Revenue and profitability remain highly erratic, with gross margins exhibiting extreme variance from a negative 373.7M in 2023Q4 to a peak of 87.1% in 2024Q3 due to performance fee sensitivity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 3.99B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.92B | 3.23B | 3.4B | 1.32B | 3.36B | 5.53B | 1.88B | 2.7B | 1.81B | 2.31B | 1.54B | 2.12B | 2.62B | 2.98B | 3.63B | 1.62B | 2.37B | 968.7M |
| Gross Margin % | 73.08% | 65.93% | 83.22% | 70.92% | 91.24% | 94.99% | 87.93% | 92.67% | 87.99% | 83.23% | 79.46% | 63.04% | 67.31% | 75.47% | 82.27% | 84.65% | 110.82% | 73.55% |
| Gross Profit Growth % | - | -5.09% | 156.94% | -60.53% | -39.35% | 194.76% | -30.56% | 49.43% | -21.73% | 50.35% | -27.43% | -19.21% | -12.16% | -17.8% | 124.24% | -31.68% | 144.65% | - |
| Operating Expenses | 2.03B | 1.95B | 2.01B | 1.93B | 1.78B | 1.5B | 1.3B | 1.47B | 1.45B | 1.18B | 1.49B | 1.72B | 1.63B | 1.54B | 1.19B | -978M | -15.5M | 256.5M |
| OpEx % of Revenue | - | 39.74% | 49.13% | 103.11% | 48.48% | 25.83% | 60.76% | 50.37% | 70.47% | 42.45% | 77.11% | 51.06% | 41.84% | 38.95% | 26.98% | -51.13% | -0.72% | 19.47% |
| Selling, General & Admin | 386.2M | 2.05B | 665.6M | 652.1M | 575.8M | 431.7M | 349.3M | 494.4M | 460.7M | 276.8M | 521.1M | 712.8M | 526.8M | 496.4M | 357.5M | 323.5M | 177.2M | 236.6M |
| SG&A % of Revenue | - | 41.94% | 16.28% | 34.93% | 15.66% | 7.41% | 16.37% | 16.95% | 22.41% | 9.97% | 26.94% | 21.22% | 13.53% | 12.55% | 8.1% | 16.91% | 8.29% | 17.96% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 886M | 1.28B | 1.39B | -600.9M | 1.57B | 4.03B | 580M | 1.23B | 360.2M | 1.13B | 45.3M | 402.2M | 991.9M | 1.44B | 2.44B | 1.5B | 1.73B | 712.2M |
| Operating Margin % | 22.21% | 26.19% | 34.09% | -32.18% | 42.76% | 69.16% | 27.18% | 42.29% | 17.52% | 40.78% | 2.34% | 11.97% | 25.47% | 36.52% | 55.28% | 78.33% | 80.66% | 54.07% |
| Operating Income Growth % | - | -7.95% | 331.94% | -138.21% | -60.96% | 594.4% | -52.98% | 242.42% | -68.19% | 2399.56% | -88.74% | -59.45% | -31.31% | -40.82% | 62.86% | -13.15% | 142.22% | - |
| EBITDA | 1.01B | 1.34B | 1.58B | -420.3M | 1.72B | 4.08B | 632.1M | 1.3B | 407.1M | 1.17B | 117.3M | 725M | 1.18B | 1.61B | 2.55B | 1.58B | 1.75B | 740.8M |
| EBITDA Margin % | 25.38% | 27.3% | 38.59% | -22.51% | 46.77% | 70.05% | 29.62% | 44.54% | 19.81% | 42.27% | 6.06% | 21.58% | 30.4% | 40.66% | 57.73% | 82.67% | 81.81% | 56.24% |
| EBITDA Growth % | -37.87% | -15.27% | 475.4% | -124.44% | -57.84% | 545.39% | -51.34% | 219.09% | -65.31% | 900.51% | -83.82% | -38.77% | -26.35% | -36.9% | 61.11% | -9.62% | 136.18% | - |
| D&A (Non-Cash Add-back) | 126.6M | 54M | 184.1M | 180.6M | 147.4M | 52M | 52.1M | 65.6M | 46.9M | 41.3M | 72M | 322.8M | 192.1M | 163.6M | 107.8M | 83.1M | 24.5M | 28.6M |
| EBIT | 886.1M | 1.28B | 1.39B | -600.9M | 1.57B | 4.03B | 580M | 1.23B | 360.2M | 1.13B | 45.3M | 402.2M | 991.9M | 1.44B | 2.44B | -83.1M | -24.5M | -28.6M |
| Net Interest Income | 772.4M | 2.07B | 109.9M | 181.6M | 96.2M | 30.2M | 43.7M | 75.7M | 61.7M | -261.6M | -206.6M | -247.8M | -387.5M | -81.2M | 4.6M | 0 | 0 | 0 |
