Ares Management Corporation (ARES)

Ares Management Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,218	1,088	1,111	1,160	438.92	918.31
Depreciation & Amortization	-	243.15	158.58	231.71	341.34	113.29
Stock-Based Compensation	-	243.15	352.85	255.97	200.39	237.19
Other Adjustments	733.92	921.66	1,372	-1,455	-1,520	-3,397
Change in Receivables	-	-37.8	-188.17	-48.86	-20.61	-745.02
Changes in Accounts Payable	-	91.96	148.38	27.86	-51.89	125.17
Changes in Accrued Expenses	-	132.4	-7.1	20.38	200.77	142.82
Changes in Other Operating Activities	409.63	86.68	-156.11	-425.58	-323.1	9.21
Operating Cash Flow	1,679	3,267	2,791	-233.26	-734.11	-2,596
Operating Cash Flow Growth	-58.79%	17.05%	-	-	-	-
Capital Expenditures	-65.85	-72.18	-91.51	-67.18	-35.8	-27.23
Payments for Business Acquisitions	-0.27	-1,731	-67.9	-43.9	-301.58	-1,057
Investing Cash Flow	-66.12	-1,804	-159.4	-111.08	-337.38	-1,085
Short-Term Debt Issued	2,240	2,860	1,210	1,410	1,380	883
Short-Term Debt Repaid	-1,800	-1,480	-2,105	-1,215	-1,095	-468
Net Short-Term Debt Issued (Repaid)	440	1,380	-895	195	285	415
Long-Term Debt Issued	399.42	-	736.01	499.01	488.92	450
Long-Term Debt Repaid	-	-	-250	-	-	-
Net Long-Term Debt Issued (Repaid)	399.42	-	486.01	499.01	488.92	450
Issuance of Common Stock	-	-	408.64	85.96	21.21	864.65
Net Common Stock Issued (Repurchased)	-	-	408.64	85.96	21.21	864.65
Issuance of Preferred Stock	-	-	1,459	-	-	-
Repurchase of Preferred Stock	-	-	-	-	-	-310
Net Preferred Stock Issued (Repurchased)	-	-	1,459	-	-	-310
Common Dividends Paid	-1,834	-1,757	-1,311	-1,031	-936.36	-593.51
Preferred Share Dividends Paid	-	-	-	-	-	-10.85
Other Financing Activities	-543.85	-2,050	-1,579	542.82	1,169	2,688
Financing Cash Flow	-1,542	-2,427	-1,432	292.13	1,128	3,504
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-120.56	-55.23	-40.45	10.5	-10.24	-19.1
Net Cash Flow	-49.76	-1,019	1,160	-41.71	46.33	-196.16
Free Cash Flow	1,613	3,195	2,700	-300.44	-769.91	-2,623
Free Cash Flow Growth	-49.50%	18.34%	-	-	-	-
FCF Margin	27.30%	57.03%	69.49%	-8.27%	-25.20%	-62.28%
Free Cash Flow Per Share	7.30	14.70	13.63	-1.53	-4.39	-14.56
Levered Free Cash Flow	1,705	2,288	84.22	955.53	1,073	1,615
Unlevered Free Cash Flow	1,217	1,237	876.23	513	394.57	1,054

Updated May 8, 2026. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.

SEC Filings: 10-K · 10-Q