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
Transaction-Based Revenues	5,553	3,839	3,595	3,043	4,113
Other Revenues	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	3,660	2,181	2,094	2,017	2,903
Gross Profit	1,942	1,703	1,538	1,038	1,309
Selling, General & Admin	996.08	736.5	660.15	695.26	444.18
Other Operating Expenses	52.71	20.88	43.49	36.41	62.49
Operating Income	892.72	946.09	834.03	306.36	802.01
Interest Income	622.72	976.4	1,015	257.95	447.68
Interest Expense	-767.46	-978.3	-860.88	-71.36	-294.81
Other Non-Operating Income (Expense)	538.91	331.16	345.09	17.85	110.81
Total Non-Operating Income (Expense)	394.18	329.26	499.04	204.45	263.68
Pretax Income	1,287	1,275	1,333	510.81	1,066
Provision for Income Taxes	198.54	164.62	172.97	71.89	147.39
Net Income	426.11	440.96	474.33	167.54	386.75
Minority Interest in Earnings	561	646.99	685.77	271.37	509.47
Net Income Attributable to Preferred Dividends	101.25	22.78	-	-	22.09
Net Income to Common	426.11	440.96	474.33	167.54	386.75
Net Income Growth	-3.37%	-7.03%	183.11%	-56.68%	196.49%
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)	1.71	2.04	2.44	0.87	2.24
EPS (Diluted)	1.71	2.04	2.42	0.87	2.15
EPS Growth	-16.18%	-15.70%	178.16%	-59.54%	147.13%
Shares Outstanding	221.96	203.36	190.56	177.38	171.84
Free Cash Flow	3,195	2,700	-300.44	-769.91	-2,623
Free Cash Flow Growth	18.34%	-	-	-	-
Free Cash Flow Per Share	14.70	13.63	-1.53	-4.39	-14.56
Dividends 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	34.66%	43.85%	42.34%	33.97%	31.07%
Operating Margin	15.94%	24.35%	22.96%	10.03%	19.04%
Profit Margin	19.43%	28.59%	31.94%	14.37%	21.80%
FCF Margin	57.03%	69.49%	-8.27%	-25.20%	-62.28%
EBITDA	1,136	1,105	1,066	647.7	915.3
EBITDA Margin	20.28%	28.44%	29.34%	21.20%	21.73%
EBIT	892.72	946.09	834.03	306.36	802.01
EBIT Margin	15.94%	24.35%	22.96%	10.03%	19.04%
Effective Tax Rate	15.43%	12.91%	12.98%	14.07%	13.83%

Updated Feb 5, 2026. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.

SEC Filings: 10-K · 10-Q