| Interest Income | 1.26B | 2.19B | 795.8M | 724.5M | 418.2M | 322M | 301.2M | 289.6M | 308.5M | 204M | 190.8M | 994.1M | 885.5M | 888.7M | 787.3M | 0 | 0 | 0 |
| Interest Expense | 482.8M | 123.9M | 685.9M | 542.9M | 322M | 291.8M | 257.5M | 213.9M | 246.8M | 465.6M | 397.4M | 1.24B | 1.27B | 969.9M | 782.7M | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 809.2M | 1.16B | 1.39B | -600.9M | 1.57B | 4.03B | 580M | 1.23B | 360.2M | 1.13B | 45.3M | 402.2M | 991.9M | 1.44B | 2.44B | 1.18B | 1.48B | 678.4M |
| Pretax Margin % | 20.29% | 23.67% | 34.09% | -32.18% | 42.76% | 69.16% | 27.18% | 42.29% | 17.52% | 40.78% | 2.34% | 11.97% | 25.47% | 36.52% | 55.28% | 61.84% | 69.19% | 51.51% |
| Income Tax | 165M | 214.5M | 302.6M | -104.2M | 287.8M | 982.3M | 197.2M | 49M | 31.3M | 124.9M | 30M | 2.1M | 76.8M | 96.2M | 40.4M | 28.5M | 20.3M | 14.8M |
| Effective Tax Rate % | 20.39% | 18.5% | 21.71% | 17.34% | 18.3% | 24.39% | 34% | 3.97% | 8.69% | 11.03% | 66.23% | 0.52% | 7.74% | 6.66% | 1.66% | 2.41% | 1.37% | 2.18% |
| Net Income | 546.5M | 808.7M | 1.02B | -608.4M | 1.23B | 2.97B | 348.2M | 380.9M | 116.5M | 244.1M | 6.4M | -18.4M | 85.8M | 104.1M | 20.3M | 1.36B | 1.53B | 694.1M |
| Net Margin % | 13.7% | 16.51% | 24.96% | -32.59% | 33.31% | 51.08% | 16.32% | 13.06% | 5.67% | 8.79% | 0.33% | -0.55% | 2.2% | 2.63% | 0.46% | 70.94% | 71.34% | 52.7% |
| Net Income Growth % | -49.62% | -20.75% | 267.72% | -149.67% | -58.82% | 754.31% | -8.58% | 226.95% | -52.27% | 3714.06% | 134.78% | -121.45% | -17.58% | 412.81% | -98.5% | -11.06% | 119.8% | - |
| Net Income (Continuing) | 644.2M | 944.7M | 1.09B | -496.7M | 1.28B | 3.05B | 382.8M | 1.18B | 328.9M | 1.01B | 15.3M | 400.1M | 915.1M | 1.35B | 2.4B | 1.15B | 1.46B | 663.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.97B | 1.3B | 740.7M | 593.1M | 600.3M | 427.2M | 241M | 2.35B | 1.86B | 1.93B | 1.15B | 5.56B | 8.38B | 9.57B | 9.63B | 7.5B | 364.9M | 276.1M |
| EPS (Diluted) | 1.52 | 2.18 | 2.77 | -1.68 | 3.35 | 8.20 | 0.97 | 2.82 | 0.82 | 2.38 | -0.08 | -0.06 | 0.29 | 2.05 | 0.07 | 4.46 | 45.79 | 20.83 |
| EPS Growth % | -50.43% | -21.3% | 264.88% | -150.15% | -59.15% | 745.36% | -65.6% | 243.9% | -65.55% | 3075% | -43.11% | -119.28% | -85.85% | 2841.18% | -98.44% | -90.26% | 119.83% | - |
| EPS (Basic) | - | 2.25 | 2.85 | -1.68 | 3.39 | 8.37 | 0.99 | 3.05 | 0.89 | 2.58 | 0.08 | -0.27 | 1.35 | 2.24 | 0.48 | 4.46 | 50.02 | 22.76 |
| Diluted Shares Outstanding | 359.2M | 370.9M | 368.02M | 361.4M | 365.71M | 362.57M | 358.39M | 122.63M | 113.39M | 100.08M | 308.52M | 298.74M | 296.15M | 278.25M | 291.38M | 316.81M | 304.5M | 304.5M |
| Basic Shares Outstanding | 359.2M | 359.7M | 358.58M | 361.4M | 361.28M | 355.24M | 350.46M | 113.08M | 104.2M | 92.14M | 82.71M | 74.52M | 62.79M | 46.14M | 42.56M | 316.81M | 304.5M | 304.5M |
| Dividend Payout Ratio | - | 62.46% | 49.29% | - | 36.21% | 11.96% | 100.89% | 40.67% | 111.42% | 48.38% | 2201.56% | - | 119.7% | 57.54% | 2285.71% | 110.43% | 51.64% | 31.06% |
Cyclical realization fee volatility
