ARES CAPITAL CORP ARCC

Nasdaq

Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, "Ares Capital" or the "Company," which may also be referred to as "we," "us" or "our"), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the "Investment Company Act." We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering ("IPO") on October 8, 2004. As of December 31, 2025, we were the largest publicly traded BDC by market capitalization and had approximately $31.2 billion of total assets.

Last close 18.61 2026-10-26
Market cap $13.36B 2026-03-31 share count
52-week range 17.40 - 21.14

Valuation FY2025 figures against the last close

P/S—
P/E10.0x
P/FCF—
EV/EBITDA—
Dividend yield9.5%
Diluted EPS1.86

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Interest expense $793.0M$715.0M$582.0M$455.0M$372.0M$317.0M————
Net income $1.30B$1.52B$1.52B$600.0M$1.57B$484.0M————
EPS, basic 1.862.442.751.213.511.14————
EPS, diluted 1.862.442.681.193.511.14————
Shares, diluted (wtd. avg.) 699.0M624.0M575.0M518.0M446.0M424.0M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $638.0M$635.0M$564.0M$337.0M$486.0M$326.0M$176.0M———
Total assets $31.23B$28.25B$23.80B$22.40B$20.84B—————
Long-term debt $15.99B$13.73B$11.88B$12.21B$11.02B—————
Total liabilities $16.92B$14.90B$12.60B$12.84B$11.97B—————
Retained earnings $958.0M$852.0M$462.0M-$2.0M——————
Total equity $14.32B$13.36B$11.20B$9.55B$8.87B$7.18B$7.47B$7.30B$7.10B$5.17B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$1.72B-$2.13B$511.0M-$1.36B-$2.46B-$580.0M————
Financing cash flow $1.78B$2.42B-$284.0M$1.21B$2.62B$730.0M————
Dividends paid $1.26B$1.14B$1.03B$912.0M$694.0M$679.0M————
Buybacks ———$0$0$100.0M————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-020560.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B 2B Net income, FY2020: 484M Net income, FY2021: 1.6B Net income, FY2022: 600M Net income, FY2023: 1.5B Net income, FY2024: 1.5B Net income, FY2025: 1.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income — — — — $484.0M $1.57B $600.0M $1.52B $1.52B $1.30B

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.