Filing Flows › Carlyle Group (CG) › Q3 2025
Carlyle Group (CG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Carlyle Group (CG) reported revenue of $333M for the third quarter 2025 (Q3 2025), -87% from a year earlier and -79% from the quarter before. Operating margin was -11.2%, net earnings $112M (33.8% of revenue).
Carlyle Group, Q3 2025: revenue $333M (-87% year over year), operating margin -11.2%, net earnings $112M, operating cash flow −$1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $333M | -79% | -87% |
| Operating profit | −$37.4M | -109% | — |
| Net earnings | $112M | -65% | — |
| Operating cash flow | −$1.6B | — | — |
What changed
Revenue was $332.7M in Q3 2025, down 87% year over year and down 79% from the previous quarter.
Operating costs exceeded revenue by $37.4M, an operating margin of -11.2%. Total costs fell 80% while revenue fell 87%. Net earnings were $900K, down 100% year over year. The effective tax rate was -31.1%. Non-operating items added $123.2M, 144% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1,559.5M. Non-cash charges added back $48.5M of depreciation and amortization and $90.7M of share-based compensation. Working capital and other items used $1,811.2M. Capital expenditures of $23.2M exceeded it, leaving free cash flow of −$1,582.7M.
Questions
What was Carlyle Group's revenue in the third quarter 2025?
Carlyle Group (CG) reported revenue of $333M for the third quarter 2025 (Q3 2025), -87% from a year earlier and -79% from the quarter before.
Was Carlyle Group profitable in the third quarter 2025?
Operating loss was $37.4M (-11.2% of revenue) and net earnings $112M.
Source: Carlyle Group 10-Q on SEC EDGAR.