Carlyle Group Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Carlyle Group Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,274	3,676	2,427	3,377	2,935	8,782	4,439	2,964	5,426	4,780
Cost of revenue	31.3	64.4
Gross profit	2,243	3,612
General and administrative	521	277	461	494	349	432	576
Interest expense	61.3	65.5	82.2	82.1	94	113	110	124	121	124
Interest income	140	167	207	192	212	231	282	512	578	577
Other non-operating income	11.2	71.4	-1.1	-1.3	7.2	-1.5	-1	-0.2	0.3	0.2
Pre-tax income	45.3	1,132	360	1,233	580	4,028	1,573	-601	1,394	1,159
Income tax	30	125	31.3	49	197	982	288	-104	303	215
Net income to minority interests	41	72.5	33.9	36.6	34.6	70.5	59.7	112	70.7	136
Net income	6.4	244	117	381	348	2,975	1,225	-608	1,020	809
EPS, basic	0.08	2.58	0.89	3.05	0.99	8.37	3.39	-1.68	2.85	2.25
EPS, diluted	-0.08	2.38	0.82	2.82	0.97	8.20	3.35	-1.68	2.77	2.18
Shares, basic (weighted)	82.7	92.1	104	113	350	355	361	361	359	360
Shares, diluted (weighted)	309	100	113	123	358	363	366	361	368	371
Dividend per share	1.68	1.24						1.40	1.40	1.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	671	1,000	630	793	988	2,470	1,361	1,440	1,266	1,970
Property, plant and equipment	106	100	95.1	108	149	144	140	162	185	225
Lease right-of-use assets			0	204	361	361	337	332	341	332
Goodwill	10.1	11.1	15.3	16.1	16.8	13.3	104	104	104	105
Intangible assets	31.9	24.8	62	46.2	31.9	21.6	794	662	531	403
Total assets	9,973	12,281	12,914	13,809	15,645	21,250	21,403	21,176	23,104	29,116
Long-term debt	1,265	1,574	1,550	1,976	1,971	2,072	2,272
Total liabilities	8,519	9,332	10,078	10,839	12,715	15,544	14,582	15,392	16,756	22,059
Total debt	144	1,574	1,555	1,976	1,971	2,072	2,272
Paid-in capital				0	2,546	2,718	3,139	3,403	3,892	4,286
Retained earnings				0	348	2,805	3,401	2,082	2,041	1,642
Other comprehensive income	-95.2	-72.7	-83.3	-85.2	-209	-248	-322	-297	-330	-170
Minority interests	278	405	324	334	241	427	600	593	741	1,296
Total equity			2,836	2,970	2,930	5,706	6,821	5,785	6,348	7,057
Total liabilities and equity	9,973	12,281	12,914	13,809	15,645	21,250	21,403	21,176	23,104	29,116
Shares outstanding	84.6	100	108	118	354	355	362	361	357	357

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	15.3	1,007	329	1,184	383	3,045	1,285	-497	1,091	945
Depreciation and amortization		41.3	46.9	65.6	52.1	52	147	181	184	192
Stock-based compensation	335	320	240	140	105	163	154	249	468	375
Deferred income tax	-4.9	92.5	-12	16.7	143	515	-61.8	-366	87.9	-28.5
Change in payables	66.6	50.5	78.2	-43.7	-4	106	-14.3	-33.2	58.8	150
Cash from operations	-301	-7.1	-344	359	-169	1,791	-379	205	-760	-3,276
Capital expenditures	-25.4	-34	-31.3	-27.8	-61.2	-41.4	-40.6	-66.6	-77.7	-99.4
Acquisitions	0	0	-67.8	0	0	0	-150	0	0
Purchases of investments	-368	-889	-474
Cash from investing	-25.4	-34	-99.1	-27.8	-61.2	-32.2	-829	-43.6	-77.6	-99.4
Debt issued	20.6	266	40.8	41	20.5	112	73.2	12	0.7	90
Debt repaid	-9	-21.7	-157	0	0	-260	0	0
Share buybacks	-58.9	-0.2	-108	-34.5	-26.4	-162	-186	-204	-555	-687
Dividends paid	-141	-118	-130	-155	-351	-356	-444	-498	-503	-505
Cash from financing	15.3	319	72	-149	370	-243	115	-99.6	683	3,990
Exchange rate effect	-15.7	67.3	-19.9	8.1	21.7	-30.8	-20.3	18.9	-21.3	91.6
Net change in cash	-326	345	-391	190	162	1,486	-1,114	80.6	-176	707
Free cash flow	-326	-41.1	-375	331	-230	1,750	-420	138	-837	-3,375
Interest paid	59	59.5	60.7	63.4	80.1	92.7	91.5	91.8	93.6	91.7
Income taxes paid	35.1	24.8	46.8	30.5	35.4	403	402	250	219	153

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $40.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	17.8%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	-114.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-110.7%	Cash from operations / revenue.
Effective tax rate	15.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.3%	Net income / average total assets.
Stock-based pay / revenue	11.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	5.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-20.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-21.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-13.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	17.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	26.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	74.4%	Total liabilities / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.
Fixed asset turnover	14.5x	Revenue / average property, plant and equipment.
FCF conversion	-1,133.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.83	Revenue / diluted weighted shares.
FCF per share	-$11.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$10.88	Cash from operations / diluted weighted shares.
Cash per share	$3.56	(Cash + short-term investments) / shares outstanding.
Payout ratio	138.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.26B	Share price x shares outstanding.
Enterprise value	$13.01B	Market cap + total debt - cash - short-term investments.
P/E	39.2x	Market cap / net income. Only when net income is positive.
P/S	3.95x	Market cap / revenue.
EV/Sales	3.60x	Enterprise value / revenue.
FCF yield	-28.9%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	10.0%	(Dividends paid + share buybacks) / market cap.

What was Carlyle Group Inc.'s revenue in fiscal 2025?

Carlyle Group Inc. reported revenue of $4.78B for fiscal 2025, 11.9% lower than the year before.

Was Carlyle Group Inc. profitable in fiscal 2025?

Yes. Net income was $808.7M, a net margin of 16.9%.

How much free cash flow did Carlyle Group Inc. generate in fiscal 2025?

Cash from operations of $3.28B minus capital expenditures of $99.4M left free cash flow of -$3.37B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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