Ares Management Corporation · ARES · FY2025 Q2 · Calendar Q3 2025

Ares: Fundraising momentum continues as GCP expands growth avenues

The supplied analysis supports a constructive but conditional view: fundraising, fee-paying AUM growth, private credit, secondaries, wealth distribution, and insurance expansion provide growth drivers, while GCP integration, fee pressure, deployment timing, and market volatility could limit conversion into durable earnings growth.

Reported Before market openNYSEFinancial Services $38.61B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.03 Consensus $1.08
EPS surprise -4.6% Reported versus consensus
Reported revenue $1.35B Consensus $1.01B
Revenue surprise +33.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.5% Event window
SPY move -1.6% Same window
Abnormal move +0.2% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift -2.0% Up to 20 sessions
ARESSPY benchmark

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Transcript intelligence

What changed

Compared with the prior analysis, the current quarter showed continued fundraising momentum, stronger fee-paying AUM and management-fee growth, and more concrete GCP-related data-center and industrial development opportunities. Wealth and insurance distribution also expanded, while margin effects from integration and deployment of non-fee-paying AUM remained important execution questions.

Guidance delta

Management's guidance sentiment was maintained; no change was supplied.

Key takeaways

  • Ares raised $26 billion in the quarter, with management describing fundraising momentum as on pace to exceed the prior year's record total.
  • AUM rose 19% quarter over quarter, fee-paying AUM increased 17%, and management fees rose 24% year over year.
  • The GCP acquisition added data-center and industrial development fee streams, while modest short-term margin pressure remains an execution consideration.

Management priorities

  • Expand data-center funds and development projects in Japan and Europe.
  • Launch additional secondaries funds across credit, infrastructure, and real estate.
  • Deepen wealth-platform partnerships and grow global advisory coverage.

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Earnings History

Estimate Beat Miss Match
ARES EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $0.92 Q1 '24 actual $0.80, miss Q2 '24 estimate $0.98 Q2 '24 actual $0.99, match Q3 '24 estimate $0.94 Q3 '24 actual $0.95, beat Q2 '25 estimate $1.08 Q2 '25 actual $1.03, miss Q3 '25 estimate $1.15 Q3 '25 actual $1.19, beat Q4 '25 estimate $1.69 Q4 '25 actual $1.45, miss Q1 '26 estimate $1.33 Q1 '26 actual $1.24, miss Q2 '26 estimate $1.28 Q2 '26 actual $1.29, match Q3 '26 estimate $1.31 Q4 '26 estimate $1.99 Q1 '27 estimate $1.55
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Analyst Consensus ?

ConsensusBuy22 ratings
Bullish1881.8%
Neutral418.2%
Bearish00.0%

Analyst 52W Price Targets

$117.69Current
$62Low
$158.37Average
$210High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Oppenheimer Outperform OutperformMaintainAug 27, 2026
TD Cowen Buy BuyMaintainAug 3, 2026
RBC Capital Outperform OutperformMaintainAug 3, 2026
JP Morgan Overweight OverweightMaintainAug 3, 2026
BMO Capital Market Perform Market PerformMaintainAug 3, 2026
Citizens Market Outperform Market OutperformMaintainJul 9, 2026
Barclays Overweight OverweightMaintainJul 9, 2026
Morgan Stanley Equal Weight Equal WeightMaintainApr 21, 2026
Goldman Sachs Buy BuyMaintainApr 7, 2026
Raymond James Strong Buy Market PerformUpgradeFeb 9, 2026
Deutsche Bank Buy HoldUpgradeFeb 9, 2026
UBS Neutral NeutralMaintainJan 13, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainNov 4, 2025
B of A Securities Buy BuyMaintainOct 3, 2025
JMP Securities Market Outperform Market OutperformMaintainAug 6, 2025
Wells Fargo Overweight OverweightMaintainJul 11, 2025
Jefferies Hold HoldMaintainMay 9, 2024
Piper Sandler Overweight OverweightMaintainFeb 13, 2023
SunTrust Robinson Humphrey Buy BuyMaintainNov 25, 2020
Keefe Bruyette & Woods Outperform OutperformMaintainNov 25, 2020
Credit Suisse Outperform NeutralUpgradeNov 25, 2020
Bank of America Buy NeutralUpgradeNov 25, 2020
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Named analyst price targets

