Ares Capital
ARCC · NasdaqFiscal year ends Dec 31
Net income was $1.3B. Net debt was $15.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Interest expense | $372M | $455M | $582M | $715M | $793M |
| Net income | $1.6B | $600M | $1.5B | $1.5B | $1.3B |
| Diluted EPS | 3.51 | 1.19 | 2.68 | 2.44 | 1.86 |
| Diluted shares | 446M | 518M | 575M | 624M | 699M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $372M | $303M | $535M | $635M | $638M |
| Total assets | $20.8B | $22.4B | $23.8B | $28.3B | $31.2B |
| Long-term debt | $11B | $12.2B | $11.9B | $13.7B | $16B |
| Total liabilities | $12B | $12.8B | $12.6B | $14.9B | $16.9B |
| Shareholders' equity | $8.9B | $9.6B | $11.2B | $13.4B | $14.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$2.5B | −$1.4B | $511M | −$2.1B | −$1.7B |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $694M | $912M | $1B | $1.1B | $1.3B |
| Dividend per share | 1.62 | 1.87 | 1.92 | 1.92 | 1.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| EPS growth (YoY) | – | −66.1% | 125.2% | −9.0% | −23.8% |
| Return on equityBlank when equity is negative | 17.7% | 6.3% | 13.6% | 11.4% | 9.1% |
| Cash conversion (CFO ÷ net income) | −1.57x | −2.27x | 0.34x | −1.40x | −1.32x |
| Debt ÷ equity | 1.24x | 1.28x | 1.06x | 1.03x | 1.12x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.6B | $11.9B | $11.3B | $13.1B | $15.4B |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.