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Ares Management (ARES) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Ares Management (ARES) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $1.3B · 7¢ of every $1 of revenue kept as net profit · operating margin 13.1%
Ares Management made $1.3B in Q3 2026 (+9% Y/Y). Operating margin 13.1%, net earnings $85.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.3B in Q3 2026, up 9% year over year and down 3% from the previous quarter. Management fees was the largest line at 84% of revenue. Management fees added $0.09B year over year (up 9%), 81% of the total change. Carried interest declined 65%.
Operating profit was $0.16B, a 13.1% margin (down 37.7 points year over year). Operating profit fell $0.42B even though revenue rose $0.11B versus Q3 2025, so costs grew faster than sales. Total costs grew 93% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+160%). Net earnings were $0.09B, down 70% year over year. The effective tax rate was 22.0%.
Operating cash flow was −$0.09B. Non-cash charges added back $0.18B of share-based compensation. Working capital and other items used $0.40B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $1.3B | +9% | 13.1% | $85.3M | −$86.3M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $1.3B | +24% | 24.3% | $151M | −$351M |
| Q1 2026 | 10-Q | May 8, 2026 | $1.3B | +29% | 21.8% | $143M | $407M |
| Q4 2025 | 10-K | Feb 25, 2026 | $1.6B | +26% | 5.1% | $54.2M | −$484M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $1.2B | +37% | 50.7% | $289M | $1.3B |
| Q2 2025 | 10-Q | Aug 8, 2025 | $1.0B | +19% | 27.2% | $137M | $416M |
| Q1 2025 | 10-Q | May 12, 2025 | $1.0B | +36% | 8.5% | $47.2M | $2.0B |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Ares Management
Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 o ffices in more than 25 countries . We offer our investors a range of investment strategies and seek to deliver attractive performance to an investor base that includes over 2,850 direct institutional relationships and a significant retail investor base across our publicly-traded funds, sub-advised accounts and perpetual wealth vehicles. Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in Credit, Real Assets, Secondaries and Private Equity is a market leader based on assets under management and investment performance.
In its own words, from its 10-K, filed Feb 25, 2026.
Ares Management against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +6%. Operating margin: 13.1% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ARES Ares Management | Q3 2026 | $1.3B | +9% | 13.1% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Ares Management 10-Q on SEC EDGAR · CIK 1176948 · Investment Advice
Guidance and outlook
13F: who owns ARES and who is buying
More on ARES
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results