Ares Management Corporation
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $527.4M | $463.7M | $474.3M | $167.5M | $408.8M | $152.1M | $148.9M | $57.0M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $45.2M | $32.2M | $31.4M | $26.2M | $22.1M | $19.0M | $17.1M | $16.1M |
| Amortization | $193.4M | $116.3M | $126.0M | $133.6M | — | — | — | $9.0M |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $3.27B | $2.79B | $-233.3M | $-734.1M | $-2.60B | $-425.7M | $-2.08B | $-1.42B |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | $16.8M | $18.4M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-1.80B | $-159.4M | $-111.1M | $-337.4M | $-1.08B | $-136.8M | $-16.8M | $-18.4M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-2.43B | $-1.43B | $292.1M | $1.13B | $3.50B | $943.9M | $2.12B | $1.41B |
| Net Change in Cash | $-1.02B | $1.16B | $-41.7M | $46.3M | $-196.2M | $401.4M | $28.1M | $-8.7M |
| Free Cash Flow | — | — | — | — | — | — | $-2.10B | $-1.44B |