Jun 2026 (Q2 FY26) — Jul 31, 2026
Ares Management Q2 FY26 — Record Fundraising and Strong Earnings Growth
Read the full callAres Management (ARES) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Ares Management earnings: last reported Fri, 31 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 | 1,294 | +24.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| 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 | 151 | +9.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 28 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Fifth Japan industrial development fund first close | significant first close | Sep 2025 | Our fifth Japan industrial development fund raised approximately $1.8 billion, bringing total commitments to date to [ $3.4 billion ]. | Achieved |
| AUM (semi-liquid wealth products) | $125 billion | Sep 2025 | We finished the second quarter with over $76 billion of AUM in our Wealth products and even with some noise in the channel, our Wealth AUM increased at an annualized rate of more than 25% quarter-over-quarter. | On Track |
5 of Ares Management Corp's 57 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 55 more targets are in the full ledger.
Claimed
- Record quarterly fundraising of approximately $36 billion, positioning for future earnings growth.
- AUM and fee-paying AUM increased 17% year-over-year to approximately $671 billion and $410 billion, respectively.
- Fee-related earnings (FRE) increased 20% year-over-year to approximately $491 million, at the high end or above long-term target.
- Realized income increased over 30% year-over-year to approximately $522 million, exceeding long-term target.
- Quarterly dividend increased by over 20% to $1.35 per share.
Qualified
- Non-traded BDC redemption requests from non-U.S. family offices and smaller institutions, totaling approximately $600 million in Q2 (down from $1.2 billion).
- Slower M&A activity in the market, impacting U.S. Direct Lending deployment, though mitigated by incumbent relationships.
Price
$113 +0.65% · +$0.73
Performance −20.3% 1Y
1Y: $141.87 on 17 Oct 2025 → $113. High $178.28 (10 Dec 2025), low $96.56 (12 Mar 2026).
- Previous close
- $112.27
- 52-week range
- $96.56 – $178.28
- One year
- −22.92%
Overview
- Symbol
- ARES
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 28 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Fifth Japan industrial development fund first close | significant first close | Sep 2025 | Our fifth Japan industrial development fund raised approximately $1.8 billion, bringing total commitments to date to [ $3.4 billion ]. | Achieved |
| AUM (semi-liquid wealth products) | $125 billion | Sep 2025 | We finished the second quarter with over $76 billion of AUM in our Wealth products and even with some noise in the channel, our Wealth AUM increased at an annualized rate of more than 25% quarter-over-quarter. | On Track |
Claimed
- Record quarterly fundraising of approximately $36 billion, positioning for future earnings growth.
- AUM and fee-paying AUM increased 17% year-over-year to approximately $671 billion and $410 billion, respectively.
- Fee-related earnings (FRE) increased 20% year-over-year to approximately $491 million, at the high end or above long-term target.
- Realized income increased over 30% year-over-year to approximately $522 million, exceeding long-term target.
- Quarterly dividend increased by over 20% to $1.35 per share.
Qualified
- Non-traded BDC redemption requests from non-U.S. family offices and smaller institutions, totaling approximately $600 million in Q2 (down from $1.2 billion).
- Slower M&A activity in the market, impacting U.S. Direct Lending deployment, though mitigated by incumbent relationships.
The full ledger
Open Ares Management Corp’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Ares Management Q1 FY26 — Record Q1 fundraising and broad-based growth amid retail private-credit noise
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Ares Management Corporation Q4 FY25 — Record Fundraising and AUM Growth
Read the full callEvery analysed call
Ares Management earnings calls (ARES)
Financials
What the filings say
Net profit, year on year: +10% (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 |
|---|---|---|---|---|---|---|---|---|
| Sales | 842 | 1,238 | 1,005 | 1,041 | 1,153 | 1,558 | 1,299 | 1,294 |
| Other income | 52 | 122 | 67 | 74 | 303 | -50 | 85 | 137 |
| Profit before tax | 327 | 400 | 141 | 287 | 652 | 207 | 313 | 386 |
| Tax rate | 14.2% | 12.5% | 12.4% | 21.2% | 17.1% | 3.9% | 19.1% | 18.9% |
| Net profit | 118 | 177 | 47 | 137 | 289 | 54 | 143 | 151 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -29 | -51 | -152 | -89 | -369 | -495 | -837 | -1,452 |
| Total liabilities | 8,760 | 10,156 | 12,597 | 16,695 | 17,098 | 19,709 | 17,486 | 19,932 |
| Total assets | 10,155 | 12,014 | 15,169 | 21,605 | 22,003 | 24,731 | 24,884 | 28,633 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -1,417 | -2,083 | -426 | -2,596 | -734 | -233 | 2,791 | 3,267 |
| Cash from investing | -18 | -17 | -137 | -1,085 | -337 | -111 | -159 | -1,804 |
| Cash from financing | 1,405 | 2,122 | 944 | 3,504 | 1,128 | 292 | -1,432 | -2,427 |
| Net cash flow | -9 | 28 | 401 | -196 | 46 | -42 | 1,160 | -1,019 |
| Capital expenditure | -18 | -17 | — | — | — | — | — | — |
| Free cash flow | -1,435 | -2,100 | — | — | — | — | — | — |
ARES revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Credit Group | — | — | — | — | — | 53% | 54% | 56% | — |
| Real Assets Group | — | — | — | — | — | 18% | 19% | 21% | — |
| Secondaries Group | — | — | — | — | — | 5% | 6% | 9% | — |
| Private Equity Group | — | — | — | — | — | 3% | 3% | 3% | — |
| All Other Segments | 1% | 1% | 1% | 1% | 2% | 1% | 1% | 1% | +32.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ARES operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Assets under management (AUM) | $546BThe first quarter also marked a significant milestone for Ares as we crossed over $0.5 trillion and reached $546 billion of total AUM, including $45 billion of AUM added through the acquisition of GCP.Source: earnings call transcript | $572BAs a result of our strong fundraising, AUM increased to $572 billion, which represents quarter-over-quarter organic growth of 19% on an annualized basis.Source: earnings call transcript | $595B+As a result, AUM increased to more than $595 billion and fee-paying AUM increased to $368 billion, both up 28% year-over-year.Source: earnings call transcript | $622B+This success, along with the closing of our GCP acquisition in March, resulted in AUM growth of 29% over the previous year to reach over $622 billion.Source: earnings call transcript | $644BOur AUM increased 18% year-over-year to $644 billion, and our fee-paying AUM increased 19% to $400 billion.Source: earnings call transcript | ~$671BThis drove 17% year-over-year increases in both our AUM and fee-paying AUM to approximately $671 billion and approximately $410 billion, respectively.Source: earnings call transcript | — |
| Assets under management (AUM) Semi-liquid products | — | $50B+AUM across our eight semi-liquid products crossed $50 billion, and now seven of our eight products are over $1 billion with our eighth product launched in June, seeing early traction and well on its way.Source: earnings call transcript | — | $66BIn the wealth channel, 2025 was a transformational year with equity flows into our semi-liquid wealth products totaling $16 billion and net flows of $14 billion, which drove our AUM in our semi-liquid wealth products to $66 billion at year-end.Source: earnings call transcript | — | — | — |
| Assets under management (AUM) Semi-liquid European direct lending | $3B+Our public and private BDCs combined raised over $4 billion of AUM in the quarter and our semi-liquid European direct lending product raised over $630 million and now stands at over $3 billion in AUM after only 15 months.Source: earnings call transcript | $4.3B+We experienced accelerated inflows from our leading open-ended European direct lending fund, raising over $800 million in the quarter, bringing total AUM in the fund to over $4.3 billion, which we believe makes it the largest fund of its kind in the market.Source: earnings call transcript | — | — | — | — | — |
| Assets under management (AUM) APMF | $3B+In private equity secondaries, APMF now has exceeded $3 billion in AUM, and we're also seeing good momentum across our institutional products.Source: earnings call transcript | $3B+APMF raised over $370 million in the quarter and has now surpassed $3 billion in total AUM.Source: earnings call transcript | — | — | — | — | — |
| Assets under management (AUM) Insurance | — | $79B+With over $79 billion in insurance AUM across the platform, we have a demonstrated track record of capabilities and performance to enhance returns for Aspida and our third-party insurance clients and we anticipate further growth in this business in the coming years.Source: earnings call transcript | — | $86BAt Aspida, sales volumes totaled $8.8 billion for the year, a 39% increase over 2024, and we continue to see interest from third-party insurance companies as total insurance-related AUM increased 20% year-over-year to $86 billion.Source: earnings call transcript | — | — | — |
| Dry powder | — | — | <$150BWe're also seeing the transaction market starting to rebound across many of our investment groups and believe that we are well positioned for new deployment opportunities with nearly $150 billion in dry powder.Source: earnings call transcript | $156BWe're seeing improved conditions for future deployment across a broader range of investment strategies than we have in several years, and we're well prepared to invest with substantial dry powder of $156 billion.Source: earnings call transcript | $158B+Our available capital continues to expand on the back of our strong fundraising and it now stands at over $158 billion.Source: earnings call transcript | $170BThis positions us with a record $170 billion of dry powder and $114 billions of AUM not yet paying fees which sets us up well for future earnings growth.Source: earnings call transcript | — |
| Assets under management (AUM) Wealth Management | — | — | — | $66B+The scale, expansion and diversification of our product suite also drove growth in our Wealth Management business to over $66 billion in AUM, up 69% year-over-year.Source: earnings call transcript | $68BOn a year-over-year basis, our wealth AUM increased 54% to $68 billion.Source: earnings call transcript | $76B+We finished the second quarter with over $76 billion of AUM in our Wealth products and even with some noise in the channel, our Wealth AUM increased at an annualized rate of more than 25% quarter-over-quarter.Source: earnings call transcript | — |
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
60 filings between Nov 14, 2025 and Aug 20, 2026.
