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Carlyle Group (CG) FY2025 results: revenue $4.8 billion, down 11.9% on the year

Carlyle Group Inc. (CG) reported revenue of $4.8 billion for fiscal 2025, the year ended 31 December 2025, down 11.9% on the year before. Net income was $809 million, down 20.7%, and diluted earnings per share $2.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$4.8 billion
-11.9% on the year
FY2018FY2025
Operating margin
21.8%
25.2% a year earlier
FY2018FY2025
Net income
$809 million
-20.7% on the year
FY2018FY2025
Diluted EPS
$2.18
-21.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Full-year pre-tax income reached $1.2 billion: Income before provision for income taxes was $1.2 billion for full-year 2025, reported under U.S. GAAP.
  • Assets under management reached $477 billion: Assets under management were $477 billion at December 31, 2025, up from $474 billion at September 30, 2025 in the third-quarter release.
  • Record fee-related earnings and fundraising: Management said 2025 brought record Fee Related Earnings and fundraising across the platform.
  • Entering 2026 with momentum: Management said it enters 2026 with momentum.
  • 2025 targets significantly outperformed: Management said 2025 was a record year and that it significantly outperformed the targets set at the start of the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

Carlyle is a global investment firm that invests private capital for fund investors across three segments: Global Private Equity, Global Credit and Carlyle AlpInvest. It was founded in Washington, D.C. in 1987 and managed $477 billion in assets under management at December 31, 2025. It has more than 2,500 employees, including 770 investment professionals in 27 offices across four continents, and serves more than 3,200 active carry fund investors from 87 countries.

Carlyle Group Inc., the 10-K for 2025

Carlyle is a global investment firm that invests private capital for fund investors across three segments: Global Private Equity, Global Credit and Carlyle AlpInvest. It was founded in Washington, D.C. in 1987 and managed $477 billion in assets under management at December 31, 2025. It has more than 2,500 employees, including 770 investment professionals in 27 offices across four continents, and serves more than 3,200 active carry fund investors from 87 countries.

How the firm earns

Carlyle's investment advisers run funds for limited partners and are paid management fees, which for closed-end carry funds are based on investors' capital commitments or invested capital. In 2025 inflows of new capital were $53.7 billion, the firm deployed $54.5 billion across its platform and it realized proceeds of $34.1 billion for its carry fund investors.

Global Private Equity

This segment advises buyout, growth, real estate, infrastructure and natural resources funds, and at the end of 2025 its funds had investments in more than 275 active portfolio companies that employ over 700,000 people. Corporate private equity funds focus on a particular geography or strategy and are run by local teams. Real estate funds invest in the U.S. and Europe in residential, senior living, industrial and self-storage properties, with limited exposure to office buildings, hotels and retail. The infrastructure business invests in renewables, energy infrastructure, water and waste, transportation, digital infrastructure and power generation. North American energy investing is done mainly through the firm's strategic investment in NGP, a Texas-based energy investor. Initial public offerings in 2025 included Orion Breweries in Japan, Hexaware in India and Medline in the United States.

Global Credit

Global Credit had $211.3 billion in assets under management at December 31, 2025. Liquid credit invests mainly in senior secured bank loans through CLOs, and the firm closed nine new CLOs in 2025. Private credit covers opportunistic credit, direct lending through business development companies to middle market companies, asset-backed finance, infrastructure credit and aircraft financing through Carlyle Aviation Partners. Carlyle Insurance Solutions oversees the firm's investment in Fortitude, a reinsurer, and its advisory agreements with Fortitude affiliates. Carlyle Global Capital Markets arranges, underwrites and syndicates loans and securities for third parties and Carlyle portfolio companies.

Carlyle AlpInvest

Established in 2011 and formerly called Global Investment Solutions, this segment helps investors build private equity portfolios through fund of funds, secondary purchases, portfolio financings and co-investment programs. Its secondaries business buys limited partnership interests in private funds from investors who want to sell or restructure them. Its co-investment programs invest alongside other private equity sponsors when a deal is too large for one fund. The segment's assets under management rose 20% in 2025 to $102 billion.

From Carlyle's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,7805,4262,964-11.9%
Operating income1,0411,370-608-24.0%
Operating margin21.8%25.2%-20.5%
Interest expense124121124+2.4%
Pre-tax income1,1591,394-601-16.8%
Income tax214303-104-29.1%
Effective tax rate18.5%21.7%n/a
Net income8091,020-608-20.7%
Net margin16.9%18.8%-20.5%
Diluted EPS$2.18$2.77-$1.68-21.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow-3,276-760205
Capital expenditure99.477.766.6+27.9%
Free cash flow-3,375-837138
Free cash flow margin-70.6%-15.4%4.7%
Cash from investing-99.4-77.6-43.6
Cash from financing3,990683-99.6+484.4%
Depreciation and amortisation192184181+4.3%
Share-based compensation375468249-19.9%
Buybacks686555204+23.8%
Dividends paid505503498+0.4%
Dividend per share$1.40$1.40$1.400.0%
Diluted shares, weighted371m368m361m+0.8%
Shares outstanding at period end357m357m361m+0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,0576,3485,784+11.2%
Debt2,9972,1442,281+39.8%
Other liabilities19,06214,61213,110+30.5%
Total liabilities and equity29,11623,10421,176+26.0%
Fixed assets225185162+21.4%
Goodwill105104104+1.0%
Intangible assets402530662-24.1%
Cash and equivalents1,9701,2661,440+55.6%
Other assets26,41421,01818,808+25.7%
Total assets29,11623,10421,176+26.0%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.