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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $580.00M | $457.00M | $716.00M | $782.00M | $764.00M | $608.00M | $754.00M | $775.00M |
| Cost of revenue | $214.00M | $213.00M | $210.00M | $0 | $188.00M | $186.00M | $187.00M | $0 |
| Gross profit | $366.00M | $244.00M | $506.00M | $782.00M | $576.00M | $422.00M | $567.00M | $775.00M |
| Gross margin | 63.1% | 53.4% | 70.7% | 100.0% | 75.4% | 69.4% | 75.2% | 100.0% |
| Selling, general and administrative | $4.00M | $12.00M | $11.00M | $15.00M | $4.00M | $12.00M | $10.00M | $12.00M |
| Operating expenses | $187.00M | $146.00M | $196.00M | $224.00M | $207.00M | $174.00M | $200.00M | $207.00M |
| Operating income | $179.00M | $98.00M | $310.00M | $558.00M | $369.00M | $248.00M | $367.00M | $568.00M |
| Operating margin | 30.9% | 21.4% | 43.3% | 71.4% | 48.3% | 40.8% | 48.7% | 73.3% |
| EBITDA | $179.00M | $98.00M | $310.00M | $546.00M | $369.00M | $248.00M | $367.00M | $554.00M |
| Interest expense | — | — | — | −$209.00M | — | — | — | −$195.00M |
| Income before taxes | $179.00M | $98.00M | $310.00M | $349.00M | $369.00M | $248.00M | $367.00M | $373.00M |
| Income taxes | $8.00M | $6.00M | $17.00M | $11.00M | $8.00M | $7.00M | $10.00M | $12.00M |
| Net income | $171.00M | $92.00M | $293.00M | $338.00M | $361.00M | $241.00M | $357.00M | $361.00M |
| Net margin | 29.5% | 20.1% | 40.9% | 43.2% | 47.3% | 39.6% | 47.3% | 46.6% |
| EPS, basic | $0.24 | $0.13 | $0.41 | $0.57 | $0.52 | $0.36 | — | $0.62 |
| EPS, diluted | $0.24 | $0.13 | $0.41 | $0.57 | $0.52 | $0.36 | — | $0.62 |
| Diluted shares | 718.00M | 718.00M | 716.00M | 709.00M | 695.00M | 676.00M | — | 635.00M |
Figures describe Ares Capital shares, not any token. As of Jul 29, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.