Ares Capital (ARCC) Financials

$18.62 -0.64 (-3.32%)

Closing price 06/15/2026 04:00 PM Eastern

Extended Trading

$18.70 +0.07 (+0.40%)

As of 04:31 AM Eastern

Annual Income Statements for Ares Capital

This table shows Ares Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	736	-416	600	1,522	1,522	1,299
Consolidated Net Income / (Loss)	484	-416	671	1,350	1,516	1,353
Net Income / (Loss) Continuing Operations	794	-416	671	1,350	1,516	1,353
Total Pre-Tax Income	813	-416	671	1,350	1,516	1,353
Total Revenue	1,511	701	1,232	2,118	2,355	2,238
Net Interest Income / (Expense)	1,159	-372	1,441	1,882	1,784	1,981
Total Interest Income	1,159	0.00	1,896	2,464	2,499	2,774
Investment Securities Interest Income	0.00	-	1,896	2,464	2,499	2,774
Total Interest Expense	0.00	372	455	582	715	793
Long-Term Debt Interest Expense	-	372	455	582	715	793
Total Non-Interest Income	149	1,073	-209	236	571	257
Other Service Charges	149	45	259	127	289	272
Net Realized & Unrealized Capital Gains on Investments	0.00	1,028	-468	109	26	-15
Total Non-Interest Expense	572	1,117	561	768	839	885
Insurance Policy Acquisition Costs	-	-	-101	53	18	-23
Other Operating Expenses	255	1,074	650	721	821	867
Other Special Charges	317	43	12	-6.00	-	41
Basic Earnings per Share	$1.14	$3.51	$1.21	$2.75	$2.44	$1.86
Weighted Average Basic Shares Outstanding	424M	446M	498M	554M	624M	699M
Diluted Earnings per Share	$1.14	$3.51	$1.19	$2.68	$2.44	$1.86
Weighted Average Diluted Shares Outstanding	424M	446M	518M	575M	624M	699M
Weighted Average Basic & Diluted Shares Outstanding	-	-	531.37M	582.31M	671.48M	718.02M
Cash Dividends to Common per Share	$1.60	$1.62	$1.87	$1.92	$1.92	$1.92

This table shows Ares Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	500	818	449	322	394	1,014	241	361	404	293	92
Consolidated Net Income / (Loss)	451	970	461	324	386	1,051	221	319	371	452	228
Net Income / (Loss) Continuing Operations	451	970	461	324	386	1,051	221	319	371	452	228
Total Pre-Tax Income	451	970	461	324	386	1,051	221	275	371	496	228
Total Revenue	645	914	648	519	737	1,074	317	486	506	810	380
Net Interest Income / (Expense)	478	1,316	501	508	576	915	416	345	555	524	429
Total Interest Income	623	1,614	660	682	576	1,102	602	533	555	943	642
Investment Securities Interest Income	623	-	660	682	576	-	602	533	555	943	642
Total Interest Expense	145	298	159	174	0.00	187	186	188	0.00	419	213
Long-Term Debt Interest Expense	145	-	159	174	-	187	186	188	-	-	213
Total Non-Interest Income	167	-402	147	11	161	159	-99	141	-49	287	-50
Other Service Charges	28	51	27	77	49	147	50	5.00	67	105	79
Net Realized & Unrealized Capital Gains on Investments	139	-453	120	-66	112	-245	-216	136	-116	182	-193
Other Non-Interest Income	-	-	-	-	-	-	67	0.00	-	-	64
Total Non-Interest Expense	194	24	217	195	315	23	96	211	343	150	152
Insurance Policy Acquisition Costs	42	-	25	-13	-	-	-25	-	-	-	23
Other Operating Expenses	179	-8.00	192	208	315	30	121	211	343	107	129
Basic Earnings per Share	$0.89	$0.73	$0.76	$0.52	$0.62	$0.54	$0.36	$0.52	$0.57	$0.41	$0.13
Weighted Average Basic Shares Outstanding	562M	554M	591M	616M	635M	624M	676M	695M	709M	699M	718M
Diluted Earnings per Share	$0.87	$0.71	$0.76	$0.52	$0.62	$0.54	$0.36	$0.52	$0.57	$0.41	$0.13
Weighted Average Diluted Shares Outstanding	582M	575M	591M	616M	635M	624M	676M	695M	709M	699M	718M
Weighted Average Basic & Diluted Shares Outstanding	569.44M	582.31M	607.76M	630.39M	646.08M	671.48M	689.63M	705.37M	715.73M	718.02M	718.02M
Cash Dividends to Common per Share	$0.48	$0.48	$0.48	$0.48	$0.48	$0.48	$0.48	$0.48	$0.48	-	$0.48

This table details how cash moves in and out of Ares Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	150	160	-149	227	296	64
Net Cash From Operating Activities	-580	-2,459	-1,359	511	-2,128	-1,717
Net Cash From Continuing Operating Activities	-580	-2,459	-1,359	511	-2,128	-1,717
Net Income / (Loss) Continuing Operations	484	1,567	600	1,522	1,522	1,299
Consolidated Net Income / (Loss)	484	1,567	600	1,522	1,522	1,299
Amortization Expense	23	15	13	8.00	10	17
Non-Cash Adjustments to Reconcile Net Income	-1,142	-4,076	-1,937	-996	-3,799	-2,976
Changes in Operating Assets and Liabilities, net	55	35	-35	-23	139	-57
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	730	2,619	1,210	-284	2,424	1,781
Net Cash From Continuing Financing Activities	730	2,619	1,210	-284	2,424	1,781
Issuance of Debt	8,256	19,387	7,955	5,170	13,236	12,502
Issuance of Common Equity	4.00	819	1,001	1,155	1,364	928
Repayment of Debt	-6,751	-16,893	-6,834	-5,578	-11,037	-10,385
Payment of Dividends	-679	-694	-912	-1,031	-1,139	-1,264
Cash Interest Paid	243	310	402	524	676	750
Cash Income Taxes Paid	16	26	39	36	66	163

This table details how cash moves in and out of Ares Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	152	-41	13	104	-57	236	-118	-78	590	-330	-269
Net Cash From Operating Activities	46	-359	-21	-1,318	-521	-268	-299	-218	-773	-427	184
Net Cash From Continuing Operating Activities	46	-359	-21	-1,318	-521	-268	-299	-218	-773	-427	184
Net Income / (Loss) Continuing Operations	500	413	449	322	394	357	241	361	404	293	92
Consolidated Net Income / (Loss)	500	413	449	322	394	357	241	361	404	293	92
Amortization Expense	4.00	-	2.00	2.00	2.00	4.00	4.00	4.00	5.00	4.00	6.00
Non-Cash Adjustments to Reconcile Net Income	-465	-821	-443	-1,695	-947	-747	-446	-680	-1,153	-703	258
Changes in Operating Assets and Liabilities, net	7.00	49	-29	53	30	118	-98	97	-29	-21	-172
Net Cash From Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	106	318	34	1,422	464	504	181	140	1,363	97	-453
Net Cash From Continuing Financing Activities	106	318	34	1,422	464	504	181	140	1,363	97	-453
Issuance of Debt	1,069	2,249	2,417	5,372	2,860	2,589	2,563	2,008	4,780	3,119	3,874
Issuance of Common Equity	215	236	85	449	302	528	384	318	204	22	0.00
Repayment of Debt	-924	-1,904	-2,198	-4,120	-2,411	-2,310	-2,458	-1,869	-3,301	-2,725	-3,982
Payment of Dividends	-254	-263	-270	-279	-287	-303	-308	-317	-320	-319	-345
Cash Interest Paid	141	112	176	112	225	163	176	163	221	190	219
Cash Income Taxes Paid	1.00	7.00	25	7.00	26	8.00	37	1.00	4.00	121	39

This table presents Ares Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	20,843	22,398	23,800	28,254	31,235
Cash and Due from Banks	372	303	535	635	638
Restricted Cash	114	34	29	225	286
Trading Account Securities	-	-	22,936	26,777	29,499
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00
Other Assets	403	295	362	674	826
Total Liabilities & Shareholders' Equity	20,843	22,398	23,800	28,254	31,235
Total Liabilities	11,975	12,843	12,599	14,899	16,917
Accrued Interest Payable	100	105	132	170	193
Long-Term Debt	11,094	12,289	11,918	13,759	15,991
Other Long-Term Liabilities	781	449	549	865	651
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,868	9,555	11,201	13,355	14,318
Total Preferred & Common Equity	8,868	9,555	11,201	13,355	14,318
Total Common Equity	8,868	9,555	11,201	13,355	14,318
Common Stock	8,553	9,557	10,739	12,503	13,360
Retained Earnings	-	-2.00	462	852	958

This table presents Ares Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	22,038	21,812	22,231	22,920	24,256	26,092	27,100	28,317	29,071	30,806	30,679
Cash and Due from Banks	257	359	411	527	509	601	486	647	447	1,036	505
Restricted Cash	105	18	42	78	68	80	138	95	217	218	150
Trading Account Securities	-	-	-	-	-	-	-	27,187	27,899	28,707	29,513
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	392	292	287	390	598	494	614	445	521	859	525
Total Liabilities & Shareholders' Equity	22,038	21,812	22,231	22,920	24,256	26,092	27,100	28,317	29,071	30,806	30,679
Total Liabilities	12,602	11,763	11,877	12,105	12,384	13,728	14,327	14,645	15,037	16,484	16,614
Accrued Interest Payable	76	84	-	85	107	-	119	130	193	129	134
Long-Term Debt	11,895	11,244	11,406	11,551	11,729	12,993	13,534	13,922	14,109	15,605	15,848
Other Long-Term Liabilities	631	435	384	469	548	582	674	593	651	653	612
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,436	10,049	10,354	10,815	11,872	12,364	12,773	13,672	14,034	14,322	14,065
Total Preferred & Common Equity	9,436	10,049	10,354	10,815	11,872	12,364	12,773	13,672	14,034	14,322	14,065
Total Common Equity	9,436	10,049	10,354	10,815	11,872	12,364	12,773	13,672	14,034	14,322	14,065
Common Stock	9,370	10,034	10,274	10,506	11,252	11,722	12,045	12,907	13,245	13,471	13,360
Retained Earnings	66	15	80	309	620	642	728	765	789	851	705

This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-53.61%	75.75%	91.68%	1.30%	-4.97%
EBITDA Growth	0.00%	-141.68%	270.57%	135.31%	-4.93%	-10.22%
EBIT Growth	0.00%	-144.30%	261.30%	138.67%	-5.08%	-10.75%
NOPAT Growth	0.00%	-135.82%	330.43%	138.67%	-5.08%	-10.75%
Net Income Growth	0.00%	-185.95%	261.30%	138.67%	-5.08%	-10.75%
EPS Growth	0.00%	207.89%	-66.10%	125.21%	-8.96%	-23.77%
Operating Cash Flow Growth	0.00%	-323.97%	44.73%	137.60%	-516.44%	19.31%
Free Cash Flow Firm Growth	0.00%	0.00%	94.02%	126.96%	-858.01%	25.70%
Invested Capital Growth	0.00%	0.00%	9.43%	5.84%	17.28%	11.78%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	20.06%	7.19%	16.82%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	76.09%	12.12%	30.14%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	77.16%	11.88%	30.63%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	109.07%	5.66%	12.21%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	112.12%	5.66%	8.26%
EPS Q/Q Growth	0.00%	0.00%	0.00%	16.52%	-6.51%	-6.53%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	50.87%	0.20%	4.10%	-10.21%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	1.10%	23.71%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	3.37%	3.07%	1.28%
Profitability Metrics	-	-	-	-	-	-
EBITDA Margin	63.67%	-57.20%	55.52%	68.16%	63.96%	61.22%
EBIT Margin	62.14%	-59.34%	54.46%	67.82%	63.55%	60.46%
Profit (Net Income) Margin	32.03%	-59.34%	54.46%	67.82%	63.55%	60.46%
Tax Burden Percent	59.53%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	86.58%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-2.92%	3.21%	7.12%	6.05%	4.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-5.17%	3.21%	7.12%	6.05%	4.71%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-6.46%	4.07%	8.31%	6.33%	5.07%
Return on Equity (ROE)	0.00%	-9.38%	7.28%	15.43%	12.38%	9.78%
Cash Return on Invested Capital (CROIC)	0.00%	-202.92%	-5.79%	1.45%	-9.85%	-6.41%
Operating Return on Assets (OROA)	0.00%	-2.00%	3.10%	6.93%	5.84%	4.55%
Return on Assets (ROA)	0.00%	-2.00%	3.10%	6.93%	5.84%	4.55%
Return on Common Equity (ROCE)	0.00%	-9.38%	7.28%	15.43%	12.38%	9.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.69%	7.02%	14.30%	11.38%	9.45%
Net Operating Profit after Tax (NOPAT)	813	-291	671	1,602	1,520	1,353
NOPAT Margin	53.81%	-41.54%	54.46%	67.82%	63.55%	60.46%
Net Nonoperating Expense Percent (NNEP)	0.00%	2.25%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.86%	159.34%	45.54%	32.18%	36.45%	39.54%
Earnings before Interest and Taxes (EBIT)	939	-416	671	1,602	1,520	1,353
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	962	-401	684	1,610	1,530	1,370
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.79	0.91	1.04	1.01
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.79	0.91	1.04	1.01
Price to Revenue (P/Rev)	0.00	0.00	6.14	4.31	5.78	6.47
Price to Earnings (P/E)	0.00	0.00	12.61	6.68	9.08	11.15
Dividend Yield	14.07%	10.46%	3.43%	10.75%	8.97%	9.49%
Earnings Yield	0.00%	0.00%	7.93%	14.96%	11.01%	8.97%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.89	0.93	0.99	0.97
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	15.84	9.12	11.17	13.20
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	28.53	13.38	17.47	21.56
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	29.09	13.44	17.58	21.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	29.09	13.44	17.58	21.83
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	42.13	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	65.94	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	1.25	1.29	1.06	1.03	1.12
Long-Term Debt to Equity	0.00	1.25	1.29	1.06	1.03	1.12
Financial Leverage	0.00	1.25	1.27	1.17	1.05	1.08
Leverage Ratio	0.00	2.35	2.35	2.23	2.12	2.15
Compound Leverage Factor	0.00	2.35	2.35	2.23	2.12	2.15
Debt to Total Capital	0.00%	55.58%	56.26%	51.55%	50.75%	52.76%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	55.58%	56.26%	51.55%	50.75%	52.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	44.42%	43.74%	48.45%	49.26%	47.24%
Debt to EBITDA	0.00	-27.67	17.97	7.40	8.99	11.67
Net Debt to EBITDA	0.00	-26.45	17.47	7.05	8.43	11.00
Long-Term Debt to EBITDA	0.00	-27.67	17.97	7.40	8.99	11.67
Debt to NOPAT	0.00	-38.10	18.31	7.44	9.05	11.82
Net Debt to NOPAT	0.00	-36.43	17.81	7.09	8.49	11.13
Long-Term Debt to NOPAT	0.00	-38.10	18.31	7.44	9.05	11.82
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-20,253	-1,211	327	-2,475	-1,842
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-54.44	-2.66	0.56	-3.46	-2.32
Operating Cash Flow to Interest Expense	0.00	-6.61	-2.99	0.88	-2.98	-2.17
Operating Cash Flow Less CapEx to Interest Expense	0.00	-6.61	-2.99	0.88	-2.98	-2.17
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.03	0.06	0.10	0.09	0.08
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	19,962	21,844	23,119	27,114	30,309
Invested Capital Turnover	0.00	0.07	0.06	0.11	0.10	0.08
Increase / (Decrease) in Invested Capital	0.00	19,962	1,882	1,275	3,995	3,195
Enterprise Value (EV)	0.00	0.00	19,517	21,528	26,725	29,546
Market Capitalization	0.00	0.00	7,565	10,174	13,826	14,479
Book Value per Share	$0.00	$19.88	$18.80	$19.67	$20.67	$20.00
Tangible Book Value per Share	$0.00	$19.88	$18.80	$19.67	$20.67	$20.00
Total Capital	0.00	19,962	21,844	23,119	27,114	30,309
Total Debt	0.00	11,094	12,289	11,918	13,759	15,991
Total Long-Term Debt	0.00	11,094	12,289	11,918	13,759	15,991
Net Debt	0.00	10,608	11,952	11,354	12,899	15,067
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	329	125	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	0.00	11,094	12,289	11,918	13,759	15,991
Total Depreciation and Amortization (D&A)	23	15	13	8.00	10	17
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.21	$2.75	$2.44	$1.86
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	498M	554M	624M	699M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.19	$2.68	$2.44	$1.86
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	518M	575M	624M	699M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	531.37M	582.31M	671.48M	718.02M
Normalized Net Operating Profit after Tax (NOPAT)	791	-261	478	1,117	1,064	976
Normalized NOPAT Margin	52.35%	-37.25%	38.81%	47.29%	44.48%	43.60%
Pre Tax Income Margin	53.81%	-59.34%	54.46%	67.82%	63.55%	60.46%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	-1.12	1.47	2.75	2.13	1.71
NOPAT to Interest Expense	0.00	-0.78	1.47	2.75	2.13	1.71
EBIT Less CapEx to Interest Expense	0.00	-1.12	1.47	2.75	2.13	1.71
NOPAT Less CapEx to Interest Expense	0.00	-0.78	1.47	2.75	2.13	1.71
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	140.29%	-166.83%	135.92%	64.38%	74.93%	93.41%
Augmented Payout Ratio	160.95%	-166.83%	135.92%	64.38%	74.93%	93.41%

This table displays calculated financial ratios and metrics derived from Ares Capital's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	718,022,845.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	718,022,845.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	637.50%	76.01%	2.36%	-12.48%	-8.68%	17.56%	-32.75%	-6.36%	-31.34%	79.61%	19.72%
EBITDA Growth	369.07%	358.51%	-63.33%	-16.62%	-21.98%	18.59%	-40.23%	-14.42%	-60.38%	93.59%	3.78%
EBIT Growth	384.95%	363.28%	-63.62%	-16.49%	-21.73%	18.15%	-40.88%	-15.12%	-61.37%	94.69%	2.94%
NOPAT Growth	384.95%	623.51%	-63.62%	-16.49%	-21.73%	8.40%	-40.88%	-1.54%	-61.37%	43.80%	2.94%
Net Income Growth	333.65%	688.21%	-63.62%	5.19%	-21.73%	8.40%	-54.27%	-1.54%	-3.89%	31.05%	2.94%
EPS Growth	314.29%	115.15%	49.02%	-11.86%	-28.74%	-23.94%	-52.63%	0.00%	-8.06%	-24.07%	-63.89%
Operating Cash Flow Growth	130.00%	0.28%	-102.41%	-2,645.83%	-1,232.61%	25.35%	-1,323.81%	83.46%	-48.37%	-59.33%	161.54%
Free Cash Flow Firm Growth	97.25%	0.00%	88.53%	84.44%	-514.38%	-863.70%	-99.16%	30.70%	1.76%	26.06%	44.55%
Invested Capital Growth	4.85%	5.84%	10.84%	16.77%	17.62%	17.28%	16.92%	10.32%	13.76%	11.78%	8.40%
Revenue Q/Q Growth	3.20%	41.63%	-80.05%	200.22%	7.68%	82.33%	-59.42%	11.52%	4.12%	60.16%	-53.17%
EBITDA Q/Q Growth	16.37%	95.49%	-123.14%	258.41%	8.90%	197.15%	-75.47%	7.81%	-39.78%	295.48%	-64.86%
EBIT Q/Q Growth	16.24%	97.23%	-123.36%	255.92%	8.95%	197.71%	-75.75%	7.93%	-40.73%	305.15%	-65.55%
NOPAT Q/Q Growth	16.24%	114.97%	-115.00%	322.74%	8.95%	197.71%	-75.75%	25.20%	-48.90%	204.54%	-54.17%
Net Income Q/Q Growth	46.43%	114.97%	-121.43%	255.92%	8.95%	197.71%	-79.94%	51.33%	16.30%	21.94%	-49.71%
EPS Q/Q Growth	47.46%	-18.39%	7.04%	-31.58%	19.23%	-12.90%	-33.33%	44.44%	9.62%	-28.07%	-68.29%
Operating Cash Flow Q/Q Growth	195.83%	-880.43%	94.15%	-6,176.19%	60.47%	48.56%	-11.57%	27.09%	-254.59%	44.76%	143.09%
Free Cash Flow Firm Q/Q Growth	97.28%	47.69%	-703.10%	-36.09%	-7.46%	17.95%	-26.97%	38.10%	-49.40%	21.94%	22.50%
Invested Capital Q/Q Growth	2.38%	3.37%	2.08%	8.09%	3.12%	3.07%	1.77%	1.99%	6.34%	1.28%	-1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	70.54%	97.37%	-112.95%	59.60%	60.27%	98.23%	59.39%	57.41%	33.20%	81.98%	61.53%
EBIT Margin	69.92%	97.37%	-114.05%	59.23%	59.93%	97.86%	58.47%	56.58%	32.21%	81.49%	59.95%
Profit (Net Income) Margin	69.92%	106.13%	-114.05%	59.23%	59.93%	97.86%	48.37%	65.64%	73.32%	55.82%	59.95%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	116.00%	100.00%	91.14%	100.00%
Interest Burden Percent	100.00%	108.99%	100.00%	100.00%	100.00%	100.00%	82.73%	100.00%	227.61%	75.17%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-16.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.30%	11.15%	-8.41%	5.72%	5.50%	9.32%	4.98%	5.25%	2.20%	4.78%	4.80%
ROIC Less NNEP Spread (ROIC-NNEP)	6.30%	11.15%	-8.96%	5.72%	5.50%	9.32%	4.64%	5.25%	3.62%	4.48%	4.80%
Return on Net Nonoperating Assets (RNNOA)	7.29%	13.00%	-9.39%	6.21%	5.84%	9.75%	4.66%	5.42%	3.90%	4.82%	5.15%
Return on Equity (ROE)	13.58%	24.15%	-17.80%	11.93%	11.34%	19.07%	9.63%	10.68%	6.09%	9.59%	9.94%
Cash Return on Invested Capital (CROIC)	0.00%	1.45%	-3.51%	-8.98%	-10.28%	-9.85%	-10.64%	-5.26%	-8.59%	-6.41%	-3.34%
Operating Return on Assets (OROA)	6.12%	9.95%	-11.71%	5.61%	5.35%	8.99%	4.85%	4.40%	2.13%	6.13%	4.68%
Return on Assets (ROA)	6.12%	10.85%	-11.71%	5.61%	5.35%	8.99%	4.01%	5.11%	4.85%	4.20%	4.68%
Return on Common Equity (ROCE)	13.58%	24.15%	-17.80%	11.93%	11.34%	19.07%	9.63%	10.68%	6.09%	9.59%	9.94%
Return on Equity Simple (ROE_SIMPLE)	6.98%	0.00%	12.81%	12.43%	11.26%	0.00%	9.29%	9.01%	8.73%	0.00%	9.67%
Net Operating Profit after Tax (NOPAT)	451	970	-145	324	353	1,051	255	319	163	496	228
NOPAT Margin	69.92%	106.13%	-79.84%	59.23%	59.93%	97.86%	58.47%	65.64%	32.21%	61.25%	59.95%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.54%	0.00%	0.00%	0.00%	0.34%	0.00%	-1.43%	0.30%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.08%	2.63%	214.05%	40.77%	40.07%	2.14%	41.53%	43.42%	67.79%	18.51%	40.05%
Earnings before Interest and Taxes (EBIT)	451	890	-208	324	353	1,051	255	275	163	660	228
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	455	890	-206	326	355	1,055	259	279	168	664	234
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.87	0.91	0.00	0.96	0.99	1.04	1.09	1.06	1.01	1.01	0.92
Price to Tangible Book Value (P/TBV)	0.87	0.91	0.00	0.96	0.99	1.04	1.09	1.06	1.01	1.01	0.92
Price to Revenue (P/Rev)	4.80	4.31	0.00	5.17	5.66	5.78	6.83	6.90	7.51	6.47	5.62
Price to Earnings (P/E)	8.86	6.68	0.00	8.26	9.52	9.08	11.32	10.95	10.56	11.15	11.25
Dividend Yield	8.67%	10.75%	10.10%	9.86%	9.59%	8.97%	8.66%	8.94%	9.41%	9.49%	10.65%
Earnings Yield	11.29%	14.96%	0.00%	12.10%	10.51%	11.01%	8.83%	9.13%	9.47%	8.97%	8.89%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.93	0.00	0.95	0.97	0.99	1.02	1.00	0.96	0.97	0.94
Enterprise Value to Revenue (EV/Rev)	10.37	9.12	0.00	10.62	11.44	11.17	12.87	13.16	15.00	13.20	12.23
Enterprise Value to EBITDA (EV/EBITDA)	22.32	13.38	0.00	16.59	18.71	17.47	20.69	21.59	27.30	21.56	20.40
Enterprise Value to EBIT (EV/EBIT)	22.56	13.44	0.00	16.68	18.79	17.58	20.88	21.83	27.75	21.83	20.69
Enterprise Value to NOPAT (EV/NOPAT)	26.63	13.44	0.00	15.81	17.75	17.58	22.10	23.15	23.84	21.83	20.69
Enterprise Value to Operating Cash Flow (EV/OCF)	39.99	42.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	65.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.07	1.06	0.99	1.06	1.06	1.03	1.02	1.01	1.09	1.12	1.13
Long-Term Debt to Equity	1.07	1.06	0.99	1.05	1.06	1.03	1.02	1.01	1.09	1.12	1.13
Financial Leverage	1.16	1.17	1.05	1.08	1.06	1.05	1.00	1.03	1.08	1.08	1.07
Leverage Ratio	2.22	2.23	2.10	2.13	2.12	2.12	2.06	2.09	2.14	2.15	2.13
Compound Leverage Factor	2.22	2.43	2.10	2.13	2.12	2.12	1.70	2.09	4.86	1.62	2.13
Debt to Total Capital	51.65%	51.55%	49.70%	51.53%	51.45%	50.75%	50.45%	50.13%	52.14%	52.76%	52.98%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	51.65%	51.55%	49.70%	50.93%	51.45%	50.75%	50.45%	50.13%	52.14%	52.76%	52.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	48.35%	48.45%	50.30%	48.47%	48.55%	49.26%	49.55%	49.87%	47.86%	47.24%	47.02%
Debt to EBITDA	12.64	7.40	7.67	8.98	9.92	8.99	10.27	10.78	14.82	11.67	11.49
Net Debt to EBITDA	11.98	7.05	7.29	8.51	9.46	8.43	9.72	10.27	13.63	11.00	11.02
Long-Term Debt to EBITDA	12.64	7.40	7.67	8.87	9.92	8.99	10.27	10.78	14.82	11.67	11.49
Debt to NOPAT	15.08	7.44	7.71	8.55	9.41	9.05	10.96	11.56	12.94	11.82	11.66
Net Debt to NOPAT	14.29	7.09	7.33	8.11	8.97	8.49	10.38	11.01	11.90	11.13	11.17
Long-Term Debt to NOPAT	15.08	7.44	7.71	8.46	9.41	9.05	10.96	11.56	12.94	11.82	11.66
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-584	-306	-2,453	-3,339	-3,588	-2,944	-3,738	-2,314	-3,457	-2,699	-2,092
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.03	-1.03	-15.43	-19.19	-18.40	-15.74	-20.10	-12.31	0.00	-6.44	-9.82
Operating Cash Flow to Interest Expense	0.32	-1.20	-0.13	-7.57	-2.67	-1.43	-1.61	-1.16	0.00	-1.02	0.86
Operating Cash Flow Less CapEx to Interest Expense	0.32	-1.20	-0.13	-7.57	-2.67	-1.43	-1.61	-1.16	0.00	-1.02	0.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.10	0.10	0.09	0.09	0.09	0.08	0.08	0.07	0.08	0.08
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,366	23,119	23,601	25,510	26,307	27,114	27,594	28,143	29,927	30,309	29,913
Invested Capital Turnover	0.09	0.11	0.11	0.10	0.09	0.10	0.09	0.08	0.07	0.08	0.08
Increase / (Decrease) in Invested Capital	1,035	1,275	2,308	3,663	3,941	3,995	3,993	2,633	3,620	3,195	2,319
Enterprise Value (EV)	20,396	21,528	0.00	24,297	25,534	26,725	28,060	28,263	28,748	29,546	28,132
Market Capitalization	9,450	10,174	0.00	11,832	12,624	13,826	14,880	14,818	14,397	14,479	12,939
Book Value per Share	$19.40	$19.67	$20.09	$20.34	$20.26	$20.67	$20.22	$20.35	$20.30	$20.00	$19.59
Tangible Book Value per Share	$19.40	$19.67	$20.09	$20.34	$20.26	$20.67	$20.22	$20.35	$20.30	$20.00	$19.59
Total Capital	22,366	23,119	23,601	25,510	26,307	27,114	27,594	28,143	29,927	30,309	29,913
Total Debt	11,551	11,918	11,729	13,146	13,534	13,759	13,922	14,109	15,605	15,991	15,848
Total Long-Term Debt	11,551	11,918	11,729	12,993	13,534	13,759	13,922	14,109	15,605	15,991	15,848
Net Debt	10,946	11,354	11,152	12,465	12,910	12,899	13,180	13,445	14,351	15,067	15,193
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	62	0.00	0.00	0.00	44	0.00	-208	44	0.00
Net Nonoperating Obligations (NNO)	11,551	11,918	11,729	13,146	13,534	13,759	13,922	14,109	15,605	15,991	15,848
Total Depreciation and Amortization (D&A)	4.00	0.00	2.00	2.00	2.00	4.00	4.00	4.00	5.00	4.00	6.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.89	$0.73	$0.76	$0.52	$0.62	$0.54	$0.36	$0.52	$0.57	$0.41	$0.13
Adjusted Weighted Average Basic Shares Outstanding	562M	554M	591M	616M	635M	624M	676M	695M	709M	699M	718M
Adjusted Diluted Earnings per Share	$0.87	$0.71	$0.76	$0.52	$0.62	$0.54	$0.36	$0.52	$0.57	$0.41	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	582M	575M	591M	616M	635M	624M	676M	695M	709M	699M	718M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	569.44M	582.31M	607.76M	630.39M	646.08M	671.48M	689.63M	705.37M	715.73M	718.02M	718.02M
Normalized Net Operating Profit after Tax (NOPAT)	297	679	-136	227	259	736	178	193	114	347	159
Normalized NOPAT Margin	46.02%	74.29%	-74.46%	41.46%	43.97%	68.50%	40.93%	39.61%	22.55%	42.88%	41.96%
Pre Tax Income Margin	69.92%	106.13%	-114.05%	59.23%	59.93%	97.86%	48.37%	56.58%	73.32%	61.25%	59.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.11	2.98	-1.31	1.86	1.81	5.62	1.37	1.46	0.00	1.58	1.07
NOPAT to Interest Expense	3.11	3.25	-0.91	1.86	1.81	5.62	1.37	1.70	0.00	1.18	1.07
EBIT Less CapEx to Interest Expense	3.11	2.98	-1.31	1.86	1.81	5.62	1.37	1.46	0.00	1.58	1.07
NOPAT Less CapEx to Interest Expense	3.11	3.25	-0.91	1.86	1.81	5.62	1.37	1.70	0.00	1.18	1.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	134.44%	64.38%	68.39%	69.37%	76.39%	74.93%	92.68%	96.06%	99.85%	93.41%	95.68%
Augmented Payout Ratio	134.44%	64.38%	68.39%	69.37%	76.39%	74.93%	92.68%	96.06%	99.85%	93.41%	95.68%

Financials Breakdown Chart

Key Financial Trends

Ares Capital (NASDAQ: ARCC) showed a solid rebound in early 2026, but the quarterly numbers also highlight how dependent results can be on investment gains and balance sheet activity.

Q1 2026 earnings improved from the prior quarter. Total revenue fell to $379.5 million from $810.4 million in Q4 2025, but ARCC still produced $227.5 million of pre-tax income and $92 million of net income attributable to common shareholders.
Interest income remained strong. Investment securities interest income was $642 million in Q1 2026, up from $555 million in Q3 2025, showing the portfolio continued to generate meaningful income.
Operating cash flow turned positive. ARCC generated $184 million of operating cash flow in Q1 2026, a sharp improvement from negative $427 million in Q4 2025.
Liquidity remains ample. Cash and restricted cash totaled $655 million at the end of Q1 2026, giving the company flexibility even as it manages a large debt portfolio.
Equity base remains substantial. Total common equity was $14.1 billion at Q1 2026, providing a sizable buffer relative to liabilities.
Asset size stayed relatively stable. Total assets were $30.7 billion in Q1 2026, only slightly above $30.8 billion in Q3 2025 and above $28.3 billion in Q1 2025.
Debt levels are significant but manageable for a BDC. Long-term debt stood at $15.8 billion in Q1 2026, up from $13.9 billion in Q1 2025, reflecting active leverage usage to support income generation.
Dividend coverage looked better than in some prior quarters, but not perfectly consistent. ARCC declared $0.48 per share in common dividends, while basic EPS in Q1 2026 was $0.13; however, BDC earnings can vary widely quarter to quarter because unrealized gains and portfolio marks matter.
Non-interest income was a drag in Q1 2026. ARCC posted a $49.5 million loss in total non-interest income, driven by a $192.5 million net realized and unrealized capital loss on investments.
Cash declined during the quarter. Net change in cash and equivalents was negative $269 million in Q1 2026, mainly because dividends and debt repayment exceeded operating cash generation.

Longer-term trend: ARCC’s results over the last four years have been strong overall, but lumpy. Revenue and earnings improved materially from the 2022 period, when several quarters showed pressure from investment losses and negative operating cash flow. By 2024 and 2025, the company generally produced stronger interest income and better profitability, though quarterly swings in realized and unrealized gains continue to create volatility.

Bottom line: ARCC still looks like a large, income-producing BDC with solid liquidity and a strong equity cushion, but investors should expect quarter-to-quarter volatility because investment marks and financing activity can swing results materially.

06/16/26 03:53 AM ETAI Generated. May Contain Errors.

Ares Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ares Capital's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ares Capital's net income appears to be on an upward trend, with a most recent value of $1.35 billion in 2025, rising from $484 million in 2020. The previous period was $1.52 billion in 2024. See where experts think Ares Capital is headed by visiting Ares Capital's forecast page.

Over the last 5 years, Ares Capital's total revenue changed from $1.51 billion in 2020 to $2.24 billion in 2025, a change of 48.1%.

Ares Capital's total liabilities were at $16.92 billion at the end of 2025, a 13.5% increase from 2024, and a 41.3% increase since 2021.

In the past 4 years, Ares Capital's cash and equivalents has ranged from $303 million in 2022 to $638 million in 2025, and is currently $638 million as of their latest financial filing in 2025.

Over the last 5 years, Ares Capital's book value per share changed from 0.00 in 2020 to 20.00 in 2025, a change of 2,000.5%.

Related Companies

Financial statements for NASDAQ:ARCC last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Ares Capital (ARCC) Financials

Financials Breakdown Chart

Key Financial Trends

Ares Capital Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Ares Capital (ARCC) Financials

Annual Income Statements for Ares Capital

Quarterly Income Statements for Ares Capital

Annual Cash Flow Statements for Ares Capital

Quarterly Cash Flow Statements for Ares Capital

Annual Balance Sheets for Ares Capital

Quarterly Balance Sheets for Ares Capital

Annual Metrics And Ratios for Ares Capital

Quarterly Metrics And Ratios for Ares Capital

Financials Breakdown Chart

Key Financial Trends

Ares Capital Financials - Frequently Asked Questions

When does Ares Capital's financial year end?

How has Ares Capital's net income changed over the last 5 years?

How has Ares Capital's revenue changed over the last 5 years?

How much debt does Ares Capital have?

How much cash does Ares Capital have?

How has Ares Capital's book value per share changed over the last 5 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools