Ares Capital Corporation (ARCC) Income Statement
ARCC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARCC revenue and net income
Where ARCC's revenue goes
2025Each bar shows an amount and its share of revenue. ARCC kept 57.9% of revenue as net income.
ARCC profit margins
ARCC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −5.3% | +23.3% | +32.9% | +12.7% |
| Gross profit | −11.8% | +26.7% | +22.7% | +12.2% |
| Operating income | −12.4% | +28.8% | +22.7% | +13.4% |
| Net income | −14.7% | +29.4% | +21.8% | +13.1% |
| EPS (diluted) | −14.2% | −0.2% | +1.4% | +2.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARCC quarterly EPS vs estimates
Ares Capital beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.48).
ARCC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.24B | $2.37B | $2.08B | $1.20B | $1.68B | $541.0M | $824.0M | $879.0M | $974.0M | $737.0M |
| Cost of revenue | $736.0M | $659.0M | −$449.0M | $455.0M | $654.0M | $356.0M | $686.0M | $622.0M | $225.0M | $167.0M |
| Gross profit | $1.51B | $1.71B | $2.08B | $741.0M | $1.68B | $541.0M | $824.0M | $879.0M | $749.0M | $570.0M |
| Research & development | — | — | $1 | $0 | $1 | $0 | $1 | $0 | $1 | $0 |
| Sales, general & admin | $51.0M | $43.0M | $42.0M | $38.0M | $39.0M | $38.0M | $45.0M | $42.0M | $89.0M | $56.0M |
| Total operating expenses | $108.0M | $113.0M | $42.0M | $86.0M | $82.0M | $38.0M | $15.0M | $2.0M | $63.0M | $75.0M |
| Operating income | $1.40B | $1.59B | $1.29B | $655.0M | $1.60B | $503.0M | $809.0M | $1.12B | $686.0M | $495.0M |
| Interest income | $2.18B | $2.16B | $1.90B | $1.47B | $1.25B | $1.16B | $1.18B | $1.04B | $951.0M | $806.0M |
| Interest expense | $736.0M | $659.0M | $514.0M | $455.0M | $372.0M | $317.0M | $291.0M | $240.0M | $225.0M | $167.0M |
| Income before taxes | $1.40B | $1.59B | $1.29B | $655.0M | $1.60B | $503.0M | $809.0M | $877.0M | $686.0M | $495.0M |
| Income taxes | $99.0M | $73.0M | $20.0M | $55.0M | $29.0M | $19.0M | $16.0M | $19.0M | $19.0M | $21.0M |
| Net income | $1.30B | $1.52B | $1.27B | $600.0M | $1.57B | $484.0M | $793.0M | $858.0M | $667.0M | $474.0M |
| EBITDA | $1.40B | $1.59B | $1.29B | $655.0M | $1.62B | $526.0M | $809.0M | $1.12B | $687.0M | $496.0M |
| EPS (diluted) | $2.00 | $2.33 | $2.38 | $2.01 | $2.01 | $1.87 | $1.91 | $1.64 | $1.40 | $1.56 |
| Gross margin | 67.2% | 72.2% | 100.0% | 62.0% | 100.0% | 100.0% | 100.0% | 100.0% | 76.9% | 77.3% |
| Operating margin | 62.4% | 67.4% | 61.7% | 54.8% | 95.1% | 93.0% | 98.2% | 127.1% | 70.4% | 67.2% |
| Net margin | 57.9% | 64.3% | 60.7% | 50.2% | 93.4% | 89.5% | 96.2% | 97.6% | 68.5% | 64.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $768.0M | $349.0M | $540.0M | $655.0M | $579.0M | $446.0M | $567.0M | $613.0M | $532.0M | $639.0M | $588.0M | $660.0M |
| Cost of revenue | $173.0M | $198.0M | $196.0M | $195.0M | $172.0M | $172.0M | $174.0M | $181.0M | $160.0M | $144.0M | $144.0M | $132.0M |
| Gross profit | $595.0M | $151.0M | $344.0M | $460.0M | $407.0M | $274.0M | $393.0M | $432.0M | $372.0M | $495.0M | $444.0M | $528.0M |
| Sales, general & admin | $14.0M | $12.0M | $11.0M | $15.0M | $13.0M | $12.0M | $10.0M | $12.0M | $12.0M | $10.0M | $9.0M | $12.0M |
