Financial health
- Total debt ($16.0B) exceeds cash ($638M); net debt is $15.4B.
Shareholder returns
- Dividends have been paid for 6 consecutive years, consuming 97.3% of earnings.
- The dividend has grown 13.2% per year over the past 5 years.
ARCC Financials Ares Capital Corp
6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $1.3B | — | — | 9.1% | 4.2% | — | $16.0B | $638M |
| 2024 | — | $1.5B | — | — | 11.4% | 5.4% | — | $13.7B | $635M |
| 2023 | — | $1.5B | — | — | 13.6% | 6.4% | — | $11.9B | $535M |
| 2022 | — | $600M | — | — | 6.3% | 2.7% | — | $12.2B | $303M |
| 2021 | — | $1.6B | — | — | 17.7% | 7.5% | — | $11.0B | $372M |
| 2020 | — | $484M | — | — | 6.7% | — | — | — | — |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Sep '26 | — | $319M | — | — | 2.3% | 1.0% | — | $15.1B | $722M |
| Jun '26 | — | $171M | — | — | 1.2% | 0.6% | — | $15.8B | $383M |
| Mar '26 | — | $92M | — | — | 0.7% | 0.3% | — | $15.8B | $505M |
| Dec '25 | — | $293M | — | — | 2.0% | 0.9% | — | $16.0B | $638M |
| Sep '25 | — | $404M | — | — | 2.8% | 1.3% | — | $15.6B | $1.0B |
| Jun '25 | — | $361M | — | — | 2.6% | 1.2% | — | $14.1B | $447M |
| Mar '25 | — | $241M | — | — | 1.8% | 0.9% | — | $13.9B | $647M |
| Dec '24 | — | $357M | — | — | 2.7% | 1.3% | — | $13.7B | $635M |
| Sep '24 | — | $394M | — | — | 3.1% | 1.5% | — | $13.5B | $486M |
| Jun '24 | — | $322M | — | — | 2.6% | 1.2% | — | $13.0B | $601M |
| Mar '24 | — | $449M | — | — | 3.8% | 1.9% | — | $11.7B | $509M |
| Dec '23 | — | $413M | — | — | 3.7% | 1.7% | — | $11.9B | $535M |
| Sep '23 | — | $500M | — | — | 4.6% | 2.2% | — | $11.5B | $527M |
| Jun '23 | — | $331M | — | — | 3.2% | 1.5% | — | $11.4B | $411M |
| Mar '23 | — | $278M | — | — | 2.8% | 1.3% | — | $11.2B | $359M |
| Dec '22 | — | $174M | — | — | 1.8% | 0.8% | — | $12.2B | $303M |
| Sep '22 | — | $104M | — | — | 1.1% | 0.5% | — | $11.8B | $257M |
| Jun '22 | — | $111M | — | — | 1.2% | — | — | — | — |
| Mar '22 | — | $211M | — | — | 2.2% | — | — | — | — |
| Dec '21 | — | $382M | — | — | 4.3% | 1.8% | — | $11.0B | $372M |
Valuation over time
How the market has priced ARCC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 22.0× (Mar '23) to 10.8× (Nov '26).
- The dividend yield has risen from 6.9% (Mar '23) to 9.0% (Nov '26).
P/E
Dividend yield %
Frequently asked questions
Is ARCC growing its revenue and profit?
See the revenue and net-income charts above for Ares Capital Corp's multi-year trend.
How much debt does ARCC have?
As of FY2025, Ares Capital Corp reported $16.0B of total debt against $638M of cash.
What is ARCC's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is ARCC's P/E ratio?
Ares Capital Corp's P/E (TTM) is 16.02 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ARCC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 10.8× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.