Ares Management Corporation logo ARES - Ares Management Corporation

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 16
HOLD 5
SELL 0
STRONG
SELL
0
| PRICE TARGET: $171.13 DETAILS
HIGH: $215.00
LOW: $140.00
MEDIAN: $164.00
CONSENSUS: $171.13
UPSIDE: 37.55%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4
Revenue
Revenue 1,533.4 1,765.8 1,657.6 1,350.1 1,088.8 1,259.0 1,129.7 788.7 707.4 1,054.0 671.3 1,093.3 813.4 937.7 801.3 601.4 715.0 1,310.2 948.7 1,294.8 658.4 658.0 489.9 602.8 13.4 436.9 466.5 384.8 477.2 247.4 240.8 204.2 266.1 375.1 288.4 572.2 244.2 358.2 335.5 369.5 136.0 159.5 143.9 241.2 269.9 163.5 175.2 131.6 133.6 145.9 135.9 89.3 107.5 102.7
Cost of Revenue 59.7 483.0 659.8 643.7 657.1 463.1 435.9 419.9 413.0 390.9 367.5 367.6 360.8 343.6 425.4 375.8 357.2 325.5 335.6 269.7 231.8 207.8 194.3 185.1 180.1 168.1 166.2 162.2 156.8 151.2 145.6 139.0 134.6 129.2 129.3 131.2 124.3 112.5 111.9 112.7 110.7 108.6 104.9 99.1 101.9 108.8 100.9 151.0 95.7 93.1 93.3 75.6 72.0 118.7
Gross Profit 1,473.7 1,282.8 997.8 706.4 431.7 795.9 693.9 368.8 294.4 663.1 303.8 725.7 452.6 594.2 375.9 225.7 357.8 984.6 613.1 1,025.1 426.5 450.2 295.6 417.6 (166.7) 268.8 300.3 222.7 320.4 96.3 95.2 65.2 131.4 227.1 159.1 441.0 119.9 245.7 223.5 256.9 25.3 50.9 39.0 142.1 168.1 54.7 74.2 (19.4) 37.9 52.9 42.6 13.7 35.6 (16.0)
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 0 0 650.2 466.9 350.5 508.5 416.7 140.4 120.4 364.3 186.4 456.9 260.0 334.8 462.3 163.6 249.9 690.5 465.6 739.7 289.1 281.2 192.3 295.2 (105.6) 183.0 218.6 158.1 207.7 60.2 68.8 46.9 70.3 170.2 105.7 312.5 88.0 177.0 161.4 190.6 18.6 74.1 30.6 109.9 121.9 90.9 75 91.4 79.5 110.5 120.6 21.6 80.0 65.8
Other Expenses 1,108.8 765.7 (1.9) 27.0 6.7 9.2 2.3 4.2 5.1 15.3 7.1 13.3 7.9 8.0 10.4 13.5 4.5 30.9 12.1 15.3 4.2 3.4 6.0 3.2 7.4 11.2 10.9 15.4 4.6 4.5 12.8 35.1 1.3 11.5 23.8 42.8 281.7 10.1 10.1 0.7 0.2 2.9 0.9 73.2 103.2 13.7 27.4 16.7 8.9 38.4 23.1 12.6 61.1 0
Operating Expenses 1,108.8 765.7 648.4 493.9 357.2 517.7 419.0 144.7 125.5 379.7 193.5 470.2 267.9 342.9 472.7 177.1 254.4 721.5 477.7 755.0 293.3 284.6 198.3 298.4 (98.1) 194.2 229.5 173.5 212.3 64.7 81.6 82.0 71.6 181.8 129.5 355.3 369.7 187.1 171.5 191.3 18.9 77.0 31.5 183.1 225.2 104.7 102.4 108.1 88.4 148.9 143.7 34.2 141.1 8.7
Operating Income
Operating Income 364.9 517.1 349.4 212.6 74.5 278.2 274.9 224.1 168.9 283.5 110.3 255.5 184.7 251.3 (96.8) 48.6 103.3 263.2 135.5 270.1 133.3 165.6 97.3 119.2 (68.5) 74.6 70.8 49.1 108.1 31.6 13.6 (16.9) 59.8 45.3 29.5 85.7 (249.8) 58.6 52.1 65.6 6.5 (26.1) 7.5 (41.0) (57.1) (50.0) (28.2) (127.5) (50.5) (96.1) (101.2) (20.5) (105.5) (81.8)
Interest Expense 189.6 186.1 203.0 189.2 189.1 246.6 230.9 255.1 245.7 243.1 227.3 208.7 181.7 165.5 131.1 96.5 89.7 78.1 73.1 65.9 77.7 70.2 73.1 82.4 85.5 77.3 75.8 73.8 70.5 63.3 66.9 62.8 51.3 117.4 33.5 32.2 36.2 79.7 101.9 68.4 27.3 24.5 81.3 50.7 20.8 105.4 217.1 205.8 146.7 199.8 106.4 109.4 128.4 0
