Carlyle Secured Lending (CGBD) Financial Statements & Analysis

Carlyle Secured Lending (CGBD) Income Statement

Carlyle Secured Lending reported revenue of $197.79M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 17.9% from $167.76M a year earlier. Net income was $69.97M, down 21.4% year over year, a net margin of 35.4%. Gross margin was 70.9% and operating margin 86.2%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $2.98M, down 95.6% from the same quarter a year earlier.

Carlyle Secured Lending Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Carlyle Secured Lending, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	197.79	167.76	101.09	207.26	198.72	52.94	120.78	85.58	110.71
Cost of Revenue	57.56	68.49	71.71	43.96	30.75	35.82	50.59	37.80	24.51
Gross Profit	140.23	99.28	241.63	207.26	167.96	17.12	70.19	47.78	86.20
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	8.37	7.56	6.37	57.42	6.83	5.95	5.38	6.14	5.68
Operating Expenses	-30.23	7.56	6.37	57.42	6.83	9.72	8.45	8.43	1.74
Operating Income	170.46	91.72	184.12	149.83	161.14	7.40	61.73	39.35	84.46
Other Income/Expense
Interest Income	205.59	171.58	203.52	168.83	134.78	149.92	198.22	183.14	145.78
Interest Expense	88.09	68.49	71.71	-0.86	30.75	35.82	50.59	37.80	24.51
Other Income/Expense	-98.58	0.00	-70.95	-43.11	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	71.88	91.72	94.72	87.47	161.14	7.40	61.73	39.35	84.46
Income Tax Expense	1.91	2.74	2.44	1.83	0.78	0.57	0.40	0.23	0.26
Net Income	69.97	88.98	92.28	100.54	160.35	6.83	61.33	39.12	84.20
Net Income - Continuous Operations	69.97	88.98	92.28	85.64	160.35	6.83	61.33	39.12	84.20
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	165.27	95.20	1.29	1.38	161.14	9.54	63.60	41.24	85.41
EBIT	190.74	176.48	184.12	149.83	118.39	128.96	-	-	-
Depreciation & Amortization	5.30	3.49	0.00	0.00	0.00	2.13	1.86	1.90	0.95
Earnings Per Share
Basic EPS	1.00	2.00	2.00	2.00	3.00	-	1.00	1.00	2.00
Diluted EPS	1.00	2.00	2.00	1.00	3.00	-	1.00	1.00	2.00
Basic Shares Outstanding	67.72	50.83	50.82	52.11	58.23	56.42	60.19	62.53	53.00
Diluted Shares Outstanding	69.04	56.47	56.31	57.48	59.53	56.42	60.19	62.53	53.00

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Carlyle Secured Lending Financial Statements

What was Carlyle Secured Lending's revenue in fiscal 2025?

Carlyle Secured Lending reported revenue of $197.79M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 17.9% from $167.76M a year earlier.

Is Carlyle Secured Lending profitable?

Yes. Carlyle Secured Lending earned net income of $69.97M in fiscal 2025, a net margin of 35.4%. In fiscal 2024 it earned $88.98M.

What is Carlyle Secured Lending's operating margin?

Carlyle Secured Lending's operating income was $170.46M on revenue of $197.79M in fiscal 2025, an operating margin of 86.2%, compared with 54.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition