Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $965M | $1.48B | $958M | $1.77B | $1.76B | $4.21B | $3.06B | $3.63B | $3.88B | $5.60B |
| Revenue growth | — | 53.4% | -35.2% | 84.2% | -0.1% | 138.8% | -27.5% | 18.9% | 7.0% | 44.2% |
| Net income | $112M | $76.2M | $57.0M | $149M | $152M | $409M | $168M | $474M | $464M | $527M |
| Net margin | 11.6% | 5.1% | 5.9% | 8.4% | 8.6% | 9.7% | 5.5% | 13.1% | 11.9% | 9.4% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$626M | -$1.86B | -$1.42B | -$2.08B | -$426M | -$2.60B | -$734M | -$233M | $2.79B | $3.27B |
| Capital expenditures | $11.9M | $33.2M | $18.4M | — | — | — | — | — | — | — |
| Free cash flow | -$638M | -$1.90B | -$1.44B | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $343M | $119M | $110M | $138M | $540M | $344M | $390M | $348M | $1.51B | $489M |
| Total assets | $5.83B | $8.56B | $10.2B | $12.0B | $15.2B | $21.6B | $22.0B | $24.7B | $24.9B | $28.6B |
| Total liabilities | $4.45B | $7.10B | $8.76B | $10.2B | $12.6B | $16.7B | $17.1B | $19.7B | $17.5B | $19.9B |
| Shareholders' equity | $293M | $1.46B | $588M | $768M | $1.19B | $1.83B | $1.59B | $1.89B | $3.54B | $4.28B |
| Retained earnings | — | $0.00 | -$29.3M | -$50.8M | -$152M | -$89.4M | -$369M | -$495M | -$837M | -$1.45B |
| Shares (wtd avg diluted) | — | — | 102M | 115M | 260M | 290M | 295M | 308M | 313M | — |
Every figure is extracted from Ares Management Corp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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