Interest Income 112.6 128.1 144.5 169.7 177.7 224.1 242.2 247.4 262.7 290.5 260.4 237.1 226.8 194.8 160.5 118.9 121.8 107.1 105.4 118.4 116.8 120.5 117.9 118.3 115.0 94.3 110.0 103.9 95.0 88.3 93.9 95.0 67.8 134.4 49.9 39.8 43.4 107.3 109.0 83.1 31.3 29.0 84.9 66.0 31.1 199.1 190.3 210.2 345.5 291.6 334.2 304.3 312.1 136.7
Profitability
EBITDA 562.2 457.3 921.2 476.2 330.2 646.4 558.0 572.4 476.7 726.2 454.2 590.7 422.8 508.3 70.7 163.5 251.0 387.0 320.1 385.7 267.8 345.3 232.8 323.5 (210.9) 178.6 179.4 158.2 206.5 82.2 119.2 113.9 113.3 254.3 121.9 147.3 (154.4) 187.0 227.3 151.4 18.3 45.2 61.7 127.3 79.9 281.1 148.5 406.0 432.5 555.2 547.9 (16.8) 379.8 (78.3)
EBIT 502.5 392.7 855.3 476.2 330.2 646.4 558.0 572.4 476.7 726.2 454.2 590.7 422.8 508.3 70.7 163.5 251.0 387.0 320.1 385.7 267.8 345.3 232.8 323.5 (210.9) 178.6 179.4 158.2 206.5 82.2 119.2 113.9 113.3 254.3 121.9 147.3 (154.4) 178.1 227.3 151.4 18.3 34.1 49.2 108.3 67.2 273.1 140.2 397.3 421.4 544.2 517.4 (21.0) 376.0 (81.8)
Income Before Tax 312.9 206.6 652.3 286.9 141.0 399.9 327.1 317.3 231.0 483.1 226.9 382.0 241.1 342.8 (60.4) 67.1 161.3 308.9 247.0 319.8 190.1 275.2 159.6 241.1 (296.4) 101.3 103.6 84.4 136.0 18.9 52.3 51.1 62.0 136.9 88.4 115.1 (190.6) 98.5 125.4 83.0 (9.0) 9.6 (32.1) 57.6 46.4 167.6 (76.9) 191.5 274.7 344.5 411.0 (130.4) 247.6 112.0
Income Tax Expense 59.9 8.1 111.9 61.0 17.5 49.9 46.5 41.1 27.2 59.6 29.9 49.7 33.8 49.6 (11.6) 13.5 20.4 42.9 30.3 48.5 25.8 32.9 18.3 24.4 (20.6) 16.8 11.7 9.5 14.4 2.5 5.1 36.9 (12.4) 5.4 4.6 1.3 (34.3) 3.2 7.6 (4.4) 4.7 3.3 5.6 6.1 4.1 10.3 2.4 5.3 (6.7) 23.7 4.8 6.3 24.4 2.7
Net Income 142.6 54.2 288.9 137.1 47.2 177.3 118.5 94.9 73.0 173.9 61.8 144.5 94.0 117.5 (35.5) 39.7 45.9 124.1 84.7 141.6 58.4 79.3 47.5 56.4 (31.0) 38.5 33.3 32.1 44.9 11.9 15.9 (11.8) 40.9 39.6 27.8 49.9 (41.1) 34.0 43.3 37.6 (3.1) 0.2 (11.3) 12.1 18.5 3.2 14.0 17.8 281.4 473.8 406.2 (136.7) 61.9 51.7
Per Share Data
EPS (Basic) 0.52 0.13 1.15 0.46 0.05 0.72 0.55 0.45 0.34 0.88 0.30 0.77 0.50 0.64 -0.22 0.21 0.24 0.70 0.49 0.71 0.35 0.54 0.27 0.36 -0.33 0.27 0.24 0.24 0.36 0.05 0.09 -0.20 0.39 0.40 0.26 0.54 -0.58 0.35 0.45 0.46 -0.04 0.00 -0.14 0.15 0.23 0.03 0.17 0.22 3.52 0.84 0.56 -1.39 0.63 0.61
EPS (Diluted) 0.64 0.13 1.15 0.46 0.05 0.68 0.55 0.45 0.34 0.86 0.30 0.74 0.50 0.60 -0.22 0.21 0.24 0.66 0.45 0.69 0.32 0.48 0.27 0.35 -0.33 0.25 0.23 0.23 0.36 0.05 0.09 -0.20 0.36 0.38 0.26 0.53 -0.58 0.34 0.43 0.46 -0.04 0.00 -0.14 0.15 0.23 0.03 0.17 0.22 3.52 0.84 0.56 -1.39 0.63 0.59
