+12.7%	$27.2B+11.3%	$24.9B+0.6%	$24.5B+4.9%
Cash & Equivalents	$557.1M+9.3%	$568.8M-8.0%	$488.9M-67.6%	$496.7M+41.8%	$509.7M+79.2%	$618.5M+78.6%	$1.5B+333.0%	$350.1M+12.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$3.5B+0.8%	$3.5B-1.0%	$3.5B+197.1%	$3.4B+203.4%	$3.4B+204.0%	$3.5B+209.7%	$1.2B+3.4%	$1.1B+13.6%
Total Liabilities	$21.0B+14.0%	$20.0B+8.8%	$19.9B+14.0%	$18.4B-1.3%	$18.4B-0.1%	$18.4B-5.1%	$17.5B-11.3%	$18.6B+1.7%
Total Equity	$4.0B-9.0%	$4.0B-9.6%	$4.3B+20.7%	$4.5B+115.5%	$4.4B+117.9%	$4.5B+152.0%	$3.5B+87.2%	$2.1B+19.8%
Retained Earnings	-$1.9B-51.8%	-$1.7B-54.2%	-$1.5B-73.4%	-$1.2B-53.8%	-$1.2B-71.4%	-$1.1B-75.4%	-$837.3M-69.1%	-$792.4M-53.8%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

ARES-PB Cash Flow Statement

ARES-PB quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	$912.1M	$3.3B+17.0%	$2.8B+1296.6%	-$233.3M+68.2%	-$734.1M+71.7%	-$2.6B-509.9%	-$425.7M+79.6%	-$2.1B-47.0%	-$1.4B+23.9%	-$1.9B-197.8%	-$625.7M-18.5%	-$528.0M-134.5%	$1.5B	N/A	N/A
Depreciation & Amortization	N/A	$238.6M+60.7%	$148.5M-5.7%	$157.4M-1.9%	$160.4M+608.0%	$22.7M+16.4%	$19.5M+11.9%	$17.4M-31.4%	$25.4M-16.9%	$30.5M+272.0%	$8.2M+18.8%	$6.9M-80.2%	$34.9M-14.3%	$40.7M	N/A
Stock-Based Compensation	N/A	$740.5M+109.9%	$352.9M+37.9%	$256.0M+27.7%	$200.4M-15.5%	$237.2M+92.9%	$123.0M+25.9%	$97.7M+8.9%	$89.7M+28.7%	$69.7M+78.4%	$39.1M+21.2%	$32.2M-48.9%	$63.1M+118.9%	$28.8M-44.6%	$52.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$18.4M-44.5%	$33.2M+178.4%	$11.9M+11.6%	$10.7M-35.9%	$16.7M	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$1.4B+24.3%	-$1.9B-197.4%	-$637.6M-18.4%	-$538.7M-135.5%	$1.5B	N/A	N/A
Investing Cash Flow	-$76.4M	-$1.8B-1031.5%	-$159.4M-43.5%	-$111.1M+67.1%	-$337.4M+68.9%	-$1.1B-693.1%	-$136.8M-714.3%	-$16.8M+8.8%	-$18.4M+44.5%	-$33.2M-178.4%	-$11.9M+84.1%	-$75.1M+2.0%	-$76.7M	N/A	N/A
Financing Cash Flow	-$604.3M	-$2.4B-69.5%	-$1.4B-590.1%	$292.1M-74.1%	$1.1B-67.8%	$3.5B+271.2%	$943.9M-55.5%	$2.1B+51.0%	$1.4B-15.1%	$1.7B+87.9%	$880.8M+51.5%	$581.5M+142.6%	-$1.4B	N/A	N/A
Dividends Paid	$92.8M	$2.6B+78.4%	$1.5B+29.1%	$1.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$351.4M-184.5%	$406.5M-79.6%	-$483.7M-159.9%	$1.3B+59.4%	$415.7M-3.8%	$2.0B+180.9%	$807.6M+244.2%	$841.3M+164.3%
Stock-Based Compensation	$182.8M+10.7%	$203.6M-21.0%	N/A	$160.1M+87.0%	$165.1M+87.1%	$257.9M+179.0%	N/A	$85.6M
Investing Cash Flow	-$33.2M-44.9%	-$7.2M+99.6%	-$21.1M+66.8%	-$15.0M+54.1%	-$22.9M+21.6%	-$1.7B-5020.7%	-$63.5M+5.1%	-$32.6M-41.3%
Financing Cash Flow	$370.9M+165.4%	-$292.9M+75.1%	$542.9M+13.5%	-$1.2B-56.2%	-$567.2M-23.6%	-$1.2B-76.7%	$478.2M-24.5%	-$784.2M-221.3%
Dividends Paid	$25.2M+20.2%	$25.4M+18.4%	$21.0M+30.6%	$21.1M+29.9%	$21.0M+30.9%	$21.5M+31.9%	$16.1M	$16.2M

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Share Buybacks.

