Ares Management Corp.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60B | $3.88B | $3.63B | $3.06B | $4.21B | $1.76B | $1.77B | $958.5M |
| Management Fees | $3.68B | $2.94B | $2.55B | $2.14B | $1.61B | $1.15B | $979.4M | $802.5M |
| Performance Fees | — | — | — | — | — | — | — | — |
| Carried Interest Allocation | $1.15B | $390.2M | $618.6M | $458.0M | $2.07B | $505.6M | $621.9M | $42.4M |
| Incentive Fees | $362.5M | $344.2M | $276.6M | $301.2M | $332.9M | $37.9M | $69.2M | $63.4M |
| Principal Investment Income | $48.1M | $45.4M | $36.5M | $12.3M | $99.4M | $28.6M | $56.6M | $-1.5M |
| Administrative Transaction and Other Fees | $356.4M | $162.9M | $149.0M | $147.5M | $95.2M | $41.4M | $38.4M | $51.6M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $996.1M | $736.5M | $660.1M | $695.3M | $444.2M | $259.0M | — | — |
| Operating Income | $1.29B | $1.28B | $1.33B | $582.2M | $1.10B | $404.4M | $425.2M | $184.3M |
| Operating Margin | 23.0% | 32.8% | 36.7% | 19.1% | 26.2% | 22.9% | 24.1% | 19.2% |
| Interest Expense | — | — | — | $71.4M | $36.8M | $24.9M | — | — |
| Pretax Income | $1.29B | $1.28B | $1.33B | $510.8M | $1.07B | $379.5M | $425.2M | $184.3M |
| Income Tax Expense | $198.5M | $164.6M | $173.0M | $71.9M | $147.4M | $55.0M | $52.4M | $32.2M |
| Net Income | $527.4M | $463.7M | $474.3M | $167.5M | $408.8M | $152.1M | $148.9M | $57.0M |
| Net Margin | 9.4% | 11.9% | 13.1% | 5.5% | 9.7% | 8.6% | 8.4% | 5.9% |
| EPS (Basic) | — | — | — | — | — | — | — | — |
| EPS (Diluted) | — | — | — | — | — | — | — | — |
| Shares Outstanding (Basic) | — | 313.2M | 307.6M | 294.6M | 290.5M | 259.6M | 115.2M | 101.6M |
| Shares Outstanding (Diluted) | — | 313.2M | 307.6M | 294.6M | 290.5M | 259.6M | 115.2M | 101.6M |
| Dividends Per Share | — | — | — | — | $1.88 | — | $1.28 | $1.33 |