Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) Financials

$18.48 +0.05 (+0.27%)

Closing price 09/12/2025 03:58 PM Eastern

Extended Trading

$18.53 +0.05 (+0.27%)

As of 09/12/2025 04:04 PM Eastern

Annual Income Statements for Carlyle Group Inc. 4.625% Subordinated Notes due 2061

This table shows Carlyle Group Inc. 4.625% Subordinated Notes due 2061's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-18	6.40	238	93	345	348	2,975	1,225	-608	1,020
Consolidated Net Income / (Loss)	400	15	1,007	329	1,184	383	3,045	1,285	-497	1,091
Net Income / (Loss) Continuing Operations	400	15	1,007	329	1,184	383	3,045	1,285	-497	1,091
Total Pre-Tax Income	402	45	1,132	360	1,233	580	4,028	1,573	-601	1,394
Total Revenue	3,871	2,274	3,676	2,427	3,271	2,913	8,669	4,328	2,840	5,305
Net Interest Income / (Expense)	0.00	912	35	839	-82	0.00	-113	-110	-124	-121
Total Interest Income	0.00	912	35	839	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	82	0.00	113	110	124	121
Long-Term Debt Interest Expense	-	-	-	-	82	-	113	110	124	121
Total Non-Interest Income	3,871	1,362	3,641	1,588	3,353	2,913	8,782	4,439	2,964	5,426
Other Service Charges	976	-	-	215	1,711	1,750	1,970	2,405	2,707	2,953
Investment Banking Income	1,085	-	-	-	1,568	-	6,722	1,898	45	2,254
Other Non-Interest Income	930	1,362	1,350	1,373	97	1,185	91	136	212	218
Total Non-Interest Expense	3,468	2,242	2,632	2,070	2,036	2,333	4,641	2,755	3,441	3,911
Salaries and Employee Benefits	1,521	1,335	1,961	1,363	1,410	1,734	4,032	1,926	2,377	2,705
Other Operating Expenses	1,947	907	671	708	626	600	612	787	1,071	1,231
Other Special Charges	-	-	-	-	-	-	-2.50	42	-6.90	-24
Nonoperating Income / (Expense), net	-	13	-88	3.40	-1.30	-	-	-1.00	-0.20	0.30
Income Tax Expense	2.10	30	125	31	49	197	982	288	-104	303
Net Income / (Loss) Attributable to Noncontrolling Interest	538	41	73	34	56	35	71	60	112	71
Basic Earnings per Share	($0.24)	$0.08	$2.58	$0.89	$3.05	$0.99	$8.37	$3.39	($1.68)	$2.85
Weighted Average Basic Shares Outstanding	74.52M	82.71M	92.14M	104.20M	113.08M	350.46M	355.24M	361.28M	361.40M	358.58M
Diluted Earnings per Share	($0.30)	($0.08)	$2.38	$0.82	$2.82	$0.97	$8.20	$3.35	($1.68)	$2.77
Weighted Average Diluted Shares Outstanding	298.74M	308.52M	100.08M	113.39M	122.63M	358.39M	362.57M	365.71M	361.40M	368.02M
Weighted Average Basic & Diluted Shares Outstanding	76.70M	80M	92.30M	108.95M	348.23M	354.19M	356.32M	364.22M	362.11M	361.20M
Cash Dividends to Common per Share	$3.39	$1.68	$1.24	$1.24	$1.36	$1.00	-	-	$1.40	$1.40

This table shows Carlyle Group Inc. 4.625% Subordinated Notes due 2061's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	281	127	101	-98	81	-692	66	148	596	211
Consolidated Net Income / (Loss)	282	159	125	-63	111	-670	99	149	616	227
Net Income / (Loss) Continuing Operations	282	159	125	-63	111	-670	99	149	616	227
Total Pre-Tax Income	359	172	160	-70	152	-843	121	219	789	265
Total Revenue	1,031	745	833	447	676	884	651	1,034	2,607	1,013
Net Interest Income / (Expense)	-27	-28	-30	-31	-31	-32	-31	-30	-30	-30
Total Interest Expense	27	28	30	31	31	32	31	30	30	30
Long-Term Debt Interest Expense	27	28	30	31	31	32	31	30	30	30
Total Non-Interest Income	1,058	773	863	478	707	916	681	1,065	2,638	1,042
Other Service Charges	631	625	643	666	676	722	715	731	752	756
Other Non-Interest Income	36	43	44	50	40	78	58	52	1,884	-1,775
Total Non-Interest Expense	672	572	673	517	524	1,727	530	816	1,819	747
Salaries and Employee Benefits	469	266	420	246	278	1,432	257	476	1,480	492
Other Operating Expenses	203	262	253	271	246	302	273	340	339	279
Income Tax Expense	76	13	34	-7.30	41	-172	22	70	173	38
Net Income / (Loss) Attributable to Noncontrolling Interest	1.60	31	25	36	30	22	33	1.10	20	16
Basic Earnings per Share	$0.77	$0.34	$0.28	($0.27)	$0.23	($1.92)	$0.18	$0.41	$1.67	$0.59
Weighted Average Basic Shares Outstanding	362.90M	361.28M	362.94M	361.26M	360.57M	361.40M	360.91M	358.32M	357.69M	358.58M
Diluted Earnings per Share	$0.77	$0.34	$0.28	($0.27)	$0.22	($1.91)	$0.18	$0.40	$1.63	$0.56
Weighted Average Diluted Shares Outstanding	366.79M	365.71M	365.36M	361.26M	363.66M	361.40M	369.34M	366.90M	364.79M	368.02M
Weighted Average Basic & Diluted Shares Outstanding	363.61M	364.22M	362.11M	359.95M	360.80M	362.11M	359.88M	356.38M	357.68M	361.20M

This table details how cash moves in and out of Carlyle Group Inc. 4.625% Subordinated Notes due 2061's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-251	-326	345	-391	190	162	1,486	-1,114	81	-176
Net Cash From Operating Activities	3,903	-301	-7.10	-344	359	-169	1,791	-379	205	-760
Net Cash From Continuing Operating Activities	3,903	-301	-7.10	-344	359	-169	1,791	-379	205	-760
Net Income / (Loss) Continuing Operations	400	15	1,007	329	1,184	383	3,045	1,285	-497	1,091
Consolidated Net Income / (Loss)	400	15	1,007	329	1,184	383	3,045	1,285	-497	1,091
Depreciation Expense	323	72	41	47	66	52	52	147	181	184
Non-Cash Adjustments to Reconcile Net Income	1,334	-1,339	-960	-991	-810	-1,151	-2,261	-1,109	1,054	-1,991
Changes in Operating Assets and Liabilities, net	1,846	951	-96	272	-82	547	955	-703	-533	-44
Net Cash From Investing Activities	-22	-25	-34	-99	-28	-61	-32	-829	-44	-78
Net Cash From Continuing Investing Activities	-22	-25	-34	-99	-28	-61	-23	-829	-44	-78
Purchase of Property, Leasehold Improvements and Equipment	-62	-25	-34	-31	-28	-61	-41	-41	-67	-78
Purchase of Investment Securities	-	0.00	0.00	-	-	0.00	0.00	-838	-187	-5.00
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	50	210	5.10
Net Cash From Financing Activities	-4,011	15	319	72	-149	370	-243	115	-100	683
Net Cash From Continuing Financing Activities	-4,011	15	319	72	-149	370	-243	115	-100	683
Issuance of Debt	734	615	663	1,205	779	1,019	849	697	713	1,836
Issuance of Common Equity	210	-	-	31	0.00	0.00	4.80	39	0.00	0.00
Repayment of Debt	-65	-44	-286	-412	-127	-334	-562	-17	-17	-131
Repurchase of Common Equity	0.00	-59	-0.20	-108	-35	-26	-162	-186	-204	-555
Payment of Dividends	-6,367	-564	-420	-547	-486	-351	-356	-444	-498	-503
Other Financing Activities, Net	1,476	66	-26	-97	125	63	-16	24	-94	35
Effect of Exchange Rate Changes	-121	-16	67	-20	8.10	22	-31	-20	19	-21
Cash Interest Paid	56	59	60	61	63	80	93	92	92	94
Cash Income Taxes Paid	42	35	25	47	31	35	403	402	250	219

This table details how cash moves in and out of Carlyle Group Inc. 4.625% Subordinated Notes due 2061's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	53	-1.00	-335	-151	397	170	-164	-361	462	-112
Net Cash From Operating Activities	300	-121	-113	-737	800	254	71	-1,270	792	-353
Net Cash From Continuing Operating Activities	300	-121	-113	-737	800	254	71	-1,270	792	-353
Net Income / (Loss) Continuing Operations	282	159	125	-63	111	-670	99	149	616	227
Consolidated Net Income / (Loss)	282	159	125	-63	111	-670	99	149	616	227
Depreciation Expense	43	45	44	44	49	44	45	46	46	47
Non-Cash Adjustments to Reconcile Net Income	-105	-116	-49	-448	301	1,251	-19	-932	-445	-595
Changes in Operating Assets and Liabilities, net	80	-209	-233	-270	339	-370	-54	-532	575	-33
Net Cash From Investing Activities	-227	34	-94	39	-29	41	-14	-23	-14	-27
Net Cash From Continuing Investing Activities	-227	34	-94	39	-29	41	-14	-23	-14	-27
Purchase of Property, Leasehold Improvements and Equipment	-7.60	-16	-13	-20	-17	-17	-14	-18	-19	-27
Net Cash From Financing Activities	13	26	-137	545	-355	-152	-217	934	-347	312
Net Cash From Continuing Financing Activities	13	26	-137	545	-355	-152	-217	934	-347	312
Issuance of Debt	58	193	69	807	-89	-75	45	1,294	-108	605
Repayment of Debt	0.10	-7.80	-1.10	-3.40	-2.80	-9.90	-14	-33	-37	-47
Repurchase of Common Equity	-42	-39	-100	-61	-43	0.20	-150	-178	-151	-76
Payment of Dividends	-118	-118	-118	-127	-126	-126	-127	-126	-126	-125
Other Financing Activities, Net	113	-2.20	15	-72	-95	58	29	-23	74	-44
Effect of Exchange Rate Changes	-33	60	8.30	2.20	-19	27	-4.40	-2.30	30	-45

This table presents Carlyle Group Inc. 4.625% Subordinated Notes due 2061's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	32,182	9,973	12,281	12,914	13,809	15,645	21,250	21,403	21,176	23,104
Cash and Due from Banks	2,604	1,432	1,378	877	916	1,136	2,617	1,570	1,786	2,096
Restricted Cash	37	13	29	8.70	35	2.00	5.60	0.80	1.80	0.50
Trading Account Securities	886	1,107	5,289	5,698	6,804	7,381	10,832	10,768	9,955	10,937
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	961	257	314	577	348	362	518	681	833	1,043
Premises and Equipment, Net	111	106	100	95	108	149	144	140	162	185
Intangible Assets	136	42	36	77	62	49	35	898	766	634
Other Assets	24,458	4,535	5,135	5,582	5,535	6,566	7,098	7,346	7,672	8,208
Total Liabilities & Shareholders' Equity	32,182	9,973	12,281	12,914	13,809	15,645	21,250	21,403	21,176	23,104
Total Liabilities	23,258	8,519	9,332	10,078	10,839	12,715	15,544	14,582	15,392	16,756
Other Short-Term Payables	2,417	2,032	-	2,665	2,851	3,509	5,335	4,690	5,256	5,836
Long-Term Debt	18,276	5,211	5,877	6,391	6,683	7,534	7,962	8,177	8,768	9,008
Other Long-Term Liabilities	2,565	1,277	3,454	1,023	1,305	1,672	2,248	1,715	1,368	1,912
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,078	1,454	2,949	2,836	2,970	2,930	5,706	6,821	5,785	6,348
Total Preferred & Common Equity	517	308	629	978	619	2,689	5,279	6,221	5,191	5,607
Total Common Equity	517	308	629	590	619	2,689	5,279	6,221	5,191	5,607
Common Stock	486	403	702	673	704	2,550	2,721	3,142	3,407	3,896
Retained Earnings	-	-	-	-	0.00	348	2,805	3,401	2,082	2,041
Accumulated Other Comprehensive Income / (Loss)	-90	-95	-73	-83	-85	-209	-248	-322	-297	-330
Noncontrolling Interest	5,561	1,146	2,320	1,859	2,351	241	427	600	593	741

