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Ares Management (ARES) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Ares Management (ARES) reported revenue of $1.3B for the first quarter 2026 (Q1 2026), +29% from a year earlier and -17% from the quarter before. Operating margin was 21.8%, net earnings $143M (11.0% of revenue).
Ares Management, Q1 2026: revenue $1.3B (+29% year over year), operating margin 21.8%, net earnings $143M, operating cash flow $407M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -17% | +29% |
| Operating profit | $283M | +254% | +233% |
| Net earnings | $143M | +163% | +202% |
| Operating cash flow | $407M | — | -80% |
What changed
Revenue was $1.3B in Q1 2026, up 29% year over year and down 17% from the previous quarter. Management fees was the largest line at 76% of revenue. Management fees added $0.17B year over year (up 21%), 59% of the total change. Principal investment income declined 98%.
Operating profit was $0.28B, a 21.8% margin (up 13.3 points year over year). Of the extra revenue versus Q1 2025, 67% reached operating profit, above the 8% margin then. Total costs grew 10% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $0.14B, up 202% year over year. The effective tax rate was 21.1%.
Operating cash flow was $0.41B (down 80% year over year), 182% of net income including minority interests. Non-cash charges added back $0.20B of share-based compensation. Working capital and other items used $0.02B.
Questions
What was Ares Management's revenue in the first quarter 2026?
Ares Management (ARES) reported revenue of $1.3B for the first quarter 2026 (Q1 2026), +29% from a year earlier and -17% from the quarter before.
Was Ares Management profitable in the first quarter 2026?
Operating profit was $283M (21.8% of revenue) and net earnings $143M.
Source: Ares Management 10-Q on SEC EDGAR.