Ares Management
ARES · NYSEInvestment Advice · Fiscal year ends Dec 31
Ares Management reported revenue of $5.6B in the fiscal year ended Dec 2025, up 44.2% from the year before. Net income was $527M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.2B | $3.1B | $3.6B | $3.9B | $5.6B |
| Selling, general & admin | $444M | $695M | $660M | $737M | $996M |
| Interest expense | $37M | $71M | – | – | – |
| Pre-tax income | $1.1B | $511M | $1.3B | $1.3B | $1.3B |
| Income tax | $147M | $72M | $173M | $165M | $199M |
| Net income | $409M | $168M | $474M | $464M | $527M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $344M | $390M | $348M | $1.5B | $489M |
| Goodwill | $788M | $1,000M | $1.1B | $1.2B | $3.5B |
| Total assets | $21.6B | $22B | $24.7B | $24.9B | $28.6B |
| Total liabilities | $16.7B | $17.1B | $19.7B | $17.5B | $19.9B |
| Shareholders' equity | $1.8B | $1.6B | $1.9B | $3.5B | $4.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$2.6B | −$734M | −$233M | $2.8B | $3.3B |
| Depreciation & amortisation | $22M | $26M | $31M | $32M | $45M |
| Stock-based compensation | $237M | $200M | $256M | $353M | $741M |
| Dividend per share | 1.88 | – | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −27.5% | 18.9% | 7.0% | 44.2% |
| Net margin | 9.7% | 5.5% | 13.1% | 11.9% | 9.4% |
| Return on equityBlank when equity is negative | 22.4% | 10.5% | 25.1% | 13.1% | 12.3% |
| Cash conversion (CFO ÷ net income) | −6.35x | −4.38x | −0.49x | 6.02x | 6.19x |
Recent filings
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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.