As reported in recent financial statements, Carlyle's gross margins have exhibited extreme variance, swinging from a negative 373.7M in 2023Q4 to a peak of 87.1% in 2024Q3, highlighting the firm's structural dependence on the timing of lumpy, performance-linked realization events rather than consistent fee-based revenue streams.
The wide fluctuations in gross margin suggest that the firm's profitability is highly susceptible to the exit environment, which currently appears constrained by broader market conditions. Investors should monitor whether the firm can successfully pivot toward more predictable fee-related earnings to stabilize these erratic margin profiles.
Based on reported figures, operating margins have struggled to maintain consistency, collapsing to -74.1% in 2026Q1 from a high of 53.1% in 2024Q3, which indicates that the firm's fixed cost base remains difficult to scale down during periods of diminished deal-making activity and performance fee inflows.
The inability to maintain positive operating leverage during downturns suggests that Carlyle's cost structure is less flexible than its peers. This operational rigidity may continue to pressure bottom-line results until the firm can better decouple its compensation and overhead expenses from the cyclical nature of private equity exits.
According to recent SEC filings, the firm recorded 119.8M in stock-based compensation during 2026Q1, a significant non-cash expense that further complicates the interpretation of net income, which reached a loss of 132.2M in the same period, suggesting that headline EPS may mask underlying cash-generating capabilities.
The presence of substantial stock-based compensation warrants further investigation into the firm's true economic profitability versus reported GAAP figures. Analysts should focus on distributable earnings to strip away these non-cash distortions and assess the actual cash available for shareholder returns.
Data from the last ten quarters indicates that Carlyle's net income is highly sensitive to market cycles, with a sharp 99.9% decline in net income observed in 2025Q3, suggesting that the firm's reliance on performance fees may be a structural vulnerability in a prolonged high-rate environment.
Short-sellers may focus on the firm's aging portfolio and the potential for reduced exit multiples, which could force the firm to realize lower-than-expected gains. The current trend appears to indicate that the firm's earnings quality is significantly lower than that of peers with more diversified, insurance-linked revenue streams.
Quick answers to the most common questions about buying CG stock.
The Carlyle Group Inc. (CG) is profitable, generating $808.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
The Carlyle Group Inc. (CG) reported an operating income of $1.28B, resulting in an operating profit margin of 26.2%. This margin reflects the operational efficiency of the business before interest and taxes.
The Carlyle Group Inc. (CG) generated $3.23B in gross profit for the year, representing a gross profit margin of 65.9%. This demonstrates the company's core pricing power and production efficiency.