This table presents Carlyle Group Inc. 4.625% Subordinated Notes due 2061's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	21,092	21,274	21,381	20,957	20,850	22,284	22,658
Cash and Due from Banks	1,539	1,239	1,407	1,620	1,703	1,962	1,865
Restricted Cash	0.60	17	5.40	4.50	1.40	2.30	2.10
Trading Account Securities	10,998	10,784	10,218	9,975	9,473	9,598	11,095
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customer and Other Receivables	595	600	723	820	828	944	976
Premises and Equipment, Net	134	142	151	155	163	168	174
Intangible Assets	925	866	835	796	733	700	671
Other Assets	6,900	7,626	8,043	7,587	7,949	8,910	7,876
Total Liabilities & Shareholders' Equity	21,092	21,274	21,381	20,957	20,850	22,284	22,658
Total Liabilities	14,438	14,462	14,736	14,453	15,110	16,555	16,323
Other Short-Term Payables	4,727	4,199	-	3,958	4,549	4,699	5,785
Long-Term Debt	7,752	8,362	8,774	8,695	8,794	10,036	8,742
Other Long-Term Liabilities	1,959	1,902	5,963	1,800	1,766	1,819	1,796
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,655	6,812	6,645	6,505	5,740	5,729	6,335
Total Preferred & Common Equity	6,118	6,175	5,964	5,920	5,071	5,030	5,547
Total Common Equity	6,118	6,175	5,964	5,920	5,071	5,030	5,547
Common Stock	3,127	3,199	3,270	3,341	3,518	3,646	3,778
Retained Earnings	3,431	3,281	2,993	2,903	1,868	1,708	2,035
Accumulated Other Comprehensive Income / (Loss)	-440	-305	-299	-324	-315	-324	-266
Noncontrolling Interest	537	637	681	585	669	700	789

