--- title: "Ares Management: Business Model" description: "Ares Management revenue by product line from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/ares-management/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Ares Management: Business Model & Revenue Engine ## Direct Answer Ares Management reports revenue across 5 product and service lines in its fiscal 2025 Form 10-K. Management Service is the largest, with $3.7 billion of revenue (66% of the total), followed by Carried Interest at $1.2 billion (21%). ## How Does Ares Management Make Money? Management Service supplies 66% of revenue, so Ares Management's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Carried Interest grew fastest (+195.8%) and Management Service Incentive slowest (+5.3%), so the revenue mix tilts toward Carried Interest while that gap lasts. | Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Management Service | $3.7 billion | $2.9 billion | 65.7% | 25.1% | | Carried Interest | $1.2 billion | $390 million | 20.6% | 195.8% | | Management Service Incentive | $362 million | $344 million | 6.5% | 5.3% | | Administrative Service | $356 million | $163 million | 6.4% | 118.8% | | Principal Investment Income Loss | $48 million | $45 million | 0.9% | 6.0% | ![Bar chart of Ares Management revenue by product line for fiscal 2025: Management Service 65.7%, Carried Interest 20.6%, Management Service Incentive 6.5%, Administrative Service 6.4%, Principal Investment Income Loss 0.9%.](https://www.getswoopr.com/images/charts/ares-management-business-model-segment-mix.webp) *Ares Management revenue by product line as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 100% of Ares Management's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Ares Management reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001628280-26-011413), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Ares Management's main products and services? In its fiscal 2025 Form 10-K, Ares Management reports revenue for Management Service, Carried Interest, Management Service Incentive, Administrative Service and Principal Investment Income Loss. ### Which part of Ares Management brings in the most revenue? Management Service, with $3.7 billion of revenue in fiscal 2025, or 66% of the total. ### Where does Ares Management report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed February 25, 2026, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: Ares Management Corp Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/1176948/000162828026011413/ares-20251231.htm) - [SEC EDGAR: Ares Management Corp annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1176948&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Ares Management company dossier](https://www.getswoopr.com/stocks/companies/ares-management/) - [Ares Management financial metrics](https://www.getswoopr.com/stocks/companies/ares-management/metrics/) - [Ares Management financial risk indicators](https://www.getswoopr.com/stocks/companies/ares-management/risks/) - [Ares Management peer comparison](https://www.getswoopr.com/stocks/companies/ares-management/competitors/) - [Ares Management business model and revenue mix](https://www.getswoopr.com/stocks/companies/ares-management/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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