ARES earnings analysis
What we found in ARES's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenues rose to $1.40 billion from $1.09 billion, marking a 28% increase year-over-year.
- Significant Net Income Increase
- Net income attributable to Ares Management Corporation grew 202% to $142.6 million from $47.2 million in Q1 2025.
- Management Fees Driven Performance
- Management fees increased by 21% to $989.5 million, mainly driven by effective capital deployment.
- Incentive Fees Increase
- Incentive fees surged to $161.9 million, up significantly from $32.0 million year-over-year.
- Segment Performance
- Real Assets management fees grew 51% year-over-year, driven by successful acquisitions.
- Cash and Equivalents
- As of March 31, Ares held $568.8 million in cash and equivalents, ensuring operational liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- EPS Miss
- Actual EPS was $1.24, comparatively lower than the consensus estimate of $1.33, reflecting performance inconsistencies.
- Increased Expenses
- Total expenses rose 15% to $1.17 billion, driven primarily by higher compensation and benefits.
- Market Volatility Impact
- Geopolitical tensions impacted investment activity, which may affect future revenues and fundraising.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.24
- Gross margin
- 100%
- Operating margin
- 15.7%
- Segment
- Credit Group
- Segment
- Real Assets Group
- Segment
- Secondaries Group
- Segment
- Private Equity Group
What they said about what is next.
Management noted a positive outlook but deferred more specific quantitative guidance.
The filing reads about the same as the one before it.
What came before.
- 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.…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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