Ares Management Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Operating Revenue	5,553	3,839	3,595	3,043	4,113
Other Revenue	48.15	45.42	36.52	12.28	99.43
Revenue	5,601	3,885	3,632	3,055	4,212
Revenue Growth (YoY)	44.19%	6.96%	18.87%	-27.46%	138.77%
Cost of Revenue	3,555	2,143	2,087	1,811	2,837
Gross Profit	2,047	1,742	1,545	1,244	1,376
Selling, General & Admin	1,049	748.48	624.94	550.07	506.66
Operating Expenses	1,049	748.48	624.94	550.07	506.66
Operating Income	997.92	993.14	920.06	694.21	868.9
Interest Expense	-767.46	-978.3	-860.88	-482.72	-294.81
Interest & Investment Income	622.72	976.4	1,015	595.93	447.68
Currency Exchange Gain (Loss)	-	-0.6	-9.1	-13.5	-4.8
Other Non Operating Income (Expenses)	-319.75	1.23	13.92	26.62	19.2
EBT Excluding Unusual Items	533.44	991.87	1,079	820.54	1,036
Gain (Loss) on Sale of Investments	858.66	330.53	340.27	78.12	96.41
Asset Writedown	-	-8.9	-78.7	-181.6	-
Other Unusual Items	-105.2	-38.15	-7.33	-206.25	-66.89
Pretax Income	1,287	1,275	1,333	510.81	1,066
Income Tax Expense	198.54	164.62	172.97	71.89	147.39
Earnings From Continuing Operations	1,088	1,111	1,160	438.92	918.31
Minority Interest in Earnings	-561	-646.99	-685.77	-271.37	-509.47
Net Income	527.36	463.74	474.33	167.54	408.84
Preferred Dividends & Other Adjustments	101.25	53.55	21.3	14.1	40.21
Net Income to Common	426.11	410.2	453.02	153.45	368.62
Net Income Growth	13.72%	-2.23%	183.11%	-59.02%	168.72%
Shares Outstanding (Basic)	217	198	185	176	164
Shares Outstanding (Diluted)	217	198	196	176	180
Shares Change (YoY)	9.75%	1.17%	11.54%	-2.56%	20.47%
EPS (Basic)	1.96	2.07	2.46	0.87	2.25
EPS (Diluted)	1.71	2.07	2.42	0.87	2.15
EPS Growth	-17.44%	-14.52%	177.12%	-59.28%	146.11%
Free Cash Flow	-	2,700	-300.44	-769.91	-2,623
Free Cash Flow Per Share	-	13.63	-1.53	-4.39	-14.56
Dividend Per Share	4.480	3.720	3.080	2.440	1.880
Dividend Growth	20.43%	20.78%	26.23%	29.79%	17.50%
Gross Margin	36.54%	44.83%	42.54%	40.72%	32.66%
Operating Margin	17.82%	25.56%	25.33%	22.72%	20.63%
Profit Margin	7.61%	10.56%	12.47%	5.02%	8.75%
Free Cash Flow Margin	-	69.49%	-8.27%	-25.20%	-62.28%
EBITDA	1,234	1,152	1,152	1,036	982.19
EBITDA Margin	22.04%	29.65%	31.71%	33.89%	23.32%
D&A For EBITDA	236.49	158.58	231.71	341.34	113.29
EBIT	997.92	993.14	920.06	694.21	868.9
EBIT Margin	17.82%	25.56%	25.33%	22.72%	20.63%
Effective Tax Rate	15.43%	12.91%	12.97%	14.07%	13.83%
Revenue as Reported	5,601	3,885	3,632	3,055	4,212

Updated Feb 5, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q