Ares Management Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ares Management Corp reported revenue of $5.6B (+44.2% year on year) and net income of $1.1B (-2.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $5.6B | $3.9B | $3.6B | — |
| Compensation and benefits | $2.6B | $1.7B | $1.5B | — |
| Performance related compensation | $1.1B | $449.6M | $607.5M | — |
| General, administrative and other expenses | $996.1M | $736.5M | $660.1M | — |
| Expenses of the Consolidated Funds | $52.7M | — | — | — |
| Total expenses | $4.7B | $2.9B | $2.8B | — |
| Net realized and unrealized gains on investments | $858.7M | $330.5M | $340.3M | — |
| Interest and dividend income | $4.1B | $43.1M | $19.3M | — |
| Interest expense | ($767.5M) | ($978.3M) | ($860.9M) | — |
| Other income (expense), net | ($319.7M) | $627.0K | $4.8M | — |
| Interest and other income of Consolidated Funds | ($99.9M) | ($43.9M) | ($32.3M) | — |
| Total other income (expense), net | $394.2M | $329.3M | $499.0M | — |
| Income before taxes | $1.3B | $1.3B | $1.3B | — |
| Income tax expense | $198.5M | $164.6M | $173.0M | — |
| Net income | $1.1B | $1.1B | $1.2B | — |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | $253.9M | $295.8M | $274.3M | — |
| Net income attributable to Ares Operating Group entities | $834.5M | $815.0M | $885.8M | — |
| Less: Net income attributable to redeemable interest in Ares Operating Group entities | $1.3M | $103.0K | $226.0K | — |
| Less: Net income attributable to non-controlling interests in Ares Operating Group entities | $305.7M | $351.1M | $411.2M | — |
| Net income attributable to Ares Management Corporation | $527.4M | $463.7M | $474.3M | — |
| Less: Series B mandatory convertible preferred stock dividends declared | $101.3M | $22.8M | $0 | — |
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $426.1M | $441.0M | $474.3M | — |
| Basic (in dollars per share) | $1.71 | $2.04 | $2.44 | — |
| Diluted (in dollars per share) | $1.71 | $2.04 | $2.42 | — |
| Basic (in shares) | 217.4M | 198.1M | 184.5M | — |
| Diluted (in shares) | 217.4M | 198.1M | 195.8M | — |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues | $1.4B | $1.4B | $1.7B | $1.4B |
| Compensation and benefits | $688.7M | $692.4M | $659.8M | $643.7M |
| Performance related compensation | $231.9M | $228.3M | $404.1M | $234.7M |
| General, administrative and other expenses | $255.7M | $240.4M | $246.2M | $232.2M |
| Expenses of Consolidated Funds | $3.7M | $7.3M | ($1.9M) | $27.0M |
| Total expenses | $1.2B | $1.2B | $1.3B | $1.1B |
| Net realized and unrealized gains on investments | $249.1M | $137.4M | $368.7M | $140.5M |
| Interest and dividend income | $6.5M | $7.1M | $13.6M | $7.8M |
| Interest expense | ($156.3M) | ($189.6M) | ($203.0M) | ($189.2M) |
| Other income (expense), net | ($21.1M) | $24.6M | ($7.3M) | ($46.5M) |
| Interest and other income of Consolidated Funds | ($21.2M) | ($37.7M) | ($27.9M) | ($27.5M) |
| Total other income (expense), net | $137.3M | $84.9M | $302.9M | $74.4M |
| Income before taxes | $385.9M | $312.9M | $652.3M | $286.9M |
| Income tax expense | $73.0M | $59.9M | $111.9M | $61.0M |
| Net income | $313.0M | $253.0M | $540.4M | $226.0M |
| Less: Net income attributable to non-controlling interests in Consolidated Funds | $71.2M | $29.6M | $67.4M | $4.0M |
| Net income attributable to Ares Operating Group entities | $241.7M | $223.4M | $473.0M | $222.0M |
| Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities | $1.8M | ($1.1M) | $1.8M | ($274.0K) |
| Less: Net income attributable to non-controlling interests in Ares Operating Group entities | $89.2M | $81.9M | $182.3M | $85.2M |
| Net income attributable to Ares Management Corporation | $150.6M | $142.6M | $288.9M | $137.1M |
| Less: Series B mandatory convertible preferred stock dividends declared | $25.3M | $25.3M | $25.3M | $25.3M |
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $125.3M | $117.3M | $263.6M | $111.8M |
| Basic (in dollars per share) | $0.49 | $0.46 | $1.15 | $0.46 |
| Diluted (in dollars per share) | $0.49 | $0.46 | $1.15 | $0.46 |
| Basic (in shares) | 226.3M | 224.0M | 219.9M | 218.9M |
