Filing Flows › Ares Management (ARES) › Q2 2026 › vs Q2 2025
Ares Management (ARES) Q2 2026 vs Q2 2025 (year over year)
Ares Management's revenue rose $253M (+24%) from $1.0B in Q2 2025 to $1.3B in Q2 2026. The biggest changes: Revenue from contracts with customers +$78.5M (+6%). Operating margin 24.3% against 27.2% (-2.9 pts).
Ares Management, Q2 2026: revenue $1.3B (+24% year over year), operating margin 24.3%, net earnings $151M, operating cash flow −$351M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 24.3% | 27.2% | -2.9 pts |
| Net margin | 11.6% | 13.2% | -1.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Management fees | $1.0B | $901M | $117M | +13% |
| Carried interest | $250M | $324M | −$74.0M | -23% |
| Administrative, transaction and other fees | $116M | $91.6M | $24.5M | +27% |
| Incentive fees | $42.8M | $23.1M | $19.7M | +85% |
| Principal investment income | $2.3M | $11.0M | −$8.7M | -79% |
| Revenue from contracts with customers | $1.4B | $1.4B | $78.5M | +6% |
| Revenue | $1.3B | $1.0B | $253M | +24% |
| Other revenues (net loss) | $135M | $309M | −$174M | -56% |
| Operating profit | $315M | $283M | $31.8M | +11% |
| Costs & expenses | $979M | $758M | $221M | +29% |
| Pre-tax earnings | $315M | $283M | $31.8M | +11% |
| SG&A | $256M | $232M | $23.6M | +10% |
| Other operating costs | $723M | $526M | $198M | +38% |
| Net earnings | $151M | $137M | $13.6M | +10% |
| Minority interests | $91.1M | $84.9M | $6.2M | +7% |
| Income tax | $73.0M | $61.0M | $12.0M | +20% |
| Operating cash sources | $685M | −$114M | $798M | — |
| Share-based compensation | $183M | $165M | $17.7M | +11% |
| Cash used in operations | $351M | −$416M | $767M | — |
| Working capital & other | $685M | −$114M | $798M | — |
Questions
How much did Ares Management's revenue grow year over year in Q2 2026?
Ares Management's revenue rose $253M (+24%) from $1.0B in Q2 2025 to $1.3B in Q2 2026.
What drove Ares Management's revenue change in Q2 2026?
Revenue from contracts with customers +$78.5M (+6%).