Management Fees was Ares Management’s largest product and service line in fiscal 2025, bringing in $3.68B of $5.60B (66%).
| Product and Service | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Management Fees | $2.14B | $2.55B | $2.94B | $3.68B | |||||
| Carried Interest | $458.01M | $618.58M | $390.18M | $1.15B | |||||
| Carried Interest Allocation | — | — | — | — | |||||
| Incentive Fees | $301.19M | $276.63M | $344.16M | $362.45M | |||||
| Administrative, Transaction & Other Fees | $147.53M | $149.01M | $162.89M | $356.44M | |||||
| Principal Investment Income (Loss) | — | — | — | — | |||||
| Principal Investment Income | $12.28M | $36.52M | $45.42M | $48.15M | |||||
| Other Fees | — | — | — | — | |||||
| Total | $3.06B | $3.63B | $3.88B | $5.60B |
Ares Management brought in $5.60B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 44.2% from $3.88B in fiscal 2024. Management Fees was the largest at $3.68B (65.7%), ahead of Carried Interest at $1.15B (20.6%) and Incentive Fees at $362.45M (6.5%). The other two lines brought in $404.59M combined.
Compared with fiscal 2024, Carried Interest grew fastest, up 195.8% to $1.15B. Every line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these lines grew from $3.06B to $5.60B, a compound annual growth rate of 22.4%. Management Fees' share of the total fell from 69.9% to 65.7%.
As Previously Reported was Ares Management’s largest revenue line in fiscal 2017, bringing in $1.42B of $1.48B (96%).
| Revision of Prior Period | FY 2016 | FY 2017 |
|---|---|---|
| As Previously Reported | — | $1.42B |
| As Originally Reported | $1.20B | — |
| Adjustments | — | $64.44M |
| Total | $1.20B | $1.48B |
Ares Management brought in $1.48B from its two revenue lines in fiscal 2017, the year ended December 31, 2017. Ares Management regrouped these revenue lines after fiscal 2016, so the total does not compare directly with that year's $1.20B. As Previously Reported was the largest at $1.42B (95.6%), ahead of Adjustments at $64.44M (4.4%).
Ares Management began breaking out As Previously Reported in fiscal 2017 and Adjustments in fiscal 2017. Ares Management stopped reporting As Originally Reported as a separate revenue line after fiscal 2016, when it brought in $1.20B.
Reportable Legal Entity was Ares Management’s largest segment in fiscal 2017, bringing in $744.83M of $1.49B (50%).
| Segment | FY 2017 |
|---|---|
| Reportable Legal Entity | $744.83M |
| Credit Group | $481.47M |
| Private Equity Group | $198.50M |
| Real Estate Group | $64.86M |
| Total | $1.49B |
Ares Management brought in $1.49B from its four segments in fiscal 2017, the year ended December 31, 2017. Reportable Legal Entity was the largest at $744.83M (50.0%), ahead of Credit Group at $481.47M (32.3%) and Private Equity Group at $198.50M (13.3%). The remaining segment, Real Estate Group, brought in $64.86M.
Ares Management (ARES) reports its revenue by product and service, by revision of prior period and by segment. In fiscal 2025, Management Fees was its largest product and service line, bringing in $3.68B (65.7% of the total), followed by Carried Interest at $1.15B (20.6%).
Management Fees was Ares Management's largest product and service line in fiscal 2025, bringing in $3.68B, or 65.7% of the $5.60B total across its five product and service lines.
As Previously Reported was Ares Management's largest revenue line in fiscal 2017, bringing in $1.42B, or 95.6% of the $1.48B total across its two revenue lines.
Reportable Legal Entity was Ares Management's largest segment in fiscal 2017, bringing in $744.83M, or 50.0% of the $1.49B total across its four segments.
Among Ares Management's product and service lines that make up at least 2% of revenue, Carried Interest grew fastest in fiscal 2025, up 195.8% from $390.18M to $1.15B.
Every figure comes from Ares Management's annual financial filings, as reported. Each line keeps the name Ares Management gives it, and years follow its fiscal calendar.
Ares Management's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.