Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ares Management 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
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
965
1,480
1,218
1,765
1,764
4,212
3,055
3,632
3,885
5,601
Selling, general and administrative
259
444
695
660
737
996
Operating expenses
1,016
1,505
870
1,463
1,450
3,410
2,749
2,798
2,939
4,709
Interest expense
18
21.2
24.9
36.8
71.4
Interest income
8.07
9.87
9.4
Other non-operating income
60
175
96.2
123
65.9
264
204
499
329
394
Pre-tax income
298
150
184
425
379
1,066
511
1,333
1,275
1,287
Income tax
11
-23.1
32.2
52.4
55
147
71.9
173
165
199
Net income to minority interests
35.9
Net income
112
76.2
57
149
152
409
168
474
464
527
Dividend per share
0.83
1.13
1.33
1.28
1.88
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
343
119
110
138
540
344
390
348
1,508
489
Goodwill
144
144
144
144
371
788
1,000
1,124
1,163
3,454
Intangible assets
58.3
40.5
31.4
7.98
222
769
640
491
408
798
Total assets
5,830
8,564
10,155
12,014
15,169
21,605
22,003
24,731
24,884
28,633
Total liabilities
4,452
7,103
8,760
10,156
12,597
16,695
17,098
19,709
17,486
19,932
Paid-in capital
0
326
525
1,044
1,914
1,971
2,391
2,937
4,243
Retained earnings
0
-29.3
-50.8
-152
-89.4
-369
-495
-837
-1,452
Other comprehensive income
-8.94
-4.21
-8.52
-6.05
0.48
-1.86
-15
-5.63
-17.8
21.7
Shareholders' equity
293
1,460
588
768
1,194
1,825
1,589
1,893
3,544
4,275
Total equity
1,377
1,438
1,394
1,859
2,472
3,814
3,799
4,474
6,824
8,676
Total liabilities and equity
5,830
8,564
10,155
12,014
15,169
21,605
22,003
24,731
24,884
28,633
Shares outstanding
0
102
115
260
290
295
308
313
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
287
173
152
373
324
798
320
886
815
834
Depreciation and amortization
8.2
12.6
16.1
17.1
19
22.1
26.2
31.4
32.2
45.2
Stock-based compensation
39.1
69.7
89.7
97.7
123
237
200
256
353
741
Deferred income tax
-19.8
-7.58
4.3
7.85
15.2
82.6
7.38
97.8
63.5
83.1
Cash from operations
-626
-1,863
-1,417
-2,083
-426
-2,596
-734
-233
2,791
3,267
Capital expenditures
-11.9
-33.2
-18.4
Acquisitions
0
0
Cash from investing
-11.9
-33.2
-18.4
-16.8
-137
-1,085
-337
-111
-159
-1,804
Cash from financing
881
1,655
1,405
2,122
944
3,504
1,128
292
-1,432
-2,427
Exchange rate effect
17.4
21.5
5.62
20
-19.1
-10.2
10.5
-40.5
-55.2
Net change in cash
-224
-8.68
28.1
401
-196
46.3
-41.7
1,160
-1,019
Free cash flow
-638
-1,896
-1,435
Interest paid
185
233
257
205
320
723
867
676
Income taxes paid
27.5
35.6
38.2
22.8
105
62
108
91.3
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 $122.01 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
26.0%
Pre-tax income / revenue.
Net margin
10.6%
Net income / revenue.
Operating cash flow margin
15.2%
Cash from operations / revenue.
Effective tax rate
16.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
16.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
2.1%
Net income / average total assets.
SG&A / revenue
17.2%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
11.8%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
44.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
22.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
26.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
13.7%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
46.6%
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
28.2%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
17.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
20.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
39.1%
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
29.1%
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
15.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
9.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
13.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$40.30B
Share price x shares outstanding.
Enterprise value
$39.74B
Market cap + total debt - cash - short-term investments.
P/E
63.3x
Market cap / net income. Only when net income is positive.
P/S
6.73x
Market cap / revenue.
P/B
10.2x
Market cap / shareholders' equity. Only when equity is positive.
P/OCF
44.2x
Market cap / cash from operations, when positive.
EV/Sales
6.64x
Enterprise value / revenue.
Earnings yield
1.6%
Net income / market cap (the inverse of P/E).
Dividend yield
0.2%
Dividends paid over the period / market cap.
Shareholder yield
0.2%
(Dividends paid + share buybacks) / market cap.
What was Ares Management Corp's revenue in fiscal 2025?
Ares Management Corp reported revenue of $5.60B for fiscal 2025, 44.2% higher than the year before.
Was Ares Management Corp profitable in fiscal 2025?
Yes. Net income was $527.4M, a net margin of 9.4%.
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.