| Diluted (in shares) | 226.3M | 224.0M | 219.9M | 218.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Investments (includes accrued carried interest of $3,972,748 and $3,495,115 as of December 31, 2025 and 2024, respectively) | $80.8B | $65.7B | $4.6B | $4.0B |
| Other assets | $64.0M | $82.4M | $516.7M | $381.1M |
| Intangible assets, net | $798.4M | $408.0M | $490.7M | $640.4M |
| Goodwill | $3.5B | $1.2B | $1.1B | $999.7M |
| Total assets | $28.6B | $24.9B | $24.7B | $22.0B |
| Operating lease liabilities | $670.0M | $641.9M | $319.6M | $190.6M |
| Total liabilities | $19.9B | $17.5B | $19.7B | $17.1B |
| Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of December 31, 2025 and 2024) | 1.5B | 1.5B | — | — |
| Common stock | $3.3M | $3.1M | $3.1M | $2.9M |
| Additional paid-in-capital | $4.2B | $2.9B | $2.4B | $2.0B |
| Accumulated deficit | ($1.5B) | ($837.3M) | ($495.1M) | ($369.5M) |
| Accumulated other comprehensive income (loss), net of tax | $21.7M | ($17.8M) | ($5.6M) | ($15.0M) |
| Total stockholders’ equity | $4.3B | $3.5B | $1.9B | $1.6B |
| Total equity | $8.7B | $6.8B | $4.5B | $3.8B |
| Total liabilities, redeemable interest, non-controlling interests and equity | $28.6B | $24.9B | $24.7B | $22.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Intangible assets, net | $730.8M | $777.4M | $848.8M | $902.7M |
| Goodwill | $3.5B | $3.5B | $3.4B | $3.4B |
| Total assets | $29.6B | $28.4B | $27.0B | $27.3B |
| Operating lease liabilities | $812.6M | $730.1M | $676.4M | $686.7M |
| Total liabilities | $21.0B | $20.0B | $18.4B | $18.4B |
| Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025) | 1.5B | 1.5B | 1.5B | 1.5B |
| Common stock | $3.3M | $3.3M | $3.3M | $3.3M |
| Additional paid-in-capital | $4.3B | $4.2B | $4.2B | $4.1B |
| Accumulated deficit | ($1.9B) | ($1.7B) | ($1.2B) | ($1.2B) |
| Accumulated other comprehensive income, net of tax | $13.1M | $14.0M | $29.8M | $32.2M |
| Total stockholders’ equity | $4.0B | $4.0B | $4.5B | $4.4B |
| Total equity | $8.6B | $8.4B | $8.6B | $8.3B |
| Total liabilities, redeemable interest, non-controlling interests and equity | $29.6B | $28.4B | $27.0B | $27.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.1B | $1.1B | $1.2B | — |
| Equity compensation expense | $740.5M | $352.9M | $256.0M | — |
| Depreciation and amortization | $243.1M | $158.6M | $231.7M | — |
| Net realized and unrealized gains on investments | $123.6M | ($18.1M) | $107.1M | — |
| Changes in value of contingent earnout arrangements | $349.7M | — | — | — |
| Investments purchased | $128.5M | $25.8M | $218.1M | — |
| Proceeds from sale of investments | ($149.8M) | ($115.6M) | ($8.8M) | — |
| Other (income) expense, net | $606.4M | $0 | $0 | — |
| Net carried interest and incentive fees receivable | $38.3M | $26.8M | $12.6M | — |
| Due to/from affiliates | ($154.0M) | $8.5M | ($19.7M) | — |
| Other assets | ($228.4M) | ($252.6M) | $21.5M | — |
| Accrued compensation and benefits | $132.4M | ($7.1M) | $20.4M | — |
| Accounts payable, accrued expenses and other liabilities | $130.0K | $11.4M | ($901.0K) | — |
| Change in cash and cash equivalents held at Consolidated Funds | $268.4M | ($78.0M) | ($424.9M) | — |
| Net cash relinquished with deconsolidation of Consolidated Funds | ($151.5M) | ($46.2M) | ($623.0K) | — |
| Change in other assets and receivables held at Consolidated Funds | $42.4M | ($49.8M) | ($20.2M) | — |
| Change in other liabilities and payables held at Consolidated Funds | ($28.9M) | $47.0M | $219.0M | — |
| Net cash provided by (used in) operating activities | $3.3B | $2.8B | ($233.3M) | — |
| Purchase of furniture, equipment and leasehold improvements, net of disposals | ($72.2M) | ($91.5M) | ($67.2M) | — |
| Acquisitions, net of cash acquired | ($1.7B) | ($67.9M) | ($43.9M) | — |
| Net cash used in investing activities | ($1.8B) | ($159.4M) | ($111.1M) | — |
| Net proceeds from issuance of Series B mandatory convertible preferred stock | $0 | $1.5B | — | — |
| Net proceeds from issuance of Class A common stock | $0 | $407.1M | $0 | — |
| Proceeds from Credit Facility | $2.9B | $1.2B | $1.4B | — |
