Carlyle Group

CG · Nasdaq · Financials · Financials, fiscal 2016 to 2025

CG · Last close · October 26, 2026

$38.75

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%.

Carlyle Group Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001527166-26-000009 Updated October 10, 2026

Revenue

$4.8B

11.9%

Net margin

16.9%

1.9 pts

Net income

$809M

20.8%

Free cash flow

−$3.4B

Return on capital

13.7%

3.5 pts

Market cap

$14.2B

Oct 26 close

P/E

40.4x

On $0.96 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

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.

From Carlyle Group's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share fell 1.1% a year and net income grew 16.2% a year, as new shares raised the share count by 271% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Carlyle Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Carlyle Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Carlyle Group's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Carlyle Group's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 11% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $38.75
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Carlyle Group's earnings per share of $0.96 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.1×, the average of the Financials median and Carlyle Group's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: TPG.

Earnings growth in the years ahead (% a year) Starts at Carlyle Group's revenue growth over the last 3 years, 2.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $38.75
Value at this multiple, against the last close: —
Carlyle Group's P/E at the last close: 40.4×

Company	Last close	Earnings per share	P/E today
TPGTPG	$44.82	$0.67	66.9×
Carlyle GroupCG	$38.75	$0.96	40.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,470	1,361	1,440	1,266	1,970
Debt incl. finance leases	2,072	2,272	2,281	2,144	2,997
Net debt (negative means net cash)	−398	911	841	878	1,027
Net debt to EBITDA	−0.1x	0.5x	—	0.5x	0.7x
Debt to equity	0.4x	0.3x	0.4x	0.3x	0.4x
Interest coverage	36.5x	15.2x	−3.9x	12.5x	10.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Carlyle Group shares on the open market, and 1 insider sold $75.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 11, 2026	David M. RubensteinDirector	Sold	400,000	$42.74	$17.1 million	Form 4
Mar 19, 2026	David M. RubensteinDirector	Sold	500,000	$46.68	$23.3 million	Form 4
Dec 10, 2025	David M. RubensteinDirector	Sold	625,000	$56.55	$35.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—
Accruals ratio	−3.8%	8.0%	15.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Carlyle Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Carlyle Group	FY25	−11.9%	—	−70.6%	13.7%	0.7x	—
Ares Management	FY25	28.9%	—	—	—	—	—	Compare
Brookfield Asset Management	FY25	21.0%	—	43.4%	—	—	—	Compare
TPG	FY25	33.4%	—	—	15.2%	1.0x	—	Compare
Invesco	FY25	5.1%	−10.9%	22.6%	−3.8%	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,274	3,676	2,427	3,377	2,935	8,782	4,439	2,964	5,426	4,780
Revenue growth	−24.4%	61.6%	−34.0%	39.1%	−13.1%	199.3%	−49.5%	−33.2%	83.1%	−11.9%
Gross profit	2,243	3,612	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	6	244	116	381	348	2,975	1,225	−608	1,020	809
Diluted EPS (US$)	−0.08	2.38	0.82	2.82	0.97	8.20	3.35	−1.68	2.77	2.18
Diluted shares (millions)	308	100	113	123	358	363	366	361	368	371
Cash flow
Cash from operations	−301	−7	−344	359	−169	1,791	−379	205	−760	−3,276
Capital expenditure	25	34	31	28	61	41	41	67	78	99
Free cash flow	−326	−41	−375	331	−230	1,750	−420	138	−837	−3,375
Dividends paid	141	118	130	155	351	356	444	498	503	505
Share buybacks	59	0	108	34	26	162	186	204	555	686
Acquisitions	0	0	68	0	0	0	150	0	0	0
Stock-based compensation	335	320	240	140	105	163	154	249	468	375
Balance sheet at fiscal year end
Cash and short-term investments	671	1,000	630	793	988	2,470	1,361	1,440	1,266	1,970
Debt incl. finance leases	1,265	1,574	1,550	1,976	1,971	2,072	2,272	2,281	2,144	2,997
Total assets	9,973	12,281	12,914	13,809	15,645	21,250	21,403	21,176	23,104	29,116
Total liabilities	8,519	9,332	10,078	10,839	12,715	15,544	14,582	15,392	16,756	22,059
Shareholders' equity	—	—	—	2,970	2,930	5,706	6,821	5,784	6,348	7,057
Margins and ratios
Gross margin	98.6%	98.2%	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	0.3%	6.6%	4.8%	11.3%	11.9%	33.9%	27.6%	−20.5%	18.8%	16.9%
Free cash flow margin	−14.3%	−1.1%	−15.4%	9.8%	−7.8%	19.9%	−9.5%	4.7%	−15.4%	−70.6%
Return on capital	—	—	—	—	11.0%	67.9%	21.1%	−5.2%	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%
Net debt to EBITDA	—	0.5x	1.9x	0.9x	1.4x	−0.1x	0.5x	—	0.5x	0.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Carlyle Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Carlyle Group.