Short answer
Ares Management (ARES) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.7B (up 46.7% year over year) with net income of $289M.
Q3 2025 key financials · XBRL
- Revenue
- $1.7B
- +46.7% YoY · +22.8% QoQ
- Net income
- $289M
- +143.9% YoY · +110.8% QoQ
Source: XBRL data from the Ares Management (ARES) Q3 2025 10-Q on SEC EDGAR. USD.
Ares Management Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.66B, up 47% YoY ($1.13B in Q3 2024); nine months revenue $4.10B, up 56% YoY ($2.63B prior year)
- Net income attributable to Ares Management Corp. $288.9M, up 144% YoY ($118.5M prior year); margin approx. 17.4% (net income / revenue) vs 10.5% YoY
- Best segment: Credit funds with carried interest of $286.8M Q3 2025 vs $209.1M Q3 2024; worst: Private Equity funds with mixed reversals of unrealized carried interest
- Cash flows: nine months net cash used mainly in infrastructure and real estate funds; increased principal investment income $50.9M vs $44.5M YoY
- Management highlights stronger carried interest from credit/opportunistic funds, acquisition impact from GCP boosting fees and expenses; no updated full-year guidance disclosed
Risk Factors
- No newly added risk factors this quarter; risk disclosures remain consistent with last 10-K
- Materially updated risk: Consolidation accounting for variable interest entities and joint ventures affects net income presentation due to GAAP changes
- Compliance risk: Ongoing SEC regulatory scrutiny of financial reporting and non-GAAP measures like FRE and RI with detailed disclosures
- Market risk: Dependency on fee-paying AUM and incentive generating AUM performance impacting near-term recurring management fees and incentive revenues
- Financial risk: Exposure to liquidity from undrawn credit facilities and uncalled committed capital ("dry powder") supporting investment capacity and fee generation
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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