ARESAres Management
Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries. 10-K, Item 1
- Employees
- 4,250
- Headquarters
- Los Angeles, CA
- CEO
- Michael J. Arougheti
- Next results
- around Feb 4, 2027
All key numbers (26) From EDGAR
| EPS (ttm) | - | Sales (ttm) | 5.8B | Net income (ttm) | 432.8M | Sales growth | +44.2% | EPS growth | - | Sales Q/Q | -13.5% |
| Free cash flow | - | Gross margin | - | Oper. margin | - | Net margin | 7.5% | FCF margin | - | ROE | 11.3% |
| ROA | 1.4% | R&D / sales | - | Dividend | - | Debt/Eq | - | Curr. ratio | - | Cash | 597.7M |
| Op. cash flow (ttm) | -514.9M | Tax rate | 15.4% | Stock pay / sales | 13.2% | Asset turnover | 0.19 | Sales 3Y CAGR | +22.4% | Sales 5Y CAGR | +26.0% |
| Employees | 4,250 | Sales / employee | 1.4M |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth sped up to +44.2%+7.0% → +44.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
ARES against Financials peers
Ten years, side by side → · All 76 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| ARES Ares Management | $5.8B | +44.2% | - | 7.5% | 11.3% | - | - |
| GL Globe Life | $6.3B | +3.7% | - | 18.9% | 17.9% | 21.3% | 0.45 |
| COIN Coinbase | $5.6B | +9.4% | - | -12.5% | -5.0% | - | 0.48 |
| CBOE Cboe Global Markets | $5.3B | +15.1% | 53.9% | 28.0% | 25.0% | 47.9% | 0.24 |
| CPAY Corpay | $5.2B | +13.9% | - | 23.7% | 37.7% | 25.5% | 3.41 |
| HOOD Robinhood Markets | $5.1B | +51.6% | - | 39.0% | 19.7% | - | 0.26 |
Profitability
1 of 3- !Net margin below the peer median7.5% vs 20.4%
- !Return on equity below 15%11.3%
- ✓A profit in every one of 10 years
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 5.6B Net income 527.4MFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $5.6B of revenue came from
by product, year to Dec 31, 2025- Management fees $3.7B · 66%
- Carried interest allocation $1.2B · 21%
- Incentive fees $362.5M · 6%
- Administrative, transaction and other fees $356.4M · 6%
- Principal investment income $48.1M · 1%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
ARES's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Management fees | 3.7B | 65.7% | +25.1% |
| Carried interest allocation | 1.2B | 20.6% | +196% |
| Incentive fees | 362.5M | 6.5% | +5.3% |
| Administrative, transaction and other fees | 356.4M | 6.4% | +119% |
| Principal investment income | 48.1M | 0.9% | +6.0% |
10-K 0001628280-26-011413, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 964.8M | 1.5B | 1.2B | 1.8B | 1.8B | 4.2B | 3.1B | 3.6B | 3.9B | 5.6B |
| SG&A | - | - | - | - | 259.0M | 444.2M | 695.3M | 660.1M | 736.5M | 996.1M |
| Interest expense | 18.0M | 21.2M | 185.0M | 233.1M | 24.9M | 36.8M | 71.4M | 722.6M | 866.8M | 675.8M |
| Pretax income | 297.9M | 149.9M | 184.3M | 425.2M | 379.5M | 1.1B | 510.8M | 1.3B | 1.3B | 1.3B |
| Income tax | 11.0M | -23.1M | 32.2M | 52.4M | 55.0M | 147.4M | 71.9M | 173.0M | 164.6M | 198.5M |
| Net income | 111.8M | 76.2M | 57.0M | 148.9M | 152.1M | 408.8M | 167.5M | 474.3M | 463.7M | 527.4M |
| Depreciation & amortization | 8.2M | 12.6M | 16.1M | 17.1M | 19.0M | 22.1M | 26.2M | 31.4M | 32.2M | 45.2M |
| Net margin | 11.6% | 5.1% | 4.7% | 8.4% | 8.6% | 9.7% | 5.5% | 13.1% | 11.9% | 9.4% |
| Revenue growth | - | +53.4% | -17.7% | +44.9% | -0.1% | +139% | -27.5% | +18.9% | +7.0% | +44.2% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 342.9M | 118.9M | 110.2M | 138.4M | 539.8M | 343.7M | 390.0M | 348.3M | 1.5B | 488.9M |
| Goodwill | 143.7M | 143.9M | 143.8M | 143.9M | 371.0M | 788.0M | 999.7M | 1.1B | 1.2B | 3.5B |
| Total assets | 5.8B | 8.6B | 10.2B | 12.0B | 15.2B | 21.6B | 22.0B | 24.7B | 24.9B | 28.6B |
| Total liabilities | 4.5B | 7.1B | 8.8B | 10.2B | 12.6B | 16.7B | 17.1B | 19.7B | 17.5B | 19.9B |
| Shareholders' equity | 292.9M | 1.5B | 587.9M | 768.3M | 1.2B | 1.8B | 1.6B | 1.9B | 3.5B | 4.3B |
| Retained earnings | - | 0 | -29.3M | -50.8M | -151.8M | -89.4M | -369.5M | -495.1M | -837.3M | -1.5B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -625.7M | -1.9B | -1.4B | -2.1B | -425.7M | -2.6B | -734.1M | -233.3M | 2.8B | 3.3B |
| Capital spending | 11.9M | 33.2M | 18.4M | - | - | - | - | - | - | - |
| Free cash flow | -637.6M | -1.9B | -1.4B | - | - | - | - | - | - | - |
| Stock-based pay (added back) | 39.1M | 69.7M | 89.7M | 97.7M | 123.0M | 237.2M | 200.4M | 256.0M | 352.9M | 740.5M |
| Acquisitions | 0 | 0 | - | - | - | - | - | - | - | - |
| Investing cash flow | -11.9M | -33.2M | -18.4M | -16.8M | -136.8M | -1.1B | -337.4M | -111.1M | -159.4M | -1.8B |
| Financing cash flow | 880.8M | 1.7B | 1.4B | 2.1B | 943.9M | 3.5B | 1.1B | 292.1M | -1.4B | -2.4B |
| Dividend per share | 0.83 | 1.13 | 1.33 | 1.28 | - | 1.88 | - | - | - | - |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 39.1M | 69.7M | 89.7M | 97.7M | 123.0M | 237.2M | 200.4M | 256.0M | 352.9M | 740.5M |
| Stock-based pay / revenue | 4.0% | 4.7% | 7.4% | 5.5% | 7.0% | 5.6% | 6.6% | 7.0% | 9.1% | 13.2% |
| Operating lease cost | - | 26.1M | 30.5M | 28.8M | 31.7M | 38.1M | 42.7M | 49.5M | 66.8M | 88.6M |
| Operating lease cash paid | - | - | - | 31.5M | 32.1M | 37.5M | 46.6M | 45.1M | 55.4M | 68.0M |
| Finance lease principal paid | - | - | - | 311K | 460K | 535K | 593K | - | - | - |
| Operating lease liabilities | - | - | - | 168.8M | 180.2M | 205.1M | 190.6M | 319.6M | 641.9M | 670.0M |
| Finance lease liabilities | - | - | - | 1.7M | 1.3M | 936K | 330K | - | - | - |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on ARES in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ARES/export.csv") into a cell.