Company file · ARES
Ares Management
Carried Interest was Ares Management's fastest-growing product or service in FY2025, up 195.8%
Revenue rose 44.2% to $5.6B in FY2025, from $3.9B in FY2024. Net income rose 13.7% to $527M. Management Service was the largest product or service, at 66% of revenue.
Key facts
Ares Management (NYSE: ARES) closed fiscal 2025 on Dec 31, 2025 with revenue of $5.6B, up 44.2% from a year before; net income came to $527M, up 13.7%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $1.4B, down 13.5% on the same stretch of the prior year, and net income of $85M. Broken down by product or service, Management Service led with 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 6, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 8, 2026 · 10-Q filed Aug 7, 2026 · 10-Q filed Nov 6, 2026
How it makes money
By product or service in FY2025: Management Service (66%), Carried Interest (21%), Management Service, Incentive (6%) and Administrative Service (6%), as shares of total revenue. Total revenue was $5.6B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Ares Management 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
By product or service
Source: Ares Management 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026
The bull case and the bear case
The bull case
- Revenue rose 44.2% in FY2025 to $5.6B, from $3.9B a year earlier. 10-K, FY2025
- Net income rose 13.7% in FY2025 to $527M, from $464M. 10-K, FY2025
- Carried Interest revenue grew 195.8% in FY2025 to $1.2B. 10-K, FY2025
The bear case
- Revenue in the quarter ended Sep 30, 2026 was $1.4B, down 13.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $85M, down 70.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include credit losses; interest rates; regulation and capital. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Ares Management is in the asset management & custody banks industry, part of the financials sector. The SEC files it under Investment Advice.
The full description of Ares Management's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the asset management & custody banks industry. They are not a summary of Ares Management’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- How banks make money
- The cash flow statement
- Market cap and enterprise value
- Return on equity (ROE)
- Preferred stock
- Quick ratio (acid-test ratio)
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Ares Management's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
- Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 6, 2026 | Sep 30, 2026 |
| 10-Q | Aug 7, 2026 | Jun 30, 2026 |
| 10-Q | May 8, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 21, 2026 | Dec 31, 2025 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Ares Management
How does Ares Management make money?
Fiscal 2025 revenue: $5.6B. By product or service in FY2025: Management Service (66%), Carried Interest (21%), Management Service, Incentive (6%) and Administrative Service (6%), as shares of total revenue. Total revenue was $5.6B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Ares Management's revenue in fiscal 2025?
$5.6B, up 44.2% from fiscal 2024 ($3.9B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.6B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Ares Management profitable?
Net income was $527M in fiscal 2025 (up 13.7%; fiscal 2024 was $464M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $85M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Ares Management report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $1.4B (down 13.5% from $1.7B) and net income $85M (down 70.5% from $289M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 6, 2026.
What are the main risks Ares Management faces?
Ares Management's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the asset management & custody banks industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these Ares Management numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Nov 6, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Ares Management
- Third Point: 375,000 shares, reported value $41.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 362,969 shares, reported value $40.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 277,646 shares, reported value $30.9M at Jun 30, 2026 (−78.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 90,970 shares, reported value $10.1M at Jun 30, 2026 (−95.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Soros Fund Management: 54,026 shares, reported value $6.0M at Jun 30, 2026 (−72.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in ARES
- The editor holds no position in Ares Management (ARES). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell ARES from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold ARES, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Ares ManagementARES | FY2025 | $5.6B | +44.2% | $527M |
| BlackRockBLK | FY2025 | $24.2B | +18.7% | $5.6B |
| BlackstoneBX | FY2025 | $14.5B | +9.2% | $3.0B |
| BNY | FY2025 | $20.1B | +7.8% | $5.5B |
| KKR | FY2025 | $19.5B | −11.0% | $2.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.