Filing Flows › Ares Management (ARES) › Q3 2026 › vs Q2 2026
Ares Management (ARES) Q3 2026 vs Q2 2026 (quarter over quarter)
Ares Management's revenue fell $35.7M (-3%) from $1.3B in Q2 2026 to $1.3B in Q3 2026. The biggest changes: Revenue from contracts with customers +$4.8M (+0.3%). Operating margin 13.1% against 24.3% (-11.3 pts).
Ares Management, Q3 2026: revenue $1.3B (+9% year over year), operating margin 13.1%, net earnings $85.3M, operating cash flow −$86.3M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.1% | 24.3% | -11.3 pts |
| Net margin | 6.8% | 11.6% | -4.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Management fees | $1.1B | $1.0B | $39.6M | +4% |
| Carried interest | $162M | $250M | −$88.2M | -35% |
| Administrative, transaction and other fees | $112M | $116M | −$3.7M | -3% |
| Incentive fees | $82.3M | $42.8M | $39.5M | +92% |
| Principal investment income | $19.9M | $2.3M | $17.6M | +768% |
| Revenue from contracts with customers | $1.4B | $1.4B | $4.8M | +0.3% |
| Revenue | $1.3B | $1.3B | −$35.7M | -3% |
| Other revenues (net loss) | $175M | $135M | $40.5M | +30% |
| Operating profit | $164M | $315M | −$150M | -48% |
| Costs & expenses | $1.1B | $979M | $115M | +12% |
| Pre-tax earnings | $164M | $315M | −$150M | -48% |
| SG&A | $259M | $256M | $2.9M | +1% |
| Other operating costs | $835M | $723M | $112M | +15% |
| Net earnings | $85.3M | $151M | −$65.3M | -43% |
| Minority interests | $42.8M | $91.1M | −$48.3M | -53% |
| Income tax | $36.2M | $73.0M | −$36.7M | -50% |
| Operating cash sources | $353M | $685M | −$332M | -48% |
| Share-based compensation | $182M | $183M | −$1.2M | -0.6% |
| Cash used in operations | $86.3M | $351M | −$265M | -75% |
| Working capital & other | $353M | $685M | −$332M | -48% |
Questions
How much did Ares Management's revenue grow quarter over quarter in Q3 2026?
Ares Management's revenue fell $35.7M (-3%) from $1.3B in Q2 2026 to $1.3B in Q3 2026.
What drove Ares Management's revenue change in Q3 2026?
Revenue from contracts with customers +$4.8M (+0.3%).