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Ares Management cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$86.3M in Q3 2026 · −$515M over twelve months

Operating cash flow−$86.3M
Free cash flow−$86.3M
Cash / net income-0.7×

Analysis

In Q3 2026, Ares Management generated −$86.3M of operating cash flow. That is $1.4B less than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$515M; the largest uses were operating cash flow ($515M), other investing ($96.7M); besides operations, cash came from other financing ($787M); the cash balance rose by $101M.

Operating cash flow was −$86.3M against net income of $128M — -0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$182M, impairments −$0.

Free cash flow

Ares Management: free cash flow by quarterAres Management: free cash flow by quarter$808MQ4 2024$2.0BQ1 2025$416MQ2 2025$1.3BQ3 2025−$484MQ4 2025$407MQ1 2026−$351MQ2 2026−$86.3MQ3 2026
Operating cash flow less capital spending.
Ares Management: operating cash flow against capital spendingAres Management: operating cash flow against capital spendingOperating cash flowCapital spending$808M$0Q4 2024$2.0B$0Q1 2025$416M$0Q2 2025$1.3B$0Q3 2025−$484M$0Q4 2025$407M$0Q1 2026−$351M$0Q2 2026−$86.3M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$86.3M, Capital spending $0.

Capital allocation, year by year

Ares Management: where the cash came from (up) and went (down), by fiscal yearAres Management: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingFY2021: Operating cash flow −$2.6BFY2021: Net borrowing −$535KFY2021FY2022: Operating cash flow −$734MFY2022: Net borrowing −$593KFY2022FY2023: Operating cash flow −$233MFY2023FY2024: Operating cash flow $2.8B$2.8BFY2024FY2025: Operating cash flow $3.3B$3.3BFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were operating cash flow ($3.6B) and net borrowing ($1.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$598M
Debtnone
Net cash$598M
Cash runway14 months

Ares Management is burning cash: its operations consume cash, a free cash flow of −$515M a year at the current rate against $598M of cash and investments: a runway of about 14 months before any new financing.

Where the cash came from and went

Ares Management: sources (+) and uses (−) of cash, Q3 2026Ares Management: sources (+) and uses (−) of cash, Q3 2026Other financing$191MOperating cash flow−$86.3MCash drawn (+) / kept (−)−$40.6MOther investing−$35.2MDividends−$24.3MExchange rates−$4.4M
Ares Management: sources (+) and uses (−) of cash, TTM to Q3 2026Ares Management: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$787MOperating cash flow−$515MCash drawn (+) / kept (−)−$101MOther investing−$96.7MExchange rates−$74.7M

From profit to cash

Ares Management: net income to operating cash flow, Q3 2026Ares Management: net income to operating cash flow, Q3 2026Net income$128MStock-based pay$182MOperating cash flow−$86.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026−$86.3M−$24.3M−$40.6M−$86.3M
Q2 2026−$351M−$25.2M$11.7M−$351M
Q1 2026$407M−$25.4M−$79.9M$407M
Q4 2025−$484M−$21.0M$7.8M−$484M
Q3 2025$1.3B−$21.1M$13.0M$1.3B
Q2 2025$416M−$21.0M$109M$416M
Q1 2025$2.0B−$21.5M$889M$2.0B
Q4 2024$808M−$16.1M−$1.2B$808M

Ares Management: income statement and cash flow

Ares Management, Q3 2026: revenue $1.3B (+9% year over year), operating margin 13.1%. The chart follows the revenue to costs, profit and cash.

Ares Management: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.