Carlyle Group Financials
This page shows Carlyle Group (CGABL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).
Accounting earnings and liability-funded balance-sheet growth are doing more of the work than cash generation here.
Across FY2023-FY2025, cumulative net income was positive at$1.2B while cumulative operating cash flow was negative$3.8B , meaning reported profits were not self-funding and cash had to come from elsewhere. In FY2025, cash still ended at$2.0B because financing inflows of$4.0B outweighed the operating outflow, so liquidity held up even as internal cash generation deteriorated.
FY2025 balance-sheet expansion was mostly liability-funded: total assets increased by about
Shareholder returns were still sizable even with weak cash conversion: buybacks reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Carlyle Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Carlyle Group's revenue declined 11.9% year-over-year, from $5.4B to $4.8B. This contraction results in a growth score of 78/100.
Carlyle Group has a moderate D/E ratio of 3.13. This balance of debt and equity financing earns a leverage score of 38/100.
While Carlyle Group generated -$3.3B in operating cash flow, capex of $99.4M consumed most of it, leaving -$3.4B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Carlyle Group's ROE of 11.5% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 16.1% the prior year.
Carlyle Group passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Carlyle Group generates $-4.05 in operating cash flow (-$3.3B OCF vs $808.7M 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
Earnings & Revenue
Carlyle Group generated $4.8B in revenue in fiscal year 2025. This represents a decrease of 11.9% from the prior year.
Carlyle Group reported $808.7M in net income in fiscal year 2025. This represents a decrease of 20.7% from the prior year.
Carlyle Group earned $2.18 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 21.3% from the prior year.
Cash & Balance Sheet
Carlyle Group generated -$3.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 303.1% from the prior year.
Carlyle Group held $2.0B in cash against $0 in long-term debt as of fiscal year 2025.
Carlyle Group paid $1.40 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Carlyle Group had 357M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
Carlyle Group's net profit margin was 16.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.
Carlyle Group's ROE was 11.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.6 percentage points from the prior year.
Capital Allocation
Carlyle Group spent $686.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 23.8% from the prior year.
Carlyle Group invested $99.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 27.9% from the prior year.
CGABL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B+471.4% | $332.7M-78.8% | $1.6B+61.6% | $973.1M-5.8% | $1.0B-60.8% | $2.6B+146.3% | $1.1B+55.4% | $688.4M |
| 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 | $955.7M+5499.4% | -$17.7M-102.3% | $774.9M+57.1% | $493.3M+0.3% | $491.7M-66.8% | $1.5B+211.1% | $475.7M+84.8% | $257.4M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $38.3M+28.5% | $29.8M+6.4% | $28.0M+0.7% | $27.8M-5.8% | $29.5M-2.6% | $30.3M-0.3% | $30.4M-1.3% | $30.8M |
| Income Tax | $116.3M+535.6% | -$26.7M-123.7% | $112.5M+807.3% | $12.4M-67.5% | $38.1M-78.0% | $173.1M+149.1% | $69.5M+217.4% | $21.9M |
| Net Income | $358.1M+39688.9% | $900K-99.7% | $319.7M+145.9% | $130.0M-38.4% | $210.9M-64.6% | $595.7M+302.0% | $148.2M+125.9% | $65.6M |
| EPS (Diluted) | N/A | $0.00-100.0% | $0.87+148.6% | $0.35 | N/A | $1.63+307.5% | $0.40+122.2% | $0.18 |
CGABL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.1B+7.6% | $27.1B+7.9% | $25.1B+4.0% | $24.1B+4.3% | $23.1B+2.0% | $22.7B+1.7% | $22.3B+6.9% | $20.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $2.0B-11.3% | $2.2B+74.1% | $1.3B+7.2% | $1.2B-6.0% | $1.3B-8.0% | $1.4B+50.5% | $914.8M-28.3% | $1.3B |
| 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 | $104.6M0.0% | $104.6M+0.1% | $104.5M+0.6% | $103.9M+0.3% | $103.6M-0.5% | $104.1M+0.2% | $103.9M0.0% | $103.9M |
| Total Liabilities | $22.1B+9.1% | $20.2B+10.1% | $18.4B+3.6% | $17.7B+5.7% | $16.8B+2.7% | $16.3B-1.4% | $16.6B+9.6% | $15.1B |
| 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 | N/A | N/A |
