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