Filing Flows › Carlyle Group (CG) › Q1 2025
Carlyle Group (CG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Carlyle Group (CG) reported revenue of $973M for the first quarter 2025 (Q1 2025), +41% from a year earlier and -6% from the quarter before. Operating margin was 16.9%, net earnings $130M (13.4% of revenue).
Carlyle Group, Q1 2025: revenue $973M (+41% year over year), operating margin 16.9%, net earnings $130M, operating cash flow −$352M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $973M | -6% | +41% |
| Operating profit | $165M | -29% | +29% |
| Net earnings | $130M | -38% | +98% |
| Operating cash flow | −$352M | — | — |
What changed
Revenue was $973.1M in Q1 2025, up 41% year over year and down 6% from the previous quarter.
Operating profit was $164.9M, a 16.9% margin (down 1.6 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 19% margin then. Total costs grew 44% against revenue growth of 41%. Net earnings were $130.0M, up 98% year over year. The effective tax rate was 7.3%.
Operating cash flow was −$352.1M. Non-cash charges added back $46.9M of depreciation and amortization and $103.5M of share-based compensation. Working capital and other items used $661.1M. Capital expenditures of $16.7M exceeded it, leaving free cash flow of −$368.8M.
Questions
What was Carlyle Group's revenue in the first quarter 2025?
Carlyle Group (CG) reported revenue of $973M for the first quarter 2025 (Q1 2025), +41% from a year earlier and -6% from the quarter before.
Was Carlyle Group profitable in the first quarter 2025?
Operating profit was $165M (16.9% of revenue) and net earnings $130M.
Source: Carlyle Group 10-Q on SEC EDGAR.