The Carlyle Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	944.7	1,091	-496.7	1,285	3,045
Depreciation & Amortization	192.1	184.1	180.6	147.4	52
Stock-Based Compensation	374.7	467.9	249.1	154	163.1
Other Adjustments	-5,475	-2,605	149.8	-1,573	-2,693
Changes in Trading Assets	429.3	112.1	171	-155	-
Change in Receivables	44.7	-27.6	-33.4	-82.5	-
Changes in Accounts Payable	149.7	58.8	-33.2	-14.3	-
Changes in Accrued Expenses	95.1	-37.1	10.6	-135.4	-
Changes in Unearned Revenue	-16.5	-0.2	15.3	4.5	-
Changes in Other Operating Activities	-4,534	-1,968	-746.5	-1,515	-418.1
Operating Cash Flow	-3,276	-759.5	204.9	-379.3	149.7
Capital Expenditures	-99.4	-77.7	-66.6	-40.6	-
Purchases of Investments	-	-5	-187.3	-69.6	-
Proceeds from Sale of Investments	-	5.1	210.3	50	-
Payments for Business Acquisitions	-	-	-	-150.2	-
Other Investing Activities	-	-	-	-618.4	-
Investing Cash Flow	-99.4	-77.6	-43.6	-828.8	-
Short-Term Debt Issued	-	10.4	-	-	70
Short-Term Debt Repaid	-	-10.4	-	-	-70
Long-Term Debt Issued	90	11.1	12	73.2	405.9
Long-Term Debt Repaid	-56.5	-130.9	-17.2	-16.7	-562.4
Net Long-Term Debt Issued (Repaid)	33.5	-119.8	-5.2	56.5	-156.5
Issuance of Common Stock	-	-	-	38.9	4.8
Repurchase of Common Stock	-686.5	-554.6	-203.5	-185.6	-161.8
Net Common Stock Issued (Repurchased)	-686.5	-554.6	-203.5	-146.7	-157
Common Dividends Paid	-505.1	-503	-497.7	-443.6	-355.8
Other Financing Activities	4,354	1,860	606.8	648.6	166.9
Financing Cash Flow	3,990	682.8	-99.6	114.8	-242.5
Effect of Exchange Rate Changes on Cash and Cash Equivalents	91.6	-21.3	18.9	-20.3	-30.8
Net Cash Flow	707.1	-175.6	80.6	-1,114	1,486
Free Cash Flow	-3,375	-837.2	138.3	-419.9	149.7
FCF Margin	-70.61%	-15.43%	4.67%	-9.46%	1.70%
Free Cash Flow Per Share	-9.10	-2.27	0.38	-1.15	0.41
Levered Free Cash Flow	-2,942	-827.1	-1,082	-427	2,523
Unlevered Free Cash Flow	-2,326	-118.65	-522.28	-126.01	2,899

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.