Shares Outstanding 224.0 221.1 219.9 218.9 209.4 202.6 200.7 196.2 192.6 189.8 186.2 183.0 179.0 175.5 175.6 175.2 174.2 163.7 168.9 164.8 149.3 135.1 143.5 133.6 118.4 107.9 108.5 105.2 102.9 96.0 98.7 98.0 85.6 82.2 82.2 81.8 81.1 80.8 80.8 81.9 80.7 80.7 80.7 80.7 80.7 92.5 81.4 80.0 80.0 75.5 98.7 98.7 98.7 84.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 1,438.1 1,500.0 1,500.0 1,531.9 1,802.8 2,735.5 1,666.1 1,525.5 1,545.7 1,497.8 1,197.1 1,089.0 1,027.2 1,114.6 1,045.5 1,077.0 829.3 1,392.8 1,877.1 1,431.8 1,167.1 1,062.2 1,233.9 1,148.4 1,682.1 744.7 727.8 623.5 658.4 494.9 882.8 961.7 648.0 675.4 986.0 561.9 450.3 798.1 550.0 498.1 233.8
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 1,442.7 1,900.8 7,434.6 1,325.9 1,265.7 1,510.8 1,047.3 999.5 1,069.2 1,273.2 856.0 852.6 1,024.1 1,084.8 759.1 755.1 799.9 1,157.9 689.7 627.5 518.6 625.3 534.3 542.0 649.4 439.6 346.0 327.0 304.0 344.2 310.7 426.5 282.4 283.3 1,203.0 1,304.9 1,046.2 957.1 881.2 877.2 767.1
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 (52.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.5 0 0 0
Total Current Assets 2,880.8 3,348.7 8,934.5 2,857.9 3,068.5 4,246.3 2,713.3 2,525.0 2,614.9 2,771.0 2,053.2 1,941.6 2,051.3 2,199.4 1,804.5 1,832.1 1,629.2 2,550.8 2,566.8 2,059.2 1,685.8 1,687.5 1,768.2 1,690.5 2,331.4 1,184.3 1,073.8 950.5 962.4 839.1 1,193.4 1,388.3 930.4 958.7 2,189.1 1,866.8 1,496.5 1,757.8 1,431.2 1,375.3 1,000.9
Non-Current Assets
Property, Plant & Equipment 564.6 517.4 526.0 540.5 546.8 689.0 426.5 231.5 237.0 371.5 259.5 170.9 155.0 235.6 159.7 153.9 161.1 238.9 176.5 166.9 157.9 215.6 136.4 140.0 145.2 206.3 148.2 152.6 156.1 63.4 (14.7) (1.8) (1.1) 61.2 0 0 0 40.8 0 0 0
Goodwill 3,463.4 3,454.1 3,437.4 3,436.2 3,499.3 1,162.6 1,133.1 1,130.3 1,130.1 1,124.0 997.8 998.0 998.9 999.7 996.7 998.4 1,000.3 788.0 787.8 787.8 370.0 371.0 369.5 143.7 143.7 143.9 0 0 0 143.8 143.8 143.8 144.0 143.9 143.9 143.8 143.8 143.7 143.8 143.9 144.0
Intangible Assets 2,141.6 2,115.8 2,166.2 2,220.1 2,276.8 975.8 970.0 1,001.1 1,030.1 1,058.5 1,033.6 1,130.7 1,166.6 1,208.2 1,238.1 1,453.7 1,490.6 1,422.8 1,452.7 902.7 210.4 222.1 231.4 40.0 41.7 8.0 8.4 29.0 0 31.4 32.8 34.0 37.2 40.5 44.1 47.8 53.0 58.3 64.2 70.6 77.7
Long-Term Investments 18,251.8 12,844.9 11,057.5 17,238.2 16,868.6 17,382.6 18,546.9 18,630.4 18,804.8 19,226.5 18,661.5 18,558.1 17,226.8 17,179.4 16,686.7 16,479.5 16,524.0 16,500.9 14,683.7 14,508.9 13,880.2 12,559.9 12,206.8 11,485.1 10,285.2 10,391.6 10,051.3 9,492.7 9,022.8 8,999.3 8,931.0 8,434.3 7,291.0 7,307.4 5,499.7 4,040.5 3,894.4 3,798.7 3,610.5 3,013.7 3,049.2
Other Non-Current Assets 1,092.7 6,712.1 910.4 972.2 921.7 186.1 732.9 674.2 596.4 157.5 378.3 319.5 329.9 111.6 320.6 308.6 326.0 64.3 266.9 214.1 231.6 42.9 216.7 220.6 269.7 33.8 315.1 355.0 348.0 35.6 104.3 101.4 106.6 43.6 106.0 106.4 86.5 23.7 69.4 68.2 64.6
Total Non-Current Assets 25,514.1 25,644.3 18,097.6 24,407.1 24,113.3 20,638.0 21,809.3 21,667.6 21,798.4 21,959.5 21,330.7 21,177.3 19,877.3 19,803.4 19,401.8 19,394.1 19,502.0 19,054.4 17,367.6 16,580.3 14,850.1 13,481.5 13,160.8 12,029.5 10,885.5 10,829.9 10,523.0 10,029.2 9,526.9 9,315.6 9,228.2 8,756.5 7,629.7 7,604.8 5,830.3 4,377.6 4,221.6 4,071.9 3,887.9 3,296.3 3,335.4
Total Assets 28,394.9 28,993.0 27,032.2 27,264.9 27,181.8 24,884.3 24,522.7 24,192.6 24,413.3 24,730.5 23,383.9 23,118.8 21,928.6 22,002.8 21,206.3 21,226.2 21,131.2 21,605.2 19,934.4 18,639.6 16,535.9 15,169.0 14,929.0 13,720.0 13,216.9 12,014.2 11,596.8 10,979.7 10,489.3 10,154.7 10,421.6 10,144.7 8,560.1 8,563.5 8,019.4 6,244.4 5,718.1 5,829.7 5,319.1 4,671.6 4,336.3
Current Liabilities
Account Payables 0 0 1,036.0 1,015.4 996.8 687.0 508.8 444.8 452.1 423.4 507.8 492.5 448.8 400.2 427.1 356.2 357.2 382.9 297.8 237.4 218.1 162.1 177.6 165.0 163.1 150.0 154.8 152.5 132.4 167.1 154.4 142.3 160.3 146.3 145.3 118.4 108.6 104.4 102.6 115.4 121.7
Short-Term Debt 58.0 1,494.8 785.3 667.0 603.3 275 273 137.2 78.2 125.2 0 0 77.5 168.0 149.5 155.4 145.1 127.8 99.2 122.4 110.4 121.9 162.7 166.6 34.4 106.0 122.9 124.7 150.7 207.9 133.7 137.2 134.9 132.5 115.0 83.7 37.9 55.1 35.0 12.5 12.5
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (49.9) (28.0) (133.8) (89.1) (56.3) (131.7) (131.2) (91.7) (55.9)
Total Current Liabilities 58.0 1,494.8 5,802.4 5,183.2 5,336.5 4,332.1 4,093.8 3,775.9 3,904.1 3,791.2 3,769.9 3,819.7 3,624.4 3,421.5 3,520.7 3,593.1 3,544.6 4,018.1 3,357.9 3,395.9 2,157.3 1,693.6 1,830.4 1,556.9 1,599.5 1,657.4 1,755.9 1,484.8 1,648.3 1,570.6 1,567.3 1,817.1 1,411.8 1,490.2 1,538.8 1,302.4 1,009.8 983.8 860.6 790.8 638.5
Non-Current Liabilities
Long-Term Debt 13,417.7 12,769.7 11,264.6 12,117.4 12,066.5 12,231.1 13,612.6 14,058.6 14,952.5 15,311.1 13,881.9 13,825.8 13,217.8 12,975.6 12,332.3 12,277.5 12,340.2 12,161.4 11,413.1 10,384.6 10,650.9 10,601.1 10,250.8 9,871.6 9,402.3 8,291.6 7,655.5 7,598.5 7,113.6 7,160.4 7,235.5 6,705.1 5,533.1 5,585.1 4,968.9 3,604.5 3,474.4 3,336.9 2,933.2 2,447.8 2,639.0
Deferred Tax Liabilities 0 374.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6.3 6.6 21.6
Other Non-Current Liabilities 5,863.9 5,004.6 682.5 1,020.4 880.9 855.1 970.3 856.7 771.2 834.3 1,386.8 1,274.1 815.9 1,616.5 1,692.4 1,498.3 1,381.5 1,406.2 1,408.2 1,219.7 1,120.5 222.3 315.2 123.1 69.7 37.8 168.5 114.9 64.6 29.4 (6,757.2) (6,616.6) 49.9 (5,551.4) 133.8 89.1 56.3 131.7 171.2 135.3 99.3
Total Non-Current Liabilities 19,953.7 18,796.9 12,623.5 13,824.5 13,633.4 13,728.1 15,118.6 15,219.6 16,032.1 16,465.0 15,595.6 15,306.7 14,224.8 14,782.7 14,218.0 13,965.0 13,919.0 13,772.7 13,036.0 11,802.6 11,958.0 11,003.6 10,727.7 10,159.3 9,641.8 8,498.2 7,998.1 7,892.7 7,361.2 7,189.8 7,363.0 6,792.3 5,583.1 5,613.1 5,102.7 3,693.6 3,530.7 3,468.6 3,110.6 2,589.7 2,759.9
Total Liabilities 20,011.7 20,291.6 18,425.9 19,007.7 18,969.9 18,060.1 19,212.4 18,995.5 19,936.2 20,256.2 19,365.4 19,126.3 17,849.2 18,204.2 17,738.7 17,558.1 17,463.6 17,790.7 16,393.9 15,198.5 14,115.4 12,697.2 12,558.1 11,716.2 11,241.3 10,155.6 9,754.0 9,377.4 9,009.5 8,760.4 8,930.3 8,609.5 6,994.9 7,103.2 6,641.5 4,996.0 4,540.5 4,452.4 3,971.2 3,380.5 3,398.4