This table displays calculated financial ratios and metrics derived from Carlyle Group Inc. 4.625% Subordinated Notes due 2061's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.81%	-41.24%	61.64%	-33.98%	34.76%	-10.94%	197.56%	-50.07%	-34.38%	86.78%
EBITDA Growth	-37.16%	-85.63%	941.46%	-62.80%	222.10%	-51.39%	545.39%	-57.82%	-124.41%	475.51%
EBIT Growth	-58.17%	-91.99%	3,141.93%	-65.82%	246.05%	-53.03%	594.40%	-60.93%	-138.18%	331.96%
NOPAT Growth	-54.90%	-97.28%	9,886.20%	-70.00%	263.92%	-67.71%	695.51%	-57.79%	-132.71%	359.43%
Net Income Growth	-56.28%	-96.18%	6,484.31%	-67.35%	260.11%	-67.68%	695.51%	-57.81%	-138.66%	319.67%
EPS Growth	-124.39%	73.33%	3,075.00%	-65.55%	243.90%	-65.60%	745.36%	-59.15%	-150.15%	264.88%
Operating Cash Flow Growth	47.51%	-107.70%	97.64%	-4,738.03%	204.40%	-147.18%	1,158.51%	-121.18%	154.02%	-470.67%
Free Cash Flow Firm Growth	100.28%	503.90%	-105.23%	93.06%	1,118.50%	-156.42%	63.03%	71.68%	157.28%	1,018.50%
Invested Capital Growth	-9.94%	-75.50%	32.43%	4.54%	4.61%	8.41%	30.62%	9.73%	-2.98%	5.52%
Revenue Q/Q Growth	-2.20%	-3.05%	22.90%	-31.30%	8.40%	427.01%	-8.46%	-23.59%	5.17%	2.48%
EBITDA Q/Q Growth	6.06%	663.24%	136.22%	-63.45%	3.45%	147.69%	-20.63%	-27.91%	-170.59%	238.74%
EBIT Q/Q Growth	19.99%	128.70%	155.17%	-66.33%	2.94%	141.87%	-20.18%	-31.98%	-245.31%	388.74%
NOPAT Q/Q Growth	28.30%	112.46%	133.16%	-66.00%	2.96%	138.25%	-27.70%	-28.04%	-226.58%	463.75%
Net Income Q/Q Growth	18.41%	110.40%	116.27%	-65.68%	2.85%	125.79%	-27.70%	-28.09%	-249.52%	463.88%
EPS Q/Q Growth	-900.00%	-700.00%	33.71%	-42.25%	0.00%	244.78%	3.54%	-30.06%	-394.74%	823.33%
Operating Cash Flow Q/Q Growth	-14.64%	27.11%	-104.94%	29.01%	-26.14%	74.97%	-34.36%	69.77%	220.53%	-397.71%
Free Cash Flow Firm Q/Q Growth	-40.03%	-2.07%	23.19%	79.93%	-29.32%	64.07%	-129.69%	-106.08%	105.58%	-8.77%
Invested Capital Q/Q Growth	-0.31%	7.22%	9.21%	-1.97%	1.73%	8.09%	2.31%	4.11%	-4.26%	1.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	18.73%	4.58%	29.52%	16.63%	39.75%	21.70%	47.06%	39.76%	-14.79%	29.74%
EBIT Margin	10.39%	1.42%	28.40%	14.70%	37.75%	19.91%	46.46%	36.35%	-21.15%	26.27%
Profit (Net Income) Margin	10.34%	0.67%	27.40%	13.55%	36.21%	13.14%	35.13%	29.68%	-17.49%	20.57%
Tax Burden Percent	99.48%	33.77%	88.97%	91.31%	96.03%	66.00%	75.61%	81.70%	82.66%	78.29%
Interest Burden Percent	100.00%	140.68%	108.47%	100.95%	99.89%	100.00%	100.00%	99.94%	100.03%	100.02%
Effective Tax Rate	0.52%	66.23%	11.03%	8.69%	3.97%	34.00%	24.39%	18.30%	0.00%	21.71%
Return on Invested Capital (ROIC)	1.39%	0.06%	14.02%	3.61%	12.56%	3.81%	25.24%	8.97%	-2.85%	7.30%
ROIC Less NNEP Spread (ROIC-NNEP)	1.39%	0.10%	12.60%	3.66%	12.54%	3.81%	25.24%	8.96%	-3.75%	7.30%
Return on Net Nonoperating Assets (RNNOA)	2.28%	0.23%	31.74%	7.76%	28.24%	9.17%	45.28%	11.54%	-5.03%	10.69%
Return on Equity (ROE)	3.67%	0.29%	45.76%	11.37%	40.80%	12.98%	70.52%	20.51%	-7.88%	17.99%
Cash Return on Invested Capital (CROIC)	11.85%	121.34%	-13.88%	-0.83%	8.05%	-4.26%	-1.31%	-0.31%	0.17%	1.92%
Operating Return on Assets (OROA)	1.18%	0.15%	9.38%	2.83%	9.24%	3.94%	21.83%	7.38%	-2.82%	6.29%
Return on Assets (ROA)	1.17%	0.07%	9.05%	2.61%	8.86%	2.60%	16.51%	6.02%	-2.33%	4.93%
Return on Common Equity (ROCE)	0.21%	0.02%	9.74%	2.40%	8.49%	7.28%	65.06%	18.83%	-7.13%	16.01%
Return on Equity Simple (ROE_SIMPLE)	77.45%	4.97%	160.13%	33.64%	191.46%	14.23%	57.69%	20.65%	-9.57%	19.46%
Net Operating Profit after Tax (NOPAT)	400	11	1,086	326	1,186	383	3,045	1,286	-420	1,091
NOPAT Margin	10.34%	0.48%	29.54%	13.42%	36.25%	13.14%	35.13%	29.70%	-14.81%	20.56%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.04%	1.42%	-0.05%	0.02%	0.00%	0.00%	0.01%	0.90%	0.00%
SG&A Expenses to Revenue	39.30%	58.69%	53.35%	56.15%	43.11%	59.51%	46.51%	44.50%	83.68%	50.99%
Operating Expenses to Revenue	89.61%	98.58%	71.60%	85.30%	62.25%	80.09%	53.54%	63.65%	121.15%	73.73%
Earnings before Interest and Taxes (EBIT)	402	32	1,044	357	1,235	580	4,028	1,574	-601	1,393
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	725	104	1,085	404	1,300	632	4,080	1,721	-420	1,578
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.59	3.05	2.76	2.36	5.31	3.74	3.40	1.61	2.75	3.26
Price to Tangible Book Value (P/TBV)	2.15	3.54	2.93	2.71	5.90	3.81	3.42	1.88	3.22	3.67
Price to Revenue (P/Rev)	0.21	0.41	0.47	0.57	1.00	3.45	2.07	2.31	5.02	3.44
Price to Earnings (P/E)	0.00	146.88	7.30	14.98	9.51	28.87	6.04	8.15	0.00	17.90
Dividend Yield	33.22%	15.12%	6.98%	9.60%	4.86%	3.51%	1.99%	4.46%	3.51%	2.79%
Earnings Yield	0.00%	0.68%	13.70%	6.67%	10.52%	3.46%	16.56%	12.26%	0.00%	5.59%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.88	0.97	0.99	1.18	1.59	1.74	1.15	1.50	1.69
Enterprise Value to Revenue (EV/Rev)	6.42	2.57	2.32	3.77	3.48	5.73	2.74	3.97	7.69	4.89
Enterprise Value to EBITDA (EV/EBITDA)	34.29	56.16	7.86	22.65	8.74	26.40	5.82	9.99	0.00	16.43
Enterprise Value to EBIT (EV/EBIT)	61.81	181.72	8.17	25.62	9.21	28.77	5.89	10.93	0.00	18.60
Enterprise Value to NOPAT (EV/NOPAT)	62.13	538.05	7.85	28.06	9.59	43.59	7.79	13.38	0.00	23.76
