Carlyle
CG · NasdaqInvestment Advice · Fiscal year ends Dec 31
Carlyle reported revenue of $4.8B in the fiscal year ended Dec 2025, down 11.9% from the year before. Net income was $809M. Operating cash flow of −$3.3B less capital expenditure of $99M left free cash flow of −$3.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.8B | $4.4B | $3B | $5.4B | $4.8B |
| Interest expense | $113M | $110M | $124M | $121M | $124M |
| Pre-tax income | $4B | $1.6B | −$601M | $1.4B | $1.2B |
| Income tax | $982M | $288M | −$104M | $303M | $215M |
| Net income | $3B | $1.2B | −$608M | $1B | $809M |
| Diluted EPS | 8.20 | 3.35 | −1.68 | 2.77 | 2.18 |
| Diluted shares | 363M | 366M | 361M | 368M | 371M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $1.4B | $1.4B | $1.3B | $2B |
| Net PP&E | $144M | $140M | $162M | $185M | $225M |
| Goodwill | $13M | $104M | $104M | $104M | $105M |
| Total assets | $21.3B | $21.4B | $21.2B | $23.1B | $29.1B |
| Deferred revenue | $121M | $126M | $140M | $139M | $129M |
| Long-term debt | $2.1B | $2.3B | – | – | – |
| Total liabilities | $15.5B | $14.6B | $15.4B | $16.8B | $22.1B |
| Shareholders' equity | $5.7B | $6.8B | $5.8B | $6.3B | $7.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | −$379M | $205M | −$760M | −$3.3B |
| Capital expenditure | $41M | $41M | $67M | $78M | $99M |
| Free cash flow | $1.7B | −$420M | $138M | −$837M | −$3.4B |
| Depreciation & amortisation | $52M | $147M | $181M | $184M | $192M |
| Stock-based compensation | $163M | $154M | $249M | $468M | $375M |
| Acquisitions | $0 | $150M | $0 | $0 | – |
| Share buybacks | $162M | $186M | $204M | $555M | $687M |
| Dividends paid | $356M | $444M | $498M | $503M | $505M |
| Dividend per share | – | – | 1.40 | 1.40 | 1.40 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −49.5% | −33.2% | 83.1% | −11.9% |
| EPS growth (YoY) | – | −59.1% | −150.1% | – | −21.3% |
| Net margin | 33.9% | 27.6% | −20.5% | 18.8% | 16.9% |
| Return on equityBlank when equity is negative | 52.1% | 18.0% | −10.5% | 16.1% | 11.5% |
| Free cash flow margin | 19.9% | −9.5% | 4.7% | −15.4% | −70.6% |
| Cash conversion (CFO ÷ net income) | 0.60x | −0.31x | −0.34x | −0.74x | −4.05x |
| Debt ÷ equity | 0.36x | 0.33x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$398M | $911M | – | – | – |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.