Filing Flows › Ares Management (ARES) › Q3 2026 › vs Q3 2025
Ares Management (ARES) Q3 2026 vs Q3 2025 (year over year)
Ares Management's revenue rose $105M (+9%) from $1.2B in Q3 2025 to $1.3B in Q3 2026. The biggest changes: Revenue from contracts with customers −$224M (-14%). Operating margin 13.1% against 50.7% (-37.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.1% | 50.7% | -37.7 pts |
| Net margin | 6.8% | 25.1% | -18.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Management fees | $1.1B | $972M | $85.4M | +9% |
| Carried interest | $162M | $465M | −$303M | -65% |
| Administrative, transaction and other fees | $112M | $103M | $9.8M | +10% |
| Incentive fees | $82.3M | $101M | −$18.4M | -18% |
| Principal investment income | $19.9M | $18.0M | $1.9M | +10% |
| Revenue from contracts with customers | $1.4B | $1.7B | −$224M | -14% |
| Revenue | $1.3B | $1.2B | $105M | +9% |
| Other revenues (net loss) | $175M | $505M | −$330M | -65% |
| Operating profit | $164M | $585M | −$420M | -72% |
| Costs & expenses | $1.1B | $568M | $526M | +93% |
| Pre-tax earnings | $164M | $585M | −$420M | -72% |
| SG&A | $259M | $246M | $12.5M | +5% |
| Other operating costs | $835M | $322M | $513M | +160% |
| Net earnings | $85.3M | $289M | −$204M | -70% |
| Minority interests | $42.8M | $184M | −$141M | -77% |
| Income tax | $36.2M | $112M | −$75.6M | -68% |
| Operating cash sources | $353M | −$892M | $1.2B | — |
| Share-based compensation | $182M | $160M | $21.5M | +13% |
| Cash used in operations | $86.3M | −$1.3B | $1.4B | — |
| Working capital & other | $353M | −$892M | $1.2B | — |
Questions
How much did Ares Management's revenue grow year over year in Q3 2026?
Ares Management's revenue rose $105M (+9%) from $1.2B in Q3 2025 to $1.3B in Q3 2026.
What drove Ares Management's revenue change in Q3 2026?
Revenue from contracts with customers −$224M (-14%).