ARCC

MKT CAP:$13B

Ares Capital Corporation

Market Cap

$13B

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$18.62-$1.82 (-8.90%)

Apr 23, 2026

Company Details

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth c...

CEO

Kort Schnabel

IPO Date

Oct 5, 2004

Website

www.arescapitalcorp.com

Key Metrics TTM

Revenue

$2.3B

-1.5% YoY

Net Income

$1.3B

EPS (Diluted)

$1.86

Free Cash Flow

$1.1B

Revenue / Share

$3.31

Gross Margin

68.6%

Operating Margin

68.5%

Net Margin

56.1%

FCF Margin

49.3%

P/S

5.8x

P/E

10.3x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

Q4 2025

Feb 4, 2026

$635M+12.0%EPS $0.41

Q3 2025

Oct 27, 2025

$655M+6.9%EPS $0.57

Q2 2025

Jul 28, 2025

$579M+8.8%EPS $0.52

Q1 2025

Apr 28, 2025

$446M-30.2%EPS $0.36

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$375M	$292M	$224M
Q2 22	$230M	$143M	$121M
Q3 22	$249M	$144M	$118M
Q4 22	$342M	$214M	$192M
Q1 23	$429M	$302M	$280M
Q2 23	$489M	$361M	$337M
Q3 23	$660M	$528M	$503M
Q4 23	$588M	$444M	$422M
Q1 24	$639M	$495M	$456M
Q2 24	$532M	$372M	$347M
Q3 24	$613M	$432M	$406M
Q4 24	$567M	$393M	$370M
Q1 25	$446M	$274M	$248M
Q2 25	$579M	$407M	$378M
Q3 25	$655M	$460M	$431M
Q4 25	$635M	$447M	$529M

Valuation

Quarter	P/S	P/E
Q1 22	7.0x	9.5x
Q2 22	8.6x	12.9x
Q3 22	9.9x	16.6x
Q4 22	11.2x	22.3x
Q1 23	10.7x	20.1x
Q2 23	8.9x	15.1x
Q3 23	7.0x	10.4x
Q4 23	6.2x	8.8x
Q1 24	5.6x	7.9x
Q2 24	5.5x	8.0x
Q3 24	5.7x	8.5x
Q4 24	5.7x	8.8x
Q1 25	6.2x	10.2x
Q2 25	6.1x	9.9x
Q3 25	6.0x	9.8x
Q4 25	5.8x	10.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$21M	-$21M
Q2 22	$243M	$243M
Q3 22	$262M	$262M
Q4 22	$262M	$262M
Q1 23	$234M	$234M
Q2 23	$184M	$184M
Q3 23	$280M	$280M
Q4 23	$302M	$302M
Q1 24	$221M	$221M
Q2 24	$314M	$314M
Q3 24	$337M	$337M
Q4 24	$410M	$410M
Q1 25	$182M	$182M
Q2 25	$347M	$347M
Q3 25	$365M	$365M
Q4 25	$248M	$248M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-27.3%	+9.4%
Q2 22	-60.7%	+13.5%
Q3 22	-43.9%	+24.8%
Q4 22	-32.3%	+30.4%
Q1 23	+14.4%	-1.3%
Q2 23	+112.6%	+39.4%
Q3 23	+165.1%	+19.8%
Q4 23	+71.9%	+10.7%
Q1 24	+49.0%	+22.8%
Q2 24	+8.8%	+21.7%
Q3 24	-7.1%	+31.8%
Q4 24	-3.6%	+18.7%
Q1 25	-30.2%	+8.2%
Q2 25	+8.8%	+8.6%
Q3 25	+6.9%	+8.2%
Q4 25	+12.0%	-46.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 22	$10M
Q2 22	$8M
Q3 22	$11M
Q4 22	$9M
Q1 23	$10M
Q2 23	$11M
Q3 23	$12M
Q4 23	$9M
Q1 24	$10M
Q2 24	$11M
Q3 24	$12M
Q4 24	$10M
Q1 25	$12M
Q2 25	$13M
Q3 25	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$695M	$0	$695M
Q2 22	$204M	$0	$204M
Q3 22	$257M	$0	$257M
Q4 22	$303M	$0	$303M
Q1 23	$359M	$0	$359M
Q2 23	$411M	$0	$411M
Q3 23	$527M	$0	$527M
Q4 23	$535M	$0	$535M
Q1 24	$509M	$0	$509M
Q2 24	$601M	$0	$601M
Q3 24	$486M	$0	$486M
Q4 24	$635M	$0	$635M
Q1 25	$647M	$0	$647M
Q2 25	$447M	$0	$447M
Q3 25	$1.0B	$0	$1.0B
Q4 25	$924M	$0	$924M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	500M	+8.0%	+16.6%
Q2 22	514M	+2.8%	+16.8%
Q3 22	523M	+1.8%	+15.5%
Q4 22	534M	+2.1%	+15.3%
Q1 23	555M	+3.9%	+11.0%
Q2 23	567M	+2.2%	+10.3%
Q3 23	582M	+2.6%	+11.3%
Q4 23	593M	+1.9%	+11.0%
Q1 24	591M	-0.3%	+6.5%
Q2 24	616M	+4.2%	+8.6%
Q3 24	635M	+3.1%	+9.1%
Q4 24	655M	+3.1%	+10.5%
Q1 25	676M	+3.2%	+14.4%
Q2 25	695M	+2.8%	+12.8%
Q3 25	709M	+2.0%	+11.7%
Q4 25	699M	-1.4%	+6.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$178.6K	2K
Q2 22	$109.5K	2K
Q3 22	$118.6K	2K
Q4 22	$134.1K	3K
Q1 23	$168.2K	3K
Q2 23	$191.8K	3K
Q3 23	$258.8K	3K
Q4 23	$210.0K	3K
Q1 24	$228.2K	3K
Q2 24	$190.0K	3K
Q3 24	$218.9K	3K
Q4 24	$177.2K	3K
Q1 25	$139.4K	3K
Q2 25	$180.9K	3K
Q3 25	$204.7K	3K
Q4 25	$149.4K	4K

Revenue / Employee