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Friday 6 November 2026 Export CG’s income statement to Excel — free account

Carlyle Group Inc.

CG Financial Asset Management

Carlyle Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, down 11.9% from fiscal 2024.

Revenue
−28.6%
EPS
−57.3%
Free cash flow
+82.6%
Total debt
+35.2%

Quarter to June 2026, against a year earlier

39.54 0.42 −1.05%
Market cap
$14.2B
P/E
39.7×
Fwd P/E
14.5×
Dividend yield
3.49%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Global Segments
  • Global Private Equity
  • Global Credit
  • Carlyle AlpInvest

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 75.78
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 1 — — — — — 1 — —
Insider Ownership 28.25%

Capital & Financial Ratios $m

Size
Market Cap 14,240.00
Revenue ttm 3,611.30
Net income ttm 540.90
Free cash flow ttm (4,122.80)
Net debt Q 1,531.00
Valuation
P/E 39.72 (above 35: high)
Forward P/E 14.50
Price / sales 3.97
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.99
Financial health
Current ratio Q 2.35
Debt / equity Q 1.91
Interest coverage Q 2.23
Growth
Revenue growth Q −28.57% (below 0%: shrinking)
Operating income growth Q −37.13% (below 0%: shrinking)
EPS, this year −12.19% (below 0%: weak)
EPS, next year A +40.53% (at or above 15%: strong)
Revenue, next year A −24.08% (below 0%: weak)
EPS, past 5 yrs +17.58% (at or above 15%: strong)
EPS, next 5 yrs A +13.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 83.00%
10-year low 10-year high
P/S against its own 10 years 75.14%
10-year low 10-year high
P/B against its own 10 years 53.61%
10-year low 10-year high

Dividends

Yield
3.49%
Annual rate
1.40
Payout ratio
145.8%
Growth, 2017–25
+1.53%/yr
  1. 1.24 ’17
  2. 1.24 ’18 +0
  3. 1.36 ’19 +10
  4. 1.00 ’20 −26
  5. 1.00 ’21 +0
  6. 1.23 ’22 +23
  7. 1.38 ’23 +12
  8. 1.40 ’24 +2
  9. 1.40 ’25 +0
  10. 1.40 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11,743 13,033 14,358 12,272
Receivables 833 1,043 1,041 1,472
Inventory — — — —
Other — — — —
12,576 14,076 15,399 13,744
2023 2024 2025 Q'26
Payables 610 632 748 835
ST’ Debt — — — —
Other — — — —
5,532 6,078 6,597 5,842

Compound Annual Growth %

10y 5y 3y
Sales 4.75% 10.25% 2.50%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 18.36% (12.93%)
Book Value 1.51% 19.22% 1.14%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.88 Actual 1.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.98 0.98 Met by 0.00
Q4 FY25 1.01 1.01 Met by 0.00
Q1 FY26 0.91 0.89 Miss by 0.02
Q2 FY26 0.88 1.07 Beat by 0.19
Q3 FY26 0.99 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.37) 0.37 — — —
’25 0.35 0.87 0.00 0.96 2.18
’24 0.18 0.40 1.63 0.57 2.77
’23 0.28 (0.27) 0.22 (1.92) (1.68)
’22 1.57 0.67 0.77 0.35 3.35
’21 2.41 2.55 1.46 1.77 8.20
’20 (1.76) 0.41 0.82 1.44 0.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 254 1,124 — — —
’25 973 1,573 333 1,901 4,780
’24 688 1,070 2,635 1,033 5,426
’23 859 462 717 926 2,964
’22 1,582 1,049 1,089 719 4,439
’21 2,437 2,706 1,640 1,999 8,782
’20 (746) 1,131 1,035 1,515 2,935
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,242) 0 — — —
’25 (352) (169) (1,559) (1,195) (3,275)
’24 71 (1,270) 792 (353) (759)
’23 (112) (736) 800 254 205
’22 (372) (187) 300 (121) (379)
’21 70 526 707 489 1,791
’20 (246) 169 (34) (59) (169)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,270) (32) — — —
’25 (369) (186) (1,583) (1,237) (3,375)
’24 57 (1,287) 773 (379) (837)
’23 (125) (756) 783 237 138
’22 (1,002) (192) 292 (136) (1,038)
’21 60 518 698 474 1,750
’20 (259) 159 (47) (82) (230)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 4.5% a year for ten years. It grew −20.0% a year over the last ten.