Upside is calculated against the persisted current price $117.69. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoDaniel Welden$136$116.57 +15.6%Oct 1, 2026
Piper SandlerCrispin Love$150$121.48 +27.5%Sep 24, 2026
RBC CapitalBart Dziarski$168$134.39 +42.7%Aug 3, 2026
Deutsche BankAnalyst unavailable$144$135.01 +22.4%Aug 3, 2026
OppenheimerAnalyst unavailable$151$133.2 +28.3%Aug 3, 2026
BMO CapitalBrennan Hawken$134$128.09 +13.9%Aug 3, 2026
Morgan StanleyAnalyst unavailable$160$121.14 +36.0%Jul 21, 2026
BMO CapitalAnalyst unavailable$128$122.06 +8.8%Jul 13, 2026
BarclaysAnalyst unavailable$139$120.29 +18.1%Jul 9, 2026
BarclaysAnalyst unavailable$140$119.06 +19.0%May 4, 2026
Morgan StanleyAnalyst unavailable$163$122.32 +38.5%Apr 21, 2026
RBC CapitalBart Dziarski$173$115.94 +47.0%Feb 24, 2026
UBSAnalyst unavailable$148$128.16 +25.8%Feb 20, 2026
RBC CapitalAnalyst unavailable$180$135.12 +52.9%Feb 9, 2026
OppenheimerAnalyst unavailable$215$128.94 +82.7%Feb 6, 2026
Goldman SachsAnalyst unavailable$165$128.7 +40.2%Feb 6, 2026
BarclaysAnalyst unavailable$190$121.87 +61.4%Feb 6, 2026
Deutsche BankBrian Bedell$155$121.87 +31.7%Feb 6, 2026
Morgan StanleyAnalyst unavailable$178$149.69 +51.2%Jan 27, 2026
OppenheimerAnalyst unavailable$224$167.03 +90.3%Jan 20, 2026
UBSAnalyst unavailable$198$169.5 +68.2%Jan 13, 2026
BarclaysAnalyst unavailable$222$175.75 +88.6%Jan 9, 2026
Wolfe ResearchAnalyst unavailable$210$172.84 +78.4%Jan 7, 2026
BarclaysAnalyst unavailable$218$176.82 +85.2%Dec 12, 2025
UBSMichael Brown$201$178.3 +70.8%Dec 11, 2025
OppenheimerChris Kotowski$190$153.75 +61.4%Nov 4, 2025
Morgan StanleyAnalyst unavailable$175$149.21 +48.7%Oct 21, 2025
OppenheimerAnalyst unavailable$180$143.63 +52.9%Oct 14, 2025
BarclaysAnalyst unavailable$187$148.64 +58.9%Oct 8, 2025
JMP SecuritiesBrian McKenna$195$180.34 +65.7%Jul 14, 2025
Wolfe ResearchSteven Chubak$193$159.63 +64.0%May 6, 2025
BarclaysBenjamin Budish$182$160.96 +54.6%May 6, 2025
Wolfe ResearchSteven Chubak$218$180.87 +85.2%Jan 3, 2025
RBC CapitalKenneth Lee$205$176.11 +74.2%Dec 10, 2024
RBC CapitalKenneth Lee$170$157.81 +44.4%Oct 11, 2024
Morgan StanleyMichael Cyprys$162$156.95 +37.6%Oct 10, 2024
BarclaysBenjamin Budish$174$160.39 +47.8%Oct 7, 2024
CFRAKenneth Leon$170$156.38 +44.4%Sep 23, 2024
Wells FargoMichael Brown$156$141.46 +32.6%Sep 11, 2024
Redburn PartnersNicholas Watts$140$146.96 +19.0%Aug 27, 2024
BarclaysBenjamin Budish$155$139.26 +31.7%Aug 5, 2024
CFRAKenneth Leon$155$139.26 +31.7%Aug 2, 2024
BarclaysBenjamin Budish$151$134.78 +28.3%Jul 10, 2024
Deutsche BankBrian Bedell$132$137.49 +12.2%Jun 13, 2024
Deutsche BankBrian Bedell$176$146.7 +49.5%May 28, 2024
UBSBrent Dilts$160$146.31 +36.0%May 22, 2024
RBC CapitalKenneth Lee$150$136.17 +27.5%May 7, 2024
BarclaysBenjamin Budish$150$134.64 +27.5%May 3, 2024
BarclaysAnalyst unavailable$87$75.1 -26.1%Jan 12, 2023
BarclaysAnalyst unavailable$82$68.14 -30.3%Dec 19, 2022
UBSAnalyst unavailable$95$79.53 -19.3%Nov 15, 2022
BMO CapitalAnalyst unavailable$87$68.79 -26.1%Apr 29, 2022
Morgan StanleyAnalyst unavailable$90$81.94 -23.5%Apr 20, 2022
Wells FargoAnalyst unavailable$92$79.71 -21.8%Apr 19, 2022
BarclaysJeremy Campbell$62$53.55 -47.3%Apr 12, 2021
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Company context

Snapshot as of publication

Ares Management Corporation functions as an investment firm specializing in alternative assets, with operations spanning the United States, Europe, and Asia. Its Tradable Credit division oversees diverse investment vehicles, including pooled funds and separately managed accounts for institutional investors, alongside publicly traded products and sub-advised funds aimed at retail investors, all within the tradable and non-investment grade corporate credit markets. The Direct Lending segment delivers financial solutions to small and medium-sized businesses.…

Historical context

All ARES earnings

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-05T14:40:43.622608+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T14:40:43.620270+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.