Enterprise Value to Operating Cash Flow (EV/OCF)	6.37	0.00	0.00	0.00	31.70	0.00	13.25	0.00	106.57	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	7.31	0.28	0.00	0.00	14.96	0.00	0.00	0.00	849.35	90.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.05	3.58	1.99	2.25	2.25	2.57	1.40	1.20	1.52	1.42
Long-Term Debt to Equity	2.05	3.58	1.99	2.25	2.25	2.57	1.40	1.20	1.52	1.42
Financial Leverage	1.64	2.26	2.52	2.12	2.25	2.41	1.79	1.29	1.34	1.47
Leverage Ratio	3.13	4.06	5.05	4.36	4.60	4.99	4.27	3.40	3.38	3.65
Compound Leverage Factor	3.13	5.71	5.48	4.40	4.60	4.99	4.27	3.40	3.38	3.65
Debt to Total Capital	67.19%	78.18%	66.59%	69.26%	69.24%	72.00%	58.25%	54.52%	60.25%	58.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	67.19%	78.18%	66.59%	69.26%	69.24%	72.00%	58.25%	54.52%	60.25%	58.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	4.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	30.91%	17.20%	26.28%	20.14%	24.36%	2.30%	3.13%	4.00%	4.08%	4.82%
Common Equity to Total Capital	1.90%	4.62%	7.13%	6.40%	6.41%	25.70%	38.62%	41.48%	35.67%	36.51%
Debt to EBITDA	25.21	50.01	5.42	15.83	5.14	11.92	1.95	4.75	-20.87	5.71
Net Debt to EBITDA	21.56	36.14	4.12	13.64	4.41	10.12	1.31	3.84	-16.61	4.38
Long-Term Debt to EBITDA	25.21	50.01	5.42	15.83	5.14	11.92	1.95	4.75	-20.87	5.71
Debt to NOPAT	45.68	479.14	5.41	19.62	5.64	19.68	2.61	6.36	-20.85	8.26
Net Debt to NOPAT	39.08	346.23	4.12	16.90	4.84	16.71	1.75	5.14	-16.60	6.34
Long-Term Debt to NOPAT	45.68	479.14	5.41	19.62	5.64	19.68	2.61	6.36	-20.85	8.26
Noncontrolling Interest Sharing Ratio	94.36%	92.05%	78.72%	78.93%	79.18%	43.93%	7.74%	8.20%	9.47%	10.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,402	20,545	-1,075	-75	760	-429	-159	-45	26	288
Operating Cash Flow to CapEx	6,264.53%	-1,183.46%	-20.88%	-1,097.44%	1,289.93%	-276.47%	4,326.09%	-934.24%	307.66%	-977.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	9.26	0.00	-1.40	-0.41	0.21	2.38
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	4.37	0.00	15.81	-3.44	1.66	-6.28
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	4.03	0.00	15.44	-3.80	1.12	-6.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.33	0.19	0.24	0.20	0.47	0.20	0.13	0.24
Fixed Asset Turnover	41.55	20.96	35.60	24.83	32.18	22.64	59.15	30.50	18.85	30.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,199	6,665	8,826	9,227	9,653	10,464	13,668	14,998	14,552	15,355
Invested Capital Turnover	0.13	0.13	0.47	0.27	0.35	0.29	0.72	0.30	0.19	0.35
Increase / (Decrease) in Invested Capital	-3,002	-20,534	2,162	400	426	812	3,204	1,330	-446	803
Enterprise Value (EV)	24,860	5,852	8,528	9,143	11,367	16,688	23,726	17,196	21,837	25,917
Market Capitalization	819	940	1,737	1,392	3,283	10,051	17,960	9,990	14,264	18,266
Book Value per Share	$6.44	$3.64	$6.43	$5.48	$5.28	$7.61	$14.81	$17.11	$14.39	$15.68
Tangible Book Value per Share	$4.75	$3.14	$6.07	$4.76	$4.74	$7.47	$14.71	$14.64	$12.27	$13.90
Total Capital	27,199	6,665	8,826	9,227	9,653	10,464	13,668	14,998	14,552	15,355
Total Debt	18,276	5,211	5,877	6,391	6,683	7,534	7,962	8,177	8,768	9,008
Total Long-Term Debt	18,276	5,211	5,877	6,391	6,683	7,534	7,962	8,177	8,768	9,008
Net Debt	15,634	3,765	4,471	5,505	5,733	6,396	5,339	6,606	6,979	6,911
Capital Expenditures (CapEx)	62	25	34	31	28	61	41	41	67	78
Net Nonoperating Expense (NNE)	0.00	-4.42	79	-3.10	1.25	0.00	0.00	0.82	76	-0.23
Net Nonoperating Obligations (NNO)	18,276	5,211	5,877	6,391	6,683	7,534	7,962	8,177	8,768	9,008
Total Depreciation and Amortization (D&A)	323	72	41	47	66	52	52	147	181	184
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.24)	$0.08	$2.58	$0.89	$3.05	$0.99	$8.37	$0.00	($1.68)	$2.85
Adjusted Weighted Average Basic Shares Outstanding	74.52M	82.71M	92.14M	104.20M	113.08M	350.46M	355.24M	0.00	361.40M	358.58M
Adjusted Diluted Earnings per Share	($0.30)	($0.08)	$2.38	$0.82	$2.82	$0.97	$8.20	$0.00	($1.68)	$2.77
Adjusted Weighted Average Diluted Shares Outstanding	298.74M	308.52M	100.08M	113.39M	122.63M	358.39M	362.57M	0.00	361.40M	368.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.05	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.34M	85.65M	100.47M	108.95M	348.23M	354.19M	356.32M	0.00	362.11M	361.20M
Normalized Net Operating Profit after Tax (NOPAT)	400	23	1,086	326	1,186	383	3,043	1,319	-425	1,072
Normalized NOPAT Margin	10.34%	0.99%	29.54%	13.42%	36.25%	13.14%	35.11%	30.48%	-14.98%	20.21%
Pre Tax Income Margin	10.39%	1.99%	30.80%	14.84%	37.71%	19.91%	46.46%	36.33%	-21.16%	26.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	15.04	0.00	35.55	14.25	-4.85	11.52
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	14.44	0.00	26.88	11.64	-3.40	9.02
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	14.70	0.00	35.18	13.89	-5.39	10.87
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	14.10	0.00	26.51	11.28	-3.93	8.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,591.23%	3,683.01%	41.66%	166.43%	41.03%	91.77%	11.68%	34.53%	-100.20%	46.10%
Augmented Payout Ratio	1,591.23%	4,067.97%	41.68%	199.12%	43.94%	98.67%	17.00%	48.98%	-141.17%	96.93%

