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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Blostein | Goldman Sachs | 8 (0%) |
| Ben Budish | Barclays | 8 (0%) |
| Bill Katz | TD Cowen | 8 (0%) |
| Craig Siegenthaler | Bank of America | 7 (14%) |
| Ken Worthington | JPMorgan | 7 (14%) |
| Mike Cyprys | Morgan Stanley | 7 (0%) |
| Steve Chubak | Wolfe Research | 6 (17%) |
| Mike Brown | UBS | 6 (17%) |
| Brian McKenna | Citizens JMP Securities | 5 (0%) |
| Brennan Hawken | BMO Capital Markets | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 8 (0%) |
| Barclays | 1 | 8 (0%) |
| TD Cowen | 1 | 8 (0%) |
| JPMorgan | 1 |
| 7 (14%) |
| Bank of America | 1 | 7 (14%) |
| Morgan Stanley | 1 | 7 (0%) |
| Wolfe Research | 1 | 6 (17%) |
| Citizens JMP Securities | 2 | 6 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.26B | +19.5% | $0.68 | -20.9% | 22.1% | 14.1% |
| FY2025 Q1 | $1.09B | +53.9% | $0.05 | -84.5% | 6.8% | 4.3% |
| FY2025 Q2 | $1.35B | +71.2% | $0.46 | +2.2% | 15.7% | 10.2% |
| FY2025 Q3 | $1.66B | +46.7% | $1.15 | +109.1% | 21.1% | 17.4% |
| FY2025 Q4 | $1.77B | +40.3% | $0.13 | -80.9% | 29.3% | 3.1% |
| FY2026 Q1 | $1.53B | +40.8% | $0.64 | +1112.1% | 23.8% | 9.3% |
| FY2026 Q2 | $1.43B | +5.8% | $0.49 | +6.5% | 17.4% | 10.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Ares started fiscal 2026 with record fundraising momentum and management fees growing 22% on 40.8% revenue growth. After-tax realized income per share grew 14%, and both GAAP EPS and operating income spreads were significantly positive, confirming operating leverage. Management reiterated long-term targets of 16-20% FRE CAGR, 20-25% realized income CAGR, and 20% dividend growth. The U.S. direct lending market slowed, but the wealth channel continued diversifying beyond credit into digital infrastructure and energy.
Demand | Competitive Dynamics | Credit | Revenue Growth | Capital Allocation | Subscriber Growth | Margin | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 5 | 1 | 5 | 2 | 3 | 4 | 3 |
| 2025Q1 | 5 | 2 | 3 | 1 | 2 | 2 | 1 | 2 |
| 2025Q2 | 2 | 3 | 3 | 1 | 2 | 2 | 1 | |
| 2025Q3 | 4 | 6 | 4 | 2 | 1 | 1 | 2 | |
| 2025Q4 | 3 | 2 | 2 | 2 | 3 | 1 | 1 | |
| 2026Q1 | 7 | 5 | 2 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 5 | 2 | 4 | 3 | 7 |
| Competitive Dynamics | 5 | 2 | 3 | 6 | 2 | 5 |
| Credit | 1 | 3 | 3 | 4 | 2 | 2 |
| Revenue Growth | 5 | 1 | 1 | 2 | 2 | 2 |
| Capital Allocation | 2 | 2 | 2 | 1 | 3 | 1 |
| Subscriber Growth | 3 | 2 | 2 | 1 | 1 | |
| Margin | 4 | 1 | 1 | 2 | ||
| M&A | 3 | 2 | 2 | 1 |
What ARES and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The recently announced acquisition of Whitestone REIT by Ares Management, an all-cash transaction valued at approximately $1.7 billion is the latest evidence of how aggressively private capital is pursuing our sector”
Ares Management's ~$1.7B acquisition of Whitestone REIT is a read-through on Ares' private-capital deployment into open-air grocery-anchored retail.
“the company continued to execute its strategy, including receiving support from strategic investors like Amazon.”
Amazon is cited as a strategic investor backing X-energy, underscoring Amazon's continued financial support of small modular nuclear technology.
“before turning the call over to Jarrod, I wanted to highlight the successful IPO last week of X-energy, which is a small modular nuclear reactor company.”
Ares highlighted its portfolio company X-energy's oversubscribed IPO, marking a large valuation gain on Ares's balance-sheet investment in the nuclear developer.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ARES Ares Management Corporation | 9 | +40.8% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BLK BlackRock | 9 | +26.9% | |
| BNY BNY Mellon | 9 | +2.2% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |