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% |
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.