This table displays calculated financial ratios and metrics derived from Carlyle Group Inc. 4.625% Subordinated Notes due 2061's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-36.03%	-62.09%	-46.40%	-55.24%	-34.44%	18.73%	-21.89%	131.36%	285.77%	14.51%
EBITDA Growth	-46.87%	-75.41%	-73.28%	-107.61%	-49.88%	-467.86%	-18.47%	1,119.31%	314.96%	139.12%
EBIT Growth	-48.87%	-81.09%	-78.51%	-123.36%	-57.53%	-588.46%	-24.37%	412.14%	417.86%	131.51%
NOPAT Growth	-48.41%	-75.98%	-78.93%	-119.69%	-60.67%	-471.94%	-21.15%	404.28%	454.25%	138.53%
Net Income Growth	-48.41%	-75.98%	-78.93%	-125.19%	-60.69%	-522.64%	-21.15%	338.12%	454.68%	133.91%
EPS Growth	-47.26%	-80.90%	-82.17%	-140.30%	-71.43%	-661.76%	-35.71%	248.15%	640.91%	129.32%
Operating Cash Flow Growth	-86.31%	87.88%	69.73%	-294.27%	166.60%	310.35%	163.20%	-72.40%	-0.99%	-238.84%
Free Cash Flow Firm Growth	75.54%	53.93%	72.40%	44.12%	10.97%	87.74%	202.09%	80.89%	208.17%	-300.86%
Invested Capital Growth	7.85%	9.73%	5.92%	6.85%	5.50%	-2.98%	-4.21%	2.25%	-0.80%	5.52%
Revenue Q/Q Growth	3.23%	-27.75%	11.83%	-46.33%	51.21%	30.83%	-26.73%	58.96%	152.12%	-61.16%
EBITDA Q/Q Growth	17.99%	-45.89%	-5.83%	-112.72%	876.83%	-497.12%	120.77%	59.04%	216.25%	-62.56%
EBIT Q/Q Growth	19.65%	-51.90%	-6.94%	-143.86%	317.57%	-653.25%	114.32%	81.03%	260.96%	-66.34%
NOPAT Q/Q Growth	13.46%	-43.84%	-21.00%	-139.11%	326.68%	-631.08%	116.75%	50.91%	312.91%	-63.08%
Net Income Q/Q Growth	13.46%	-43.84%	-21.00%	-150.04%	277.03%	-703.87%	114.74%	51.11%	312.39%	-63.08%
EPS Q/Q Growth	14.93%	-55.84%	-17.65%	-196.43%	181.48%	-968.18%	109.42%	122.22%	307.50%	-65.64%
Operating Cash Flow Q/Q Growth	260.60%	-140.27%	6.87%	-554.67%	208.59%	-68.23%	-72.02%	-1,885.79%	162.37%	-144.55%
Free Cash Flow Firm Q/Q Growth	58.79%	-53.06%	38.33%	-43.65%	34.33%	78.92%	613.40%	-126.90%	471.63%	-178.12%
Invested Capital Q/Q Growth	-0.16%	4.11%	1.17%	1.62%	-1.42%	-4.26%	-0.12%	8.47%	-4.36%	1.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	38.94%	29.16%	24.44%	-5.79%	29.77%	-90.35%	25.51%	25.53%	32.02%	30.87%
EBIT Margin	34.79%	23.16%	19.16%	-15.66%	22.53%	-95.28%	18.55%	21.13%	30.25%	26.22%
Profit (Net Income) Margin	27.39%	21.29%	15.04%	-14.03%	16.42%	-75.80%	15.19%	14.44%	23.61%	22.45%
Tax Burden Percent	78.75%	92.48%	78.51%	89.57%	72.93%	79.54%	81.86%	68.24%	78.06%	85.64%
Interest Burden Percent	100.00%	99.42%	100.00%	100.00%	99.93%	100.01%	100.00%	100.14%	100.01%	99.96%
Effective Tax Rate	21.25%	7.52%	21.49%	0.00%	27.07%	0.00%	18.14%	31.76%	21.94%	14.36%
Return on Invested Capital (ROIC)	11.18%	6.43%	3.68%	-2.24%	3.00%	-12.82%	2.72%	3.00%	8.07%	7.96%
ROIC Less NNEP Spread (ROIC-NNEP)	11.18%	6.43%	3.68%	-2.41%	3.00%	-13.77%	2.72%	3.00%	8.07%	7.96%
Return on Net Nonoperating Assets (RNNOA)	15.37%	8.28%	4.56%	-3.09%	3.75%	-18.51%	3.71%	4.56%	10.96%	11.67%
Return on Equity (ROE)	26.55%	14.71%	8.24%	-5.33%	6.74%	-31.33%	6.43%	7.56%	19.04%	19.63%
Cash Return on Invested Capital (CROIC)	5.32%	-0.31%	-0.22%	-3.25%	-3.11%	0.17%	1.29%	-3.80%	2.08%	1.92%
Operating Return on Assets (OROA)	9.41%	4.70%	3.21%	-2.24%	2.89%	-12.71%	2.34%	3.14%	7.18%	6.28%
Return on Assets (ROA)	7.41%	4.32%	2.52%	-2.00%	2.11%	-10.11%	1.92%	2.15%	5.61%	5.38%
Return on Common Equity (ROCE)	24.71%	13.51%	7.57%	-4.87%	6.17%	-28.37%	5.76%	6.72%	17.00%	17.47%
Return on Equity Simple (ROE_SIMPLE)	29.20%	0.00%	13.20%	8.44%	5.61%	0.00%	-10.32%	-6.19%	3.49%	0.00%
Net Operating Profit after Tax (NOPAT)	282	159	125	-49	111	-590	99	149	616	227
NOPAT Margin	27.39%	21.29%	15.04%	-10.96%	16.43%	-66.71%	15.19%	14.42%	23.61%	22.45%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.16%	0.00%	0.95%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	45.50%	35.67%	50.46%	55.12%	41.15%	161.90%	39.56%	46.00%	56.77%	48.56%
Operating Expenses to Revenue	65.21%	76.84%	80.84%	115.66%	77.47%	195.28%	81.45%	78.87%	69.75%	73.78%
Earnings before Interest and Taxes (EBIT)	359	173	160	-70	152	-843	121	219	789	266
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	401	217	204	-26	201	-799	166	264	835	313
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.44	1.61	1.76	1.88	1.79	2.75	3.37	2.91	2.83	3.26
Price to Tangible Book Value (P/TBV)	1.70	1.88	2.04	2.18	2.07	3.22	3.94	3.38	3.22	3.67
Price to Revenue (P/Rev)	1.56	2.31	3.00	3.67	3.93	5.02	6.43	4.51	3.03	3.44
Price to Earnings (P/E)	5.06	8.15	14.37	27.30	50.29	0.00	0.00	0.00	133.47	17.90
Dividend Yield	4.70%	4.46%	4.37%	4.31%	4.64%	3.51%	2.98%	3.49%	3.25%	2.79%
Earnings Yield	19.76%	12.26%	6.96%	3.66%	1.99%	0.00%	0.00%	0.00%	0.75%	5.59%
Enterprise Value to Invested Capital (EV/IC)	1.08	1.15	1.22	1.25	1.20	1.50	1.71	1.48	1.55	1.69
Enterprise Value to Revenue (EV/Rev)	2.75	3.97	5.15	6.30	6.76	7.69	9.35	7.21	4.51	4.89
Enterprise Value to EBITDA (EV/EBITDA)	6.53	9.99	16.00	24.20	30.68	0.00	0.00	0.00	50.13	16.43
Enterprise Value to EBIT (EV/EBIT)	6.74	10.93	18.78	31.05	44.16	0.00	0.00	0.00	81.89	18.60
