Ares Capital (9A2) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 28, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.41

Last Year’s EPS

0.42

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 3 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 04, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized multiple company records (originations, new debt commitments, portfolio growth), strong credit performance (low non-accruals, improved coverage ratios), substantial realized gains and robust liquidity and funding diversification. The primary negatives were lower core and GAAP EPS driven by declines in base rates (with an anticipated ~$0.10/share headwind for 2026), a modest QoQ NAV dip, and ongoing market/competitive uncertainties (retail flow choppiness and AI-related sector risk). Overall the positives — record origination and funding activity, portfolio diversification, strong credit metrics, and dividend coverage — materially outweighed the identified headwinds.

Company Guidance

Management reiterated confidence in maintaining the dividend, noting core EPS of $0.50 in Q4 and $2.01 for FY2025 (fully covering dividends) and announcing a Q1 2026 dividend of $0.48 payable March 31 (record March 13); they also flagged an expected ~ $0.10 per share 2026 headwind to core earnings from recent base rate declines but noted ~$988 million ($1.38/share) of taxable spillover as additional cushion. Key balance‑sheet and funding metrics supporting the outlook include portfolio fair value of $29.5 billion, NAV $14.3 billion ($19.94/share, -0.35% q/q, +0.25% y/y), net debt/equity of 1.08x (below the ~1.1x stated level and well under the 1.25x upper target), pro‑forma liquidity > $6.0 billion, $4.5 billion of new gross debt commitments in 2025, $2.4 billion of unsecured notes issued, a $750 million five‑year deal in early 2026 (swapped to SOFR+172bps), $1.4 billion of expanded bank capacity (avg spreads down ~20bps), a $700 million on‑balance CLO at blended SOFR+147bps, and ~70% floating‑rate borrowings (vs ~50% YE2024). On originations and credit, 2025 gross commitments were a record $15.8 billion (Q4 > $5.8 billion, +50% YoY), the portfolio grew to ~603 borrowers (added >100 new names), non‑sponsored originations rose >50%, average position size ~0.2%, average portfolio leverage down ~0.25x EBITDA y/y, average interest coverage 2.2x, weighted average organic EBITDA growth ~9% y/y (well above GDP and syndicated loan peers), weighted average portfolio grade 3.1, non‑accruals 1.8% at cost / 1.2% at fair value, pretax net realized gains >$100 million and >$470 million of equity co‑investment gross realizations (avg IRR >25%, >3x money).

Record Originations and New Borrowers

Gross originations reached a company record $15.8 billion in 2025; fourth-quarter originations were over $5.8 billion (up >50% vs prior-year quarter). ARCC added more than 100 new borrowers in 2025, ending the year with 603 borrowers (nearly +10% YoY).

Portfolio Growth and Scale

Total portfolio at fair value grew to $29.5 billion (up 3% QoQ and +10% YoY). Investment team reviewed nearly $1 trillion of potential investments (a 24% increase vs prior year), supporting selective origination at scale.

Strong Credit Metrics and Low Non-Accruals

Non-accruals at cost ended 2025 at 1.8% (in line with prior quarter and year; well below ARCC's 2.8% post-GFC average and BDC peer 3.8%). Portfolio average leverage declined ~0.25x EBITDA YoY and interest coverage improved to 2.2x (coverage +15% YoY; +10% QoQ).

Realized Gains and Equity Co-Investment Performance

Pretax net realized gains on investments exceeded $100 million in 2025. The company realized over $470 million of gross gains from equity co-investments with average IRRs in excess of 25% and average equity returns of more than 3x invested capital.

Dividend Coverage, ROE and NAV Stability

Core EPS of $0.50 in Q4 and $2.01 for the full year fully covered dividends in all four quarters; company generated core ROE in excess of 10% for Q4 and FY2025. NAV per share was $19.94 (down 0.35% QoQ, up 0.25% YoY).

Strengthened Funding and Liquidity

Added $4.5 billion of new gross debt commitments in 2025 (record); issued $2.4 billion of unsecured investment-grade notes and a $750 million five‑year bond at 180 bps; expanded credit facilities by $1.4 billion and executed a $700 million on‑balance sheet CLO at blended cost SOFR+147 bps. Nearly 70% of borrowings are floating rate vs ~50% at YE2024. Pro forma liquidity exceeded $6 billion.

Diversification and Risk Management

Portfolio diversification: average position size ~0.2% and top-10 exposures ~11% of portfolio (excluding IAM and STLP), representing materially lower single-name concentration than peers. Non-sponsored originations grew >50% in 2025, and portfolio spans 21 industries and 58 sub-industries.

Early 2026 Momentum and Backlog

Through January 29, 2026, commitments were nearly $1.4 billion (an 11% increase vs comparable January), and backlog stood at $2.2 billion (more than +17% vs the prior reported backlog), indicating continued origination momentum into 2026.

Ares Capital (DE:9A2) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:9A2 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 28, 2026	2026 (Q1)	0.41 / -	0.424	―	―	―
Feb 04, 2026	2025 (Q4)	0.42 / 0.42	0.467	-9.09% (-0.04)
Oct 28, 2025	2025 (Q3)	0.43 / 0.42	0.492	-13.79% (-0.07)
Jul 29, 2025	2025 (Q2)	0.43 / 0.42	0.517	-18.03% (-0.09)
Apr 29, 2025	2025 (Q1)	0.45 / 0.42	0.501	-15.25% (-0.08)
Feb 05, 2025	2024 (Q4)	0.49 / 0.47	0.534	-12.70% (-0.07)
Oct 30, 2024	2024 (Q3)	0.50 / 0.49	0.501	-1.69% (>-0.01)
Jul 30, 2024	2024 (Q2)	0.49 / 0.52	0.492	5.17% (+0.03)
May 01, 2024	2024 (Q1)	0.51 / 0.50	0.484	3.51% (+0.02)
Feb 07, 2024	2023 (Q4)	0.51 / 0.53	0.534	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:9A2 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 04, 2026	€16.38	€16.39	+0.04%
Oct 28, 2025	€17.39	€16.96	-2.44%
Jul 29, 2025	€18.92	€18.55	-1.95%
Apr 29, 2025	€17.27	€16.99	-1.61%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Ares Capital Corp (DE:9A2) report earnings?

Ares Capital Corp (DE:9A2) is schdueled to report earning on Apr 28, 2026, Before Open (Confirmed).

What is Ares Capital Corp (DE:9A2) earnings time?

Ares Capital Corp (DE:9A2) earnings time is at Apr 28, 2026, Before Open (Confirmed).

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What is the P/E ratio of Ares Capital Corp stock?

The P/E ratio of Ares Capital is N/A.

What is DE:9A2 EPS forecast?

DE:9A2 EPS forecast for the fiscal quarter 2026 (Q1) is 0.41.