Stockholders' Equity
Common Stock 3.3 3.2 3.3 3.3 3.3 3.1 3.1 3.1 3.1 3.1 3.1 3.0 3.0 2.9 2.9 2.9 2.9 2.9 2.9 2.8 2.6 2.6 2.6 2.5 2.5 1.2 1.1 1.1 1.0 1.0 301.7 350.0 0 279.1 275.4 278.0 238.2 301.8 286.2 268.8 236.3
Retained Earnings (1,656.6) (1,452.3) (1,218.7) (1,221.6) (1,074.1) (837.3) (792.4) (712.9) (612.6) (495.1) (515.4) (425.5) (420.8) (369.5) (374.2) (226.7) (154.9) (89.4) (129.0) (131.4) (173.6) (151.8) (164.1) (145.0) (138.4) (50.8) (44.3) (35.2) (25.2) (29.3) 0 0 0 0 0 0 0 0 0 0 0
Accumulated Other Comprehensive Income 14.0 21.7 29.8 32.2 24.3 (17.8) 8.4 (10.5) (10.5) (5.6) (17.3) (9.7) (12.3) (15.0) (28.8) (17.2) (6.0) (1.9) (2.6) 0.7 (0.1) 0.5 (6.8) (11.2) (10.8) (6.0) (11.0) (8.9) (7.2) (8.5) (7.4) (6.8) (4.0) (4.2) (4.5) (7.4) (7.7) (8.9) (9.4) (8.5) (5.6)
Total Stockholders' Equity 4,025.4 4,275.5 4,474.0 4,361.8 4,454.1 3,543.6 2,076.1 2,001.8 1,767.5 1,893.4 1,733.2 1,750.0 1,669.9 1,589.2 1,511.7 1,639.4 1,693.0 1,825.2 1,753.3 1,622.3 1,161.5 1,193.7 1,142.2 945.1 898.6 768.3 752.1 635.5 599.7 587.9 593.1 1,535.2 672.0 1,460.3 1,377.9 1,248.5 1,177.6 1,377.3 575.4 559.3 938.0
Total Liabilities & Equity 28,394.9 28,993.0 27,032.2 27,264.9 27,181.8 24,884.3 24,522.7 24,192.6 24,413.3 24,730.5 23,383.9 23,118.8 21,928.6 22,002.8 21,206.3 21,226.2 21,131.2 21,605.2 19,934.4 18,639.6 16,535.9 15,169.0 14,929.0 13,720.0 13,216.9 12,014.2 11,596.8 10,979.7 10,489.3 10,154.7 10,421.6 10,144.7 8,560.1 8,563.5 8,019.4 6,244.4 5,718.1 5,829.7 5,319.1 4,671.6 4,336.3
Debt Metrics
Total Debt 14,147.8 14,912.4 12,726.3 13,471.1 13,355.9 13,148.0 14,421.3 14,500.1 15,339.1 15,756.0 14,208.8 14,032.6 13,486.4 13,334.2 12,675.1 12,622.0 12,682.6 12,494.2 11,727.0 10,705.3 10,947.9 10,903.2 10,575.3 10,202.7 9,606.5 8,566.4 7,952.4 7,902.4 7,447.4 7,368.3 14,253.9 13,546.2 5,668.1 11,296.9 5,083.9 3,688.2 3,512.4 3,392.0 2,968.1 2,460.3 2,651.5
Net Debt 12,709.7 13,412.4 11,226.3 11,939.2 11,553.1 10,412.5 12,755.3 12,974.6 13,793.4 14,258.2 13,011.6 12,943.6 12,459.3 12,219.6 11,629.6 11,545.0 11,853.4 11,101.4 9,849.9 9,273.6 9,780.8 9,841.0 9,341.3 9,054.3 7,924.4 7,821.7 7,224.6 7,278.9 6,788.9 6,873.4 13,371.2 12,584.5 5,020.1 10,621.5 4,097.9 3,126.3 3,062.1 2,593.8 2,418.1 1,962.1 2,417.7
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income 129.4 198.5 540.4 226.0 123.5 540.2 410.1 87.3 73.0 423.5 61.8 332.3 207.3 293.2 (39.1) 53.6 140.9 117.0 84.7 141.6 164.3 76.5 47.5 216.7 (275.8) 36.4 33.3 32.1 121.6 10.7 15.9 (11.8) 74.4 131.5 27.8 49.9 (156.3) 95.3 117.8 87.4 (13.6)
Depreciation & Amortization 59.7 0 0 0 0 39.7 (41.2) 36.3 36.6 0 105.5 43.0 0 341.3 219.5 40.5 0 0 0 0 0 17.0 0 0 0 0 0 5.2 0 4.9 0 0 7.2 32.8 7.1 8.0 8.5 8.8 9.2 9.7 9.7
Stock-Based Compensation 0 0 0 0 0 383.4 (123.0) 0 92.4 0 62.0 62.3 0 200.4 48.1 49.6 0 46.0 0 0 0 0 0 0 0 0 0 0 0 22.2 0 0 0 69.7 18.1 18.9 0 11.9 8.5 9.5 9.2
