Ares Q2 2026: revenue up 5.8%, realized EPS misses consensus
Ares grew revenue 5.8% year over year to $1.43 billion and lifted GAAP net income to $150.6 million, but after-tax realized income of $1.29 per share came in below the $1.32 consensus and free cash flow turned negative at -$351.4 million. The view is Neutral: fundraising is at a record, yet the quarter's cash and per-share numbers did not keep pace.
1 · Expected vs. Actual
Free preview belowGAAP net income was $150.6 million, or $0.49 per share, up 9.9% from $137.1 million a year ago. The number most investors watch here, after-tax realized income, was $1.29 per share, 2.3% below the $1.32 consensus estimate. The $0.80 gap between the GAAP and realized per-share figures is the accounting distance between reported earnings and the cash-like income Ares highlights.
Revenue rose 5.8% year over year to $1.43 billion, from $1.35 billion in the same quarter a year earlier, and was 2.3% above the prior quarter's $1.40 billion. Management Service fees were the backbone at $1.02 billion, or 71.2% of the total, while Carried Interest added $249.9 million. Fee related earnings of $491.1 million show the recurring fee base is doing the heavy lifting.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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