The Carlyle Group Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-141.9	944.7	1,091	-496.7	1,285	3,045
Depreciation & Amortization	195.7	192.1	184.1	180.6	147.4	52
Stock-Based Compensation	391	374.7	467.9	249.1	154	163.1
Other Adjustments	-5,824	-5,475	-2,605	149.8	-1,573	-2,203
Changes in Trading Assets	375.4	429.3	112.1	171	-155	391.7
Change in Receivables	32.3	44.7	-27.6	-33.4	-82.5	-25.7
Changes in Accounts Payable	109	149.7	58.8	-33.2	-14.3	105.7
Changes in Accrued Expenses	-38.4	95.1	-37.1	10.6	-135.4	239
Changes in Unearned Revenue	-66.9	-16.5	-0.2	15.3	4.5	35.1
Changes in Other Operating Activities	-5,101	-4,534	-1,968	-746.5	-1,515	-86.7
Operating Cash Flow	-4,166	-3,276	-759.5	204.9	-379.3	1,791
Capital Expenditures	-110.8	-99.4	-77.7	-66.6	-40.6	-41.4
Purchases of Investments	-	-	-5	-187.3	-69.6	-
Proceeds from Sale of Investments	-	-	5.1	210.3	50	-
Payments for Business Acquisitions	-	-	-	-	-150.2	-
Proceeds from Business Divestments	-	-	-	-	-	9.2
Other Investing Activities	-	-	-	-	-618.4	-
Investing Cash Flow	-110.8	-99.4	-77.6	-43.6	-828.8	-32.2
Short-Term Debt Issued	-	-	10.4	-	-	70
Short-Term Debt Repaid	-	-	-10.4	-	-	-70
Long-Term Debt Issued	107.3	90	11.1	12	73.2	405.9
Long-Term Debt Repaid	-64.4	-56.5	-130.9	-17.2	-16.7	-562.4
Net Long-Term Debt Issued (Repaid)	42.9	33.5	-119.8	-5.2	56.5	-156.5
Issuance of Common Stock	-	-	-	-	38.9	4.8
Repurchase of Common Stock	-714.8	-686.5	-554.6	-203.5	-185.6	-161.8
Net Common Stock Issued (Repurchased)	-714.8	-686.5	-554.6	-203.5	-146.7	-157
Common Dividends Paid	-505.1	-505.1	-503	-497.7	-443.6	-355.8
Other Financing Activities	5,064	4,354	1,860	606.8	648.6	166.9
Financing Cash Flow	4,682	3,990	682.8	-99.6	114.8	-242.5
Effect of Exchange Rate Changes on Cash and Cash Equivalents	77.9	91.6	-21.3	18.9	-20.3	-30.8
Net Cash Flow	483.4	707.1	-175.6	80.6	-1,114	1,486
Free Cash Flow	-4,277	-3,375	-837.2	138.3	-419.9	1,750
FCF Margin	-105.32%	-70.61%	-15.43%	4.67%	-9.46%	19.92%
Free Cash Flow Per Share	-11.67	-9.10	-2.27	0.38	-1.15	4.83
Levered Free Cash Flow	-4,047	-2,942	-827.1	-1,082	-427	3,584
Unlevered Free Cash Flow	-3,384	-2,326	-118.65	-522.28	-126.01	3,960

SEC Filings: 10-K · 10-Q