| Total Equity | $7.1B+3.1% | $6.8B+1.9% | $6.7B+5.2% | $6.4B+0.6% | $6.3B+0.2% | $6.3B+10.6% | $5.7B-0.2% | $5.7B |
| Retained Earnings | $1.6B+1.5% | $1.6B-17.0% | $1.9B+4.6% | $1.9B-8.6% | $2.0B+0.3% | $2.0B+19.1% | $1.7B-8.6% | $1.9B |
CGABL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.2B+23.4% | -$1.6B-823.9% | -$168.8M+52.1% | -$352.1M+0.2% | -$352.8M-144.6% | $791.9M+162.4% | -$1.3B-1885.8% | $71.1M |
| Capital Expenditures | $42.0M+81.0% | $23.2M+32.6% | $17.5M+4.8% | $16.7M-37.5% | $26.7M+39.8% | $19.1M+7.9% | $17.7M+24.6% | $14.2M |
| Free Cash Flow | -$1.2B+21.8% | -$1.6B-749.5% | -$186.3M+49.5% | -$368.8M+2.8% | -$379.5M-149.1% | $772.8M+160.0% | -$1.3B-2362.6% | $56.9M |
| Investing Cash Flow | -$42.0M-81.0% | -$23.2M-32.6% | -$17.5M-4.8% | -$16.7M+37.5% | -$26.7M-90.7% | -$14.0M+38.3% | -$22.7M-59.9% | -$14.2M |
| Financing Cash Flow | $975.0M-60.8% | $2.5B+981.1% | $230.2M-22.4% | $296.6M-5.0% | $312.1M+190.1% | -$346.5M-137.1% | $933.9M+531.0% | -$216.7M |
| Dividends Paid | $125.9M-0.5% | $126.5M+0.2% | $126.3M-0.1% | $126.4M+1.0% | $125.2M-0.2% | $125.5M-0.1% | $125.6M-0.9% | $126.7M |
| Share Buybacks | $203.7M+0.5% | $202.7M+95.7% | $103.6M-41.3% | $176.5M+132.8% | $75.8M-49.6% | $150.5M-15.6% | $178.3M+18.9% | $150.0M |
CGABL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 18.8%+18.6pp | 0.3%-20.1pp | 20.3%+7.0pp | 13.4%-7.1pp | 20.4%-2.2pp | 22.6%+8.8pp | 13.9%+4.3pp | 9.5% |
| Return on Equity | 5.1%+5.1pp | 0.0%-4.8pp | 4.8%+2.7pp | 2.0%-1.3pp | 3.3%-6.1pp | 9.4%+6.8pp | 2.6%+1.4pp | 1.1% |
| Return on Assets | 1.2%+1.2pp | 0.0%-1.3pp | 1.3%+0.7pp | 0.5%-0.4pp | 0.9%-1.7pp | 2.6%+2.0pp | 0.7%+0.4pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.13+0.2 | 2.95+0.2 | 2.73-0.0 | 2.77+0.1 | 2.64+0.1 | 2.58-0.3 | 2.89+0.3 | 2.63 |
| FCF Margin | -65.1%+410.6pp | -475.7%-463.9pp | -11.8%+26.1pp | -37.9%-1.1pp | -36.8%-66.1pp | 29.3%+149.7pp | -120.3%-128.6pp | 8.3% |
Frequently Asked Questions
What is Carlyle Group's annual revenue?
Carlyle Group (CGABL) reported $4.8B in total revenue for fiscal year 2025. This represents a -11.9% 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 Carlyle Group's revenue growing?
Carlyle Group (CGABL) revenue declined by 11.9% year-over-year, from $5.4B to $4.8B in fiscal year 2025.
Is Carlyle Group profitable?
Yes, Carlyle Group (CGABL) reported a net income of $808.7M in fiscal year 2025, with a net profit margin of 16.9%.
What is Carlyle Group's net profit margin?
Carlyle Group (CGABL) had a net profit margin of 16.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Carlyle Group pay dividends?
Yes, Carlyle Group (CGABL) paid $1.40 per share in dividends during fiscal year 2025.
What is Carlyle Group's return on equity (ROE)?
Carlyle Group (CGABL) has a return on equity of 11.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Carlyle Group's free cash flow?
Carlyle Group (CGABL) generated -$3.4B in free cash flow during fiscal year 2025. This represents a -303.1% 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 Carlyle Group's operating cash flow?
Carlyle Group (CGABL) generated -$3.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Carlyle Group's total assets?
Carlyle Group (CGABL) had $29.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Carlyle Group's capital expenditures?
Carlyle Group (CGABL) invested $99.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Carlyle Group's debt-to-equity ratio?
Carlyle Group (CGABL) had a debt-to-equity ratio of 3.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Carlyle Group's return on assets (ROA)?
Carlyle Group (CGABL) had a return on assets of 2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Carlyle Group's cash runway?
Based on fiscal year 2025 data, Carlyle Group (CGABL) had $2.0B in cash against an annual operating cash burn of $3.3B. This gives an estimated cash runway of approximately 7 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 Carlyle Group's Piotroski F-Score?
Carlyle Group (CGABL) has a Piotroski F-Score of 1 out of 9, indicating weak 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Carlyle Group's earnings high quality?
Carlyle Group (CGABL) has an earnings quality ratio of -4.05x, 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 Carlyle Group?
Carlyle Group (CGABL) scores 24 out of 100 on our Financial Profile, indicating weak 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.