Carlyle Group Inc.

Listed Company

CGCIK 0001527166NasdaqLarge AcceleratedInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.78B

Net Income

$808.70M

Total Assets

$29.12B

Equity

$7.06B

Shares Out

361.17M

Op. Cash Flow

$-3.28B

+ 13F Filer

Business

Carlyle Group Inc. is a global investment firm that deploys private capital across diversified strategies to create value for institutional and private investors. It offers investment advisory and fund management services, including private equity buyouts, growth and real estate investing, credit strategies, CLOs, direct lending, aviation and asset-backed finance, secondaries, co-investments and fund-of-funds solutions. The firm operates through three principal segments: Global Private Equity, Global Credit, and Global Investment Solutions. Carlyle sources capital and distributes its products through institutional, wealth and intermediary channels across North America, Europe, Asia, the Middle East and other international markets.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment income	1,342	2,254	45	1,898	6,722
Interest and other income	216	218	212	136	91
Interest and other income of Consolidated Funds	635	632	570	311	253
Total revenues	4,780	5,426	2,964	4,439	8,782
Cash-based compensation and benefits	895	876	1,024	1,052	908
Equity-based compensation	375	468	249	154	163
Performance allocations and incentive fee related compensation	936	1,362	1,104	720	2,961
Total compensation and benefits	2,206	2,705	2,377	1,926	4,032
General, administrative and other expenses	784	666	652	576	432
Interest	124	121	124	110	113
Interest and other expenses of Consolidated Funds	624	565	419	212	179
Other non-operating (income) expenses	−200,000	−300,000	200,000	1	2
Total expenses	3,739	4,056	3,572	2,825	4,757
Net investment income of Consolidated Funds	118	24	7	−42	3
Income (loss) before provision for income taxes	1,159	1,394	−601	1,573	4,028
Provision (benefit) for income taxes	215	303	−104	288	982
Net income (loss)	945	1,091	−497	1,285	3,045
Net income attributable to non-controlling interests in consolidated entities	136	71	112	60	71
Net income (loss) attributable to The Carlyle Group Inc.	809	1,020	−608	1,225	2,975
Basic (in dollars per share)	2.25	2.85	−1.68	3.39	8.37
Diluted (in dollars per share)	2.18	2.77	−1.68	3.35	8.2
Basic (in shares)	360	359	361	361	355
Diluted (in shares)	371	368	361	366	363

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,970	1,266	1,440	1,361	2,470
Cash and cash equivalents held at Consolidated Funds	1,235	830	346	209	148
Investments, including accrued performance allocations of $7,620.3 and $7,053.5 as of December 31, 2025 and 2024, respectively	11,153	10,937	9,955	10,768	10,832
Investments of Consolidated Funds	12,520	7,782	7,253	6,894	6,661
Due from affiliates and other receivables, net	835	806	692	579	—
Due from affiliates and other receivables of Consolidated Funds, net	206	237	141	102	—
Fixed assets, net	225	185	162	140	144
Lease right-of-use assets, net	332	341	332	337	361
Deposits and other	101	57	71	78	62
Intangible assets, net	507	634	766	898	35
Deferred tax assets	32	28	17	16	15
Total assets	29,116	23,104	21,176	21,403	21,250
Debt obligations	2,997	2,144	2,281	2,272	2,072
Loans payable of Consolidated Funds	10,426	6,864	6,487	5,905	5,890
Accounts payable, accrued expenses and other liabilities	544	390	334	369	380
Accrued compensation and benefits	5,849	5,447	4,922	4,321	4,955
Due to affiliates	204	242	276	363	—
Deferred revenue	129	139	140	126	121
Deferred tax liabilities	106	137	45	403	487
Other liabilities of Consolidated Funds	1,260	862	374	279	684
Lease liabilities	470	489	488	503	538
Accrued giveback obligations	73	44	44	41	30
Total liabilities	22,059	16,756	15,392	14,582	15,544
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value, 100,000,000,000 shares authorized (357,374,023 and 357,183,632 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)	4	4	4	4	4
Additional paid-in capital	4,286	3,892	3,403	3,139	2,718
Retained earnings	1,642	2,041	2,082	3,401	2,805
Accumulated other comprehensive loss	−170	−330	−297	−322	−248
Non-controlling interests in consolidated entities	1,296	741	593	600	427
Total equity	7,057	6,348	5,785	6,821	5,706
Total liabilities and equity	29,116	23,104	21,176	21,403	21,250

