Ares Capital Corporation (ARCC) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 184M | 248M | 365M | 347M | 182M | 410M | 337M | 314M | 221M | 302M | 280M | 184M | 234M | 262M | 262M | 243M | -21M | 339M | 264M | 294M |
| Operating CF Margin % | 24.12% | 39.06% | 55.73% | 59.93% | 40.81% | 72.31% | 54.98% | 59.02% | 34.59% | 51.36% | 42.42% | 37.63% | 54.55% | 76.61% | 105.22% | 105.65% | -5.6% | 67.13% | 59.46% | 50.26% |
| Operating CF Growth % | 1.1% | -39.51% | 8.31% | 10.51% | -17.65% | 35.76% | 20.36% | 70.65% | -5.56% | 15.27% | 6.87% | -24.28% | 1214.29% | -22.71% | -0.76% | -17.35% | -155.26% | 15.7% | 19.46% | 153.94% |
| Net Income | 398M | 293M | 404M | 361M | 241M | 357M | 394M | 322M | 449M | 413M | 500M | 331M | 278M | 174M | 104M | 111M | 211M | 382M | 334M | 478M |
| Depreciation & Amortization | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 15M | -7M | -23M | -115M | 70M | -59M | -93M | -26M | -223M | -164M | -278M | -86M | -25M | 131M | 135M | 78M | -51M | -206M | -100M | -308M |
| Working Capital Changes | -239M | -38M | -16M | 101M | -129M | 112M | 36M | 18M | -5M | 53M | 58M | -61M | -19M | -43M | 23M | 54M | -181M | 163M | 30M | 124M |
| Change in Receivables | 57M | -48M | 35M | -55M | 66M | 103M | 24M | -48M | 10M | -36M | -20M | -8M | -1M | -102M | -19M | -11M | 18M | 15M | 34M | -37M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -42M | -35M | 2M | 142M | -177M | -58M | 52M | 25M | 7M | 4M | 83M | -4M | 8M | 21M | 35M | 24M | -171M | 119M | 6M | 116M |
| Cash from Investing | 70M | -675M | -1.14B | -565M | -481M | -678M | -858M | -1.63B | -242M | -661M | -234M | -232M | 638M | -622M | -242M | -1.74B | 502M | -2.11B | -259M | -1.48B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 29.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.89B | 21.93B | 21.5B | 21.15B | 21.78B | 21.34B | 21.17B | 19.49B | 20.01B | 17.68B | 17.14B |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -453M | 97M | 1.36B | 140M | 181M | 504M | 464M | 1.42B | 34M | 318M | 106M | 124M | -832M | 335M | 81M | 1.05B | -253M | 1.04B | 774M | 1.26B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 22M | 204M | 318M | 384M | 528M | 302M | 449M | 85M | 236M | 215M | 227M | 477M | 193M | 229M | 69M | 510M | 132M | 303M | 135M |
| Dividends Paid | -64M | -319M | -320M | -317M | -308M | -303M | -287M | -279M | -270M | -263M | -254M | -253M | -261M | -247M | -234M | -223M | -208M | -182M | -179M | -167M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -292M | 0 | 0 | -19M | -11M | -21M | -5M | -18M | -15M | -3M | -5M | -12M | 0 | -1M | 0 | -1M | 0 | -15M | -8M | -17M |
| Net Change in Cash | -269M | -330M | 590M | -78M | -118M | 236M | -57M | 104M | 13M | -41M | 152M | 76M | 40M | -25M | 101M | -453M | 228M | -727M | 779M | 78M |
| Free Cash Flow | 184M | 248M | 365M | 347M | 182M | 410M | 337M | 314M | 221M | 302M | 280M | 184M | 234M | 262M | 262M | 243M | -21M | 339M | 264M | 294M |
| FCF Margin % | 24.12% | 39.06% | 55.73% | 59.93% | 40.81% | 72.31% | 54.98% | 59.02% | 34.59% | 51.36% | 42.42% | 37.63% | 54.55% | 76.61% | 105.22% | 105.65% | -5.6% | 67.13% | 59.46% | 50.26% |
| FCF Growth % | 1.1% | -39.51% | 8.31% | 10.51% | -17.65% | 35.76% | 20.36% | 70.65% | -5.56% | 15.27% | 6.87% | -24.28% | 1214.29% | -22.71% | -0.76% | -17.35% | -155.26% | 15.7% | 19.46% | 153.94% |
| FCF per Share | 0.26 | 0.35 | 0.51 | 0.50 | 0.27 | 0.63 | 0.53 | 0.51 | 0.37 | 0.51 | 0.48 | 0.32 | 0.42 | 0.49 | 0.50 | 0.47 | -0.04 | 0.73 | 0.58 | 0.67 |
| FCF Conversion (FCF/Net Income) | 2.00x | 0.85x | 0.90x | 0.96x | 0.76x | 1.15x | 0.86x | 0.98x | 0.49x | 0.73x | 0.56x | 0.56x | 0.84x | 1.51x | 2.52x | 2.19x | -0.10x | 0.89x | 0.79x | 0.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |