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Ares Capital (ARCC) Financials

Ares Capital logo
$19.16 -0.19 (-0.98%)
Closing price 04:00 PM Eastern
Extended Trading
$19.18 +0.02 (+0.13%)
As of 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Ares Capital

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

Quarterly Income Statements for Ares Capital

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

Annual Cash Flow Statements for Ares Capital

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

Quarterly Cash Flow Statements for Ares Capital

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

Annual Balance Sheets for Ares Capital

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

Quarterly Balance Sheets for Ares Capital

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

Annual Metrics And Ratios for Ares Capital

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%

Quarterly Metrics And Ratios for Ares Capital

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

Frequently Asked Questions About Ares Capital's Financials

When does Ares Capital's financial year end?

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.

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

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. Check out Ares Capital's forecast to explore projected trends and price targets.

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

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%.

How much debt does Ares Capital have?

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.

How much cash does Ares Capital have?

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.

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

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%.


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