Carlyle (CG) financial statements
Carlyle reported revenue of $4.8B in fiscal 2025, up 8.6% a year over 9 years.
Net income was $809M and the operating margin 21.8%, against 1.4% in 2016.
Free cash flow was -$3.4B, and the company returned $505M in dividends and $686M in net buybacks.
The diluted share count rose 20% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carlyle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $3.7B | $2.4B | $3.4B | $2.9B | $8.8B | $4.4B | $3.0B | $5.4B | $4.8B |
| Cost of revenue | $31M | $64M | — | — | — | — | — | — | — | — |
| Selling, general and admin | $521M | $277M | $461M | $494M | $349M | $432M | $576M | — | — | — |
| Operating income | $32M | $1.0B | $356M | $1.3B | $601M | $4.0B | $1.6B | -$608M | $1.4B | $1.0B |
| Interest expense | $61M | $66M | $82M | $82M | $94M | $113M | $110M | $124M | $121M | $124M |
| Pre-tax income | $45M | $1.1B | $360M | $1.2B | $580M | $4.0B | $1.6B | -$601M | $1.4B | $1.2B |
| Income tax | $30M | $125M | $31M | $49M | $197M | $982M | $288M | -$104M | $303M | $214M |
| Net income | $6M | $244M | $116M | $381M | $348M | $3.0B | $1.2B | -$608M | $1.0B | $809M |
| EPS (diluted) | -$0.08 | $2.38 | $0.82 | $2.82 | $0.97 | $8.20 | $3.35 | -$1.68 | $2.77 | $2.18 |
| Diluted shares | 309M | 100M | 113M | 123M | 358M | 363M | 366M | 361M | 368M | 371M |
| Operating margin | 1.4% | 28.4% | 14.7% | 37.2% | 20.5% | 45.8% | 36.4% | -20.5% | 25.2% | 21.8% |
| Net margin | 0.3% | 6.6% | 4.8% | 11.3% | 11.9% | 33.9% | 27.6% | -20.5% | 18.8% | 16.9% |
Balance sheet
Fiscal years, from Carlyle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $671M | $1.0B | $630M | $793M | $988M | $2.5B | $1.4B | $1.4B | $1.3B | $2.0B |
| Property, plant and equipment | $106M | $100M | $95M | $108M | $149M | $144M | $140M | $162M | $185M | $225M |
| Goodwill | $10M | $11M | $15M | $16M | $17M | $13M | $104M | $104M | $104M | $105M |
| Total assets | $10.0B | $12.3B | $12.9B | $13.8B | $15.6B | $21.3B | $21.4B | $21.2B | $23.1B | $29.1B |
| Long-term debt | $1.3B | $1.6B | $1.6B | $2.0B | $2.0B | $2.1B | $2.3B | — | — | — |
| Total liabilities | $8.5B | $9.3B | $10.1B | $10.8B | $12.7B | $15.5B | $14.6B | $15.4B | $16.8B | $22.1B |
| Shareholders' equity | — | — | $2.8B | $3.0B | $2.9B | $5.7B | $6.8B | $5.8B | $6.3B | $7.1B |
| Net debt | $594M | $574M | $921M | $1.2B | $983M | -$398M | $911M | -$1.4B | -$1.3B | -$2.0B |
Cash flow
Fiscal years, from Carlyle's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$301M | -$7M | -$344M | $359M | -$169M | $1.8B | -$379M | $205M | -$760M | -$3.3B |
| Capital spending | $25M | $34M | $31M | $28M | $61M | $41M | $41M | $67M | $78M | $99M |
| Free cash flow | -$326M | -$41M | -$375M | $331M | -$230M | $1.7B | -$420M | $138M | -$837M | -$3.4B |
| Stock-based compensation | $335M | $320M | $240M | $140M | $105M | $163M | $154M | $249M | $468M | $375M |
| Dividends paid | $141M | $118M | $130M | $155M | $351M | $356M | $444M | $498M | $503M | $505M |
| Share buybacks (net) | -$59M | -$200,000 | -$108M | -$34M | -$26M | -$162M | -$186M | -$204M | -$555M | -$686M |
| Net borrowing | $12M | $244M | -$116M | $41M | $20M | $112M | $73M | $12M | $700,000 | $90M |
| Free cash flow margin | -14.3% | -1.1% | -15.4% | 9.8% | -7.9% | 19.9% | -9.5% | 4.7% | -15.4% | -70.6% |
| Dividends per share | $0.46 | $1.18 | $1.14 | $1.26 | $0.98 | $0.98 | $1.21 | $1.38 | $1.37 | $1.36 |
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Open CG in InvestinglyQuestions
What was Carlyle's revenue in 2025?
$4.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Carlyle generate?
-$3.4B in fiscal 2025 (operating cash flow minus capital spending).
From Carlyle's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.