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Ares Management vs KKR: revenue, profit, margins and growth compared

Ares Management brought in $5.6B of revenue in fiscal 2025, KKR $19.5B in fiscal 2025. Revenue changed by +44.2% at Ares Management and -11.0% at KKR on the year before, so Ares Management grew faster. Ares Management kept 9.4% of its revenue as net profit, KKR 12.2%.

Side by side, latest fiscal year

ARESKKR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$5.6B$19.5B
Revenue growth+44.2%-11.0%
Net income$527.4M$2.4B
Net margin9.4%12.2%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)n/an/a
Cash$488.9M$17.2B
Debtn/an/a
Price to earningsn/an/a
Market value$40.3B$86.8B
Dividend yieldn/a0.76%
Rank by revenue in sector#93 of 444 · Finance#31 of 444 · Finance

Over the years

Revenue
ARES FY2018: $1.2BARES FY2019: $1.8BARES FY2020: $1.8BARES FY2021: $4.2BARES FY2022: $3.1BARES FY2023: $3.6BARES FY2024: $3.9BARES FY2025: $5.6BKKR FY2018: $2.4BKKR FY2019: $4.2BKKR FY2020: $4.2BKKR FY2021: $16.2BKKR FY2022: $5.7BKKR FY2023: $14.5BKKR FY2024: $21.9BKKR FY2025: $19.5BFY18FY19FY20FY21FY22FY23FY24FY25
ARES $5.6BKKR $19.5B
Net income
ARES FY2018: $57MARES FY2019: $148.9MARES FY2020: $152.1MARES FY2021: $408.8MARES FY2022: $167.5MARES FY2023: $474.3MARES FY2024: $463.7MARES FY2025: $527.4MKKR FY2018: $1.1BKKR FY2019: $2BKKR FY2020: $2BKKR FY2021: $4.7BKKR FY2022: -$521.7MKKR FY2023: $3.7BKKR FY2024: $3.1BKKR FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
ARES $527.4MKKR $2.4B
Net margin
ARES FY2018: 4.7%ARES FY2019: 8.4%ARES FY2020: 8.6%ARES FY2021: 9.7%ARES FY2022: 5.5%ARES FY2023: 13.1%ARES FY2024: 11.9%ARES FY2025: 9.4%KKR FY2018: 47.2%KKR FY2019: 47.5%KKR FY2020: 47.3%KKR FY2021: 29.2%KKR FY2022: -9.1%KKR FY2023: 25.7%KKR FY2024: 14.1%KKR FY2025: 12.2%FY18FY19FY20FY21FY22FY23FY24FY25
ARES 9.4%KKR 12.2%
Revenue growth
ARES FY2019: +44.9%ARES FY2020: -0.1%ARES FY2021: +138.8%ARES FY2022: -27.5%ARES FY2023: +18.9%ARES FY2024: +7.0%ARES FY2025: +44.2%KKR FY2019: +76.2%KKR FY2020: +0.2%KKR FY2021: +283.5%KKR FY2022: -64.8%KKR FY2023: +154.2%KKR FY2024: +50.9%KKR FY2025: -11.0%FY19FY20FY21FY22FY23FY24FY25
ARES +44.2%KKR -11.0%
Free cash flow
ARES FY2018: -$1.4BKKR FY2018: -$7.7BKKR FY2019: -$5.9BFY18FY19
ARES -$1.4BKKR -$5.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Ares Management and KKR

Which is bigger by revenue, Ares Management or KKR?

KKR is bigger by revenue: $19.5B in fiscal 2025, against $5.6B for Ares Management in fiscal 2025.

Which keeps more of its revenue as profit, Ares Management or KKR?

Ares Management had a net margin of 9.4% in fiscal 2025; KKR had 12.2% in fiscal 2025.

Which grew revenue faster, Ares Management or KKR?

In their latest fiscal years revenue changed by +44.2% at Ares Management and -11.0% at KKR.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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