The Carlyle Group Inc.
Financial ServicesNASDAQ:CG · NASDAQ Global Select
+$1.18 today
Vol 1.49M · Avg 3.36M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$4.0B of revenue converted into $546.5M of net income for the selected period. Gross margin is 100.2% and net margin is -5.7%, showing how much revenue survives after costs and taxes. EPS is $1.46, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B +19.8% | $4.1B +119.0% | $1.9B -49.2% | $3.7B -36.9% | $5.8B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $1.7B +143.3% | $685.9M +26.3% | $542.9M +68.6% | $322.0M +10.3% | $291.8M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $3.2B -5.1% | $3.4B +156.9% | $1.3B -60.5% | $3.4B -39.3% | $5.5B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 65.9% -17.3pp | 83.2% +12.3pp | 70.9% -20.3pp | 91.2% -3.7pp | 95.0% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $2.1B +208.6% | $665.6M +2.1% | $652.1M +13.3% | $575.8M +33.4% | $431.7M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $1.9B -3.1% | $2.0B +4.3% | $1.9B +8.0% | $1.8B +18.5% | $1.5B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $54.0M -70.7% | $184.1M +1.9% | $180.6M +22.5% | $147.4M +183.5% | $52.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $1.3B -15.3% | $1.6B +475.4% | -$420.3M -124.4% | $1.7B -57.8% | $4.1B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 27.3% -11.3pp | 38.6% +61.1pp | -22.5% -69.3pp | 46.8% -23.3pp | 70.1% | 5.6% | 46.3% | 42.0% |
| Operating Income | $1.3B -8.0% | $1.4B +331.9% | -$600.9M -138.2% | $1.6B -61.0% | $4.0B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 26.2% -7.9pp | 34.1% +66.3pp | -32.2% -74.9pp | 42.8% -26.4pp | 69.2% | 16.6% | 24.1% | 22.0% |
| Interest Income | $2.2B +175.5% | $795.8M +9.8% | $724.5M +73.2% | $418.2M +29.9% | $322.0M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $123.9M -81.9% | $685.9M +26.3% | $542.9M +68.6% | $322.0M +10.3% | $291.8M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$123.7M | $0 | $0 | $0 | $0 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $1.2B -16.8% | $1.4B +331.9% | -$600.9M -138.2% | $1.6B -61.0% | $4.0B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 23.7% -10.4pp | 34.1% +66.3pp | -32.2% -74.9pp | 42.8% -26.4pp | 69.2% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $214.5M -29.1% | $302.6M +390.4% | -$104.2M -136.2% | $287.8M -70.7% | $982.3M | $1.3B | -$1.6B | $745.2M |
| Net Income | $808.7M -20.7% | $1.0B +267.7% | -$608.4M -149.7% | $1.2B -58.8% | $3.0B | $4.9B | $4.8B | $4.7B |
| Net Margin | 16.5% -8.4pp | 25.0% +57.5pp | -32.6% -65.9pp | 33.3% -17.8pp | 51.1% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $2 -21.1% | $3 +269.6% | -$2 -149.6% | $3 -59.5% | $8 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $2 -21.3% | $3 +264.9% | -$2 -150.1% | $3 -59.1% | $8 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $359.7M +0.3% | $358.6M -0.8% | $361.4M +0.0% | $361.3M +1.7% | $355.2M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $370.9M +0.8% | $368.0M +1.8% | $361.4M -1.2% | $365.7M +0.9% | $362.6M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
BlackRock, Inc.
NYSE:BLK
$160.25B
Blackstone Inc.
NYSE:BX
$96.68B
KKR & Co. Inc.
NYSE:KKR
$87.31B
Apollo Global Management, Inc.
NYSE:APO
$77.94B
Brookfield Asset Management Ltd.
NYSE:BAM
$75.66B
Ares Management Corporation
NYSE:ARES
$44.34B
Blue Owl Capital Inc.
NYSE:OWL
$15.10B
Hamilton Lane Incorporated
NASDAQ:HLNE
$4.44B
Golub Capital BDC, Inc.
NASDAQ:GBDC
$3.45B
Sixth Street Specialty Lending, Inc.
NYSE:TSLX
$1.61B
New Mountain Finance Corporation
NASDAQ:NMFC
$752.31M
BlackRock TCP Capital Corp.
TCPC
$318.41M
TriplePoint Venture Growth BDC Corp.
TPVG
$227.35M
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does CG generate?
The Carlyle Group Inc. (CG) reported $4.90B of revenue in fiscal 2025.
Is CG profitable?
The Carlyle Group Inc. (CG) reported $808.70M of net income, with a net margin of 16.5%.
Explore More
Continue the stock analysis
Jump to another research area for this company.