Implied
4.5%
10 years, reported
−20.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,274 3,676 2,427 3,377 2,935 8,782 4,439 2,964 5,426 4,780 3,611 +8.6% 3,629 4,736 5,397 +4.1%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 45 1,132 360 1,233 580 4,028 1,573 (601) 1,394 1,159 642 +43.4%
EBT margin, % 1.99 30.80 14.84 36.52 19.76 45.86 35.43 (20.27) 25.69 24.25 17.79 +22.3 pt
Net income 15 1,007 329 1,184 383 3,045 1,285 (497) 1,091 945 541 +58.1%
Per share, $
Per share, $ Revenue 27.50 39.90 23.29 29.86 8.37 24.72 12.29 8.20 15.13 13.29 10.09 (7.8%)
Earnings 0.08 2.58 0.89 3.05 0.99 8.37 3.38 (1.68) 2.85 2.25 1.01 +44.9%
Cash flow (3.63) (0.08) (3.30) 3.17 (0.48) 5.04 (1.05) 0.57 (2.12) (9.11) (11.17) +10.7%
Capex (0.31) (0.37) (0.30) (0.25) (0.17) (0.12) (1.82) (0.18) (0.22) (0.28) (0.35) (1.2%)
Free cash flow (3.94) (0.45) (3.60) 2.93 (0.66) 4.93 (2.87) 0.38 (2.33) (9.38) (11.52) +10.1%
Book value 17.58 32.01 27.22 26.26 8.36 16.06 18.88 16.01 17.70 19.62 20.16 +1.2%
Shares, m 83 92 104 113 350 355 361 361 359 360 359 +17.7%
Valuation, ×
Valuation, × P/E 222.86 8.89 17.12 10.28 32.41 6.55 8.82 0.00 17.72 26.27 39.72 35.1
P/S 0.57 0.58 0.68 1.07 3.75 2.22 2.44 4.88 3.34 4.45 3.97 2.4
P/B 0.89 0.84 0.67 1.22 3.76 3.42 1.59 2.50 2.85 3.01 1.99 2.1
EV/Sales 1.74 0.36 2.94 2.77 3.42 1.60 1.50 3.87 2.59 4.25 — 2.5
EV/FCF (12.11) (32.34) (19.07) 28.30 (43.55) 8.01 (6.43) (23.90) (9.67) (5.09) — (11.6)
Cash, $m
Cash, $m Operating cash flow (301) (7) (343) 359 (169) 1,791 (379) 205 (759) (3,275) (3,997) +30.4%
Capex (25) (34) (31) (28) (61) (41) (659) (67) (78) (99) (125) +16.4%
Free cash flow (326) (41) (375) 331 (230) 1,750 (1,038) 138 (837) (3,375) (4,123) +29.7%
Balance, $m
Balance, $m Working capital 744 4,578 (1,324) (2,095) 4,935 8,251 7,987 7,044 7,998 8,802 7,901 +31.6%
Net debt 2,658 (818) 5,505 5,733 (985) (5,493) (4,161) (2,976) (4,025) (935) 1,531 n/m
Shareholders’ equity 1,454 2,949 2,836 2,970 2,930 5,706 6,821 5,785 6,348 7,057 7,213 +19.2%
Returns, %
Returns, % ROA 0.03 2.14 0.74 2.58 2.36 16.13 5.74 (2.86) 4.61 3.10 1.37 +3.1 pt
ROIC 0.49 30.61 2.67 9.03 19.32 1,181.60 37.93 (13.53) 36.86 10.63 4.40 +10.1 pt
ROE 0.17 11.86 3.71 12.75 11.80 68.89 19.56 (9.65) 16.82 12.07 5.22 +11.9 pt
People
People Employees 1,600 1,600 1,650 1,775 1,825 1,850 2,100 2,200 2,300 2,500 — +5.1%
Revenue/emp, $m 1.42 2.30 1.47 1.90 1.61 4.75 2.11 1.35 2.36 1.91 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Carlyle is a global investment firm that raises and invests private capital on behalf of fund investors. Founded in 1987 and headquartered in Washington, D.C., it is led by Chief Executive Officer Harvey Schwartz. At December 31, 2025, Carlyle managed $477 billion in assets.

