Ares Management Corporation Financials
Ares Management Corporation (ARES) reported $4.8B in revenue for fiscal year 2025, up 28.9% from the prior fiscal year. 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).
Cash-rich operations now fund large distributions while a thicker equity base reduces the balance sheet's dependence on leverage.
In FY2025, operating cash flow of$3.27B was far above net income of$426M , implying the platform releases much more cash than GAAP earnings alone suggest. That looks like a real shift, not a brief blip, because operating cash flow swung from-$233M to$3.27B while heavy distributions kept cash balances from piling up.
Recently, debt-to-equity fell from 10.4x to 4.7x. A much thicker equity capital base, rising from
Revenue reached
Financial Health Signals
Ares Management Corporation 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.
Ares Management Corporation 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.
For every $1 of reported earnings, Ares Management Corporation 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
Earnings & Revenue
Ares Management Corporation generated $4.8B in revenue in fiscal year 2025. This represents an increase of 28.9% from the prior year.
Ares Management Corporation reported $426.1M in net income in fiscal year 2025. This represents a decrease of 3.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Ares Management Corporation held $488.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ares Management Corporation's net profit margin was 9.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.
Ares Management Corporation's ROE was 10.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
ARES Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EPS (Diluted).
TTM is the trailing twelve months, Q3 FY2025 through Q2 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.
ARES Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
ARES Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 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.
ARES Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
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Where Ares Management Corporation Ranks
Frequently Asked Questions
What is Ares Management Corporation's annual revenue?
Ares Management Corporation (ARES) 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 Corporation's revenue growing?
Ares Management Corporation (ARES) revenue grew by 28.9% year-over-year, from $3.7B to $4.8B in fiscal year 2025.
Is Ares Management Corporation profitable?
Yes, Ares Management Corporation (ARES) reported a net income of $426.1M in fiscal year 2025, with a net profit margin of 9.0%.
What is Ares Management Corporation's net profit margin?
Ares Management Corporation (ARES) 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 Corporation's return on equity (ROE)?
Ares Management Corporation (ARES) 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 Corporation's operating cash flow?
Ares Management Corporation (ARES) generated $3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ares Management Corporation's total assets?
Ares Management Corporation (ARES) had $28.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ares Management Corporation's debt-to-equity ratio?
Ares Management Corporation (ARES) 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 Corporation's return on assets (ROA)?
Ares Management Corporation (ARES) 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 Corporation's Piotroski F-Score?
Ares Management Corporation (ARES) 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 Corporation's earnings high quality?
Ares Management Corporation (ARES) 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.