Ares Management Corporation (ARES) 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 | 406.51M | -483.69M | 1.34B | 415.7M | 1.99B | 807.62M | 841.32M | 432.17M | 710.04M | -560.05M | 318.27M | -699.05M | 707.57M | -190.51M | 24.59M | -792.35M | 224.15M | -752.29M | -774.71M | -327.93M |
| Operating CF Margin % | 26.51% | -27.39% | 80.88% | 30.79% | 183.16% | 64.15% | 74.47% | 54.8% | 100.38% | -53.14% | 47.41% | -63.94% | 86.99% | -20.32% | 3.07% | -131.74% | 31.35% | -57.42% | -81.66% | -25.33% |
| Operating CF Growth % | -79.62% | -159.89% | 59.36% | -3.81% | 180.86% | 244.2% | 164.34% | 161.82% | 0.35% | -193.98% | 1194.15% | 11.77% | 215.67% | 74.68% | 103.17% | -141.62% | 130.24% | -71.71% | -574.4% | -254.39% |
| Net Income | 129.37M | 198.5M | 540.38M | 225.98M | 123.5M | 540.23M | 410.14M | 87.34M | 73.03M | 423.55M | 61.82M | 332.25M | 207.32M | 293.19M | -39.1M | 53.61M | 140.9M | 116.97M | 84.73M | 141.64M |
| Depreciation & Amortization | 59.69M | 0 | 0 | 0 | 0 | 39.68M | -41.25M | 36.25M | 36.64M | 0 | 105.52M | 42.99M | 0 | 341.34M | 219.48M | 40.51M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 383.42M | -122.99M | 0 | 92.42M | 0 | 61.98M | 62.28M | 0 | 200.39M | 48.12M | 49.63M | 0 | 46.05M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -62.46M | -167.5M | -105.27M | 0 | 0 | -267.6M | -90.15M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -35.06M | -206.9M | 486.55M | 346.41M | 1.28B | 346.6M | 128.54M | 312.2M | 468.9M | -240.11M | 232.88M | -1.19B | 450.6M | -712.65M | -22.42M | -750.43M | -44.3M | -1.2B | 303.4M | -494.8M |
| Working Capital Changes | 252.51M | -475.28M | 313.82M | -156.69M | 591.4M | -502.3M | 466.87M | -3.63M | 39.05M | -681.03M | 23.57M | 153.75M | 49.66M | -312.78M | 86.12M | -95.52M | 127.55M | 286.14M | -1.16B | 25.23M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 24.35M | 0 | 0 | -48.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 330.52M | -21.08M | -14.95M | -22.92M | -1.74B | -63.52M | -32.58M | -29.24M | -34.07M | -66.9M | -23.05M | -12.25M | -8.88M | -7.33M | -9.92M | -9.98M | -310.15M | -12.05M | -286.48M | -761.92M |
| Capital Expenditures | -15.64M | -15.79M | -11.49M | -22.92M | -21.98M | -9.31M | -74.87M | -29.24M | -26.07M | -23.01M | -23.05M | -12.25M | -8.88M | -7.41M | -9.94M | -9.92M | -8.52M | -12.07M | -7.2M | -4.67M |
| CapEx % of Revenue | 1.02% | 0.89% | 0.69% | 1.7% | 2.02% | 0.74% | 6.63% | 3.71% | 3.69% | 2.18% | 3.43% | 1.12% | 1.09% | 0.79% | 1.24% | 1.65% | 1.19% | 0.92% | 0.76% | 0.36% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 18.25B | 12.84B | 11.06B | 17.24B | 16.87B | 17.38B | 18.55B | 18.63B | 18.8B | 19.23B | 18.66B | 18.56B | 17.23B | 17.18B | 16.69B | 16.48B | 16.52B | 16.5B | 14.68B | 14.51B |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -829.7M | -342.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135.3M | 0 | 0 | 0 | 0 |
| Cash from Financing | -630.6M | 542.86M | -1.23B | -567.2M | -1.18B | 478.16M | -784.22M | -458.9M | -666.63M | 633.73M | -244.1M | 723.64M | -821.14M | 200.98M | 111.59M | 722.46M | 93.04M | 810.64M | 798.11M | 1.06B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | -511.37M | -27.03M | -396.72M | -112K | 52.84M | 354.39M | 1.51M | 5.53M | 27.29M | 43.96M | 9.18M | 6.67M | -4.74M | 5.3M | -183.03M | 9.81M | -120.45M | 531.46M |
| Dividends Paid | -522.75M | -459.75M | -423.68M | -428.17M | -445.09M | -341.54M | -563.93M | -312.21M | -320.05M | -270.58M | -249.58M | -258.87M | -251.63M | -228.14M | -201.85M | -194.48M | -211.89M | -154.94M | -150.39M | -151.84M |
| Share Repurchases | 0 | 0 | -511.37M | -27.03M | -396.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.74M | 0 | -183.03M | 0 | -120.45M | -310M |
| Other Financing | -385.54M | 48.05M | 81.33M | 70.82M | -228.64M | 1.49B | 221.26M | 306.17M | -43.93M | -426.37M | 6.7M | 553.35M | -579.28M | 171.4M | 36.08M | 111.19M | 52.17M | 104.57M | -29.87M | -60.46M |
| Net Change in Cash | -9.9M | -7.77M | -12.99M | -108.88M | -889.44M | 1.16B | 65.69M | -20.22M | -1.94M | 36.45M | 35M | 4.58M | -117.74M | 28.49M | 108.63M | -93.17M | 2.39M | 47.95M | -287.2M | -26.97M |
| Free Cash Flow | 390.87M | -499.48M | 1.33B | 392.78M | 1.97B | 798.31M | 814.42M | 402.93M | 683.97M | -583.06M | 295.22M | -711.3M | 698.7M | -197.91M | 14.65M | -802.27M | 215.63M | -764.37M | -781.91M | -332.59M |
| FCF Margin % | 25.49% | -28.29% | 80.19% | 29.09% | 181.14% | 63.41% | 72.09% | 51.09% | 96.69% | -55.32% | 43.98% | -65.06% | 85.9% | -21.11% | 1.83% | -133.39% | 30.16% | -58.34% | -82.42% | -25.69% |
| FCF Growth % | -80.18% | -162.57% | 63.21% | -2.52% | 188.35% | 236.92% | 175.87% | 156.65% | -2.11% | -194.6% | 1914.75% | 11.34% | 224.03% | 74.11% | 101.87% | -141.22% | 128.97% | -71.59% | -580.37% | -260.38% |
| FCF per Share | 1.74 | -2.26 | 6.05 | 1.79 | 9.42 | 3.71 | 4.06 | 2.05 | 3.55 | -3.07 | 1.59 | -3.67 | 3.90 | -1.04 | 0.08 | -4.58 | 1.24 | -4.05 | -4.19 | -1.84 |
| FCF Conversion (FCF/Net Income) | 2.85x | -8.92x | 4.64x | 3.03x | 42.28x | 4.55x | 7.10x | 4.55x | 9.72x | -3.22x | 5.15x | -4.84x | 7.52x | -1.62x | -0.69x | -19.94x | 4.89x | -6.06x | -9.14x | -2.32x |
| 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 |