ARCC FY 2024 Earnings Report — Ares Capital Corporation Revenue & Financial Results | Market Cap Arena

Ares Capital CorporationARCC

FY 2024 Earnings

Reported February 4, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2024	Prior Q	FY 2023	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.2B	—	9.3%
Op. Income	$1.6B	—	$1.5B	—	3.4%
Gross Margin	72.2%	—	75.5%	—	-3.4pp
Net Margin	64.3%	—	70.3%	—	-6.0pp
EPS (Diluted)	$2.44	—	$2.68	—	-9.0%
Free Cash Flow	$1.3B	—	$1.0B	—	28.2%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$659M
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$43M
SG&A Expenses	$43M
Other Expenses	$70M
Operating Expenses	$113M
Cost & Expenses	$772M
OPERATING INCOME	$1.6B
Interest Income	$2.2B
Interest Expense	$659M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$73M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$0
EBIT	$1.6B
EBITDA	$1.6B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$659M
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$43M
SG&A Expenses	$43M
Other Expenses	$70M
Operating Expenses	$113M
Cost & Expenses	$772M
OPERATING INCOME	$1.6B
Interest Income	$2.2B
Interest Expense	$659M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$73M
Net Income from Continuing Ops	$1.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.5B
D&A	$0
EBIT	$1.6B
EBITDA	$1.6B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.5B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$430M
Change in Working Capital	$190M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$12.6B
Sales/Maturities of Investments	$9.2B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$3.4B
Net Debt Issuance	$2.3B
Common Stock Repurchased	$0
Common Dividends Paid	-$1.1B
Other Financing Activities	-$59M
NET CASH FROM FINANCING	$2.4B
FREE CASH FLOW	$1.3B
Net Change in Cash	$296M

Balance Sheet

Item	Amount
Cash & Equivalents	$635M
Short-Term Investments	$0
Net Receivables	$516M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$26.7B
Tax Assets	$0
Other Non-Current Assets	$381M
TOTAL NON-CURRENT ASSETS	$27.1B
TOTAL ASSETS	$28.3B
Account Payables	$406M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$406M
Long-Term Debt	$13.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$734M
TOTAL NON-CURRENT LIABILITIES	$14.5B
TOTAL LIABILITIES	$14.9B
Common Stock	$1M
Additional Paid-In Capital	$12.5B
Retained Earnings	$852M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.4B
Minority Interest	$0
TOTAL EQUITY	$13.4B
TOTAL LIABILITIES & EQUITY	$28.3B
Total Debt	$13.8B
Net Debt	$13.1B