The Carlyle Group Inc. Financials
This page shows The Carlyle Group Inc. (CG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
The Carlyle Group Inc.'s revenue surged 83.1% year-over-year to $5.4B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
The Carlyle Group Inc. has elevated debt relative to equity (D/E of 2.64), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 13/100, reflecting increased financial risk.
While The Carlyle Group Inc. generated -$759.5M in operating cash flow, capex of $77.7M consumed most of it, leaving -$837.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
The Carlyle Group Inc.'s ROE of 16.1% shows moderate profitability relative to equity, earning a score of 64/100.
The Carlyle Group Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, The Carlyle Group Inc. generates $-0.74 in operating cash flow (-$759.5M OCF vs $1.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
The Carlyle Group Inc. generated $5.4B in revenue in fiscal year 2024. This represents an increase of 83.1% from the prior year.
The Carlyle Group Inc. generated -$837.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 705.4% from the prior year.
The Carlyle Group Inc. reported $1.0B in net income in fiscal year 2024. This represents an increase of 267.7% from the prior year.
The Carlyle Group Inc. earned $2.77 per diluted share (EPS) in fiscal year 2024. This represents an increase of 264.9% from the prior year.
The Carlyle Group Inc. held $1.3B in cash against $0 in long-term debt as of fiscal year 2024.
The Carlyle Group Inc. paid $1.40 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
The Carlyle Group Inc. had 357M shares outstanding in fiscal year 2024. This represents a decrease of 1.1% from the prior year.
The Carlyle Group Inc.'s net profit margin was 18.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 39.3 percentage points from the prior year.
The Carlyle Group Inc.'s ROE was 16.1% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
The Carlyle Group Inc. spent $554.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 172.5% from the prior year.
The Carlyle Group Inc. invested $77.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 16.7% from the prior year.
CG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $332.7M-78.8% | $1.6B+61.6% | $973.1M+5.1% | $926.2M+29.2% | $716.6M+55.1% | $462.1M-46.2% | $859.0M+19.4% | $719.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | $159.2M-15.6% | $188.6M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $29.8M+6.4% | $28.0M+0.7% | $27.8M-13.1% | $32.0M+1.9% | $31.4M+2.3% | $30.7M+3.4% | $29.7M+4.6% | $28.4M |
| Income Tax | -$26.7M-123.7% | $112.5M+807.3% | $12.4M+107.2% | -$172.4M-518.4% | $41.2M+664.4% | -$7.3M-121.3% | $34.3M+165.9% | $12.9M |
| Net Income | $900K-99.7% | $319.7M+145.9% | $130.0M+118.8% | -$692.0M-951.2% | $81.3M+182.6% | -$98.4M-197.7% | $100.7M-20.8% | $127.2M |
| EPS (Diluted) | $0.00-100.0% | $0.87+148.6% | $0.35+118.3% | $-1.91-968.2% | $0.22+181.5% | $-0.27-196.4% | $0.28-17.6% | $0.34 |
CG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $27.1B+7.9% | $25.1B+4.0% | $24.1B+13.8% | $21.2B+1.0% | $21.0B-2.0% | $21.4B+0.5% | $21.3B-0.6% | $21.4B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $2.2B+74.1% | $1.3B+7.2% | $1.2B-17.4% | $1.4B+13.6% | $1.3B+45.7% | $870.3M-13.8% | $1.0B-25.8% | $1.4B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $104.6M+0.1% | $104.5M+0.6% | $103.9M-0.1% | $104.0M+0.2% | $103.8M-0.2% | $104.0M0.0% | $104.0M+0.1% | $103.9M |
| Total Liabilities | $20.2B+10.1% | $18.4B+3.6% | $17.7B+15.1% | $15.4B+6.5% | $14.5B-1.9% | $14.7B+1.9% | $14.5B-0.8% | $14.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $2.3B+0.2% | $2.3B |
| Total Equity | $6.8B+1.9% | $6.7B+5.2% | $6.4B+10.4% | $5.8B-11.1% | $6.5B-2.1% | $6.6B-2.5% | $6.8B-0.1% | $6.8B |
| Retained Earnings | $1.6B-17.0% | $1.9B+4.6% | $1.9B-10.4% | $2.1B-28.3% | $2.9B-3.0% | $3.0B-8.8% | $3.3B-3.5% | $3.4B |
CG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.6B-823.9% | -$168.8M+52.1% | -$352.1M-238.6% | $254.1M-68.2% | $799.8M+208.6% | -$736.5M-554.7% | -$112.5M+6.9% | -$120.8M |
| Capital Expenditures | $23.2M+32.6% | $17.5M+4.8% | $16.7M-1.8% | $17.0M-0.6% | $17.1M-12.8% | $19.6M+51.9% | $12.9M-17.3% | $15.6M |
| Free Cash Flow | -$1.6B-749.5% | -$186.3M+49.5% | -$368.8M-255.5% | $237.1M-69.7% | $782.7M+203.5% | -$756.1M-503.0% | -$125.4M+8.1% | -$136.4M |