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	192	184	181	147	52
Non-cash performance allocations and incentive fees, net	−279	−359	1,573	394	−1,671
Non-cash principal investment (income) loss	−94	−210	−124	−553	−619
Other non-cash amounts	34	2	24	−10	29
Realized/unrealized (gain) loss on investments of Consolidated Funds	−17	−96	−247	408	−77
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	−102	72	240	−367	74
Purchases of investments by Consolidated Funds	−11,700	−7,448	−3,085	−3,826	−5,407
Proceeds from sales and settlements of investments by Consolidated Funds	6,413	5,493	2,349	2,860	4,889
Non-cash interest income, net	−29	−21	−27	−12	−12
Change in cash and cash equivalents held at Consolidated Funds	119	−526	−172	−61	30
Change in other receivables held at Consolidated Funds	50	−100	−30	19	−46
Change in other liabilities held at Consolidated Funds	171	508	97	−337	116
Purchases of investments	−404	−386	−301	−630	−277
Proceeds from the sale of investments	833	498	472	475	668
Payments of contingent consideration	−3	−4	−69	−6	−48
Changes in deferred taxes, net	−30	91	−369	−73	508
Change in due from affiliates and other receivables	45	−28	−33	−83	−26
Change in deposits and other	−41	9	6	−12	−13
Change in accounts payable, accrued expenses and other liabilities	150	59	−33	−14	106
Change in accrued compensation and benefits	95	−37	11	−135	239
Change in due to affiliates	27	−12	−15	2	200,000
Change in lease right-of-use assets and lease liabilities	−10	−8	−11	−9	5
Change in deferred revenue	−17	−200,000	15	5	35
Net cash provided by (used in) operating activities	−3,276	−760	205	−379	1,791
Purchases of corporate treasury investments	0	−5	−187	−70	0
Proceeds from corporate treasury investments	0	5	210	50	0
Purchases of fixed assets, net	−99	−78	−67	−41	−41
Net cash used in investing activities	−99	−78	−44	−829	−32
Borrowings under credit facilities	0	10	0	0	70
Repayments under credit facilities	0	−10	0	0	−70
Issuance of 5.050% senior notes due 2035, net of financing costs	795	0	0	—	0
Proceeds from CLO borrowings, net of financing costs	90	700,000	12	73	112
Payments on CLO borrowings	−57	−121	−17	−17	−233
Net borrowings on loans payable of Consolidated Funds	4,013	1,825	701	624	183
Dividends to common stockholders	−505	−503	−498	−444	−356
Payment of deferred consideration for Carlyle Holdings units	0	−69	−69	−69	−69
Contributions from non-controlling interest holders	712	320	177	391	216
Distributions to non-controlling interest holders	−341	−178	−140	−217	−95
Common shares repurchased and net share settlement of equity awards	−687	−555	−204	−186	−162
Change in due to/from affiliates financing activities	−30	−37	−62	−81	−69
Net cash provided by (used in) financing activities	3,990	683	−100	115	−243
Effect of foreign exchange rate changes	92	−21	19	−20	−31
Increase (decrease) in cash, cash equivalents and restricted cash	707	−176	81	−1,114	1,486
Cash paid for interest	92	94	92	92	93
Cash paid for income taxes	153	219	250	402	403
Initial consolidation of Consolidated Funds	33	0	0	—	—
Net asset impact of deconsolidation of Consolidated Funds	−513	−131	−110	−48	−34

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 8 positions

Reported AUM

$8.36B

Holdings

Top sector

$8.36B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$8.36B	100.0%

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