Ares Management CorporationARESNYSE

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Revenue (LTM)

$6.5B

+66.6% YoY

Net Income (LTM)

$527M

+13.7% YoY

Free Cash Flow

$1.5B

Revenue CAGR (5Y)

+29.7%

—Marginsstable

FCF$1.5B

Profitable

Watch on earnings:Fee-related earnings (FRE) and FRE margin - core operating profitabilityAUM growth and net inflows by strategy - fundraising momentumRealized performance fees and accrued carry balance - monetization of unrealized gainsCredit portfolio metrics - weighted average yield, non-accruals, realized losses in direct lending book

Key metrics:High-yield credit spreads (BAMLH0A0HYM2) - leading indicator of credit stress and direct lending portfolio performance · Middle-market M&A volumes - drives direct lending origination and PE exit activity · Leveraged loan default rates - proxy for credit quality in Ares' $180B+ direct lending book · 10-year Treasury yield (GS10) - affects valuation multiples and fundraising environment

Income Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Revenue	4,212	3,055↓27.5%	3,632↑18.9%	3,885↑7.0%	6,470↑66.6%
Gross Profit	3,049	1,557↓48.9%	2,145↑37.8%	2,153↑0.4%	4,839↑124.8%
Operating Income	802	306↓61.8%	834↑172.2%	946↑13.4%	1,761↑86.2%
Net Income	409	168↓59.0%	474↑183.1%	464↓2.2%	527↑13.7%
EBITDA	1,474	1,335↓9.4%	2,426↑81.7%	2,412↓0.6%	2,296↓4.8%
EPS Diluted	2.15	0.87↓59.5%	2.42↑178.2%	2.07↓14.5%	1.96↓5.3%

Balance Sheet

⚠ Limited balance sheet risk - asset-light model with minimal debt at HoldCo level

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Cash & Equivalents	1,393	1,115↓20.0%	1,498↑34.4%	2,735↑82.6%	1,500↓45.2%
Total Current Assets	2,551	2,199↓13.8%	2,771↑26.0%	4,246↑53.2%	3,349↓21.1%
Total Assets	21,605	22,003↑1.8%	24,731↑12.4%	24,884↑0.6%	28,993↑16.5%
Total Current Liabilities	4,018	3,421↓14.8%	3,791↑10.8%	4,332↑14.3%	1,495↓65.5%
Total Liabilities	17,791	18,204↑2.3%	20,256↑11.3%	18,060↓10.8%	20,292↑12.4%
Total Equity	1,825	1,589↓12.9%	1,893↑19.1%	3,544↑87.2%	4,275↑20.7%
Total Debt	12,494	13,334↑6.7%	15,756↑18.2%	13,148↓16.6%	14,912↑13.4%
Net Debt	11,101	12,220↑10.1%	14,258↑16.7%	10,413↓27.0%	13,412↑28.8%

Cash Flow Statement

Metric	Dec 21	Dec 22	Dec 23	Dec 24	Dec 25
Operating Cash Flow	-2,596	-734↑71.7%	-233↑68.2%	2,791↑1296.6%	1,617↓42.1%
Capital Expenditure	-27	-36↓31.5%	-67↓87.7%	-92↓36.2%	-72↑21.1%
Free Cash Flow	-2,623	-770↑70.7%	-300↑61.0%	2,700↑998.6%	1,544↓42.8%
Stock-Based Comp	0	200	256↑27.7%	353↑37.9%	0
Net Change in Cash	-196	46↑123.6%	-42↓190.0%	1,160↑2880.2%	-1,287↓211.0%

Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down

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