| Proceeds from issuance of senior notes | $0 | $736.0M | $499.0M | — |
| Repayments of Credit Facility | ($1.5B) | ($2.1B) | ($1.2B) | — |
| Repayment of senior notes | $0 | ($250.0M) | — | — |
| Dividends and distributions | ($1.8B) | ($1.3B) | ($1.0B) | — |
| Stock option exercises | $0 | $1.5M | $86.0M | — |
| Taxes paid related to net share settlement of equity awards | ($436.9M) | ($227.5M) | ($157.0M) | — |
| Other financing activities | $1.9M | $2.3M | $2.9M | — |
| Contributions from redeemable and non-controlling interests in Consolidated Funds | $847.4M | $639.2M | $855.5M | — |
| Distributions to non-controlling interests in Consolidated Funds | ($866.5M) | ($124.0M) | ($101.1M) | — |
| Redemptions of redeemable interests in Consolidated Funds | ($509.5M) | $0 | ($1.0B) | — |
| Borrowings under loan obligations by Consolidated Funds | $1.6B | $359.4M | $1.4B | — |
| Repayments under loan obligations by Consolidated Funds | ($2.6B) | ($2.2B) | ($398.9M) | — |
| Net cash provided by (used in) financing activities | ($2.4B) | ($1.4B) | $292.1M | — |
| Effect of exchange rate changes | ($55.2M) | ($40.5M) | $10.5M | — |
| Net change in cash and cash equivalents | ($1.0B) | $1.2B | ($41.7M) | — |
| Cash and cash equivalents, beginning of period | $1.5B | $348.3M | $390.0M | ($1.0B) |
| Cash and cash equivalents, end of period | $488.9M | $1.5B | $348.3M | $390.0M |
| Equity issued in connection with acquisition-related activities | $1.7B | $21.0M | $239.5M | — |
| Equity issued in connection with settlement of management incentive program | 0 | 0 | 245.6M | — |
| Cash paid during the period for interest | $675.8M | $866.8M | $722.6M | — |
| Cash paid during the period for income taxes | $91.3M | $107.6M | $62.0M | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $566.0M | $253.0M | $889.9M | $349.5M |
| Adjustments to reconcile net income to net cash provided (used in) by operating activities | $614.6M | $252.9M | $491.7M | $462.3M |
| Cash flows due to changes in operating assets and liabilities | $147.1M | $54.7M | $350.2M | $189.7M |
| Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds | ($251.5M) | $197.8M | $398.3M | $245.0M |
| Net cash provided by operating activities | $55.1M | $406.5M | $3.8B | $2.4B |
| Purchase of furniture, equipment and leasehold improvements, net of disposals | ($48.7M) | ($15.6M) | ($56.4M) | ($44.9M) |
| Acquisitions, net of cash acquired | $8.3M | $8.5M | ($1.7B) | ($1.7B) |
| Net cash used in investing activities | ($40.4M) | ($7.2M) | ($1.8B) | ($1.8B) |
| Proceeds from Credit Facility | $955.0M | $505.0M | $2.1B | $1.5B |
| Proceeds from Term Loan | $399.4M | $399.4M | — | — |
| Repayments of Credit Facility | ($720.0M) | ($460.0M) | ($1.0B) | ($410.0M) |
| Dividends and distributions | ($1.0B) | ($522.8M) | ($1.3B) | ($873.3M) |
| Taxes paid related to net share settlement of equity awards | ($364.5M) | ($318.4M) | ($425.6M) | ($416.6M) |
| Other financing activities | $12.7M | $12.7M | $2.6M | $1.8M |
| Contributions from redeemable and non-controlling interests in Consolidated Funds | $639.8M | $337.7M | $269.9M | $160.1M |
| Distributions to non-controlling interests in Consolidated Funds | ($85.4M) | ($79.8M) | ($349.0M) | ($319.8M) |
| Redemptions of redeemable interests in Consolidated Funds | $0 | — | ($509.5M) | $7.1M |
| Borrowings under loan obligations by Consolidated Funds | $1.6B | $824.5M | $532.2M | $312.5M |
| Repayments under loan obligations by Consolidated Funds | ($1.4B) | ($991.3M) | ($2.3B) | ($1.7B) |
| Net cash provided by (used in) financing activities | $77.9M | ($292.9M) | ($3.0B) | ($1.7B) |
| Effect of exchange rate changes | ($24.5M) | ($26.6M) | ($9.4M) | $104.3M |
| Net change in cash and cash equivalents | $68.2M | $79.9M | ($1.0B) | ($998.3M) |
| Cash and cash equivalents, beginning of period | $488.9M | $488.9M | $1.5B | $1.5B |
| Cash and cash equivalents, end of period | $557.1M | $568.8M | $496.7M | $509.7M |
| Equity issued in connection with acquisition-related activities | $16.0M | $16.0M | $1.7B | $1.7B |
Ares Management Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.