The Carlyle Group Inc. (CG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 34.9M | 452.3M | -2.61B | 882.3M | -352.1M | -352.8M | 791.9M | -1.27B | 71.1M | 254.1M | 799.8M | -736.5M | -112.5M | -120.8M | 300M | -186.8M | -371.7M | 488.6M | 707.1M | 525.8M |
| Operating CF Margin % | 18.41% | 24.54% | -334.48% | 75.02% | -43.59% | -38.06% | 53.27% | -137.95% | 9.43% | -115.03% | 105.07% | -129.23% | -14.86% | -16.1% | 33.53% | -22.82% | -30.62% | 35.23% | 61.8% | 30.75% |
| Operating CF Growth % | 109.91% | 228.2% | -429.66% | 169.49% | -595.22% | -238.84% | -0.99% | -72.4% | 163.2% | 310.35% | 166.6% | -294.27% | 69.73% | -124.72% | -57.57% | -135.53% | -634.82% | 933.79% | 2198.22% | 211.12% |
| Net Income | -132.2M | 358.1M | 134.4M | 306.2M | 158.6M | 210.9M | 615.7M | 0 | 98.8M | -670.3M | 111M | -62.7M | 125.3M | 127.2M | 280.8M | 245.4M | 594.8M | 647.6M | 547.4M | 946.5M |
| Depreciation & Amortization | 50.5M | 49M | 48.5M | 47.7M | 46.9M | 47.1M | 46.2M | 45.5M | 45.3M | 43.6M | 48.9M | 44.1M | 44M | 44.7M | 42.8M | 40.5M | 19.4M | 11.5M | 13.7M | 13.4M |
| Stock-Based Compensation | 119.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -45.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 42.2M | -182.6M | -3.35B | 766.6M | -735.6M | -622.2M | -445.1M | -782.8M | -18.9M | 1.13B | 423.2M | -453.4M | -49.1M | -117.9M | -103.4M | -240.9M | -643.7M | -349.7M | 44.2M | -1.12B |
| Working Capital Changes | 0 | 227.8M | 551.5M | -238.2M | 178M | 11.4M | 575.1M | -532.4M | -54.1M | -252.7M | 216.7M | -264.5M | -232.7M | -174.8M | 79.8M | -231.8M | -342.2M | 179.2M | 101.8M | 683.4M |
| Change in Receivables | 0 | 111.6M | -200K | -35.5M | 19M | 0 | 0 | 0 | -58.3M | -50M | 1.2M | 0 | 24M | 0 | 7.9M | 0 | 0 | 28.7M | 14.3M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -66.1M | 111.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -28.1M | -1.38B | -23.2M | -17.5M | -16.7M | -26.7M | -14M | -22.7M | -14.2M | 40.9M | -29.2M | 38.6M | -93.9M | 34.4M | -227.4M | -5.1M | -630.7M | -14.4M | -6.1M | -2M |
| Capital Expenditures | -28.1M | -42M | -23.2M | -17.5M | -16.7M | -26.7M | -19.1M | -17.7M | -14.2M | -17M | -17.1M | -19.6M | -12.9M | -15.6M | -7.6M | -5.1M | -630.7M | -14.4M | -9.4M | -7.9M |
| CapEx % of Revenue | 14.82% | 2.28% | 2.97% | 1.49% | 2.07% | 2.88% | 1.28% | 1.92% | 1.88% | -7.7% | 2.25% | 3.44% | 1.7% | 2.08% | 0.85% | 0.62% | 51.96% | 1.04% | 0.82% | 0.46% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 24.79B | 2.88B | 2.94B | 3B | 3.15B | 3.29B | 3.23B | 3.17B | 3.15B | 3.02B | 2.95B | 2.91B | 2.81B | 2.9B | 2.88B | 0 | 0 | 2.13B | 0 | 0 |
| Other Investing | -30.1M | 0 | 0 | 0 | 135.8M | 0 | 0 | 0 | 179.3M | 0 | 0 | 0 | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 5.9M |
| Cash from Financing | 36.9M | 862.4M | 3.53B | -812.1M | 296.6M | 312.1M | -346.5M | 933.9M | -216.7M | -152.2M | -355.4M | 544.5M | -136.5M | 25.9M | 13M | 240.4M | -164.5M | -400.4M | 88.2M | 220.9M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -203.7M | -202.7M | -103.6M | -176.5M | -75.8M | -150.5M | -178.3M | -150M | 200K | -42.9M | -60.5M | -100.3M | -38.7M | -39.2M | -19.7M | -49.1M | -72.5M | -59.5M | -15M |
| Dividends Paid | -126.4M | -125.9M | -126.5M | -126.3M | -126.4M | -125.2M | -125.5M | -125.6M | -126.7M | -126.3M | -126.3M | -126.7M | -118.4M | -118.2M | -118.3M | -117.6M | -89.5M | -89.1M | -89.3M | -88.7M |
| Share Repurchases | -204.8M | -203.7M | -202.7M | -103.6M | -176.5M | -75.8M | -150.5M | -178.3M | -150M | 200K | -42.9M | -60.5M | -100.3M | -38.7M | -41.6M | -24.9M | -80.4M | -77.3M | -59.5M | -15M |
| Other Financing | 163.3M | -88.1M | 274.3M | 2.7M | 39.6M | -44.9M | 74.3M | -23.3M | 28.6M | 58.4M | -94.5M | -72.3M | 14.6M | -2.2M | 112.8M | -50.2M | -36M | 50.2M | -11.7M | -45.2M |
| Net Change in Cash | -290.9M | -55M | 949.5M | 77.6M | -67.2M | -112.4M | 461.8M | -360.8M | -164.2M | 169.9M | 396.5M | -151.2M | -334.6M | -1M | 52.7M | 19M | -1.18B | 69.2M | 788.7M | 730.2M |
| Free Cash Flow | 6.8M | 410.3M | -2.63B | 864.8M | -368.8M | -379.5M | 772.8M | -1.29B | 56.9M | 237.1M | 782.7M | -756.1M | -125.4M | -136.4M | 292.4M | -191.9M | -384M | 474.2M | 697.7M | 517.9M |
| FCF Margin % | 3.59% | 22.26% | -337.45% | 73.53% | -45.65% | -40.94% | 51.98% | -139.87% | 7.54% | -107.33% | 102.82% | -132.67% | -16.57% | -18.18% | 32.68% | -23.45% | -31.63% | 34.19% | 60.98% | 30.29% |
| FCF Growth % | 101.84% | 208.12% | -440.81% | 167.17% | -748.15% | -260.06% | -1.26% | -70.27% | 145.37% | 273.83% | 167.68% | -294.01% | 67.34% | -128.76% | -58.09% | -137.05% | -742.14% | 674.79% | 1575.05% | 226.75% |
| FCF per Share | 0.02 | 1.10 | -7.00 | 2.36 | -1.01 | -1.02 | 2.11 | -3.51 | 0.15 | 0.66 | 2.15 | -2.09 | -0.34 | -0.37 | 0.80 | -0.52 | -1.06 | 1.33 | 1.91 | 1.43 |
| FCF Conversion (FCF/Net Income) | -0.26x | 1.26x | -2900.67x | 2.76x | -2.71x | -1.67x | 1.33x | -8.57x | 1.08x | -0.37x | 9.84x | 7.48x | -1.12x | -0.95x | 1.07x | -0.76x | -0.65x | 0.75x | 1.33x | 0.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |