ARES CAPITAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ARES CAPITAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Interest expense	317	372	455	582	715	793
Net income	484	1,567	600	1,522	1,522	1,299
EPS, basic	1.14	3.51	1.21	2.75	2.44	1.86
EPS, diluted	1.14	3.51	1.19	2.68	2.44	1.86
Shares, basic (weighted)	424	446	498	554	624	699
Shares, diluted (weighted)	424	446	518	575	624	699
Dividend per share	1.60	1.62	1.87	1.92	1.92	1.92

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	326	372	303	535	635	638
Lease right-of-use assets		27	20	10
Total assets		20,843	22,398	23,800	28,254	31,235
Total liabilities		11,975	12,843	12,599	14,899	16,917
Total debt		11,020	12,210	11,884	13,727	15,991
Paid-in capital		8,553	9,556	10,738	12,502	13,359
Retained earnings			-2	462	852	958
Shareholders' equity	7,176	8,868	9,555	11,201	13,355	14,318
Total equity	7,176	8,868	9,555	11,201	13,355	14,318
Total liabilities and equity		20,843	22,398	23,800	28,254	31,235
Shares outstanding	423	468	519	582	672	718

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	484	1,567	600	1,522	1,522	1,299
Cash from operations	-580	-2,459	-1,359	511	-2,128	-1,717
Debt issued	8,256	19,336	7,950	5,215	13,238	12,534
Debt repaid	-6,737	-16,829	-6,818	-5,558	-10,968	-10,340
Stock issued	4	819	1,001	1,155	1,364	928
Share buybacks	-100	0	0
Dividends paid	-679	-694	-912	-1,031	-1,139	-1,264
Cash from financing	730	2,619	1,210	-284	2,424	1,781
Net change in cash	150	160	-149	227	296	64
Interest paid	243	310	402	524	676	750
Income taxes paid	16	26	39	36	66	163

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	6.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-14.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-23.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	16.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	12.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	51.7%	Total debt / total assets.
Liabilities / assets	54.5%	Total liabilities / total assets.
Net debt	$15.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$13.89B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	-$0.95	Cash from operations / diluted weighted shares.
Book value per share	$19.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.35	Tangible book value / shares outstanding.
Cash per share	$0.53	(Cash + short-term investments) / shares outstanding.
Payout ratio	138.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.79B	Share price x shares outstanding.
Enterprise value	$29.18B	Market cap + total debt - cash - short-term investments.
P/E	14.4x	Market cap / net income. Only when net income is positive.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.99x	Market cap / tangible book value, when positive.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	9.6%	Dividends paid over the period / market cap.
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was ARES CAPITAL CORP profitable in fiscal 2025?

Yes. Net income was $1.30B, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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