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Ares Management cash flow statement

In fiscal 2025, Ares Management's operations generated $3.27bn of cash; it spent $0 on capital projects, leaving free cash flow of $3.27bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations——1,533−528−626−1,863−1,417−2,083−426−2,596−734−2332,7913,267912
Depreciation and amortisation—6778131617192226313245—
Stock-based pay5229633239709098123237200256353741704
Capital spending——1711123318170000000
Free cash flow——1,516−539−638−1,896−1,435−2,100−426−2,596−734−2332,7913,267912
Free cash flow after stock pay——1,453−571−677−1,966−1,525−2,198−549−2,833−935−4892,4382,526208
Dividends paid——————————————93

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Ares Management's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ares Management.