The firm operates through three businesses. Global Private Equity advises funds that buy companies or invest in growth businesses, real estate, infrastructure and natural resources. Global Credit manages investments ranging from loans to companies to aircraft finance and asset-backed lending. Carlyle AlpInvest helps clients build private equity portfolios by investing in funds, buying existing fund interests and investing alongside other managers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Global Segments 2,643 55.29%
Global Private Equity 1,216 25.43%
Global Credit 910 19.04%
Carlyle AlpInvest 517 10.82%
Gross margin 100.00%
Operating margin 21.79%
Pre-tax margin 24.25%

Revenue by segment since 2010

Carlyle Group Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
BEN Franklin Resources Inc $16.4B 22.0× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 71.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
CG Carlyle Group Inc. $14.2B 39.7× 14.5× −28.57% (below 0%: shrinking) −57.30% (below 0%: shrinking) +82.56% (above 0%: growing) 100.00% 39.97%
EQH Equitable Holdings, Inc. $14.2B 9.5× 15.9× +167.66% (above 0%: growing) n/m +385.71% (above 0%: growing) 73.90% 37.18% Compare
ARCC Ares Capital Corporation $14.0B 15.8× 14.9× −2.43% (below 0%: shrinking) −22.26% (below 0%: shrinking) +236.09% (above 0%: growing) 100.00% 72.74% Compare
SEIC SEI Investments Company $12.5B 17.9× 17.1× +14.44% (above 0%: growing) +6.77% (above 0%: growing) −9.48% (below 0%: shrinking) 100.00% 29.91% Compare
IVZ Invesco Ltd. $11.9B — (loss-making) 10.1× +14.19% (above 0%: growing) −1.49% (below 0%: shrinking) −24.49% (below 0%: shrinking) 65.64% 23.30% Compare
Median of peers $14.6B 17.9× 16.3× +14.00% +106.67% +16.44% 100.00% 26.61%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • On Carlyle’s Q1 call, CEO Harvey Schwartz said a new investment solution secured a $5 billion commitment for its next U.S. buyout fund.
  • CFO Justin Plouffe said Carlyle expected fundraising and management fees to accelerate, while the timing of AlpInvest’s performance-related carry remained difficult to predict.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 62.23%
Held by the ten largest 37.25%
Holder Shares Stake Change
BlackRock 31.98m 9.05% +959.61k
Vanguard 25.74m 7.28% +180.73k
HARRIS ASSOCIATES L P 17.38m 4.92% +1.14m
Capital Group 11.81m 3.34% −6.17m
Morgan Stanley 9.99m 2.83% −179.04k
State Street 9.89m 2.80% +211.11k
MFS Investment Management 7.74m 2.19% +90.52k
ALKEON CAPITAL MANAGEMENT LLC 5.94m 1.68% 0.00
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 5.91m 1.67% −386.20k
Geode Capital Management 5.22m 1.48% +75.43k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Ownership

Directors and executive officers, together 25.40%
Daniel A. D’Aniello 9.00%
David M. Rubenstein 7.60%
William E. Conway, Jr. 7.50%
The Vanguard Group 6.90%
BlackRock Inc. 6.10%
Capital World Investors 5.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Carlyle Group Inc. (CG) Latest News

5 Nov

Impact 3 · · Moby
Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript

29 Oct

Impact 3 · · PR Newswire

15 Oct

Impact 3 · · wsj.com

30 Sep

Impact 3 · · StockStory

21 Sep

Impact 4 · · Simply Wall St.

18 Sep

Impact 4 ·

15 Sep

Impact 3 ·
Impact 3 ·
Impact 3 ·

10 Sep

Impact 3 ·

8 Sep

Impact 4 ·

27 Aug

Impact 3 ·

26 Aug

Impact 4 ·
Impact 3 ·

19 Aug

Impact 3 ·

14 Aug

Impact 3 ·

6 Aug

Impact 3 ·
Impact 3 ·

5 Aug

Impact 4 ·
Impact 4 · · Moby transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 · · InvestorsHub
Impact 3 ·

4 Aug

Impact 3 ·

CG metrics, ten years each

stockrow.com/CG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com