Analyst Consensus ?
ConsensusBuy22 ratings
Bullish1881.8%
Neutral418.2%
Bearish00.0%
Ares Management Corporation · ARES · FY2026 Q2 · Calendar Q3 2026
ARES Q2: Record fundraising supports continued fee-related growth
The quarter supports a constructive earnings-growth case: record fundraising, expanding fee-related earnings and durable institutional demand improve the setup for future fee-paying AUM growth. The thesis still depends on deployment, wealth-channel stabilization and successful integration of acquisitions.
Reported Before market openNYSEFinancial Services
$40.96B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.29
Consensus $1.28
EPS surprise
+0.8%
Reported versus consensus
Reported revenue
$1.43B
Consensus $1.24B
Revenue surprise
+15.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.2%
Event window
SPY move
+0.7%
Same window
Abnormal move
+2.5%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+11.3%
Up to 20 sessions
ARESSPY benchmark
Ask FN2 about ARES FY2026 Q2
Transcript, numbers and history already loaded
Why did ARES rise 3.2% after beating EPS estimates in FY2026 Q2?What changed in ARES's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ARES after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, fundraising increased from a record $30 billion to $36 billion, AUM reached $671 billion, and management highlighted accelerating institutional private-credit demand alongside stabilized wealth outflows. New product launches and acquisitions broadened the platform, while AI and technology investment became a more explicit efficiency priority.
Guidance delta
Management maintained its outlook and targeted the upper end of the 0–150 basis-point margin-expansion range.
Key takeaways
- Management reported record Q2 fundraising of $36 billion and $170 billion of dry powder.
- Fee-related earnings rose 20%, while fee-paying AUM in the insurance franchise grew 54% year over year.
- Institutional private-credit demand accelerated and wealth-channel outflows stabilized, but deployment and redemption trends remain important variables.
Management priorities
- Scale private-credit, infrastructure, insurance and wealth-management products.
- Advance Evergreen Core, European direct lending, Japan Industrial Development and infrastructure-debt funds.
- Use acquisitions, technology and AI integration to expand capabilities and improve efficiency.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$124.72Current
$62Low
$159.6Average
$210High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Oppenheimer | Outperform | Outperform | Maintain | Aug 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 3, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 3, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 3, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 3, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Jul 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 9, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 21, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 7, 2026 |
| Raymond James | Strong Buy | Market Perform | Upgrade | Feb 9, 2026 |
| Deutsche Bank | Buy | Hold | Upgrade | Feb 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Jan 13, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Nov 4, 2025 |
| B of A Securities | Buy | Buy | Maintain | Oct 3, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Aug 6, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 11, 2025 |
| Jefferies | Hold | Hold | Maintain | May 9, 2024 |
| Piper Sandler | Overweight | Overweight | Maintain | Feb 13, 2023 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Nov 25, 2020 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Credit Suisse | Outperform | Neutral | Upgrade | Nov 25, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Nov 25, 2020 |
Named analyst price targets
Upside is calculated against the persisted current price $124.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Bart Dziarski | $168 | $134.39 | +34.7% | Aug 3, 2026 |
| Deutsche Bank | Analyst unavailable | $144 | $135.01 | +15.5% | Aug 3, 2026 |
| Oppenheimer | Analyst unavailable | $151 | $133.2 | +21.1% | Aug 3, 2026 |
