Jun 2026 (Q2 FY26) — Jul 29, 2026
Ares Capital Corporation Q2 FY26 — Solid Results and Strategic Balance Sheet Enhancements
Read the full callAres Capital (ARCC) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Ares Capital earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 171 | −52.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Spillover income | $988 million or $1.38 per share | Mar 2026 | Turning to our taxable income spillover, we currently estimate that we will carry forward approximately $988 million or $1.38 per share available for distribution to stockholders in future periods. | On Track |
5 of ARES CAPITAL CORP's 7 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 6 more targets are in the full ledger.
Claimed
- Core earnings of $0.47 per share, consistent with the prior quarter, representing an annualized return on equity of 9.7%.
- Organic weighted average LTM EBITDA growth of portfolio companies was approximately 8%, consistent with ARCC's 10-year average.
- Nonaccruing loans at cost remained historically low at 2.4%, well below the approximate 3% historical average since the global financial crisis.
- Launched the first commercial paper program in the BDC sector, a $1 billion program with potential to reduce funding costs by 50 to 100 basis points.
- Expanded the SDLP's borrower diversification from 28 to 72 companies in the last quarter due to co-investment relief.
Qualified
- Total portfolio at fair value decreased slightly from $29.5 billion to $29.3 billion, primarily reflecting mark-to-market valuation adjustments and healthy net repayment activity.
- Net asset value (NAV) ended the quarter at $19.35 per share, representing a decrease of $0.24 per share from a quarter ago.
- The second quarter closing ratio was moderately below the historical average of approximately 5%, underscoring discipline amid lower quality deal flow.
Price
$18.92 +1.78% · +$0.33
Performance −5.1% 1Y
1Y: $19.94 on 14 Oct 2025 → $18.92. High $21.03 (10 Dec 2025), low $17.45 (27 Mar 2026).
- Previous close
- $18.59
- 52-week range
- $17.45 – $21.03
- One year
- −5.64%
Overview
- Symbol
- ARCC
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
2 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Spillover income | $988 million or $1.38 per share | Mar 2026 | Turning to our taxable income spillover, we currently estimate that we will carry forward approximately $988 million or $1.38 per share available for distribution to stockholders in future periods. | On Track |
Claimed
- Core earnings of $0.47 per share, consistent with the prior quarter, representing an annualized return on equity of 9.7%.
- Organic weighted average LTM EBITDA growth of portfolio companies was approximately 8%, consistent with ARCC's 10-year average.
- Nonaccruing loans at cost remained historically low at 2.4%, well below the approximate 3% historical average since the global financial crisis.
- Launched the first commercial paper program in the BDC sector, a $1 billion program with potential to reduce funding costs by 50 to 100 basis points.
- Expanded the SDLP's borrower diversification from 28 to 72 companies in the last quarter due to co-investment relief.
Qualified
- Total portfolio at fair value decreased slightly from $29.5 billion to $29.3 billion, primarily reflecting mark-to-market valuation adjustments and healthy net repayment activity.
- Net asset value (NAV) ended the quarter at $19.35 per share, representing a decrease of $0.24 per share from a quarter ago.
- The second quarter closing ratio was moderately below the historical average of approximately 5%, underscoring discipline amid lower quality deal flow.
The full ledger
Open ARES CAPITAL CORP’s full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Ares Capital Corporation Q1 FY26 — Strong Earnings and Improved Lending Conditions
Read the full callEvery analysed call
Ares Capital earnings calls (ARCC)
Financials
What the filings say
Net profit, year on year: −53% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Interest | 195 | 187 | 186 | 188 | 209 | 210 | 213 | 214 |
| Net profit | 394 | 357 | 241 | 361 | 404 | 293 | 92 | 171 |
| EPS ($ per share) | 0.62 | — | 0.36 | 0.52 | 0.57 | — | 0.13 | 0.24 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 1 | 1 | 1 | 1 |
| Reserves | — | — | -2 | 462 | 852 | 958 |
| Total liabilities | — | 11,975 | 12,843 | 12,599 | 14,899 | 16,917 |
| Total assets | — | 20,843 | 22,398 | 23,800 | 28,254 | 31,235 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -580 | -2,459 | -1,359 | 511 | -2,128 | -1,717 |
| Cash from financing | 730 | 2,619 | 1,210 | -284 | 2,424 | 1,781 |
| Net cash flow | 150 | 160 | -149 | 227 | 296 | 64 |
ARCC operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Portfolio companies | 607With investments across 607 companies at an average position size of less than 20 basis points.Source: earnings call transcript | 619With 619 portfolio companies, we believe our incumbent relationships will continue to be a meaningful driver of origination activity and long-term value creation for our shareholders.Source: earnings call transcript | +2% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
5 filings between Oct 31, 2025 and Feb 9, 2026.
Open market
decisions to buy or sellPurchases
$968.8K
5 purchases by 4 insiders
Sales
None
No insider sold shares.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SCHNABEL MICHAEL KORT | $504.2K | — | Feb 5, 2026 |
| MARKOWICZ JANA | $288.0K | — | Feb 9, 2026 |
| Lem Scott C | $100.0K | — | Feb 6, 2026 |
| HENSON MARY BETH | $76.6K | — | Feb 5, 2026 |
Latest filings (8)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Feb 9, 2026 | MARKOWICZ JANA Chief Operating Officer | Purchase | 15,000 | $288.0K |
| Feb 6, 2026 | Lem Scott C CFO and Treasurer | Purchase | 5,186 | $100.0K |
| Feb 5, 2026 | HENSON MARY BETH Director | Purchase | 4,000 | $76.6K |
| Feb 5, 2026 | SCHNABEL MICHAEL KORT Chief Executive Officer | Purchase | 12,500 | $239.1K |
| Oct 31, 2025 | SCHNABEL MICHAEL KORT Chief Executive Officer | Purchase | 13,000 | $265.1K |
| Mar 3, 2025 | Miller James Robert Co-President | Purchase | 40,000 | $932.8K |
| Feb 18, 2025 | Arougheti Michael J Executive Vice President | Gift | 300,172 | $0 |
| Feb 11, 2025 | Bates Ann Torre Director | Purchase | 6,000 | $136.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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