Ares earnings date and guidance
Ares's next results are expected on October 29, 2026. Watch how Ares connects the preliminary performance-income estimate with its full-year expectation.
What has Ares guided for the year?
That timing hurt Ares early in 2026. Management cut its preliminary first-quarter realized net performance-income estimate from approximately $100 million to approximately $75 million, mainly because European-style funds had not yet reached the necessary distribution point. It still expected more than $350 million for full-year 2026. On September 30, it estimated approximately $10 million for the third quarter, which covered one earnings component rather than the whole year.
The longer-term ambition is also clear. From 2023 through 2028, Ares targets annual compound growth of 16%–20% in fee-related earnings and 20%–25% in realized income. For 2026, it expected fee-related earnings margin improvement near the upper end of its zero-to-150-basis-point range. The upper end means roughly 1.5 percentage points more fee profit per dollar of relevant revenue.
Has Ares kept its past promises?
Ares exceeded its promise to reach at least $500 billion of AUM by the end of 2025. Management has emphasized reinvesting for continued growth rather than maximizing immediate margins. That record supports its credibility as a builder, but the final test is durable earnings per share after compensation, dilution, and other claims.
How have Ares revenue and profit trended?
Revenue, operating income, net income and diluted EPS all increased from the year-earlier quarter. FRE reached about $491.1 million, up 20%. The every-other-year investor meeting added about $9 million to second-quarter general and administrative expense, so calendar effects influenced the comparison.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,428,610 | 1,396,436 | 1,504,921 | 1,657,628 | 1,350,128 | 1,088,805 | 1,258,997 | 1,129,739 |
| Operating income | 248,633 | 227,973 | 256,277 | 349,412 | 212,550 | 74,477 | 278,230 | 274,852 |
| Net income | 150,635 | 142,589 | 54,248 | 288,882 | 137,062 | 47,170 | 177,317 | 118,460 |
| EPS, diluted | 0.49 | 0.46 | 0.08 | 1.15 | 0.46 | 0.00 | 0.72 | 0.55 |
What this means. The company can show a profit while free cash flow is negative because our cash count includes purchases and sales of investments held in its consolidated funds, which can make cash flow swing sharply.
What should readers watch in Ares's next results?
Ares’s third-quarter results call is scheduled for October 29, 2026. The important question is how management connects the preliminary performance-income estimate with its full-year expectation. Specific expected realizations would provide more visibility than a general claim that portfolios are performing well, because a sale slipping past December 31 can move income into another year.