Open market
decisions to buy or sellPurchases
$1.33M
2 purchases by 2 insiders
Sales
$91.48M
28 sales by 2 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 13
- Award — granted as compensation
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Arougheti Michael J | — | $90.66M | Dec 1, 2025 |
| BHUTANI ASHISH | $1.27M | — | Feb 6, 2026 |
| Sagati Aghili Naseem | — | $828.3K | Feb 4, 2026 |
| Olian Judy D. | $59.7K | — | Feb 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 20, 2026 | Jacobson Blair Co-President | Gift | 8,000 | $0 |
| Jul 30, 2026 | Lynton Michael Director | Award | 1,728 | $0 |
| Jul 30, 2026 | Joubert Paul G. Director | Award | 1,728 | $0 |
| Jul 30, 2026 | BUSH ANTOINETTE COOK Director | Award | 1,728 | $0 |
| Jul 30, 2026 | Olian Judy D. Director | Award | 1,728 | $0 |
| Jul 30, 2026 | BHUTANI ASHISH Director | Award | 1,728 | $0 |
| Jul 30, 2026 | Naughton Eileen Director | Award | 1,728 | $0 |
| Jul 1, 2026 | Phillips Jarrod Chief Financial Officer | Tax withheld | 2,583 | $293.5K |
| Jun 30, 2026 | deVeer R. Kipp Co-President | Tax withheld | 82,957 | $9.23M |
| Jun 30, 2026 | Arougheti Michael J Co-Founder and CEO | Tax withheld | 82,957 | $9.23M |
| Jun 3, 2026 | Jacobson Blair Co-President | Gift | 8,000 | $0 |
| Feb 20, 2026 | Olian Judy D. Director | Purchase | 480 | $59.7K |
| Feb 6, 2026 | BHUTANI ASHISH Director | Purchase | 10,000 | $1.27M |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 100 | $13.2K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 300 | $38.7K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 300 | $38.0K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 1,200 | $165.3K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 611 | $83.5K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 1,110 | $150.2K |
| Feb 4, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 300 | $40.2K |
| Jan 31, 2026 | Sagati Aghili Naseem General Counsel | Tax withheld | 23,861 | $3.57M |
| Jan 31, 2026 | Phillips Jarrod Chief Financial Officer | Award | 100,000 | $0 |
| Jan 31, 2026 | deVeer R. Kipp Co-President | Tax withheld | 101,444 | $15.18M |
| Jan 31, 2026 | Sagati Aghili Naseem General Counsel | Award | 100,000 | $0 |
| Jan 31, 2026 | Jacobson Blair Co-President | Tax withheld | 47,000 | $7.03M |
| Jan 31, 2026 | Arougheti Michael J Co-Founder and CEO | Award | 200,000 | $0 |
| Jan 31, 2026 | Jacobson Blair Co-President | Award | 300,000 | $0 |
| Jan 31, 2026 | deVeer R. Kipp Co-President | Award | 200,000 | $0 |
| Jan 31, 2026 | Arougheti Michael J Co-Founder and CEO | Tax withheld | 152,495 | $22.82M |
| Jan 31, 2026 | Phillips Jarrod Chief Financial Officer | Tax withheld | 15,568 | $2.33M |
| Jan 22, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 1,249 | $201.5K |
| Jan 22, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 200 | $32.8K |
| Jan 22, 2026 | Sagati Aghili Naseem General Counsel | Sale 10b5-1 plan | 400 | $64.9K |
| Jan 20, 2026 | Jacobson Blair Co-President | Tax withheld | 2,093 | $341.5K |
| Jan 20, 2026 | Phillips Jarrod Chief Financial Officer | Tax withheld | 1,683 | $274.6K |
| Jan 20, 2026 | Phillips Jarrod Chief Financial Officer | Award | 2,712 | $0 |
| Jan 20, 2026 | Sagati Aghili Naseem General Counsel | Tax withheld | 1,089 | $177.7K |
| Jan 20, 2026 | Sagati Aghili Naseem General Counsel | Award | 2,712 | $0 |
| Dec 16, 2025 | Rosenthal Bennett Co-Founder & Chairman of PEG | Gift | 15,000 | $0 |
| Dec 16, 2025 | KAPLAN DAVID B Co-Founder | Gift | 40,000 | $0 |
| Dec 9, 2025 | Sagati Aghili Naseem General Counsel | Gift | 500 | $0 |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 2,737 | $422.5K |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 1,878 | $288.3K |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 5,400 | $840.3K |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 31,266 | $4.93M |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 14,067 | $2.22M |
| Dec 1, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 909 | $144.5K |
| Nov 28, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 53,452 | $8.37M |
| Nov 28, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 31,726 | $4.94M |
| Nov 28, 2025 | Arougheti Michael J Co-Founder and CEO | Sale 10b5-1 plan | 13,495 | $2.09M |
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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