Carlyle Group
CG Nasdaq Asset Management & Custody Banks Financials FY2016–FY2025
Carlyle Group's revenue fell 11.9% to $4.8 billion in fiscal 2025. Its net margin was 16.9%, down from 18.8% a year earlier. Free cash flow was −$3.4 billion. It paid out $1.2 billion in dividends and buybacks. The diluted share count rose 0.8%.
About these figures. Carlyle's debt is its own debt obligations (senior and subordinated notes), not the loans of the investment funds it consolidates.
What Carlyle Group does
Carlyle is a global investment firm, founded in Washington, D.C. in 1987. It invests private capital for outside investors, such as pension funds, through funds that it advises. It managed $477 billion at the end of 2025. It has more than 2,500 employees in 27 offices on four continents.
Carlyle has three segments. Global Private Equity advises funds that buy companies, make growth investments, and invest in real estate, infrastructure and natural resources. Global Credit, with $211.3 billion in assets, lends and invests across the credit spectrum, including direct lending and insurance solutions. Carlyle AlpInvest invests in the funds and portfolios of other managers, such as secondaries. Carlyle earns fees for managing client money, and carried interest, a share of the profits when its funds' investments do well.
As of the end of 2025, its private equity funds had investments in more than 275 active companies. Carlyle also has a strategic investment in NGP, a Texas-based energy investor, which it does not control. It paid $505 million in dividends to its common shareholders in 2025.
- Legal name
- Carlyle Group Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001527166-26-000009
0001527166
Revenue and margins
Carlyle Group had $4.8B of revenue in fiscal 2025, down 11.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$3.4B in fiscal 2025, −70.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Carlyle Group returned $1.2B to shareholders in fiscal 2025. The diluted share count rose 0.8%.
Value Carlyle Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.0B and divides by 370.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 40.2x · peers — · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Carlyle Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $1.4B | $1.4B | $1.3B | $2.0B |
| Debt incl. finance leases | $2.1B | $2.3B | $2.3B | $2.1B | $3.0B |
| Net debt / EBITDA | −0.1x | 0.5x | — | 0.5x | 0.7x |
| Debt / equity | 0.4x | 0.3x | 0.4x | 0.3x | 0.4x |
| Interest coverage | 36.6x | 15.2x | −3.9x | 12.5x | 10.4x |
| Total assets | $21.3B | $21.4B | $21.2B | $23.1B | $29.1B |
| Total liabilities | $15.5B | $14.6B | $15.4B | $16.8B | $22.1B |
| Shareholders' equity | $5.7B | $6.8B | $5.8B | $6.3B | $7.1B |
| Net debt (− = net cash) | −$398M | $911M | $841M | $878M | $1.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$75.8M
1 insider
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✕ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −3.8% | 8.0% | 15.6% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Carlyle Group CG | $14.2B | −11.9% | — | −70.6% | 13.7% | 40.2x | — | |
| Ares Management ARES | — | 28.9% | — | — | — | — | — | Compare → |
| Brookfield Asset Management BAM | — | 21.0% | — | 43.4% | — | — | — | Compare → |
| TPG TPG | $17.2B | 33.4% | — | — | 15.2% | 66.6x | — | Compare → |
| Invesco IVZ | $12.8B | 5.1% | −10.9% | 22.6% | −3.8% | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.3B | $3.7B | $2.4B | $3.4B | $2.9B | $8.8B | $4.4B | $3.0B | $5.4B | $4.8B |
| Gross profit | $2.2B | $3.6B | — | — | — | — | — | — | — | — |
| Interest expense | $61.3M | $65.5M | $82.2M | $82.1M | $94.0M | $113M | $110M | $124M | $121M | $124M |
| Pretax income | $45.3M | $1.1B | $360M | $1.2B | $580M | $4.0B | $1.6B | −$601M | $1.4B | $1.2B |
| Income tax | $30.0M | $125M | $31.3M | $49.0M | $197M | $982M | $288M | −$104M | $303M | $215M |
| Net income | $6.4M | $244M | $117M | $381M | $348M | $3.0B | $1.2B | −$608M | $1.0B | $809M |
| Diluted EPS | −$0.08 | $2.38 | $0.82 | $2.82 | $0.97 | $8.20 | $3.35 | −$1.68 | $2.77 | $2.18 |
| Diluted shares | 0.31B | 0.10B | 0.11B | 0.12B | 0.36B | 0.36B | 0.37B | 0.36B | 0.37B | 0.37B |
| Cash flow | ||||||||||
| Cash from operations | −$301M | −$7.1M | −$344M | $359M | −$169M | $1.8B | −$379M | $205M | −$760M | −$3.3B |
| Capital expenditure | $25.4M | $34.0M | $31.3M | $27.8M | $61.2M | $41.4M | $40.6M | $66.6M | $77.7M | $99.4M |
| Free cash flow | −$326M | −$41.1M | −$375M | $331M | −$230M | $1.7B | −$420M | $138M | −$837M | −$3.4B |
| Depreciation and amortization | — | $41.3M | $46.9M | $65.6M | $52.1M | $52.0M | $147M | $181M | $184M | $192M |
| Stock-based compensation | $335M | $320M | $240M | $140M | $105M | $163M | $154M | $249M | $468M | $375M |
| Acquisitions | $0.0M | $0.0M | $67.8M | $0.0M | $0.0M | $0.0M | $150M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $58.9M | $0.2M | $108M | $34.5M | $26.4M | $162M | $186M | $204M | $555M | $687M |
| Dividends paid | $141M | $118M | $130M | $155M | $351M | $356M | $444M | $498M | $503M | $505M |
| Dividends and buybacks | $200M | $118M | $237M | $189M | $378M | $518M | $629M | $701M | $1.1B | $1.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $671M | $1.0B | $630M | $793M | $988M | $2.5B | $1.4B | $1.4B | $1.3B | $2.0B |
| Total debt | $1.3B | $1.6B | $1.6B | $2.0B | $2.0B | $2.1B | $2.3B | $2.3B | $2.1B | $3.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $106M | $100M | $95.1M | $108M | $149M | $144M | $140M | $162M | $185M | $225M |
| Total assets | $10.0B | $12.3B | $12.9B | $13.8B | $15.6B | $21.3B | $21.4B | $21.2B | $23.1B | $29.1B |
| Total liabilities | $8.5B | $9.3B | $10.1B | $10.8B | $12.7B | $15.5B | $14.6B | $15.4B | $16.8B | $22.1B |
| Shareholders' equity | — | — | — | $3.0B | $2.9B | $5.7B | $6.8B | $5.8B | $6.3B | $7.1B |
| Margins | ||||||||||
| Gross margin | 98.6% | 98.3% | — | — | — | — | — | — | — | — |
| EBITDA margin | — | 33.7% | 20.2% | 40.9% | 24.7% | 47.7% | 41.2% | −10.0% | 31.3% | 30.9% |
| Net margin | 0.3% | 6.6% | 4.8% | 11.3% | 11.9% | 33.9% | 27.6% | −20.5% | 18.8% | 16.9% |
| FCF margin | −14.3% | −1.1% | −15.4% | 9.8% | −7.9% | 19.9% | −9.5% | 4.7% | −15.4% | −70.6% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | 11.0% | 67.9% | 21.1% | −5.3% | 17.1% | 13.7% |
| Return on equity | — | — | — | — | 11.8% | 68.9% | 19.6% | −9.7% | 16.8% | 12.1% |
| Return on assets | 0.0% | 2.2% | 0.9% | 2.9% | 2.4% | 16.1% | 5.7% | −2.9% | 4.6% | 3.1% |
| Growth | ||||||||||
| Revenue growth | −24.4% | 61.6% | −34.0% | 39.1% | −13.1% | 199.3% | −49.5% | −33.2% | 83.1% | −11.9% |
| Net income growth | — | 3,714.1% | −52.3% | 227.0% | −8.6% | 754.3% | −58.8% | −149.7% | — | −20.8% |
| EPS growth | — | — | −65.6% | 243.9% | −65.6% | 745.4% | −59.2% | −150.2% | — | −21.3% |
| FCF growth | −108.5% | — | — | — | −169.7% | — | −124.0% | — | −705.4% | — |
| Share count change | 3.3% | −67.6% | 13.3% | 8.2% | 192.3% | 1.2% | 0.9% | −1.2% | 1.8% | 0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 0.5x | 1.9x | 0.9x | 1.4x | −0.1x | 0.5x | — | 0.5x | 0.7x |
| Debt / equity | — | — | — | 0.7x | 0.7x | 0.4x | 0.3x | 0.4x | 0.3x | 0.4x |
| Interest coverage | 1.7x | 18.3x | 5.4x | 16.0x | 7.2x | 36.6x | 15.2x | −3.9x | 12.5x | 10.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.1% | 0.9% | 1.3% | 0.8% | 2.1% | 0.5% | 0.9% | 2.3% | 1.4% | 2.1% |
| Stock comp / revenue | 14.7% | 8.7% | 9.9% | 4.2% | 3.6% | 1.9% | 3.5% | 8.4% | 8.6% | 7.8% |
| Payouts / FCF | — | — | — | 57.3% | — | 29.6% | — | 507.0% | — | — |
| Quality scores | ||||||||||
| Accruals ratio | 1.5% | 2.3% | 3.7% | 0.2% | 3.5% | 6.4% | 7.5% | −3.8% | 8.0% | 15.6% |
Source: SEC EDGAR XBRL filings (CIK 0001527166). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.