Ares Management Corporation (ARES) Income Statement
ARES 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARES revenue and net income
Where ARES's revenue goes
2025Each bar shows an amount and its share of revenue. ARES kept 8.2% of revenue as net income.
ARES profit margins
ARES growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +66.6% | +28.4% | +29.7% | +23.0% |
| Gross profit | +124.8% | +45.9% | +37.2% | +28.3% |
| Operating income | +86.2% | +79.1% | +41.2% | +44.2% |
| Net income | +13.7% | +46.6% | +28.2% | +39.1% |
| EPS (diluted) | +19.9% | +12.4% | +20.7% | +16.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARES quarterly EPS vs estimates
Ares beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.29).
ARES income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.47B | $3.88B | $3.63B | $3.06B | $4.21B | $1.76B | $1.77B | $958.5M | $1.48B | $1.25B |
| Cost of revenue | $1.63B | $1.73B | $1.49B | $1.50B | $1.16B | $767.3M | $653.4M | $570.4M | $514.1M | $447.7M |
| Gross profit | $4.84B | $2.15B | $2.15B | $1.56B | $3.05B | $996.8M | $1.11B | $388.1M | $965.8M | $806.6M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $1.05B | $1.19B | $1.32B | $1.26B | $2.22B | $694.8M | $796.2M | $276.7M | $702.6M | $574.0M |
| Total operating expenses | $3.08B | $1.21B | $1.31B | $1.25B | $2.25B | $683.2M | $809.4M | $300.0M | $1.06B | $623.9M |
| Operating income | $1.76B | $946.1M | $834.0M | $306.4M | $802.0M | $313.6M | $302.6M | $88.1M | −$89.3M | $182.8M |
| Interest income | $622.7M | $976.4M | $1.01B | $595.9M | $447.7M | $471.7M | $403.1M | $344.9M | $200.4M | $162.7M |
| Interest expense | $767.5M | $978.3M | $860.9M | $482.7M | $294.8M | $311.2M | $297.4M | $244.3M | $147.9M | $109.4M |
| Income before taxes | $1.29B | $1.28B | $1.33B | $510.8M | $1.07B | $379.5M | $425.2M | $184.3M | $149.9M | $297.9M |
| Income taxes | $198.5M | $164.6M | $173.0M | $71.9M | $147.4M | $55.0M | $52.4M | $32.2M | −$23.1M | $11.0M |
| Net income | $527.4M | $463.7M | $474.3M | $167.5M | $408.8M | $152.1M | $148.9M | $57.0M | $76.2M | $111.8M |
| EBITDA | $2.30B | $2.41B | $2.43B | $1.33B | $1.47B | $732.0M | $762.1M | $457.2M | $330.6M | $444.8M |
| EPS (diluted) | $4.76 | $3.97 | $3.65 | $3.35 | $2.57 | $1.86 | $1.68 | $1.42 | $1.93 | $1.42 |
| Gross margin | 74.8% | 55.4% | 59.1% | 51.0% | 72.4% | 56.5% | 63.0% | 40.5% | 65.3% | 64.3% |
| Operating margin | 27.2% | 24.4% | 23.0% | 10.0% | 19.0% | 17.8% | 17.1% | 9.2% | −6.0% | 14.6% |
| Net margin | 8.2% | 11.9% | 13.1% | 5.5% | 9.7% | 8.6% | 8.4% | 5.9% | 5.1% | 8.9% |
| 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 | $1.43B | $1.53B | $1.53B | $1.66B | $1.35B | $1.09B | $1.26B | $1.13B | $788.7M | $707.4M | $1.05B | $671.3M |
| Cost of revenue | $1.18B | $59.7M | $59.7M | $659.8M | $643.7M | $657.1M | $463.1M | $435.9M | $419.9M | $413.0M | $390.9M | $367.5M |
| Gross profit | $248.6M | $1.47B | $1.47B | $997.8M | $706.4M | $431.7M | $795.9M | $693.9M | $368.8M | $294.4M | $663.1M | $303.8M |
| Sales, general & admin | $487.6M | $468.8M | $418.9M | $650.2M | $489.6M | $350.5M | $527.8M | $416.7M | $140.4M | $120.4M | $381.4M | $196.5M |
