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Carlyle Group

CG Nasdaq Asset Management & Custody Banks Financials FY2016–FY2025

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.

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Last close Β· Oct 26, 2026

$38.75

0.4%
Value it Compare

What Carlyle Group does

CG Β· Asset Management & Custody Banks

From its latest annual report

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.

Filing details

Legal name
Carlyle Group Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Feb 27, 2026
Accession Β· CIK
0001527166-26-000009 Β· 0001527166
Biggest risks, in its own words

Earnings calendar Β· Carlyle Group

Every quarter, companies publish how much they sold and earned. These are the days Carlyle Group did it, and the next one. Share prices often move a lot on those days.

Next results

November 5, 2026

Thursday Β· in 10 days

Time
Before the market opens
Covers
Period ended Sep 30, 2026
Expected EPS
$0.99
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 5, 2026 Q2 '26 Time not announced 8-K β†—
May 7, 2026 Q1 '26 Time not announced 8-K β†—
Feb 6, 2026 Q4 '25 Time not announced 8-K β†—
Oct 31, 2025 Q3 '25 Time not announced 8-K β†—
Aug 6, 2025 Q2 '25 Time not announced 8-K β†—
May 8, 2025 Q1 '25 Time not announced 8-K β†—
Feb 11, 2025 Q4 '24 Time not announced 8-K β†—
Nov 7, 2024 Q3 '24 Time not announced 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Carlyle Group’s latest annual report (fiscal 2025). Here is what stands out:

2 strengths 2 to watch

1.Sales and profit

See section β†’
  • Carlyle Group had $4.8B of revenue in fiscal 2025, down 11.9% on the year before. Over five years, revenue changed +10.3% a year on average.
  • Carlyle Group made $809M of net profit in fiscal 2025.

2.Cash and shareholders

See section β†’
  • Free cash flow was βˆ’$3.4B in fiscal 2025, βˆ’70.6% of revenue.
  • Carlyle Group returned $1.2B to shareholders in fiscal 2025. The diluted share count rose 0.8%.
  • In the last 12 months, insiders sold $75.8M of shares on the open market and bought none.

3.Financial health

See section β†’
  • Carlyle Group owes $1.0B more than it holds in cash, about 0.7 years of operating profit.
  • Its return on capital was 13.7%: every 100 invested in the business earned about 14 in a year.

4.Price and value

See section β†’
  • At $38.75 a share, the company is worth $14.2B: 40.4 times its earnings of the last four quarters.
  • Carlyle Group grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 1.

Biggest risks, in its own words

  • Poor fund performance, which would cut revenue and could require it to repay carried interest already received.
  • Failing to raise money from outside investors for new funds.
  • The asset management business is intensely competitive.
  • Its dependence on senior Carlyle professionals, including its chief executive.
  • High interest rates and tight debt markets lowering the value of investments and slowing asset sales.

Carlyle Group in 30 seconds

Good So-so Weak

Weak

Are sales growing?

βˆ’11.9%

No. Sales fell 11.9% last year.

Good

Does it make a profit?

16.9%

Yes. It keeps 16.9% of every sale as profit.

Weak

Does profit turn into cash?

βˆ’70.6%

No. It spent more cash than it brought in.

Good

Is debt under control?

0.7x

Yes. It could repay its debt with 0.7 years of operating profit.

For information

How is the share priced?

40.4x

One share costs 40.4 times its yearly profit per share. Typical for its sector: 13.7x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$14.2B
Oct 26 close
P/E Last close divided by diluted earnings per share over the last four quarters.
40.4x
On $0.96 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Carlyle Group had $4.8B of revenue in fiscal 2025, down 11.9% on the year before. Over five years, revenue changed +10.3% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Carlyle Group made $809M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was βˆ’$3.4B in fiscal 2025, βˆ’70.6% of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

KIRA Β· Its return on capital was 13.7%: every 100 invested in the business earned about 14 in a year.

See the full section β†’

About these figures. Carlyle's debt is its own debt obligations (senior and subordinated notes), not the loans of the investment funds it consolidates.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA Β· Carlyle Group had $4.8B of revenue in fiscal 2025, down 11.9% on the year before. Over five years, revenue changed +10.3% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Carlyle Group made $809M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was βˆ’$3.4B in fiscal 2025, βˆ’70.6% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· Carlyle Group returned $1.2B to shareholders in fiscal 2025. The diluted share count rose 0.8%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders sold $75.8M of shares on the open market and bought none.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$75.8M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 David M. RubensteinDirector Sold 400,000 $42.74 $17.1M Form 4
Mar 19, 2026 David M. RubensteinDirector Sold 500,000 $46.68 $23.3M Form 4
Dec 10, 2025 David M. RubensteinDirector Sold 625,000 $56.55 $35.3M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Carlyle Group owes $1.0B more than it holds in cash, about 0.7 years of operating profit.

Cash, debt and the ratios that show how comfortably Carlyle Group can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
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 βˆ’0.1x0.5xβ€”0.5x0.7x
Debt / equity 0.4x0.3x0.4x0.3x0.4x
Interest coverage 36.6x15.2xβˆ’3.9x12.5x10.4x
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 (βˆ’ = net cash) βˆ’$398M$911M$841M$878M$1.0B

Returns on capital

KIRA Β· Its return on capital was 13.7%: every 100 invested in the business earned about 14 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ• βœ“ βœ“
Cash from operations is positive βœ“ βœ• βœ•
Return on assets rose βœ• βœ“ βœ•
Cash from operations exceeds net income βœ“ βœ• βœ•
Debt fell relative to assets βœ• βœ“ βœ•
Current ratio rose β€” β€” β€”
Share count didn't rise βœ“ βœ• βœ•
Gross margin rose β€” β€” β€”
Revenue rose relative to assets βœ• βœ“ βœ•
F-score β€” / 9β€” / 9β€” / 9
Accruals ratio βˆ’3.8%8.0%15.6%
Altman Z'' β€”β€”β€”

Price and value

What does the share cost, and how does it compare?

Value Carlyle Group yourself

KIRA Β· At $38.75 a share, the company is worth $14.2B: 40.4 times its earnings of the last four quarters.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$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

β€”

Reference multiples: today 40.2x Β· peers β€” Β· sector 13.7x.

Similar companies

KIRA Β· Carlyle Group grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 1.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Carlyle Group CG $14.2B βˆ’11.9% β€” βˆ’70.6% 13.7% 40.4x β€”
Ares Management ARES β€” 28.9% β€” β€” β€” β€” β€” Compare β†’
Brookfield Asset Management BAM β€” 21.0% β€” 43.4% β€” β€” β€” Compare β†’
TPG TPG $17.3B 33.4% β€” β€” 15.2% 66.9x β€” Compare β†’
Invesco IVZ $13.0B 5.1% βˆ’10.9% 22.6% βˆ’3.8% β€” β€” Compare β†’

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
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 β€” β€” β€” β€” β€” β€” β€” β€”
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 βˆ’$601M $1.4B $1.2B
Income tax $30.0M $125M $31.3M $49.0M $197M $982M $288M βˆ’$104M $303M $215M
Net income $6.4M $244M $117M $381M $348M $3.0B $1.2B βˆ’$608M $1.0B $809M
Diluted EPS βˆ’$0.08 $2.38 $0.82 $2.82 $0.97 $8.20 $3.35 βˆ’$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 βˆ’$301M βˆ’$7.1M βˆ’$344M $359M βˆ’$169M $1.8B βˆ’$379M $205M βˆ’$760M βˆ’$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 βˆ’$326M βˆ’$41.1M βˆ’$375M $331M βˆ’$230M $1.7B βˆ’$420M $138M βˆ’$837M βˆ’$3.4B
Depreciation and amortization β€” $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 β€” β€” β€” $3.0B $2.9B $5.7B $6.8B $5.8B $6.3B $7.1B
Margins
Gross margin 98.6% 98.3% β€” β€” β€” β€” β€” β€” β€” β€”
EBITDA margin β€” 33.7% 20.2% 40.9% 24.7% 47.7% 41.2% βˆ’10.0% 31.3% 30.9%
Net margin 0.3% 6.6% 4.8% 11.3% 11.9% 33.9% 27.6% βˆ’20.5% 18.8% 16.9%
FCF margin βˆ’14.3% βˆ’1.1% βˆ’15.4% 9.8% βˆ’7.9% 19.9% βˆ’9.5% 4.7% βˆ’15.4% βˆ’70.6%
Returns
Return on capital β€” β€” β€” β€” 11.0% 67.9% 21.1% βˆ’5.3% 17.1% 13.7%
Return on equity β€” β€” β€” β€” 11.8% 68.9% 19.6% βˆ’9.7% 16.8% 12.1%
Return on assets 0.0% 2.2% 0.9% 2.9% 2.4% 16.1% 5.7% βˆ’2.9% 4.6% 3.1%
Growth
Revenue growth βˆ’24.4% 61.6% βˆ’34.0% 39.1% βˆ’13.1% 199.3% βˆ’49.5% βˆ’33.2% 83.1% βˆ’11.9%
Net income growth β€” 3,714.1% βˆ’52.3% 227.0% βˆ’8.6% 754.3% βˆ’58.8% βˆ’149.7% β€” βˆ’20.8%
EPS growth β€” β€” βˆ’65.6% 243.9% βˆ’65.6% 745.4% βˆ’59.2% βˆ’150.2% β€” βˆ’21.3%
FCF growth βˆ’108.5% β€” β€” β€” βˆ’169.7% β€” βˆ’124.0% β€” βˆ’705.4% β€”
Share count change 3.3% βˆ’67.6% 13.3% 8.2% 192.3% 1.2% 0.9% βˆ’1.2% 1.8% 0.8%
Financial health
Net debt / EBITDA β€” 0.5x 1.9x 0.9x 1.4x βˆ’0.1x 0.5x β€” 0.5x 0.7x
Debt / equity β€” β€” β€” 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 βˆ’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 β€” β€” β€” 57.3% β€” 29.6% β€” 507.0% β€” β€”
Quality scores
Accruals ratio 1.5% 2.3% 3.7% 0.2% 3.5% 6.4% 7.5% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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