Change in Working Capital 252.5 (475.3) 313.8 (156.7) 591.4 (502.3) 466.9 (3.6) 39.1 (681.0) 23.6 153.8 49.7 (312.8) 86.1 (95.5) 127.6 286.1 (1,162.8) 25.2 258.5 (596.2) 235.8 35.8 240.5 (212.3) (25.8) (110.0) (65.7) 277.0 21.8 158.9 (126.3) (68.6) 82.9 (71.9) (35.2) (200.2) 117.2 (43.8) (42.5)
Other Non-Cash Items (35.1) (206.9) 486.5 346.4 1,279.3 346.6 128.5 312.2 468.9 (240.1) 232.9 (1,185.1) 450.6 (712.7) (22.4) (750.4) (44.3) (1,201.4) 303.4 (494.8) (1,163.9) 64.6 (120.0) (40.1) (327.9) (227.0) (396.3) (868.8) (405.7) 8.4 (473.3) (1,515.2) 125.2 (828.2) (1,024.1) (17.3) (108.8) (253.6) (581.0) 31.4 11.6
Operating Cash Flow 406.5 (483.7) 1,340.7 415.7 1,994.2 807.6 841.3 432.2 710.0 (560.1) 318.3 (699.1) 707.6 (190.5) 24.6 (792.3) 224.2 (752.3) (774.7) (327.9) (741.1) (438.1) 163.3 212.4 (363.2) (402.9) (388.8) (941.5) (349.8) 306.2 (435.6) (1,368.2) 80.5 (670.8) (888.1) (12.3) (291.8) (366.3) (328.4) 94.3 (25.2)
Investing Activities
Capital Expenditure (15.6) (15.8) (11.5) (22.9) (22.0) (9.3) (26.9) (29.2) (26.1) (23.0) (23.1) (12.2) (8.9) (7.4) (9.9) (9.9) (8.5) (12.1) (7.2) (4.7) (3.3) (7.3) (0.5) (5.0) (3.1) (4.7) (6.4) (2.7) (3.0) (4.0) (7.3) (4.3) (2.9) (5.2) (6.7) (10.9) (10.3) (3.7) (2.9) (2.5) (2.8)
Acquisitions 8.5 (5.3) (3.5) 0 (1,722.7) (54.2) 781.1 0 (8) (43.9) 0 0 0 0.1 0.0 (0.1) (301.6) 0.0 (279.3) (778.1) 0 (3.0) (82.0) 0 (35.8) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 90.9 0 0 0 0 0 0 0 0 (135.3) 0 0 0 0 0 (6,706.6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 337.7 0 0 0 0 0 0 342.9 0 0 0 0 0 0 0 0 0 0 0 20.9 0 5,685.7 0 0 0 0 0 0 0 3,138.6 0 0 0 0 0 0 0 1,643.8 0 0 201.3
Other Investing Activities 0 0 0 0 0 0 (829.7) (342.9) 0 0 0 0 0 0 0 135.3 0 0 0 0 0 1,020.9 0 0 0 0 0 0 0 (3,138.6) 0 0 0 0 0 0 0 (1,643.8) 0 0 (201.3)
Investing Cash Flow 330.5 (21.1) (15.0) (22.9) (1,744.7) (63.5) (32.6) (29.2) (34.1) (66.9) (23.1) (12.2) (8.9) (7.3) (9.9) (10.0) (310.1) (12.1) (286.5) (761.9) (3.3) (10.3) (82.5) (5.0) (38.9) (4.7) (6.4) (2.7) (3.0) (4.0) (7.3) (4.3) (2.9) (5.2) (6.7) (10.9) (10.3) (3.7) (2.9) (2.5) (2.8)
Financing Activities
Net Debt Issuance 277.7 954.6 (371.4) (182.8) (107.3) (672.2) (494.4) (807.2) (304.2) 1,325.1 (28.5) 385.2 0.6 251.1 282.1 800.5 435.8 851.2 1,098.8 737.6 145.5 290.8 (7.3) (261.0) 1,110.8 479.3 171.7 1,070.2 419.9 (144.7) 521.7 1,453.6 (93.6) 668.8 919.9 110.2 121.4 504.0 471.9 (192.5) 37.7
Stock Repurchased 0 0 (511.4) (27.0) (396.7) 0 0 0 0 0 0 0 0 0 (4.7) 0 (183.0) 0 (120.4) (310) 0 0 (1.3) 0 0 (1.5) 0 (10.4) (21.1) (0.6) (0.2) 0 0 0 (0.4) (9.6) (3.9) 0 0 0 0
Dividends Paid (522.8) (459.8) (423.7) (428.2) (445.1) (341.5) (563.9) (312.2) (320.0) (270.6) (249.6) (258.9) (251.6) (228.1) (201.9) (194.5) (211.9) (154.9) (150.4) (151.8) (147.2) (117.2) (116.0) (123.0) (112.3) (90.8) (91.4) (42.2) (40.8) (35.9) (71.0) (95.2) (97.2) (98.1) (72.1) (39.1) (74.0) (55.7) (74.7) (38.4) (44.1)
