ARES Ares Management Corp

Overview and Growth

Ares Management Corp generated $4.76B of revenue in fiscal 2025, with net income of $527.36M and an operating cash inflow of $3.27B. Revenue of $4.76B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $3.69B in fiscal 2024, revenue recorded a 28.9% year-over-year increase. At period end, total assets were $28.63B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.17x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The bottom-line result was net income of $527.36M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 11.1% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $1.29B of earnings, providing a bridge between the operating result and final net income. Pretax income represented 27.1% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $198.53M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 15.4%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 6.1% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 1.8%, showing earnings relative to the full balance sheet. The company moved from fiscal 2024 net income of $463.74M to $527.36M, with the current outcome ending above that comparison.

Liquidity and Capital Structure

At period end, the $28.63B asset base was financed through $19.93B of liabilities and $8.68B of equity. Cash and equivalents totaled $488.90M, identifying the most liquid reported component available within the broader current-asset balance. Book equity represented 30.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 69.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 1.7%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 15.1% from $24.88B in fiscal 2024, leaving current total assets higher year over year. Against $6.82B of equity in fiscal 2024, the current book-equity balance moved 27.1% and ended higher. The reported cash balance changed 67.6% from $1.51B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $3.27B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 6.19x, comparing cash generated by operations with the bottom-line earnings result. Operating cash flow of $3.27B finished above fiscal 2024 operating cash flow of $2.79B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.