Filing Flows › Ares Management (ARES) › Q3 2025
Ares Management (ARES) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Ares Management (ARES) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +37% from a year earlier and +11% from the quarter before. Operating margin was 50.7%, net earnings $289M (25.1% of revenue).
Ares Management, Q3 2025: revenue $1.2B (+37% year over year), operating margin 50.7%, net earnings $289M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +11% | +37% |
| Operating profit | $585M | +107% | +122% |
| Net earnings | $289M | +111% | +144% |
| Operating cash flow | $1.3B | +223% | +59% |
What changed
Revenue was $1.2B in Q3 2025, up 37% year over year and up 11% from the previous quarter. Management fees was the largest line at 84% of revenue. Management fees added $0.22B year over year (up 29%), 70% of the total change.
Operating profit was $0.58B, a 50.7% margin (up 19.5 points year over year). Of the extra revenue versus a year earlier, 104% reached operating profit, above the 31% margin then. Total costs fell 2% while revenue rose 37%. The fastest-growing cost line was SG&A (+25%). Net earnings were $0.29B, up 144% year over year. The effective tax rate was 19.1%.
Operating cash flow was $1.3B (up 59% year over year), 283% of net income including minority interests. Non-cash charges added back $0.16B of share-based compensation. Working capital and other items added $0.71B.
Questions
What was Ares Management's revenue in the third quarter 2025?
Ares Management (ARES) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +37% from a year earlier and +11% from the quarter before.
Was Ares Management profitable in the third quarter 2025?
Operating profit was $585M (50.7% of revenue) and net earnings $289M.
Source: Ares Management 10-Q on SEC EDGAR.