Other Financing Activities (385.5) 48.1 81.3 70.8 (228.6) 1,492.0 221.3 306.2 (43.9) (426.4) 6.7 553.3 (579.3) 171.4 36.1 111.2 52.2 104.6 (29.9) (60.5) 818.9 (146.8) (10.1) (147.0) 63.7 (15.3) 18.5 84.5 (4.7) (147.1) (10.5) 30.2 112.5 32.5 96.2 (14.2) 17.3 (57.4) 6.8 299.5 23.8
Financing Cash Flow (630.6) 542.9 (1,225.1) (567.2) (1,177.7) 478.2 (784.2) (458.9) (666.6) 633.7 (244.1) 723.6 (821.1) 201.0 111.6 722.5 93.0 810.6 798.1 1,056.8 817.2 116.3 (134.7) (483.3) 1,445.6 371.7 305.5 1,091.8 353.3 (327.7) 440.0 1,378.7 (85.7) 603.3 943.6 47.3 60.8 391.1 403.7 68.6 17.4
Cash Position
Net Change in Cash (9.9) (7.8) (13.0) (108.9) (889.4) 1,157.8 65.7 (20.2) (1.9) 36.4 35 4.6 (117.7) 28.5 108.6 (93.2) 2.4 48.0 (287.2) (27.0) 70.1 (328.9) (21.3) (277.6) 1,029.3 (13.8) (95.0) 126.7 10.3 (11.9) (3.3) 9.9 (3.4) (67.5) 49.2 33.3 (238.9) 6.1 72.2 154.7 (11.5)
Cash at Beginning 1,448.0 496.7 509.7 618.5 1,508.0 350.1 284.4 1,545.7 348.3 311.8 276.8 272.2 390.0 361.5 252.9 346.0 343.7 295.7 582.9 609.9 539.8 868.8 890.0 1,167.7 138.4 152.2 247.2 120.5 110.2 122.2 125.4 115.5 118.9 186.4 137.3 104.0 342.9 336.8 264.6 109.9 121.5
Cash at End 1,438.1 488.9 496.7 509.7 618.5 1,508.0 350.1 1,525.5 346.3 348.3 311.8 276.8 272.2 390.0 361.5 252.9 346.0 343.7 295.7 582.9 609.9 539.8 868.8 890.0 1,167.7 138.4 152.2 247.2 120.5 110.2 122.2 125.4 115.5 118.9 186.4 137.3 104.0 342.9 336.8 264.6 109.9
Free Cash Flow 390.9 (499.5) 1,329.3 392.8 1,972.2 798.3 814.4 402.9 684.0 (583.1) 295.2 (711.3) 698.7 (197.9) 14.7 (802.3) 215.6 (764.4) (781.9) (332.6) (744.4) (445.5) 162.8 207.4 (366.3) (407.7) (395.2) (944.1) (352.8) 302.2 (442.9) (1,372.4) 77.7 (676.1) (894.8) (23.3) (302.1) (370.0) (331.3) 91.8 (28.0)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4
Income Statement
Revenue 1,533.4 1,765.8 1,657.6 1,350.1 1,088.8 1,259.0 1,129.7 788.7 707.4 1,054.0 671.3 1,093.3 813.4 937.7 801.3 601.4 715.0 1,310.2 948.7 1,294.8 658.4 658.0 489.9 602.8 13.4 436.9 466.5 384.8 477.2 247.4 240.8 204.2 266.1 375.1 288.4 572.2 244.2 358.2 335.5 369.5 136.0 159.5 143.9 241.2 269.9 163.5 175.2 131.6 133.6 145.9 135.9 89.3 107.5 102.7
Gross Profit 1,473.7 1,282.8 997.8 706.4 431.7 795.9 693.9 368.8 294.4 663.1 303.8 725.7 452.6 594.2 375.9 225.7 357.8 984.6 613.1 1,025.1 426.5 450.2 295.6 417.6 (166.7) 268.8 300.3 222.7 320.4 96.3 95.2 65.2 131.4 227.1 159.1 441.0 119.9 245.7 223.5 256.9 25.3 50.9 39.0 142.1 168.1 54.7 74.2 (19.4) 37.9 52.9 42.6 13.7 35.6 (16.0)
Operating Income 364.9 517.1 349.4 212.6 74.5 278.2 274.9 224.1 168.9 283.5 110.3 255.5 184.7 251.3 (96.8) 48.6 103.3 263.2 135.5 270.1 133.3 165.6 97.3 119.2 (68.5) 74.6 70.8 49.1 108.1 31.6 13.6 (16.9) 59.8 45.3 29.5 85.7 (249.8) 58.6 52.1 65.6 6.5 (26.1) 7.5 (41.0) (57.1) (50.0) (28.2) (127.5) (50.5) (96.1) (101.2) (20.5) (105.5) (81.8)
Net Income 142.6 54.2 288.9 137.1 47.2 177.3 118.5 94.9 73.0 173.9 61.8 144.5 94.0 117.5 (35.5) 39.7 45.9 124.1 84.7 141.6 58.4 79.3 47.5 56.4 (31.0) 38.5 33.3 32.1 44.9 11.9 15.9 (11.8) 40.9 39.6 27.8 49.9 (41.1) 34.0 43.3 37.6 (3.1) 0.2 (11.3) 12.1 18.5 3.2 14.0 17.8 281.4 473.8 406.2 (136.7) 61.9 51.7
EPS (Diluted) 0.64 0.13 1.15 0.46 0.05 0.68 0.55 0.45 0.34 0.86 0.30 0.74 0.50 0.60 -0.22 0.21 0.24 0.66 0.45 0.69 0.32 0.48 0.27 0.35 -0.33 0.25 0.23 0.23 0.36 0.05 0.09 -0.20 0.36 0.38 0.26 0.53 -0.58 0.34 0.43 0.46 -0.04 0.00 -0.14 0.15 0.23 0.03 0.17 0.22 3.52 0.84 0.56 -1.39 0.63 0.59
Balance Sheet
Cash & Equivalents 1,438.1 1,500.0 1,500.0 1,531.9 1,802.8 2,735.5 1,666.1 1,525.5 1,545.7 1,497.8 1,197.1 1,089.0 1,027.2 1,114.6 1,045.5 1,077.0 829.3 1,392.8 1,877.1 1,431.8 1,167.1 1,062.2 1,233.9 1,148.4 1,682.1 744.7 727.8 623.5 658.4 494.9 882.8 961.7 648.0 675.4 986.0 561.9 450.3 798.1 550.0 498.1 233.8
Total Assets 28,394.9 28,993.0 27,032.2 27,264.9 27,181.8 24,884.3 24,522.7 24,192.6 24,413.3 24,730.5 23,383.9 23,118.8 21,928.6 22,002.8 21,206.3 21,226.2 21,131.2 21,605.2 19,934.4 18,639.6 16,535.9 15,169.0 14,929.0 13,720.0 13,216.9 12,014.2 11,596.8 10,979.7 10,489.3 10,154.7 10,421.6 10,144.7 8,560.1 8,563.5 8,019.4 6,244.4 5,718.1 5,829.7 5,319.1 4,671.6 4,336.3
Total Debt 14,147.8 14,912.4 12,726.3 13,471.1 13,355.9 13,148.0 14,421.3 14,500.1 15,339.1 15,756.0 14,208.8 14,032.6 13,486.4 13,334.2 12,675.1 12,622.0 12,682.6 12,494.2 11,727.0 10,705.3 10,947.9 10,903.2 10,575.3 10,202.7 9,606.5 8,566.4 7,952.4 7,902.4 7,447.4 7,368.3 14,253.9 13,546.2 5,668.1 11,296.9 5,083.9 3,688.2 3,512.4 3,392.0 2,968.1 2,460.3 2,651.5
Stockholders' Equity 4,025.4 4,275.5 4,474.0 4,361.8 4,454.1 3,543.6 2,076.1 2,001.8 1,767.5 1,893.4 1,733.2 1,750.0 1,669.9 1,589.2 1,511.7 1,639.4 1,693.0 1,825.2 1,753.3 1,622.3 1,161.5 1,193.7 1,142.2 945.1 898.6 768.3 752.1 635.5 599.7 587.9 593.1 1,535.2 672.0 1,460.3 1,377.9 1,248.5 1,177.6 1,377.3 575.4 559.3 938.0
Cash Flow
Operating Cash Flow 406.5 (483.7) 1,340.7 415.7 1,994.2 807.6 841.3 432.2 710.0 (560.1) 318.3 (699.1) 707.6 (190.5) 24.6 (792.3) 224.2 (752.3) (774.7) (327.9) (741.1) (438.1) 163.3 212.4 (363.2) (402.9) (388.8) (941.5) (349.8) 306.2 (435.6) (1,368.2) 80.5 (670.8) (888.1) (12.3) (291.8) (366.3) (328.4) 94.3 (25.2)
Capital Expenditure (15.6) (15.8) (11.5) (22.9) (22.0) (9.3) (26.9) (29.2) (26.1) (23.0) (23.1) (12.2) (8.9) (7.4) (9.9) (9.9) (8.5) (12.1) (7.2) (4.7) (3.3) (7.3) (0.5) (5.0) (3.1) (4.7) (6.4) (2.7) (3.0) (4.0) (7.3) (4.3) (2.9) (5.2) (6.7) (10.9) (10.3) (3.7) (2.9) (2.5) (2.8)
Free Cash Flow 390.9 (499.5) 1,329.3 392.8 1,972.2 798.3 814.4 402.9 684.0 (583.1) 295.2 (711.3) 698.7 (197.9) 14.7 (802.3) 215.6 (764.4) (781.9) (332.6) (744.4) (445.5) 162.8 207.4 (366.3) (407.7) (395.2) (944.1) (352.8) 302.2 (442.9) (1,372.4) 77.7 (676.1) (894.8) (23.3) (302.1) (370.0) (331.3) 91.8 (28.0)