ARCC financial statements

The full income statement, balance sheet, and cash-flow statement for Ares Capital Corporation (ARCC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 630.4M2024-09 646.1M2024-12 671.5M2025-03 689.6M2025-06 705.4M2025-09 715.7M2025-12 718.0M2026-03 718.0M2026-06 718.0M+13.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Interest expense	793M YoY+10.9%	715M YoY+22.9%	582M YoY+27.9%	455M YoY+22.3%	372M YoY+17.4%
Net income	1.30B YoY-14.7%	1.52B YoY+0.0%	1.52B YoY+153.7%	600M YoY-61.7%	1.57B YoY+223.8%
	$1.86 YoY-23.8%	$2.44 YoY-9.0%	$2.68 YoY+125.2%	$1.19 YoY-66.1%	$3.51 YoY+207.9%
EPS (basic)	$1.86 YoY-23.8%	$2.44 YoY-11.3%	$2.75 YoY+127.3%	$1.21 YoY-65.5%	$3.51 YoY+207.9%
	699M YoY+12.0%	624M YoY+12.6%	554M YoY+11.2%	498M YoY+11.7%	446M YoY+5.2%
	699M YoY+12.0%	624M YoY+8.5%	575M YoY+11.0%	518M YoY+16.1%	446M YoY+5.2%
Dividends per share	$1.92 YoY+0.0%	$1.92 YoY+0.0%	$1.92 YoY+2.7%	$1.87 YoY+15.4%	$1.62 YoY+1.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	638M YoY+0.5%	635M YoY+18.7%	535M YoY+76.6%	303M YoY-18.5%	372M YoY+14.1%
	31.2B YoY+10.6%	28.3B YoY+18.7%	23.8B YoY+6.3%	22.4B YoY+7.5%	20.8B
Operating lease right-of-use	—	—	10.0M YoY-50.0%	20.0M YoY-25.9%	27.0M
	16.9B YoY+13.5%	14.9B YoY+18.3%	12.6B YoY-1.9%	12.8B YoY+7.2%	12.0B
Long-term debt	16.0B YoY+16.5%	13.7B YoY+15.5%	11.9B YoY-2.7%	12.2B YoY+10.8%	11.0B
Operating lease liability (total)	—	—	17.0M YoY-45.2%	31.0M YoY-27.9%	43.0M
Deferred tax liabilities	28.0M YoY-69.6%	92.0M	—	—	—
	14.3B YoY+7.2%	13.4B YoY+19.2%	11.2B YoY+17.2%	9.55B YoY+7.7%	8.87B YoY+23.6%
Common stock	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M	0.00
Additional paid-in capital	13.4B YoY+6.9%	12.5B YoY+16.4%	10.7B YoY+12.4%	9.56B YoY+11.7%	8.55B
Retained earnings	958M YoY+12.4%	852M YoY+84.4%	462M YoY+23200.0%	-2.00M	—
Total liabilities & equity	31.2B YoY+10.6%	28.3B YoY+18.7%	23.8B YoY+6.3%	22.4B YoY+7.5%	20.8B
	718M YoY+6.8%	672M YoY+15.5%	582M YoY+12.1%	519M YoY+10.9%	468M
	718M YoY+6.8%	672M YoY+15.5%	582M YoY+12.1%	519M YoY+10.9%	468M YoY+10.6%
	718M YoY+6.9%	671M YoY+15.3%	582M YoY+9.6%	531M	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash from operations	-1.72B YoY+19.3%	-2.13B YoY-516.4%	511M YoY+137.6%	-1.36B YoY+44.7%	-2.46B YoY-324.0%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	1.78B YoY-26.5%	2.42B YoY+953.5%	-284M YoY-123.5%	1.21B YoY-53.8%	2.62B YoY+258.8%
Long-term debt issued	12.5B YoY-5.3%	13.2B YoY+153.8%	5.21B YoY-34.4%	7.95B YoY-58.9%	19.3B YoY+134.2%
Long-term debt repaid	0.00	0.00 YoY-100.0%	5.56B YoY-18.5%	6.82B YoY-59.5%	16.8B YoY+149.8%
Common stock issued	928M YoY-32.0%	1.36B YoY+18.1%	1.16B YoY+15.4%	1.00B YoY+22.2%	819M YoY+20375.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	1.26B YoY+11.0%	1.14B YoY+10.5%	1.03B YoY+13.0%	912M YoY+31.4%	694M YoY+2.2%
Net change in cash	64.0M YoY-78.4%	296M YoY+30.4%	227M YoY+252.3%	-149M YoY-193.1%	160M YoY+6.7%
Interest paid	750M YoY+10.9%	676M YoY+29.0%	524M YoY+30.3%	402M YoY+29.7%	310M YoY+27.6%
Income taxes paid	163M YoY+147.0%	66.0M YoY+83.3%	36.0M YoY-7.7%	39.0M YoY+50.0%	26.0M YoY+62.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	14.5B YoY-1.2%	14.7B YoY+28.9%	11.4B YoY+21.5%	9.39B YoY-5.3%	9.92B YoY+38.8%
P/E	11.2× YoY+15.8%	9.7× YoY+8.6%	8.9× YoY-23.5%	11.6× YoY+83.6%	6.3× YoY-57.1%
P/B	1.0× YoY-7.8%	1.1× YoY+4.4%	1.1× YoY+6.0%	1.0× YoY-11.0%	1.1× YoY+12.3%
	8.9% YoY-13.6%	10.4% YoY-7.9%	11.2% YoY+30.7%	8.6% YoY-45.5%	15.8% YoY+133.2%
	9.5% YoY+8.2%	8.8% YoY-8.5%	9.6% YoY-5.3%	10.1% YoY+32.4%	7.6% YoY-19.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ARCC's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ARCC filings on SEC EDGAR → Not investment advice.