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Carlyle Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$334M in Q3 2026 · −$2.2B over twelve months

Operating cash flow$361M
Capital spending−$27.4M
Free cash flow+$334M

Analysis

In Q3 2026, Carlyle Group generated $361M of operating cash flow and spent $27.4M on capital projects, leaving free cash flow of $334M. That is $1.9B more than in Q3 2025 (−$1.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was −$2.1B; the largest uses were operating cash flow ($2.1B), buybacks ($923M), dividends ($502M); besides operations, cash came from other financing ($2.3B), partners ($624M); the cash balance fell by $642M.

Operating cash flow was $361M against net income of −$76.8M. The largest differences: deferred revenue +$222M, payables −$172M, stock-based pay +$101M.

Free cash flow

Carlyle Group: free cash flow by quarterCarlyle Group: free cash flow by quarter−$380MQ4 2024−$369MQ1 2025−$186MQ2 2025−$1.6BQ3 2025−$1.2BQ4 2025−$1.3BQ1 2026−$32.5MQ2 2026$334MQ3 2026
Operating cash flow less capital spending.
Carlyle Group: operating cash flow against capital spendingCarlyle Group: operating cash flow against capital spendingOperating cash flowCapital spending−$353M$26.7MQ4 2024−$352M$16.7MQ1 2025−$169M$17.5MQ2 2025−$1.6B$23.2MQ3 2025−$1.2B$42.0MQ4 2025−$1.2B$28.1MQ1 2026−$500K$32.0MQ2 2026$361M$27.4MQ3 2026
Latest (Q3 2026): Operating cash flow $361M, Capital spending $27.4M.

Capital allocation, year by year

Carlyle Group: where the cash came from (up) and went (down), by fiscal yearCarlyle Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.8BFY2021: Net borrowing −$148MFY2021: Shares issued $4.8MFY2021: Capital spending −$41.4MFY2021: Buybacks −$162MFY2021: Dividends −$356M$1.8BFY2021FY2022: Operating cash flow −$379MFY2022: Net borrowing $73.2MFY2022: Shares issued $38.9MFY2022: Capital spending −$40.6MFY2022: Acquisitions −$150MFY2022: Buybacks −$186MFY2022: Dividends −$444M$112MFY2022FY2023: Operating cash flow $205MFY2023: Net borrowing $12.0MFY2023: Capital spending −$66.6MFY2023: Buybacks −$204MFY2023: Dividends −$498M$217MFY2023FY2024: Operating cash flow −$760MFY2024: Net borrowing $700KFY2024: Capital spending −$77.7MFY2024: Buybacks −$555MFY2024: Dividends −$503M$700KFY2024FY2025: Operating cash flow −$3.3BFY2025: Net borrowing $90.0MFY2025: Capital spending −$99.4MFY2025: Buybacks −$686MFY2025: Dividends −$505M$90.0MFY2025
Over these 5 years operating cash flow totalled −$2.4B; the largest uses were operating cash flow ($4.4B) and dividends ($2.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debtnone
Net cash$1.6B
Cash runway9 months

Carlyle Group is burning cash: its operations consume cash, a free cash flow of −$2.2B a year at the current rate against $1.6B of cash and investments: a runway of about 9 months before any new financing.

Where the cash came from and went

Carlyle Group: sources (+) and uses (−) of cash, Q3 2026Carlyle Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$361MOther financing$354MCash drawn (+) / kept (−)−$326MBuybacks−$210MDividends−$124MPartners−$93.8MNet borrowing (+) / repaid (−)$50.1MCapital spending−$27.4MExchange rates$17.6M
Carlyle Group: sources (+) and uses (−) of cash, TTM to Q3 2026Carlyle Group: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$2.3BOperating cash flow−$2.1BBuybacks−$923MCash drawn (+) / kept (−)$642MPartners$624MDividends−$502MCapital spending−$130MNet borrowing (+) / repaid (−)$123MExchange rates−$14.2M

From profit to cash

Carlyle Group: net income to operating cash flow, Q3 2026Carlyle Group: net income to operating cash flow, Q3 2026Net income−$76.8MDepreciation & amortization$52.0MStock-based pay$101MOther non-cash$3.9MPayables−$172MDeferred revenue$222MOperating cash flow$361M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$361M−$27.4M−$210M−$124M$50.1M−$326M$334M
Q2 2026−$500K−$32.0M−$304M−$126M$15.4M$425M−$32.5M
Q1 2026−$1.2B−$28.1M−$205M−$126M$32.4M$291M−$1.3B
Q4 2025−$1.2B−$42.0M−$204M−$126M$25.2M$253M−$1.2B
Q3 2025−$1.6B−$23.2M−$203M−$126M$49.7M−$950M−$1.6B
Q2 2025−$169M−$17.5M−$104M−$126M—−$77.6M−$186M
Q1 2025−$352M−$16.7M−$176M−$126M$15.1M$67.2M−$369M
Q4 2024−$353M−$26.7M−$75.8M−$125M$200K$112M−$380M

Carlyle Group: income statement and cash flow

Carlyle Group, Q3 2026: revenue $334M (+0.4% year over year), operating margin -16.2%. The chart follows the revenue to costs, profit and cash.

Carlyle Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.