| Total operating expenses | $14.0M | $27.0M | $25.0M | $29.0M | $29.0M | $26.0M | $23.0M | $26.0M | $25.0M | $39.0M | $22.0M | $25.0M |
| Operating income | $581.0M | $124.0M | $319.0M | $431.0M | $378.0M | $248.0M | $370.0M | $406.0M | $347.0M | $456.0M | $422.0M | $503.0M |
| Interest income | $557.0M | $550.0M | $563.0M | $561.0M | $533.0M | $526.0M | $542.0M | $568.0M | $539.0M | $513.0M | $521.0M | $495.0M |
| Interest expense | $214.0M | $198.0M | $196.0M | $195.0M | $172.0M | $172.0M | $174.0M | $181.0M | $160.0M | $144.0M | $144.0M | $132.0M |
| Income before taxes | $190.0M | $124.0M | $319.0M | $431.0M | $378.0M | $248.0M | $370.0M | $406.0M | $347.0M | $456.0M | $422.0M | $503.0M |
| Income taxes | $19.0M | $32.0M | $26.0M | $27.0M | $17.0M | $7.0M | $13.0M | $12.0M | $25.0M | $7.0M | $9.0M | $3.0M |
| Net income | $171.0M | $92.0M | $293.0M | $404.0M | $361.0M | $241.0M | $357.0M | $394.0M | $322.0M | $449.0M | $413.0M | $500.0M |
| EBITDA | $758.0M | $124.0M | $319.0M | $431.0M | $378.0M | $248.0M | $370.0M | $406.0M | $347.0M | $456.0M | $422.0M | $503.0M |
| EPS (diluted) | $0.47 | $0.47 | $0.50 | $0.50 | $0.50 | $0.50 | $0.55 | $0.58 | $0.61 | $0.59 | $0.63 | $0.59 |
| Gross margin | 77.5% | 43.3% | 63.7% | 70.2% | 70.3% | 61.4% | 69.3% | 70.5% | 69.9% | 77.5% | 75.5% | 80.0% |
| Operating margin | 75.7% | 35.5% | 59.1% | 65.8% | 65.3% | 55.6% | 65.3% | 66.2% | 65.2% | 71.4% | 71.8% | 76.2% |
| Net margin | 22.3% | 26.4% | 54.3% | 61.7% | 62.3% | 54.0% | 63.0% | 64.3% | 60.5% | 70.3% | 70.2% | 75.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARCC's financial statements (latest annual report filed February 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARCC financial results
In fiscal year 2025 (ended December 31, 2025), Ares Capital reported revenue of $2.2 billion, down 5.3% from the year before. It had net income of $1.3 billion (down 14.7%), a net profit margin of 57.9%. Diluted earnings per share came to $2.00. Over five years revenue grew at an average rate of 32.9% a year.
See the ARCC stock overview for the latest quote and news, or the ARCC chart for price history and technical indicators.
ARCC income statement FAQ
What is Ares Capital's annual revenue?
Ares Capital reported total revenue of $2.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 5.3% from $2.4 billion the previous year.
Is Ares Capital profitable?
Yes. Ares Capital reported net income of $1.3 billion in fiscal 2025, a net profit margin of 57.9%; its operating margin was 62.4%.
What is Ares Capital's gross margin?
Ares Capital's gross margin was 67.2% in fiscal 2025: for every $100 of revenue, Ares Capital kept $67 after the direct cost of its products and services.
How fast is Ares Capital growing?
Revenue grew 32.9% a year on average over the last five fiscal years, from $541.0 million to $2.2 billion.
What are Ares Capital's earnings per share?
Ares Capital earned $2.00 per diluted share in fiscal 2025, compared with $2.33 a year earlier.
When will Ares Capital report its next earnings?
Ares Capital is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Ares Capital's fiscal year end?
Ares Capital's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 4, 2026.