ARES-PB Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARES-PB quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Net Margin	9.0%-3.0pp	11.9%-2.7pp	14.7%+8.8pp	5.8%-3.4pp	9.2%+0.5pp	8.7%-1.7pp	10.4%+5.7pp	4.7%-0.5pp	5.1%-6.4pp	11.6%+9.2pp	2.4%-3.4pp	5.8%	169.9%	369.9%
Return on Equity	10.0%-2.5pp	12.4%-12.6pp	25.1%+14.5pp	10.5%-10.7pp	21.2%+8.4pp	12.8%-6.6pp	19.4%+9.7pp	9.7%+4.5pp	5.2%-33.0pp	38.2%+30.3pp	7.8%-4.5pp	12.3%-0.1pp	12.4%	N/A
Return on Assets	1.5%-0.3pp	1.8%-0.1pp	1.9%+1.2pp	0.8%-1.0pp	1.8%+0.8pp	1.0%-0.2pp	1.2%+0.7pp	0.6%-0.3pp	0.9%-1.0pp	1.9%+1.5pp	0.4%+0.3pp	0.2%-3.3pp	3.4%-1.6pp	5.0%
Debt-to-Equity	4.66-0.3x	4.93-5.5x	10.41-0.3x	10.76+1.6x	9.15-1.4x	10.55-2.7x	13.22-1.7x	14.90+10.0x	4.86-10.3x	15.20+1.7x	13.48-61.8x	75.29+75.3x	0.02	N/A
Asset Turnover	0.170.0x	0.150.0x	0.130.0x	0.13-0.1x	0.20+0.1x	0.120.0x	0.120.0x	0.12-0.1x	0.170.0x	0.170.0x	0.19+0.2x	0.030.0x	0.020.0x	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-117.8%	-128.1%	-66.1%+0.1pp	-66.1%	251.0%	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	11.6%-1.5pp	11.0%+6.3pp	-4.5%-20.7pp	17.4%+6.9pp	13.2%+2.3pp	4.7%-5.2pp	16.3%+27.0pp	10.5%-6.7pp
Return on Equity	3.8%+0.7pp	3.5%+2.5pp	-1.1%-5.5pp	6.5%+0.8pp	3.1%-1.6pp	1.1%-3.1pp	4.4%+9.0pp	5.7%-1.0pp
Return on Assets	0.5%0.0pp	0.5%+0.3pp	-0.2%-0.8pp	1.1%+0.6pp	0.5%+0.1pp	0.2%-0.1pp	0.6%+1.0pp	0.5%0.0pp
Debt-to-Equity	5.29+1.1x	4.97+0.8x	4.66-0.3x	4.11-4.9x	4.22-5.0x	4.13-6.8x	4.93-5.5x	8.98-1.6x
Asset Turnover	0.040.0x	0.050.0x	0.040.0x	0.060.0x	0.040.0x	0.040.0x	0.040.0x	0.050.0x

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

Where Ares Management Corp Ranks

Frequently Asked Questions

What is Ares Management Corp's annual revenue?

Ares Management Corp (ARES-PB) reported $4.8B in total revenue for fiscal year 2025. This represents a 28.9% 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 Corp's revenue growing?

Ares Management Corp (ARES-PB) revenue grew by 28.9% year-over-year, from $3.7B to $4.8B in fiscal year 2025.

Is Ares Management Corp profitable?

Yes, Ares Management Corp (ARES-PB) reported a net income of $426.1M in fiscal year 2025, with a net profit margin of 9.0%.

What is Ares Management Corp's net profit margin?

Ares Management Corp (ARES-PB) had a net profit margin of 9.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Ares Management Corp (ARES-PB) has a return on equity of 10.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ares Management Corp's operating cash flow?

Ares Management Corp (ARES-PB) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ares Management Corp's total assets?

Ares Management Corp (ARES-PB) had $28.6B in total assets as of fiscal year 2025, including both current and long-term assets.

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

Ares Management Corp (ARES-PB) had a debt-to-equity ratio of 4.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Ares Management Corp (ARES-PB) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Ares Management Corp (ARES-PB) has a Piotroski F-Score of 4 out of 5 computable signals; 4 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 Management Corp's earnings high quality?

Ares Management Corp (ARES-PB) has an earnings quality ratio of 7.67x, 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.