Enterprise Value to NOPAT (EV/NOPAT)	8.72	13.38	22.79	38.21	54.95	0.00	0.00	0.00	120.66	23.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	106.57	63.95	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	21.10	0.00	0.00	0.00	0.00	849.35	130.05	0.00	74.07	90.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.20	1.23	1.32	1.34	1.52	1.53	1.75	1.38	1.42
Long-Term Debt to Equity	1.16	1.20	1.23	1.32	1.34	1.52	1.53	1.75	1.38	1.42
Financial Leverage	1.38	1.29	1.24	1.28	1.25	1.34	1.37	1.52	1.36	1.47
Leverage Ratio	3.58	3.40	3.27	3.27	3.20	3.38	3.36	3.53	3.40	3.65
Compound Leverage Factor	3.58	3.39	3.27	3.27	3.19	3.38	3.36	3.53	3.40	3.65
Debt to Total Capital	53.81%	54.52%	55.11%	56.90%	57.20%	60.25%	60.51%	63.66%	57.98%	58.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.81%	54.52%	55.11%	56.90%	57.20%	60.25%	60.51%	63.66%	57.98%	58.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.73%	4.00%	4.20%	4.42%	3.85%	4.08%	4.61%	4.44%	5.23%	4.82%
Common Equity to Total Capital	42.46%	41.48%	40.70%	38.68%	38.95%	35.67%	34.89%	31.90%	36.79%	36.51%
Debt to EBITDA	3.25	4.75	7.20	11.03	14.61	-20.87	-19.21	-59.74	18.77	5.71
Net Debt to EBITDA	2.60	3.84	6.12	9.26	11.88	-16.61	-15.48	-48.05	14.76	4.38
Long-Term Debt to EBITDA	3.25	4.75	7.20	11.03	14.61	-20.87	-19.21	-59.74	18.77	5.71
Debt to NOPAT	4.34	6.36	10.26	17.42	26.17	-20.85	-19.64	-40.85	45.18	8.26
Net Debt to NOPAT	3.48	5.14	8.72	14.62	21.28	-16.60	-15.83	-32.85	35.53	6.34
Long-Term Debt to NOPAT	4.34	6.36	10.26	17.42	26.17	-20.85	-19.64	-40.85	45.18	8.26
Noncontrolling Interest Sharing Ratio	6.94%	8.20%	8.21%	8.62%	8.53%	9.47%	10.41%	11.16%	10.70%	10.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-766	-1,172	-723	-1,038	-682	-144	738	-198	737	-576
Operating Cash Flow to CapEx	3,947.37%	-774.36%	-872.09%	-3,757.65%	4,677.19%	1,494.71%	500.70%	-7,173.45%	4,146.07%	-1,321.35%
Free Cash Flow to Firm to Interest Expense	-28.04	-41.26	-24.33	-33.81	-21.71	-4.49	23.95	-6.53	24.33	-19.53
Operating Cash Flow to Interest Expense	10.99	-4.25	-3.79	-23.99	25.47	7.94	2.31	-41.77	26.14	-11.96
Operating Cash Flow Less CapEx to Interest Expense	10.71	-4.80	-4.22	-24.63	24.93	7.41	1.85	-42.35	25.51	-12.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.20	0.17	0.14	0.13	0.13	0.13	0.15	0.24	0.24
Fixed Asset Turnover	41.41	30.50	25.14	21.15	18.68	18.85	17.45	20.41	31.48	30.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,407	14,998	15,173	15,418	15,200	14,552	14,534	15,766	15,078	15,355
Invested Capital Turnover	0.41	0.30	0.24	0.20	0.18	0.19	0.18	0.21	0.34	0.35
Increase / (Decrease) in Invested Capital	1,048	1,330	848	989	793	-446	-639	348	-122	803
Enterprise Value (EV)	15,581	17,196	18,579	19,243	18,256	21,837	24,845	23,395	23,347	25,917
Market Capitalization	8,832	9,990	10,837	11,201	10,601	14,264	17,086	14,623	15,683	18,266
Book Value per Share	$16.93	$17.11	$17.01	$16.47	$16.45	$14.39	$14.05	$13.98	$15.56	$15.68
Tangible Book Value per Share	$14.37	$14.64	$14.63	$14.16	$14.24	$12.27	$12.02	$12.03	$13.68	$13.90
Total Capital	14,407	14,998	15,173	15,418	15,200	14,552	14,534	15,766	15,078	15,355
Total Debt	7,752	8,177	8,362	8,774	8,695	8,768	8,794	10,036	8,742	9,008
Total Long-Term Debt	7,752	8,177	8,362	8,774	8,695	8,768	8,794	10,036	8,742	9,008
Net Debt	6,212	6,606	7,106	7,362	7,070	6,979	7,090	8,072	6,875	6,911
Capital Expenditures (CapEx)	7.60	16	13	20	17	17	14	18	19	27
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	14	0.07	80	0.00	-0.20	-0.08	0.00
Net Nonoperating Obligations (NNO)	7,752	8,177	8,362	8,774	8,695	8,768	8,794	10,036	8,742	9,008
Total Depreciation and Amortization (D&A)	43	45	44	44	49	44	45	46	46	47
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.77	$0.34	$0.28	($0.27)	$0.23	($1.92)	$0.18	$0.41	$1.67	$0.59
Adjusted Weighted Average Basic Shares Outstanding	362.90M	361.28M	362.94M	361.26M	360.57M	361.40M	360.91M	358.32M	357.69M	358.58M
Adjusted Diluted Earnings per Share	$0.77	$0.34	$0.28	($0.27)	$0.22	($1.91)	$0.18	$0.40	$1.63	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	366.79M	365.71M	365.36M	361.26M	363.66M	361.40M	369.34M	366.90M	364.79M	368.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	363.61M	364.22M	362.11M	359.95M	360.80M	362.11M	359.88M	356.38M	357.68M	361.20M
Normalized Net Operating Profit after Tax (NOPAT)	282	159	125	-49	111	-590	99	149	616	227
Normalized NOPAT Margin	27.39%	21.29%	15.04%	-10.96%	16.43%	-66.71%	15.19%	14.42%	23.61%	22.45%
Pre Tax Income Margin	34.79%	23.03%	19.16%	-15.66%	22.52%	-95.30%	18.55%	21.16%	30.25%	26.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.14	6.07	5.37	-2.28	4.85	-26.33	3.92	7.19	26.03	9.00
NOPAT to Interest Expense	10.34	5.58	4.22	-1.60	3.54	-18.43	3.21	4.90	20.32	7.71
EBIT Less CapEx to Interest Expense	12.86	5.52	4.94	-2.92	4.31	-26.86	3.46	6.61	25.40	8.09
NOPAT Less CapEx to Interest Expense	10.07	5.04	3.78	-2.23	2.99	-18.97	2.75	4.32	19.69	6.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.27%	34.53%	57.96%	95.63%	147.38%	-100.20%	-96.71%	-162.24%	260.52%	46.10%
Augmented Payout Ratio	16.09%	48.98%	83.17%	143.51%	220.35%	-141.17%	-145.11%	-281.46%	507.86%	96.93%

