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The Carlyle Group logo

The Carlyle Group Cash Flow Statement

Operating, investing, and financing cash movements

The Carlyle Group generated -$4.2B in operating cash flow over the trailing twelve months. After $110.8M in capital expenditures, free cash flow was -$4.3B. Free cash flow decreased 1.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)-$4.2BNet Cash From Investing (TTM)-$110.8MNet Cash From Financing (TTM)$4.7BCapital Expenditures (TTM)$110.8MDepreciation And Amortization Cf (TTM)$195.7MNet Change In Cash (TTM)$847.5M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$16.0B
P/E Ratio29.34
ROE7.94%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$26.7M$16.7M$17.5M$23.2M$42M$28.1M
Net cash from investing activities-$26.7M-$16.7M-$17.5M-$23.2M-$42M-$28.1M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$43.4M-$25.4M$64.5M$0$111.9M-$66.1M
Change in accrued compensation—-$327.7M——$156.5M-$461.2M
Change in deferred revenue-$238.3M$280.2M-$222.6M$169.1M-$243.2M$229.8M
Other working capital changes—-$12.6M-$24.2M——$2.1M
Change in fair value of contingent consideration$100K$1M—$1.7M—$0
Deferred income taxes—$29.4M—$51M—$45.4M
Depreciation and amortization$47.1M$46.9M$47.7M$48.5M$49M$50.5M
Net cash from operating activities-$352.8M-$352.1M-$168.8M-$1.6B-$1.2B-$1.2B
Net income$227.3M$158.6M$328.1M$112.5M$345.5M-$141.9M
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset$100K$1M—$1.7M—$0
Accrued compensation—-$327.7M——$156.5M-$461.2M
Increase (Decrease) In Cash And Cash Equivalents Held At Consolidated Funds$339M-$270.9M-$134.5M——-$169M
Increase (Decrease) in Deferred Income Taxes—$29.4M—$51M—$45.4M
Increase (Decrease) in Deposit Assets-$13.9M$10.8M$14.1M$500K$15.6M-$7.1M
Increase Decrease In Due From Related Parties Current—-$10.7M$27M-$7.6M-$53.4M$1.7M
Increase Decrease In Due To Related Parties Current-$10.8M$6.5M$17.1M$1.5M$1.9M$18M
Change in lease right-of-use assets and lease liabilities-$2.7M-$2.8M-$3.5M-$3.4M-$700K-$4.5M
Change in other liabilities held at Consolidated Funds$388.4M-$2.5M-$11.5M$79.3M$105.4M$606.6M
Increase (Decrease) Other Receivables Held At Consolidated Funds$26.6M-$8.3M-$2.2M$18.5M-$58.2M$143.6M
Non Cash Interest Income Net Of Consolidated Funds$4.1M$4.1M$4.6M$4.3M$16.2M$4.2M
Non-Cash Performance Allocations And Incentive Fees Gain (Loss)—-$15M$265.6M-$263.7M$291.6M-$283.1M
Non-Cash Principal Investment Income—-$72.7M—$82.8M—$39.6M
Non-cash principal investment (income) loss-$52.4M-$23.5M-$23.5M-$23.5M-$23.5M—
Other Noncash Income (Expense)—-$12.6M-$24.2M——$2.1M
Payments for Purchase of Securities, Operating Activities$172.1M$78.3M$66M$106.8M$152.5M$148.2M
Proceeds from sales and settlements of investments by Consolidated Funds$1.8B$1.4B$880.3M$2.9B$1.2B$2.2B
Proceeds from Investments - Asset Management$164.7M$144.8M$324.8M$194.4M$168.9M$160.8M
Purchases Of Investments By Consolidated Funds$2.5B$2.4B$1.6B$5B$2.7B$4.1B
Realized Unrealized Gain (Loss) From Loans Payable Of Consolidated Funds-$4.7M-$900K$42.2M$34.7M$25.5M$184.2M
Realized Unrealized Gain (Loss) On Investments Of Consolidated Funds$38.3M$7M$4.6M$88.5M—-$248.6M
Stock-based compensation$112.8M$103.5M$92.9M$90.7M$87.6M$119.8M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contributions from noncontrolling interests$100.3M$163M$68.3M$367.8M$112.6M$783.9M
Proceeds from issuance of debt$200K$15.1M$0$49.7M$25.2M$32.4M
Repayments of debt—$14.6M-$14.6M$0$0$22.5M
Distributions to noncontrolling interests$105.4M$164.2M$34.2M$109.7M$32.7M$89.8M
Dividends paid$125.2M$126.4M$126.3M$126.5M$125.9M$126.4M
Change In Due To (From) Affiliates Financing Activities$39.3M-$40.8M$44.2M-$29M$55.4M-$35.7M
Payments to Noncontrolling Interests$105.4M$164.2M$34.2M$109.7M$32.7M$89.8M
Proceeds from issuances of debt$200K$15.1M$0$49.7M$25.2M$32.4M
Net borrowings on loans payable of Consolidated Funds$604.5M$559.4M$495.7M$1.7B$1.3B$579.8M
Net cash from financing activities$312.1M$296.6M$230.2M$2.5B$975M$988.3M
Repurchases of common stock$75.8M$176.5M$103.6M$202.7M$203.7M$204.8M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow-$379.5M-$368.8M-$186.3M-$1.6B-$1.2B-$1.3B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$45M$5M$33.7M$43.6M$9.3M-$8.7M
Net increase (decrease) in cash-$112.4M-$67.2M$77.6M$949.5M—-$290.9M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$54.7M$38.3M$38.3M$38.3M$38.3M—
Interest paid$23.4M$22.9M$22.9M$22.9M$22.9M—
Initial consolidation of Consolidated Funds$0$57M———-$8.9M