How Ares Management makes money

Period

FY2025

How does Ares Management make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Ares Management Corporation · FY2025 · year ended 2025-12-31

Revenue$5.6BGross profit$5.6B · 100%Cost of revenue$0 · 0%Operating income$893M · 16%Operating expenses$4.7B · 84%SG&A$996M · 18%Other opex$3.7B · 66%Pre-tax income$726M · 13%Other expense$167M · 3%Net income$527M · 9%Income tax$199M · 4%Management Service$3.7B · 66%Carried Interest$1.2B · 21%Management Service Incentive$362M · 6%Administrative Service$356M · 6%Principal Investment Income Loss$48M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.