| BMO Capital | Brennan Hawken | $134 | $128.09 | +7.4% | Aug 3, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $121.14 | +28.3% | Jul 21, 2026 |
| BMO Capital | Analyst unavailable | $128 | $122.06 | +2.6% | Jul 13, 2026 |
| Barclays | Analyst unavailable | $139 | $120.29 | +11.4% | Jul 9, 2026 |
| Barclays | Analyst unavailable | $140 | $119.06 | +12.3% | May 4, 2026 |
| Morgan Stanley | Analyst unavailable | $163 | $122.32 | +30.7% | Apr 21, 2026 |
| RBC Capital | Bart Dziarski | $173 | $115.94 | +38.7% | Feb 24, 2026 |
| UBS | Analyst unavailable | $148 | $128.16 | +18.7% | Feb 20, 2026 |
| RBC Capital | Analyst unavailable | $180 | $135.12 | +44.3% | Feb 9, 2026 |
| Oppenheimer | Analyst unavailable | $215 | $128.94 | +72.4% | Feb 6, 2026 |
| Goldman Sachs | Analyst unavailable | $165 | $128.7 | +32.3% | Feb 6, 2026 |
| Barclays | Analyst unavailable | $190 | $121.87 | +52.3% | Feb 6, 2026 |
| Deutsche Bank | Brian Bedell | $155 | $121.87 | +24.3% | Feb 6, 2026 |
| Morgan Stanley | Analyst unavailable | $178 | $149.69 | +42.7% | Jan 27, 2026 |
| Oppenheimer | Analyst unavailable | $224 | $167.03 | +79.6% | Jan 20, 2026 |
| UBS | Analyst unavailable | $198 | $169.5 | +58.8% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $222 | $175.75 | +78.0% | Jan 9, 2026 |
| Wolfe Research | Analyst unavailable | $210 | $172.84 | +68.4% | Jan 7, 2026 |
| Barclays | Analyst unavailable | $218 | $176.82 | +74.8% | Dec 12, 2025 |
| UBS | Michael Brown | $201 | $178.3 | +61.2% | Dec 11, 2025 |
| Oppenheimer | Chris Kotowski | $190 | $153.75 | +52.3% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $175 | $149.21 | +40.3% | Oct 21, 2025 |
| Oppenheimer | Analyst unavailable | $180 | $143.63 | +44.3% | Oct 14, 2025 |
| Barclays | Analyst unavailable | $187 | $148.64 | +49.9% | Oct 8, 2025 |
| JMP Securities | Brian McKenna | $195 | $180.34 | +56.4% | Jul 14, 2025 |
| Wolfe Research | Steven Chubak | $193 | $159.63 | +54.7% | May 6, 2025 |
| Barclays | Benjamin Budish | $182 | $160.96 | +45.9% | May 6, 2025 |
| Wolfe Research | Steven Chubak | $218 | $180.87 | +74.8% | Jan 3, 2025 |
| RBC Capital | Kenneth Lee | $205 | $176.11 | +64.4% | Dec 10, 2024 |
| RBC Capital | Kenneth Lee | $170 | $157.81 | +36.3% | Oct 11, 2024 |
| Morgan Stanley | Michael Cyprys | $162 | $156.95 | +29.9% | Oct 10, 2024 |
| Barclays | Benjamin Budish | $174 | $160.39 | +39.5% | Oct 7, 2024 |
| CFRA | Kenneth Leon | $170 | $156.38 | +36.3% | Sep 23, 2024 |
| Wells Fargo | Michael Brown | $156 | $141.46 | +25.1% | Sep 11, 2024 |
| Redburn Partners | Nicholas Watts | $140 | $146.96 | +12.3% | Aug 27, 2024 |
| Barclays | Benjamin Budish | $155 | $139.26 | +24.3% | Aug 5, 2024 |
| CFRA | Kenneth Leon | $155 | $139.26 | +24.3% | Aug 2, 2024 |
| Barclays | Benjamin Budish | $151 | $134.78 | +21.1% | Jul 10, 2024 |
| Deutsche Bank | Brian Bedell | $132 | $137.49 | +5.8% | Jun 13, 2024 |
| Deutsche Bank | Brian Bedell | $176 | $146.7 | +41.1% | May 28, 2024 |
| UBS | Brent Dilts | $160 | $146.31 | +28.3% | May 22, 2024 |
| RBC Capital | Kenneth Lee | $150 | $136.17 | +20.3% | May 7, 2024 |
| Barclays | Benjamin Budish | $150 | $134.64 | +20.3% | May 3, 2024 |
| Barclays | Analyst unavailable | $87 | $75.1 | -30.2% | Jan 12, 2023 |
| Barclays | Analyst unavailable | $82 | $68.14 | -34.3% | Dec 19, 2022 |
| UBS | Analyst unavailable | $95 | $79.53 | -23.8% | Nov 15, 2022 |
| BMO Capital | Analyst unavailable | $87 | $68.79 | -30.2% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $90 | $81.94 | -27.8% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $92 | $79.71 | -26.2% | Apr 19, 2022 |
| Barclays | Jeremy Campbell | $62 | $53.55 | -50.3% | Apr 12, 2021 |
Track every rating change on ARES the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAres 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 earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the ARES recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-31T19:08:03.618314+00:00
- FN2 earnings calendar · 2026-09-05T01:23:14.965082+00:00
- Polygon adjusted daily market bars · 2026-09-23T06:10:55.039911+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T06:10:55.036811+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 2026-09-23. For educational purposes only; not investment advice.