Friday 6 November 2026 Export ARES’s income statement to Excel — free account

Ares Management Corporation

Ares Management Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.6 billion, up 44.2% from fiscal 2024.

Revenue: −13.5%
EPS: −21.5%
Free cash flow: −197.9%
Total debt: +63.7%

Quarter to September 2026, against a year earlier

134.92 1.20 +0.90%

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Market cap: $44.2B
P/E: 69.2×
Fwd P/E: 22.4×
Dividend yield: 3.86%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Ares Management Corporation (ARES) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Management fees	3,680	65.71%
Carried interest	1,154	20.60%
Incentive fees	362	6.47%
Administrative, transaction and other fees	356	6.36%
Principal investment income	48	0.86%
Gross margin		100.00%
Operating margin		15.94%
Pre-tax margin		22.97%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Management fees	3,680 65.71%	2,942 75.73%	2,551 70.24%	2,136 69.92%	1,611 38.25%	1,151 65.23%
Carried interest	1,154 20.60%	390 10.04%	619 17.03%	458 14.99%	2,074 49.23%	506 28.66%
Incentive fees	362 6.47%	344 8.86%	277 7.62%	301 9.86%	333 7.90%	38 2.15%
Administrative, transaction and other fees	356 6.36%	163 4.19%	149 4.10%	148 4.83%	95 2.26%	41 2.35%
Principal investment income	48 0.86%	45 1.17%	37 1.01%	12 0.40%	99 2.36%	29 1.62%
Revenue	5,601	3,885	3,632	3,055	4,212	1,764

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Assets under management	Q3 FY2026	$691.0B	$596.0B	+15.94%
Available capital	Q2 FY2026	$170.0B	—	—
Capital raised	Q3 FY2026	$31.0B	—	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Assets under management	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Available capital	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Capital raised	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.