The Carlyle Group Inc. is a leading global alternative asset management firm headquartered in Washington, D.C. The company operates across three core business segments: Global Private Equity, Global Credit, and Global Investment Solutions (Carlyle AlpInvest). With a vast geographic footprint spanning nearly 30 offices across four continents, Carlyle serves institutional investors and high-net-worth individuals worldwide. It is distinctive for its massive scale, managing hundreds of billions of dollars in assets, and its deep industry expertise across diverse sectors.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Transaction-Based Revenues
2,396,600
2,188,100
2,043,200
2,030,100
Net Interest Income
851,000
849,800
782,200
446,900
Other Revenues
1,532,200
2,387,900
138,500
1,961,700
Total Revenues
4,779,800
5,425,800
2,963,900
4,438,700
Cost of Sales
2,206,200
2,704,900
2,376,500
1,925,900
Gross Profit
2,573,600
2,720,900
587,400
2,512,800
Selling, General & Administrative Expenses
784,300
665,600
652,100
575,800
Operating Profit
1,789,300
2,055,300
(64,700)
1,937,000
Interest and Investment Income
117,900
24,000
6,900
(41,500)
Interest Expense
(748,200)
(685,900)
(542,900)
(322,000)
Non-Operating Income
200
300
(200)
(1,000)
Total Non-Operating Income
(630,100)
(661,600)
(536,200)
(364,500)
Income Before Provision for Income Taxes
1,159,200
1,393,700
(600,900)
1,572,500
Provision for Income Taxes
214,500
302,600
(104,200)
287,800
Consolidated Net Income
944,700
1,091,100
(496,700)
1,284,700
Net Income Attributable to Minority Interests and Other
136,000
70,700
111,700
59,700
Net Income Attributable to Common Shareholders
808,700
1,020,400
(608,400)
1,225,000
Basic EPS
2.25
2.85
-1.68
3.39
Diluted EPS
2.18
2.77
-1.68
3.35
Basic Weighted Average Shares Outstanding
359,681
358,584
361,396
361,278
Diluted Weighted Average Shares Outstanding
370,914
368,025
361,396
365,708
Shares Outstanding
357,374
357,184
361,326
362,299
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,970,200
1,266,000
1,440,300
1,360,700
Total Cash and Cash Equivalents
1,970,200
1,266,000
1,440,300
1,360,700
Total Current Assets
1,970,200
1,266,000
1,440,300
1,360,700
Net Intangible Assets
507,100
634,100
766,100
897,800
Other Long-Term Assets
32,200
27,600
16,500
15,800
Total Assets
29,116,000
23,103,500
21,176,000
21,403,000
Accounts Payable
543,700
389,800
333,800
369,200
Accrued Expenses
5,849,400
5,446,600
4,922,200
4,320,900
Unearned Revenue
129,200
138,700
140,300
126,400
Other Current Liabilities
276,700
285,900
319,900
403,400
Total Current Liabilities
6,799,000
6,261,000
5,716,200
5,219,900
Long-Term Debt
13,423,000
9,007,700
8,767,500
8,176,900
Leases
470,200
488,600
488,100
502,900
Other Long-Term Liabilities
1,366,700
998,600
419,700
682,000
Total Long-Term Liabilities
15,259,900
10,494,900
9,675,300
9,361,800
Total Liabilities
22,058,900
16,755,900
15,391,500
14,581,700
Common Stock
3,600
3,600
3,600
3,600
Additional Paid-in Capital
4,285,800
3,892,300
3,403,000
3,138,500
Accumulated Other Comprehensive Income
(170,200)
(329,800)
(297,300)
(322,200)
Retained Earnings
1,642,300
2,040,800
2,082,100
3,401,100
Total Common Shareholders' Equity
5,761,500
5,606,900
5,191,400
6,221,000
Minority Interests and Other
1,295,600
740,700
593,100
600,300
Total Shareholders' Equity
7,057,100
6,347,600
5,784,500
6,821,300
Total Liabilities and Shareholders' Equity
29,116,000
23,103,500
21,176,000
21,403,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
944,700
1,091,100
(496,700)
1,284,700
Depreciation & Amortization
192,100
184,100
180,600
147,400
Share-Based Compensation Expense
374,700
467,900
249,100
154,000
Other Adjustments
(5,475,300)
(2,605,400)
149,800
(1,572,700)
Changes in Trading Assets
429,300
112,100
171,000
(155,000)
Changes in Trade Receivables
44,700
(27,600)
(33,400)
(82,500)
Changes in Accounts Payable
149,700
58,800
(33,200)
(14,300)
Changes in Accrued Expenses
95,100
(37,100)
10,600
(135,400)
Changes in Unearned Revenue
(16,500)
(200)
15,300
4,500
Changes in Other Operating Activities
(4,534,200)
(1,967,700)
(746,500)
(1,515,100)
Cash from Operating Activities
(3,275,500)
(759,500)
204,900
(379,300)
Capital Expenditure
(99,400)
(77,700)
(66,600)
(40,600)
Purchases of Investments
—
(5,000)
(187,300)
(69,600)
Proceeds from Sale of Investments
—
5,100
210,300
50,000
Payments for Business Acquisitions
—
—
—
(150,200)
Other Investing Activities
—
—
—
(618,400)
Cash from Investing Activities
(99,400)
(77,600)
(43,600)
(828,800)
Issuance of Short-Term Debt
—
10,400
—
—
Repayments of Short-Term Debt
—
(10,400)
—
—
Net Issuance / (Repayments) of Short-Term Debt
—
0
—
—
Issuance of Long-Term Debt
90,000
11,100
12,000
73,200
Repayments of Long-Term Debt
(56,500)
(130,900)
(17,200)
(16,700)
Net Issuance / (Repayments) of Long-Term Debt
33,500
(119,800)
(5,200)
56,500
Issuance of Common Shares
—
—
—
38,900
Repurchases of Common Shares
(686,500)
(554,600)
(203,500)
(185,600)
Net Issuance / (Repurchases) of Common Shares
(686,500)
(554,600)
(203,500)
(146,700)
Common Share Dividends Paid
(505,100)
(503,000)
(497,700)
(443,600)
Other Financing Activities
4,353,600
1,860,200
606,800
648,600
Cash from Financing Activities
3,990,400
682,800
(99,600)
114,800
Effect of Exchange Rate Changes on Cash and Cash Equivalents
91,600
(21,300)
18,900
(20,300)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash