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CG

The Carlyle Group Inc.

CG

The Carlyle Group Inc. • NASDAQ
$54.52 ▲ 1.90% (+1.01)
Market Cap $19.65 B
52w High $69.85
52w Low $33.02
Dividend Yield 1.40%
P/E 30.63
Volume 1.23M
Outstanding Shares 360.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $780.5M ▼ $487.6M ▼ $900K ▼ 0.115% ▼ $0.003 ▼ $134.3M ▼
Q2-2025 $1.176B ▲ $536.7M ▲ $319.7M ▲ 27.183% ▲ $0.89 ▲ $488.3M ▲
Q1-2025 $807.8M ▼ $495.5M ▼ $130M ▼ 16.093% ▼ $0.36 ▼ $217.9M ▼
Q4-2024 $927M ▼ $505.9M ▲ $210.9M ▼ 22.751% ▼ $0.59 ▼ $312.5M ▼
Q3-2024 $1.487B $505.6M $595.7M 40.069% $1.67 $835M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.259B ▲ $27.056B ▲ $20.211B ▲ $6.845B ▲
Q2-2025 $1.739B ▼ $25.068B ▲ $18.35B ▲ $5.861B ▲
Q1-2025 $1.761B ▼ $24.096B ▲ $17.71B ▲ $5.577B ▼
Q4-2024 $2.096B ▲ $23.104B ▲ $16.756B ▲ $5.607B ▲
Q3-2024 $1.865B $22.658B $16.323B $5.547B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $134.4M ▼ $-2.611B ▼ $-23.2M ▼ $3.531B ▲ $949.5M ▲ $-2.634B ▼
Q2-2025 $306.2M ▲ $882.3M ▲ $-17.5M ▼ $-812.1M ▼ $77.6M ▲ $864.8M ▲
Q1-2025 $158.6M ▼ $-352.1M ▲ $-16.7M ▲ $296.6M ▼ $-67.2M ▲ $-368.8M ▲
Q4-2024 $210.9M ▼ $-352.8M ▼ $-26.7M ▼ $312.1M ▲ $-112.4M ▼ $-379.5M ▼
Q3-2024 $615.7M $791.9M $-14M $-346.5M $461.8M $772.8M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fund Management Fee
Fund Management Fee
 $610.00M ▲$590.00M ▼$620.00M ▲$600.00M ▼
Incentive Fee
Incentive Fee
 $40.00M ▲$40.00M ▲$40.00M ▲$50.00M ▲
Performance Allocations
Performance Allocations
 $30.00M ▲$220.00M ▲$640.00M ▲$-10.00M ▼
Principal Investment Income Loss
Principal Investment Income Loss
 $80.00M ▲$0 ▼$-10.00M ▼$90.00M ▲
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
Segment Reporting Reconciling Item Excluding Corporate Nonsegment
 $0 ▲$0 ▲$330.00M ▲$60.00M ▼
Segment Reconciling Items
Segment Reconciling Items
 $0 ▲$-20.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Carlyle’s income statement shows a business that can be very profitable but also quite volatile. Revenue and profits swing meaningfully from year to year, reflecting the ups and downs of investment gains and performance fees common in private equity and alternative asset management. After a soft and loss-making year recently, earnings have recovered and are back in solidly positive territory, though not at the exceptional levels seen during the post‑pandemic boom. Overall, the firm demonstrates strong underlying earning power, but results are highly tied to market conditions and deal activity rather than a smooth, predictable trend.

Balance Sheet

Balance Sheet The balance sheet looks relatively robust for an asset manager, with total assets steadily building over the past five years and equity expanding meaningfully as well. Cash levels are healthy, providing some cushion, but the firm does carry a sizable amount of debt, which creates leverage but also adds financial risk if conditions worsen. Importantly, leverage has been fairly stable rather than rising sharply, and the growing equity base suggests the firm has been able to build capital over time. The picture is one of a well-established, moderately leveraged platform rather than a lightly geared, ultra‑conservative balance sheet.

Cash Flow

Cash Flow Cash flow is the weakest and most uneven area. Operating cash flow has swung between positive and negative over the period, with only some years showing strong inflows and others consuming cash. Free cash flow follows the same pattern, as capital spending is modest and not the main driver. These swings are typical for an alternatives manager, where timing of fees, investments, and distributions can be lumpy, but it does mean that accounting profits do not always translate cleanly into cash in a given year. Investors in this model need to be comfortable with irregular cash patterns tied to cycles and portfolio realizations.

Competitive Edge

Competitive Edge Carlyle holds a strong competitive position in global alternative asset management. Its main strengths are its diversified platform across private equity, private credit, and investment solutions; its long-established global brand; and its network of offices that combine global reach with local insight. The “One Carlyle” approach, which encourages cross‑border and cross‑segment collaboration, helps it win complex deals and support portfolio companies operationally, not just financially. Expansion in private credit and insurance solutions further deepens its offering and makes it less dependent on traditional buyout funds alone. Key competitive risks include intense rivalry from other large alternative managers, pressure on fees, and the constant need to raise new funds and maintain investment performance.

Innovation and R&D

Innovation and R&D While Carlyle does not do traditional R&D like a technology company, it is investing in innovation where it matters for an asset manager: data, analytics, and new product platforms. The firm is building internal capabilities in advanced data science and artificial intelligence to improve deal sourcing, due diligence, and portfolio monitoring, even developing its own internal economic indicators. It is also innovating on the distribution side with offerings like Carlyle Access and a planned wealth platform aimed at individual and wealth‑management clients, moving beyond just large institutional investors. The push into generative AI, expanded private credit strategies, and ESG‑aligned investment approaches suggest a willingness to adapt its model and stay competitive as the industry evolves.

Summary

Overall, Carlyle appears to be a mature, globally recognized alternative asset manager with meaningful earnings power, a reasonably solid—though leveraged—balance sheet, and inconsistent but explainable cash flow patterns tied to its business model. Its competitive edge comes from diversification across strategies, strong brand and relationships, and an integrated global network that supports deal flow and value creation. At the same time, results remain heavily exposed to market cycles, fundraising conditions, and the performance of its funds. The firm is clearly leaning into data, AI, and new wealth‑oriented products to sustain growth and differentiate itself, but execution on these initiatives and the broader macro environment will be critical drivers of how its financial profile evolves from here.

NEWS

November 18, 2025 · 5:53 PM UTC

Carlyle Credit Income Fund Announces Fourth Quarter and Full Year 2025 Financial Results and Declares Monthly Common and Preferred Dividends

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November 12, 2025 · 1:00 PM UTC

ARMADA Acquires Poseidon Industrial LLC, Expanding Its Solutions Offering to the U.S. Navy and Defense Support Capabilities

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October 31, 2025 · 6:30 AM UTC

Carlyle Secured Lending, Inc. Announces Intent to Redeem All Outstanding 8.20% Notes Due 2028

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October 23, 2025 · 5:45 PM UTC

Carlyle Credit Income Fund Prices Offering of Preferred Shares

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October 23, 2025 · 8:26 AM UTC

Carlyle Credit Income Fund Announces Offering of Preferred Shares

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