| Investing Cash Flow | -$23.2M-32.6% | -$17.5M-4.8% | -$16.7M-140.8% | $40.9M+240.1% | -$29.2M-175.6% | $38.6M+141.1% | -$93.9M-373.0% | $34.4M |
| Financing Cash Flow | $2.5B+981.1% | $230.2M-22.4% | $296.6M+294.9% | -$152.2M+57.2% | -$355.4M-165.3% | $544.5M+498.9% | -$136.5M-627.0% | $25.9M |
| Dividends Paid | $126.5M+0.2% | $126.3M-0.1% | $126.4M+0.1% | $126.3M0.0% | $126.3M-0.3% | $126.7M+7.0% | $118.4M+0.2% | $118.2M |
| Share Buybacks | $202.7M+95.7% | $103.6M-41.3% | $176.5M+88350.0% | -$200K-100.5% | $42.9M-29.1% | $60.5M-39.7% | $100.3M+159.2% | $38.7M |
CG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 0.3%-20.1pp | 20.3%+7.0pp | 13.4%+88.1pp | -74.7%-86.1pp | 11.3%+32.6pp | -21.3%-33.0pp | 11.7%-6.0pp | 17.7% |
| Return on Equity | 0.0%-4.8pp | 4.8%+2.7pp | 2.0% | N/A | 1.3% | N/A | 1.5%-0.4pp | 1.9% |
| Return on Assets | 0.0%-1.3pp | 1.3%+0.7pp | 0.5%+3.8pp | -3.3%-3.7pp | 0.4%+0.9pp | -0.5%-0.9pp | 0.5%-0.1pp | 0.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.95+0.2 | 2.73-0.0 | 2.77+0.1 | 2.66+0.4 | 2.220.0 | 2.22+1.9 | 0.330.0 | 0.33 |
| FCF Margin | -475.7%-463.9pp | -11.8%+26.1pp | -37.9%-63.5pp | 25.6%-83.6pp | 109.2%+272.8pp | -163.6%-149.0pp | -14.6%+4.4pp | -19.0% |
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Frequently Asked Questions
What is The Carlyle Group Inc.'s annual revenue?
The Carlyle Group Inc. (CG) reported $5.4B in total revenue for fiscal year 2024. This represents a 83.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is The Carlyle Group Inc.'s revenue growing?
The Carlyle Group Inc. (CG) revenue grew by 83.1% year-over-year, from $3.0B to $5.4B in fiscal year 2024.
Is The Carlyle Group Inc. profitable?
Yes, The Carlyle Group Inc. (CG) reported a net income of $1.0B in fiscal year 2024, with a net profit margin of 18.8%.
What is The Carlyle Group Inc.'s earnings per share (EPS)?
The Carlyle Group Inc. (CG) reported diluted earnings per share of $2.77 for fiscal year 2024. This represents a 264.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is The Carlyle Group Inc.'s net profit margin?
The Carlyle Group Inc. (CG) had a net profit margin of 18.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does The Carlyle Group Inc. pay dividends?
Yes, The Carlyle Group Inc. (CG) paid $1.40 per share in dividends during fiscal year 2024.
What is The Carlyle Group Inc.'s return on equity (ROE)?
The Carlyle Group Inc. (CG) has a return on equity of 16.1% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is The Carlyle Group Inc.'s free cash flow?
The Carlyle Group Inc. (CG) generated -$837.2M in free cash flow during fiscal year 2024. This represents a -705.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is The Carlyle Group Inc.'s operating cash flow?
The Carlyle Group Inc. (CG) generated -$759.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are The Carlyle Group Inc.'s total assets?
The Carlyle Group Inc. (CG) had $23.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are The Carlyle Group Inc.'s capital expenditures?
The Carlyle Group Inc. (CG) invested $77.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does The Carlyle Group Inc. buy back shares?
Yes, The Carlyle Group Inc. (CG) spent $554.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does The Carlyle Group Inc. have outstanding?
The Carlyle Group Inc. (CG) had 357M shares outstanding as of fiscal year 2024.
What is The Carlyle Group Inc.'s debt-to-equity ratio?
The Carlyle Group Inc. (CG) had a debt-to-equity ratio of 2.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is The Carlyle Group Inc.'s return on assets (ROA)?
The Carlyle Group Inc. (CG) had a return on assets of 4.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is The Carlyle Group Inc.'s cash runway?
Based on fiscal year 2024 data, The Carlyle Group Inc. (CG) had $1.3B in cash against an annual operating cash burn of $759.5M. This gives an estimated cash runway of approximately 20 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is The Carlyle Group Inc.'s Piotroski F-Score?
The Carlyle Group Inc. (CG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are The Carlyle Group Inc.'s earnings high quality?
The Carlyle Group Inc. (CG) has an earnings quality ratio of -0.74x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is The Carlyle Group Inc.?
The Carlyle Group Inc. (CG) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.