ARES financial statements

The full income statement, balance sheet, and cash-flow statement for Ares Management Corporation (ARES), 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)

2023-12 307.6M2024-03 309.7M2024-06 312.5M2024-09 313.0M2024-12 313.2M2025-09 315.9M2025-12 315.9M2026-03 315.9M2026-06 315.9M+2.7% 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
Revenue	5.60B YoY+44.2%	3.88B YoY+7.0%	3.63B YoY+18.9%	3.06B YoY-27.5%	4.21B YoY+138.8%
	4.71B YoY+60.2%	2.94B YoY+5.0%	2.80B YoY+1.8%	2.75B YoY-19.4%	3.41B YoY+135.1%
Selling, general & administrative	996M YoY+35.2%	737M YoY+11.6%	660M YoY-5.0%	695M YoY+56.5%	444M YoY+71.5%
Amortization of intangibles	193M YoY+66.3%	116M YoY-7.7%	126M YoY-5.7%	134M	—
Interest expense	—	—	—	71.4M YoY+94.1%	36.8M YoY+47.6%
Other non-operating income	394M YoY+19.7%	329M YoY-34.0%	499M YoY+3703.9%	13.1M YoY-95.0%	264M YoY+2235.3%
Equity-method income	319M YoY+509.9%	52.4M YoY-39.6%	86.7M YoY+300.5%	21.7M YoY-81.1%	115M YoY+410.5%
Pre-tax income	1.29B YoY+0.9%	1.28B YoY-4.3%	1.33B YoY+161.0%	511M YoY-52.1%	1.07B YoY+180.8%
Income tax	199M YoY+20.6%	165M YoY-4.8%	173M YoY+140.6%	71.9M YoY-51.2%	147M YoY+168.0%
	527M YoY+13.7%	464M YoY-2.2%	474M YoY+183.1%	168M YoY-59.0%	409M YoY+168.7%
Net income to common	426M YoY-3.4%	441M YoY-7.0%	474M YoY+183.1%	168M YoY-56.7%	387M YoY+196.5%
Dividends per share	—	—	—	—	$1.88
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	489M YoY-67.6%	1.51B YoY+333.0%	348M YoY-10.7%	390M YoY+13.5%	344M YoY-36.3%
	28.6B YoY+15.1%	24.9B YoY+0.6%	24.7B YoY+12.4%	22.0B YoY+1.8%	21.6B YoY+42.4%
Goodwill	3.45B YoY+197.1%	1.16B YoY+3.4%	1.12B YoY+12.4%	1000M YoY+26.9%	788M YoY+112.4%
Intangible assets	798M YoY+95.7%	408M YoY-16.8%	491M YoY-23.4%	640M YoY-16.7%	769M YoY+246.2%
	19.9B YoY+14.0%	17.5B YoY-11.3%	19.7B YoY+15.3%	17.1B YoY+2.4%	16.7B YoY+32.5%
Operating lease liability (total)	670M YoY+4.4%	642M YoY+100.9%	320M YoY+67.7%	191M YoY-7.1%	205M YoY+13.8%
Finance lease liability (total)	—	—	—	330K YoY-64.7%	936K YoY-26.5%
	4.28B YoY+20.7%	3.54B YoY+87.2%	1.89B YoY+19.1%	1.59B YoY-12.9%	1.83B YoY+52.9%
Preferred stock	—	—	—	—	0.00 YoY-100.0%
Additional paid-in capital	4.24B YoY+44.5%	2.94B YoY+22.8%	2.39B YoY+21.3%	1.97B YoY+3.0%	1.91B YoY+83.3%
Retained earnings	-1.45B YoY-73.4%	-837M YoY-69.1%	-495M YoY-34.0%	-369M YoY-313.4%	-89.4M YoY+41.1%
Accumulated other comprehensive income	21.7M YoY+222.4%	-17.8M YoY-215.4%	-5.63M YoY+62.4%	-15.0M YoY-707.9%	-1.85M YoY-484.1%
Total equity incl. non-controlling	8.68B YoY+27.1%	6.82B YoY+52.5%	4.47B YoY+17.8%	3.80B YoY-0.4%	3.81B YoY+54.3%
Total liabilities & equity	28.6B YoY+15.1%	24.9B YoY+0.6%	24.7B YoY+12.4%	22.0B YoY+1.8%	21.6B YoY+42.4%
	—	313M YoY+1.8%	308M YoY+4.4%	295M YoY+1.4%	290M YoY+11.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.27B YoY+17.0%	2.79B YoY+1296.6%	-233M YoY+68.2%	-734M YoY+71.7%	-2.60B YoY-509.9%
Depreciation & amortization	239M YoY+60.7%	149M YoY-5.7%	157M YoY-1.5%	160M YoY+623.1%	22.1M YoY+16.3%
Intangible amortization	193M YoY+66.3%	116M YoY-7.7%	126M YoY-5.7%	134M	—
Deferred income taxes	83.1M YoY+30.9%	63.5M YoY-35.1%	97.8M YoY+1225.5%	7.38M YoY-91.1%	82.6M YoY+444.5%
	-1.80B YoY-1031.5%	-159M YoY-43.5%	-111M YoY+67.1%	-337M YoY+68.9%	-1.08B YoY-693.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	-2.43B YoY-69.5%	-1.43B YoY-590.1%	292M YoY-74.1%	1.13B YoY-67.8%	3.50B YoY+271.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	—	—	0.00	0.00	—
FX effect on cash	-55.2M YoY-36.5%	-40.5M YoY-485.2%	10.5M YoY+202.5%	-10.2M YoY+46.4%	-19.1M YoY-195.7%
Net change in cash	-1.02B YoY-187.9%	1.16B YoY+2880.2%	-41.7M YoY-190.0%	46.3M YoY+123.6%	-196M YoY-148.9%
Interest paid	676M YoY-22.0%	867M YoY+19.9%	723M YoY+125.6%	320M YoY+56.2%	205M YoY-20.2%
Income taxes paid	91.3M YoY-15.1%	108M YoY+73.5%	62.0M YoY-40.9%	105M YoY+360.2%	22.8M YoY-40.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	53.0B YoY-4.4%	55.4B YoY+52.4%	36.4B YoY+80.7%	20.1B YoY-14.7%	23.6B YoY+93.2%
P/E	100.5× YoY-15.9%	119.6× YoY-45.0%	217.2× YoY+87.9%	115.6× YoY+100.2%	57.7× YoY-28.1%
P/S	9.5× YoY-33.7%	14.3× YoY+19.8%	11.9× YoY+102.8%	5.9× YoY+4.8%	5.6× YoY-19.1%
P/B	12.4× YoY-20.8%	15.6× YoY-25.5%	21.0× YoY+57.6%	13.3× YoY+3.0%	12.9× YoY+26.4%
	1.00% YoY+19.0%	0.84% YoY+81.7%	0.46% YoY-46.8%	0.86% YoY-50.1%	1.7% YoY+39.1%
	—	—	—	—	2.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ARES'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 ARES filings on SEC EDGAR → Not investment advice.