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Side-by-side financial comparison of Ares Management Corp (ARES) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Ares Management Corp is the larger business by last-quarter revenue ($1.5B vs $792.0M, roughly 1.9× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs 3.6%, a 6.9% gap on every dollar of revenue. On growth, Global Business Travel Group, Inc. posted the faster year-over-year revenue change (34.0% vs 19.5%). Over the past eight quarters, Ares Management Corp's revenue compounded faster (45.9% CAGR vs 13.9%).
Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997, with additional offices across North America, Europe, and Asia.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
ARES vs GBTG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $792.0M |
| Net Profit | $54.2M | $83.0M |
| Gross Margin | — | — |
| Operating Margin | 13.7% | 3.7% |
| Net Margin | 3.6% | 10.5% |
| Revenue YoY | 19.5% | 34.0% |
| Net Profit YoY | -69.4% | 692.9% |
| EPS (diluted) | — | $0.16 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.5B | $792.0M | ||
| Q3 25 | $1.7B | $674.0M | ||
| Q2 25 | $1.4B | $631.0M | ||
| Q1 25 | $1.1B | $621.0M | ||
| Q4 24 | $1.3B | $591.0M | ||
| Q3 24 | $1.1B | $597.0M | ||
| Q2 24 | $788.7M | $625.0M | ||
| Q1 24 | $707.4M | $610.0M |
| Q4 25 | $54.2M | $83.0M | ||
| Q3 25 | $288.9M | $-62.0M | ||
| Q2 25 | $137.1M | $15.0M | ||
| Q1 25 | $47.2M | $75.0M | ||
| Q4 24 | $177.3M | $-14.0M | ||
| Q3 24 | $118.5M | $-128.0M | ||
| Q2 24 | $94.9M | $27.0M | ||
| Q1 24 | $73.0M | $-19.0M |
| Q4 25 | 13.7% | 3.7% | ||
| Q3 25 | 39.3% | 1.8% | ||
| Q2 25 | 21.3% | 5.4% | ||
| Q1 25 | 13.0% | 8.9% | ||
| Q4 24 | 31.8% | 5.1% | ||
| Q3 24 | 29.0% | 4.5% | ||
| Q2 24 | 40.2% | 6.7% | ||
| Q1 24 | 32.7% | 2.6% |
| Q4 25 | 3.6% | 10.5% | ||
| Q3 25 | 17.4% | -9.2% | ||
| Q2 25 | 10.2% | 2.4% | ||
| Q1 25 | 4.3% | 12.1% | ||
| Q4 24 | 14.1% | -2.4% | ||
| Q3 24 | 10.5% | -21.4% | ||
| Q2 24 | 12.0% | 4.3% | ||
| Q1 24 | 10.3% | -3.1% |
| Q4 25 | — | $0.16 | ||
| Q3 25 | — | $-0.13 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $-0.28 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | — | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $434.0M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $4.3B | $1.6B |
| Total Assets | $28.6B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $434.0M | ||
| Q3 25 | — | $427.0M | ||
| Q2 25 | — | $601.0M | ||
| Q1 25 | — | $552.0M | ||
| Q4 24 | — | $536.0M | ||
| Q3 24 | — | $524.0M | ||
| Q2 24 | — | $515.0M | ||
| Q1 24 | — | $475.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.3B | $1.6B | ||
| Q3 25 | $4.5B | $1.5B | ||
| Q2 25 | $4.4B | $1.2B | ||
| Q1 25 | $4.5B | $1.1B | ||
| Q4 24 | $3.5B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.8B | $1.2B |
| Q4 25 | $28.6B | $4.9B | ||
| Q3 25 | $27.0B | $4.8B | ||
| Q2 25 | $27.3B | $3.9B | ||
| Q1 25 | $27.2B | $3.8B | ||
| Q4 24 | $24.9B | $3.6B | ||
| Q3 24 | $24.5B | $3.8B | ||
| Q2 24 | $24.2B | $3.8B | ||
| Q1 24 | $24.4B | $3.8B |
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-483.7M | $52.0M |
| Free Cash FlowOCF − Capex | — | $13.0M |
| FCF MarginFCF / Revenue | — | 1.6% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | -8.92× | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-483.7M | $52.0M | ||
| Q3 25 | $1.3B | $71.0M | ||
| Q2 25 | $415.7M | $57.0M | ||
| Q1 25 | $2.0B | $53.0M | ||
| Q4 24 | $807.6M | $65.0M | ||
| Q3 24 | $841.3M | $85.0M | ||
| Q2 24 | $432.2M | $73.0M | ||
| Q1 24 | $710.0M | $49.0M |
| Q4 25 | — | $13.0M | ||
| Q3 25 | — | $38.0M | ||
| Q2 25 | — | $27.0M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $24.0M |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 5.6% | ||
| Q2 25 | — | 4.3% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 4.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 4.1% |
| Q4 25 | -8.92× | 0.63× | ||
| Q3 25 | 4.64× | — | ||
| Q2 25 | 3.03× | 3.80× | ||
| Q1 25 | 42.28× | 0.71× | ||
| Q4 24 | 4.55× | — | ||
| Q3 24 | 7.10× | — | ||
| Q2 24 | 4.55× | 2.70× | ||
| Q1 24 | 9.72× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARES
| Management Service | $991.1M | 66% |
| Management Service Incentive | $206.7M | 14% |
| Carried Interest | $205.4M | 14% |
| Fee Related Performance Revenues | $113.3M | 8% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