Key Financial Trends

The Carlyle Group (NASDAQ:CG) has experienced significant fluctuations in its financial performance across the last four years, with noticeable volatility in net income, revenue, and cash flows.

Positive Highlights:

For Q4 2024, Carlyle reported consolidated net income of $227.3 million, a recovery from the negative $670.3 million net loss in Q4 2023, indicating improved profitability.
Total revenues rose strongly from $884.3 million in Q4 2023 to $1.013 billion in Q4 2024, supported by an increase in other service charges and overall non-interest income.
Net income attributable to common shareholders improved markedly from a loss of $692 million in Q4 2023 to a gain of $210.9 million in Q4 2024.
Operating cash flows (net cash from continuing operating activities) turned positive in Q3 2024 with $791.9 million, recovering from significant negative cash flow in prior quarters including Q2 2024 (-$1.27 billion).
Diluted earnings per share improved from -$1.91 in Q4 2023 to $0.56 in Q4 2024, reflecting stronger earnings performance and stable share counts.
Total common equity rose from approximately $5.02 billion in Q2 2024 to $5.55 billion in Q3 2024, suggesting resilience in shareholders' equity base.
Total assets grew from $21.28 billion in Q1 2023 to $22.66 billion in Q3 2024, indicating asset growth and potentially expanded investment capacity.

Neutral Observations:

Interest expense remained relatively stable around $29-$32 million per quarter over the recent year, indicating consistent debt servicing costs.
Carlyle continues to repurchase common equity steadily each quarter (e.g., $75.8 million repurchased in Q4 2024), indicating ongoing share buyback activity which might support the stock price.
Dividend payments have been consistent around $125 million per quarter, reflecting steady commitment to returning capital to shareholders.

Negative/Concerning Aspects:

Carlyle experienced a significant net loss in Q4 2023 (-$670.3 million), indicating a period of financial stress, which was followed by recovery but highlights volatility in earnings.
The company faced substantial negative cash flows from operating activities in Q2 2024 (-$1.27 billion) and Q4 2024 (-$353 million), raising concerns about operational cash generation consistency.
Other non-interest income was negative at -$1.775 billion in Q4 2024, which might reflect non-recurring losses or write-downs affecting overall profitability.
In Q4 2023 and parts of 2023, Carlyle reported large negative earnings per share (e.g., -$1.92 in Q4 2023), indicating significant earnings pressure during that period.
The company’s long-term debt remains high (over $8.7 billion as of Q3 2024), creating ongoing interest expense obligations and financial leverage considerations.

Overall Analysis:

Carlyle Group has shown notable earnings and operating cash flow volatility over recent quarters with a particularly challenging Q4 2023 which reversed to a positive Q4 2024. Revenue growth and improved net income in the latest quarter are encouraging signs. Consistent dividend payments and share repurchases reflect shareholder-friendly capital allocation policies despite episodic cash flow challenges. The high level of debt and fluctuating operating cash flows remain risks that investors should monitor. The gradual rebuilding of equity and asset base supports a view of recovery and stabilization in Carlyle’s financial health.

09/14/25 04:56 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Carlyle Group Inc. 4.625% Subordinated Notes due 2061's Financials

When does Carlyle Group Inc. 4.625% Subordinated Notes due 2061's fiscal year end?

According to the most recent income statement we have on file, Carlyle Group Inc. 4.625% Subordinated Notes due 2061's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Carlyle Group Inc. 4.625% Subordinated Notes due 2061's net income changed over the last 9 years?

Carlyle Group Inc. 4.625% Subordinated Notes due 2061's net income appears to be on an upward trend, with a most recent value of $1.09 billion in 2024, rising from $400.10 million in 2015. The previous period was -$496.70 million in 2023.

How has Carlyle Group Inc. 4.625% Subordinated Notes due 2061's revenue changed over the last 9 years?

Over the last 9 years, Carlyle Group Inc. 4.625% Subordinated Notes due 2061's total revenue changed from $3.87 billion in 2015 to $5.30 billion in 2024, a change of 37.1%.

How much debt does Carlyle Group Inc. 4.625% Subordinated Notes due 2061 have?

Carlyle Group Inc. 4.625% Subordinated Notes due 2061's total liabilities were at $16.76 billion at the end of 2024, a 8.9% increase from 2023, and a 28.0% decrease since 2015.

How much cash does Carlyle Group Inc. 4.625% Subordinated Notes due 2061 have?

In the past 9 years, Carlyle Group Inc. 4.625% Subordinated Notes due 2061's cash and equivalents has ranged from $877.10 million in 2018 to $2.62 billion in 2021, and is currently $2.10 billion as of their latest financial filing in 2024.

How has Carlyle Group Inc. 4.625% Subordinated Notes due 2061's book value per share changed over the last 9 years?

Over the last 9 years, Carlyle Group Inc. 4.625% Subordinated Notes due 2061's book value per share changed from 6.44 in 2015 to 15.68 in 2024, a change of 143.5%.

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This page (NASDAQ:CGABL) was last updated on 9/14/2025 by MarketBeat.com Staff

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Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) Financials

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Carlyle Group Inc. 4.625% Subordinated Notes due 2061 (CGABL) Financials

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