Ares Capital Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,150	1,299	1,522	1,522	600	278
Other Adjustments	-2,033	-2,903	-3,821	-1,050	-1,812	-1,299
Changes in Accrued Interest and Accounts Receivable	-11	-2	-45	-60	-34	-1
Changes in Accounts Payable	-3	70	268	120	-177	-
Changes in Other Operating Activities	-184	-150	-66	-21	64	-27
Operating Cash Flow	-1,234	-1,717	-2,128	511	-1,359	-1,049
Net Change in Securities and Investments	-	-	-	-	-	-16
Investing Cash Flow	-	-	-	-	-	-16
Long-Term Debt Issued	13,813	12,534	13,238	5,215	7,950	3,275
Long-Term Debt Repaid	-11,864	-10,340	-10,978	-5,558	-6,818	-2,197
Net Long-Term Debt Issued (Repaid)	1,949	2,194	2,260	-343	1,132	1,078
Issuance of Common Stock	544	928	1,364	1,155	1,001	-
Net Common Stock Issued (Repurchased)	544	928	1,364	1,155	1,001	-
Common Dividends Paid	-1,301	-1,264	-1,139	-1,031	-912	-102
Other Financing Activities	-45	-77	-61	-65	-11	-
Financing Cash Flow	1,147	1,781	2,424	-284	1,210	976
Net Cash Flow	-87	64	296	227	-149	-89
Free Cash Flow	-1,234	-1,717	-2,128	511	-1,359	-1,049
FCF Margin	-40.03%	-56.26%	-71.17%	19.55%	-64.84%	-
Free Cash Flow Per Share	-1.74	-2.46	-3.41	0.89	-2.62	-2.35
Levered Free Cash Flow	2,901	3,411	3,939	1,218	1,585	889
Unlevered Free Cash Flow	-198	-82	157	39	-147	-28

Updated Apr 28, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

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