Ares Management Corporation

ARES

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

3,885

Cost of Revenue

1,732

Gross Profit

2,153

Gross Margin

55.4%

Operating Income

946

Operating Margin

24.4%

Net Income

464

Net Margin

11.9%

EPS (Basic)

$2.07

EPS (Diluted)

$2.07

EBITDA

2,412

EBITDA Margin

62.1%

2023

12/31/2023

Revenue

3,632

Cost of Revenue

1,487

Gross Profit

2,145

Gross Margin

59.1%

Operating Income

834

Operating Margin

23.0%

Net Income

474

Net Margin

13.1%

EPS (Basic)

$2.46

EPS (Diluted)

$2.42

EBITDA

2,426

EBITDA Margin

66.8%

2022

12/31/2022

Revenue

3,055

Cost of Revenue

1,499

Gross Profit

1,557

Gross Margin

51.0%

Operating Income

306

Operating Margin

10.0%

Net Income

168

Net Margin

5.5%

EPS (Basic)

$0.87

EPS (Diluted)

$0.87

EBITDA

1,335

EBITDA Margin

43.7%

2021

12/31/2021

Revenue

4,212

Cost of Revenue

1,163

Gross Profit

3,049

Gross Margin

72.4%

Operating Income

802

Operating Margin

19.0%

Net Income

409

Net Margin

9.7%

EPS (Basic)

$2.25

EPS (Diluted)

$2.15

EBITDA

1,474

EBITDA Margin

35.0%

2020

12/31/2020

Revenue

1,764

Cost of Revenue

767

Gross Profit

997

Gross Margin

56.5%

Operating Income

314

Operating Margin

17.8%

Net Income

152

Net Margin

8.6%

EPS (Basic)

$0.89

EPS (Diluted)

$0.87

EBITDA

732

EBITDA Margin

41.5%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	3,885	3,632	3,055	4,212	1,764
Cost of Revenue	1,732	1,487	1,499	1,163	767
Gross Profit	2,153	2,145	1,557	3,049	997
Gross Margin	55.4%	59.1%	51.0%	72.4%	56.5%
Operating Income	946	834	306	802	314
Operating Margin	24.4%	23.0%	10.0%	19.0%	17.8%
Net Income	464	474	168	409	152
Net Margin	11.9%	13.1%	5.5%	9.7%	8.6%
EPS (Basic)	$2.07	$2.46	$0.87	$2.25	$0.89
EPS (Diluted)	$2.07	$2.42	$0.87	$2.15	$0.87
EBITDA	2,412	2,426	1,335	1,474	732
EBITDA Margin	62.1%	66.8%	43.7%	35.0%	41.5%