Filing Flows › Carlyle Group (CG) › Q4 2025
Carlyle Group (CG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Carlyle Group (CG) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +84% from a year earlier and +471% from the quarter before. Operating margin was 27.4%, net earnings $358M (18.8% of revenue).
Carlyle Group, Q4 2025: revenue $1.9B (+84% year over year), operating margin 27.4%, net earnings $358M, operating cash flow −$1.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +471% | +84% |
| Operating profit | $520M | — | +124% |
| Net earnings | $358M | 398× | +70% |
| Operating cash flow | −$1.2B | — | — |
What changed
Revenue was $1.9B in Q4 2025, up 84% year over year and up 471% from the previous quarter.
Operating profit was $0.52B, a 27.4% margin (up 4.9 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 22% margin then. Total costs grew 72% against revenue growth of 84%. Net earnings were $0.36B, up 70% year over year ($0.35B including minority interests, which bore $0.01B of losses). The effective tax rate was 25.2%.
Operating cash flow was −$1.2B. Non-cash charges added back $0.05B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $1.7B. Capital expenditures of $0.04B exceeded it, leaving free cash flow of −$1.2B.
Questions
What was Carlyle Group's revenue in the fourth quarter 2025?
Carlyle Group (CG) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +84% from a year earlier and +471% from the quarter before.
Was Carlyle Group profitable in the fourth quarter 2025?
Operating profit was $520M (27.4% of revenue) and net earnings $358M.
Source: Carlyle Group 10-K on SEC EDGAR.