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Ares Capital Corporation (ARCC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · ASSET MANAGEMENT · DATA UPDATED 2026-09-19

Ares Capital Corporation (ARCC) operates in the ASSET MANAGEMENT industry and is headquartered in Los Angeles, United States. Its market capitalization is roughly $14 billion. In the fiscal year ended 2025-12-31, ARCC reported $3.1B in revenue and $1.3B in net income.

Ares Capital Corporation is a business development company specializing in growth capital, acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing.

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ARCC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.6B	$3.1B	$2.4B	$2.1B	$1.2B	$1.7B	$541M	$824M	$879M	$974M	$737M	$678M	$866M	$713M	$697M	$731M	$529M	$200M	$192M	$195M	$100M
Gross Profit	$1.9B	$2.4B	$1.7B	$2.1B	$741M	$1.7B	$541M	$824M	$879M	$749M	$570M	$478M	$676M	$541M	$554M	$547M	$400M	$136M	$130M	$138M	$100M
Gross Margin %	70.8%	75.7%	72.2%	100.0%	62.0%	100.0%	100.0%	100.0%	100.0%	76.9%	77.3%	70.5%	78.1%	75.9%	79.5%	74.8%	75.6%	68.1%	67.7%	70.5%	100.0%
Operating Income (EBIT)	$1.7B	$2.2B	$1.6B	$1.3B	$655M	$1.6B	$503M	$809M	$1.1B	$686M	$495M	$397M	$609M	$503M	$519M	$290M	$221M	$134M	$127M	$94M	$62M
Operating Margin %	66.2%	69.7%	67.4%	61.7%	54.8%	95.1%	93.0%	98.2%	127.1%	70.4%	67.2%	58.6%	70.3%	70.5%	74.5%	39.6%	41.8%	67.0%	66.1%	48.2%	61.6%
Net Income	$1.1B	$1.3B	$1.5B	$1.3B	$600M	$1.6B	$484M	$793M	$858M	$667M	$474M	$379M	$591M	$489M	$508M	$319M	$492M	$203M	($139M)	$91M	$88M
Net Margin %	43.7%	41.3%	64.3%	60.7%	50.2%	93.4%	89.5%	96.2%	97.6%	68.5%	64.3%	55.9%	68.2%	68.5%	72.9%	43.7%	93.0%	101.3%	-72.5%	46.5%	88.3%
EBITDA	$2.0B	$2.2B	$1.6B	$1.3B	$655M	$1.6B	$526M	$809M	$1.1B	$687M	$496M	$398M	$610M	$503M	$520M	$350M	$518M	$206M	($102M)	$138M	$62M
Earnings Per Share (EPS)	$1.64	$1.86	$2.44	$2.20	$1.16	$3.51	$1.14	$1.86	$2.01	$1.57	$1.51	$1.21	$1.94	$1.83	$2.21	$1.56	$2.78	$1.98	$-1.56	$1.34	$2.01
Shares Outstanding (M)	718M	699M	624M	575M	518M	446M	424M	427M	426M	425M	314M	314M	305M	267M	230M	205M	177M	102M	90M	68M	44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ARCC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$763M	$635M	$655M	$579M	$446M	$567M	$613M	$532M
Gross Profit	$550M	$447M	$460M	$407M	$274M	$393M	$432M	$372M
Gross Margin %	72.1%	70.4%	70.2%	70.3%	61.4%	69.3%	70.5%	69.9%
Operating Income (EBIT)	$404M	$529M	$431M	$378M	$248M	$370M	$406M	$347M
Operating Margin %	52.9%	83.3%	65.8%	65.3%	55.6%	65.3%	66.2%	65.2%
Net Income	$92M	$293M	$404M	$361M	$241M	$357M	$394M	$322M
Net Margin %	12.1%	46.1%	61.7%	62.4%	54.0%	63.0%	64.3%	60.5%
EBITDA	$710M	$529M	$431M	$378M	$248M	$370M	$406M	$347M
Earnings Per Share (EPS)	$0.13	$0.42	$0.57	$0.52	$0.36	$0.55	$0.62	$0.52
Shares Outstanding (M)	718M	699M	709M	695M	676M	655M	635M	616M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ARCC Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.1B	—	$1.3B	$1.0B	($1.4B)	($2.5B)	($557M)	($1.2B)	$666M	($1.9B)	$707M	$360M	($659M)	($1.3B)	($251M)	($397M)	($656M)	$12M	($309M)	($514.16T)	($518M)
Free Cash Flow (FCF)	$1.1B	—	$1.3B	$1.0B	($1.4B)	($2.5B)	($557M)	($1.2B)	$666M	($1.9B)	$707M	$360M	($659M)	($1.3B)	($251M)	($397M)	($656M)	$12M	($309M)	($514.16T)	($518M)
FCF Margin %	40.8%	—	54.2%	48.0%	-113.6%	-146.5%	-103.0%	-146.8%	75.8%	-191.6%	95.9%	53.1%	-76.0%	-182.0%	-36.0%	-54.3%	-124.2%	6.1%	-160.6%	-263106152.8%	-518.7%
Dividends Paid	$1.3B	$1.3B	$1.1B	$1.0B	$912M	$694M	$679M	$694M	$656M	$642M	$477M	$487M	$464M	$411M	$357M	$277M	$230M	$190M	$109M	$100M	$75M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ARCC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$114M	—	—	—	$182M	$410M	$337M	$314M
Free Cash Flow (FCF)	$114M	—	—	—	$182M	$410M	$337M	$314M
FCF Margin %	14.9%	—	—	—	40.8%	72.3%	55.0%	59.0%
Dividends Paid	$345M	$319M	$320M	$317M	$308M	$303M	$287M	$279M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

ARCC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$30.5B	$31.2B	$28.3B	$23.8B	$22.4B	$20.8B	$16.2B	$14.9B	$12.9B	$12.3B	$9.2B	$9.5B	$9.5B	$8.1B	$6.4B	$5.4B	$4.6B	$2.3B	$2.1B	$1.8B	$1.3B
Cash & Cash Equivalents	$383M	$924M	$635M	$535M	$303M	$372M	$254M	$176M	$296M	$316M	$223M	$257M	$195M	$150M	$269M	$121M	$101M	$99M	$89M	$21M	$92M
Total Liabilities	$16.6B	$16.9B	$14.9B	$12.6B	$12.8B	$12.0B	$9.0B	$7.4B	$5.6B	$5.2B	$4.1B	$4.4B	$4.2B	$3.2B	$2.4B	$2.2B	$1.5B	$1.1B	$996M	$705M	$559M
Total Debt (Short + Long-Term)	—	$0M	$0M	$1.3B	$13.0B	$20M	$27M	$7.1B	$5.5B	$5.1B	$4.0B	$4.9B	$7.8B	$3.0B	$2.2B	$2.5B	$1.6B	$717M	$909M	$682M	$964M
Total Shareholders' Equity	$13.9B	$14.3B	$13.4B	$11.2B	$9.6B	$8.9B	$7.2B	$7.5B	$7.3B	$7.1B	$5.2B	$5.2B	$5.3B	$4.9B	$4.0B	$3.1B	$3.1B	$1.3B	$1.1B	$1.1B	$789M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive ARCC viewer.

ARCC Metric Deep Dives

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