Filing Flows › Ares Management (ARES) › Q4 2025
Ares Management (ARES) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Ares Management (ARES) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +35% from the quarter before. Operating margin was 5.1%, net earnings $54.2M (3.5% of revenue).
Ares Management, Q4 2025: revenue $1.6B (+26% year over year), operating margin 5.1%, net earnings $54.2M, operating cash flow −$484M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +35% | +26% |
| Operating profit | $80.1M | -86% | -76% |
| Net earnings | $54.2M | -81% | -69% |
| Operating cash flow | −$484M | -136% | — |
What changed
Revenue was $1.6B in Q4 2025, up 26% year over year and up 35% from the previous quarter. Management fees was the largest line at 64% of revenue.
Operating profit was $0.08B, a 5.1% margin (down 22.4 points year over year). Operating profit fell $0.26B even though revenue rose $0.32B versus a year earlier, so costs grew faster than sales. Total costs grew 65% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+70%). Net earnings were $0.05B, down 69% year over year. The effective tax rate was 10.2%.
Operating cash flow was −$0.48B. Non-cash charges added back $0.16B of share-based compensation. Working capital and other items used $0.71B.
Questions
What was Ares Management's revenue in the fourth quarter 2025?
Ares Management (ARES) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +26% from a year earlier and +35% from the quarter before.
Was Ares Management profitable in the fourth quarter 2025?
Operating profit was $80.1M (5.1% of revenue) and net earnings $54.2M.
Source: Ares Management 10-K on SEC EDGAR.