| Total operating expenses | $1.18B | $1.11B | $1.11B | $648.4M | $493.9M | $357.2M | $517.7M | $419.0M | $144.7M | $125.5M | $379.7M | $193.5M |
| Operating income | $248.6M | $364.9M | $364.9M | $349.4M | $212.6M | $74.5M | $278.2M | $274.9M | $224.1M | $168.9M | $283.5M | $110.3M |
| Interest income | $65.6M | $108.6M | $130.9M | $144.5M | $169.7M | $177.7M | $224.1M | $242.2M | $247.4M | $262.7M | — | — |
| Interest expense | $156.3M | $189.6M | $189.6M | $203.0M | $189.2M | $189.1M | $246.6M | $230.9M | $255.1M | $245.7M | $243.1M | $227.3M |
| Income before taxes | $385.9M | $312.9M | $312.9M | $652.3M | $286.9M | $141.0M | $399.9M | $327.1M | $317.3M | $231.0M | $483.1M | $226.9M |
| Income taxes | $73.0M | $59.9M | $59.9M | $111.9M | $61.0M | $17.5M | $49.9M | $46.5M | $41.1M | $27.2M | $59.6M | $29.9M |
| Net income | $150.6M | $142.6M | $142.6M | $288.9M | $137.1M | $47.2M | $177.3M | $118.5M | $94.9M | $73.0M | $173.9M | $61.8M |
| EBITDA | $542.3M | $562.2M | $562.2M | $921.2M | $476.2M | $330.2M | $686.1M | $604.0M | $608.7M | $513.4M | $726.2M | $559.7M |
| EPS (diluted) | $1.29 | $1.24 | $1.45 | $1.19 | $1.03 | $1.09 | $1.23 | $0.95 | $0.99 | $0.80 | $1.21 | $0.83 |
| Gross margin | 17.4% | 96.1% | 96.1% | 60.2% | 52.3% | 39.6% | 63.2% | 61.4% | 46.8% | 41.6% | 62.9% | 45.3% |
| Operating margin | 17.4% | 23.8% | 23.8% | 21.1% | 15.7% | 6.8% | 22.1% | 24.3% | 28.4% | 23.9% | 26.9% | 16.4% |
| Net margin | 10.5% | 9.3% | 9.3% | 17.4% | 10.2% | 4.3% | 14.1% | 10.5% | 12.0% | 10.3% | 16.5% | 9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARES's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARES financial results
In fiscal year 2025 (ended December 31, 2025), Ares reported revenue of $6.5 billion, up 66.6% from the year before. It had net income of $527.4 million (up 13.7%), a net profit margin of 8.2%. Diluted earnings per share came to $4.76. Over five years revenue grew at an average rate of 29.7% a year.
See the ARES stock overview for the latest quote and news, or the ARES chart for price history and technical indicators.
ARES income statement FAQ
What is Ares's annual revenue?
Ares reported total revenue of $6.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 66.6% from $3.9 billion the previous year.
Is Ares profitable?
Yes. Ares reported net income of $527.4 million in fiscal 2025, a net profit margin of 8.2%; its operating margin was 27.2%.
What is Ares's gross margin?
Ares's gross margin was 74.8% in fiscal 2025: for every $100 of revenue, Ares kept $75 after the direct cost of its products and services.
How fast is Ares growing?
Revenue grew 29.7% a year on average over the last five fiscal years, from $1.8 billion to $6.5 billion.
What are Ares's earnings per share?
Ares earned $4.76 per diluted share in fiscal 2025, compared with $3.97 a year earlier.
When will Ares report its next earnings?
Ares is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Ares's fiscal year end?
Ares's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.