10-K · February 25, 2026
Ares presents an integrated, multi-asset alternative asset management platform with $622.5 billion of AUM as of December 31, 2025 and stated market leadership in Credit, Real Assets, Secondaries and Private Equity.…
Earnings analysis · 10-Q
ARES earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Ares Management Corporation's Q1 2026 results showed strong revenue growth of 28% year-over-year, driven by substantial increases in management fees and carried interest. However, the company reported an EPS of $1.24,…
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Ares Management Corporation's Q1 2026 results showed strong revenue growth of 28% year-over-year, driven by substantial increases in management fees and carried interest. However, the company reported an EPS of $1.24, missing consensus estimates by 6.77% and down from higher expectations due to net income growth challenges amidst rising expenses.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.24
- Segment
- Credit Group
- Segment
- Real Assets Group
- Segment
- Secondaries Group
- Segment
- Private Equity Group
What stood out
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Revenue Growth
Total revenues rose to $1.40 billion from $1.09 billion, marking a 28% increase year-over-year.
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Significant Net Income Increase
Net income attributable to Ares Management Corporation grew 202% to $142.6 million from $47.2 million in Q1 2025.
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Management Fees Driven Performance
Management fees increased by 21% to $989.5 million, mainly driven by effective capital deployment.
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Incentive Fees Increase
Incentive fees surged to $161.9 million, up significantly from $32.0 million year-over-year.
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Segment Performance
Real Assets management fees grew 51% year-over-year, driven by successful acquisitions.
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Cash and Equivalents
As of March 31, Ares held $568.8 million in cash and equivalents, ensuring operational liquidity.
What to watch
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EPS Miss
Actual EPS was $1.24, comparatively lower than the consensus estimate of $1.33, reflecting performance inconsistencies.
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Increased Expenses
Total expenses rose 15% to $1.17 billion, driven primarily by higher compensation and benefits.
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Market Volatility Impact
Geopolitical tensions impacted investment activity, which may affect future revenues and fundraising.
Management's outlook
Management noted a positive outlook but deferred more specific quantitative guidance.
Earlier filings 4
10-Q · August 8, 2025
Ares reported Q2 2025 total revenues of $1,350,128,000 (three months ended June 30, 2025) and GAAP diluted EPS of $0.46. Revenue rose strongly year-over-year (+71.2%) and sequentially (+24.0%), but operating margin…
10-Q · August 7, 2024
Ares reported Q2 2024 total revenues of $788,682,000 and consolidated net income of $276,251,000 (net income attributable to Ares Management common stockholders $94,938,000). Revenue was down materially year-over-year…
10-Q · May 8, 2023
Ares reported Q1 results with total revenues of $813,362,000 and net income of $207,316,000 for the three months ended March 31, 2023, up from $714,999,000 and $140,898,000 a year ago. Management fees were $600,516,000;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.