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Ares Management LP (ARES) Financial History

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

FINANCIAL SERVICES · Asset Management & Custody Banks · DATA UPDATED 2026-07-14

Ares Management LP (ARES) operates in the Asset Management & Custody Banks industry and is headquartered in Los Angeles, United States with about 4,297 employees. Its market capitalization is roughly $42 billion. In the fiscal year ended 2025-12-31, ARES reported $6.5B in revenue and $527M in net income.

Ares Management Corporation operates as an alternative asset manager. Its Direct Lending Group segment provides financing solutions to small-to-medium sized companies.

Interactive charts & full statements → Open the ARES valuation workbench →

ARES 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
Total Revenue	$6.1B	$6.5B	$3.9B	$3.6B	$3.1B	$4.2B	$1.8B	$1.8B	$958M	$1.5B	$1.3B	$814M	$604M	$479M	$334M	$2.7B
Gross Profit	$4.7B	$4.8B	$2.2B	$2.1B	$1.6B	$3.0B	$997M	$1.1B	$388M	$966M	$807M	$400M	$148M	$145M	$45M	$6M
Gross Margin %	76.6%	74.8%	55.4%	59.1%	50.9%	72.4%	56.5%	63.0%	40.5%	65.3%	64.3%	49.1%	24.4%	30.2%	13.6%	0.2%
Operating Income (EBIT)	$1.3B	$1.8B	$946M	$834M	$306M	$802M	$314M	$303M	$88M	($89M)	$183M	$45M	($256M)	($323M)	($424M)	($261M)
Operating Margin %	21.3%	27.2%	24.3%	23.0%	10.0%	19.0%	17.8%	17.1%	9.2%	-6.0%	14.6%	5.6%	-42.4%	-67.5%	-127.1%	-9.8%
Net Income	$711M	$527M	$464M	$474M	$168M	$409M	$152M	$149M	$57M	$76M	$112M	$19M	$35M	$180M	$221M	$97M
Net Margin %	11.7%	8.2%	11.9%	13.1%	5.5%	9.7%	8.6%	8.4%	5.9%	5.1%	8.9%	2.4%	5.8%	37.7%	66.0%	3.6%
EBITDA	$2.5B	$2.3B	$2.4B	$2.4B	$1.3B	$1.5B	$732M	$762M	$457M	$331M	$445M	$235M	$1.3B	$1.5B	$1.7B	$1.3B
Earnings Per Share (EPS)	$3.21	$2.43	$2.34	$2.42	$0.95	$2.27	$1.02	$1.24	$0.59	$0.93	$1.35	$0.24	$0.44	$1.92	$2.34	$1.22
Shares Outstanding (M)	224M	217M	198M	196M	176M	180M	150M	120M	96M	82M	83M	81M	80M	94M	94M	80M

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

ARES 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	$1.5B	$1.5B	$1.7B	$1.4B	$1.1B	$1.3B	$1.1B	$789M
Gross Profit	$1.5B	$1.5B	$998M	$706M	$432M	$796M	$694M	$369M
Gross Margin %	96.1%	96.1%	60.2%	52.3%	39.6%	63.2%	61.4%	46.8%
Operating Income (EBIT)	$365M	$365M	$349M	$213M	$74M	$278M	$275M	$224M
Operating Margin %	23.8%	23.8%	21.1%	15.7%	6.8%	22.1%	24.3%	28.4%
Net Income	$143M	$143M	$289M	$137M	$47M	$177M	$118M	$95M
Net Margin %	9.3%	9.3%	17.4%	10.2%	4.3%	14.1%	10.5%	12.0%
EBITDA	$562M	$562M	$921M	$476M	$330M	$686M	$558M	$609M
Earnings Per Share (EPS)	$0.64	$0.64	$1.31	$0.63	$0.23	$0.82	$0.59	$0.48
Shares Outstanding (M)	224M	224M	220M	219M	209M	215M	201M	196M

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

ARES 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
Cash from Operations (CFO)	$1.7B	$3.3B	$2.8B	($233M)	($734M)	($2.6B)	($426M)	($2.1B)	$428M	($1.9B)	($626M)	($528M)	$1.5B	$2.2B	$2.7B	$2.5B
Capital Expenditures (CapEx)	$66M	$72M	$92M	$67M	$36M	$27M	$16M	$17M	$18M	$33M	$12M	$11M	$17M	$12M	$13M	$32M
Free Cash Flow (FCF)	$1.6B	$3.2B	$2.7B	($300M)	($770M)	($2.6B)	($442M)	($2.1B)	$410M	($1.9B)	($638M)	($539M)	$1.5B	$2.2B	$2.7B	$2.5B
FCF Margin %	26.6%	49.4%	69.5%	-8.3%	-25.2%	-62.3%	-25.0%	-118.9%	42.7%	-128.1%	-50.8%	-66.1%	251.0%	451.8%	818.8%	91.8%
Dividends Paid	$1.8B	$1.8B	$1.3B	$1.0B	$836M	$604M	$468M	$345M	$157M	$283M	$213M	$218M	$330M	$420M	$231M	$259M

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

ARES 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)	$407M	($484M)	$1.3B	$416M	$2.0B	$808M	$841M	$432M
Capital Expenditures (CapEx)	$16M	$16M	$11M	$23M	$22M	$9M	$27M	$29M
Free Cash Flow (FCF)	$391M	($499M)	$1.3B	$393M	$2.0B	$798M	$814M	$403M
FCF Margin %	25.5%	-32.6%	80.2%	29.1%	181.1%	63.4%	72.1%	51.1%
Dividends Paid	$523M	$460M	$424M	$428M	$445M	$342M	$564M	$312M

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

ARES Balance Sheet History

Balance sheet	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
Total Assets	$28.4B	$29.0B	$24.9B	$24.7B	$22.0B	$21.6B	$15.2B	$12.0B	$10.2B	$8.6B	$5.8B	$4.3B	$21.6B	$23.7B	$24.5B	$23.7B
Cash & Cash Equivalents	$1.4B	$1.5B	$2.7B	$1.5B	$1.1B	$1.4B	$1.1B	$745M	$495M	$675M	$798M	$281M	$1.5B	$1.7B	$1.8B	$1.6B
Total Liabilities	$20.0B	$20.3B	$18.1B	$20.3B	$18.2B	$17.8B	$12.7B	$10.2B	$8.8B	$7.1B	$4.5B	$3.4B	$14.9B	$17.2B	$17.5B	$16.0B
Total Debt (Short + Long-Term)	$11.2B	$12.8B	$12.5B	$15.4B	$2.4B	$12.3B	$765M	$423M	$689M	$5.9B	$3.4B	$2.6B	$13.6B	$15.6B	$16.5B	$2.0B
Total Shareholders' Equity	$4.0B	$4.3B	$3.5B	$1.9B	$1.6B	$1.8B	$1.2B	$768M	$588M	$1.5B	$1.4B	$968M	$284M	$6.4B	$494M	$355M

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 ARES viewer.

Other Companies in Asset Management & Custody Banks

KKR · KKR & Co. — $93 billion
APO · Apollo Global Management — $71 billion
STT · State Street Corporation — $51 billion
AMP · Ameriprise Financial — $47 billion
TROW · T. Rowe Price — $25 billion
NTRS · Northern Trust — $22 billion
BEN · Franklin Resources — $17 billion
IVZ · Invesco — $13 billion

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