Carlyle Secured Lending, Inc. (CGBD) Income Statement
CGBD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCGBD revenue and net income
Where CGBD's revenue goes
2025Each bar shows an amount and its share of revenue. CGBD kept 35.4% of revenue as net income.
CGBD profit margins
CGBD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.9% | +12.6% | +63.1% | +20.7% |
| Gross profit | +41.3% | +14.0% | +52.3% | +21.2% |
| Operating income | +85.9% | +24.9% | +87.3% | +24.8% |
| Net income | −21.4% | −6.5% | +59.3% | +14.1% |
| EPS (diluted) | −24.4% | −8.3% | −0.4% | +10.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CGBD quarterly EPS vs estimates
Carlyle Secured Lending beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.37).
CGBD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.8M | $167.8M | $172.8M | $138.6M | $169.9M | $17.1M | $70.2M | $85.6M | $110.7M | $87.7M |
| Cost of revenue | $57.6M | $68.5M | $71.7M | $44.0M | $47.4M | $47.9M | $110.6M | $37.8M | $24.5M | $16.5M |
| Gross profit | $140.2M | $99.3M | $101.1M | $94.7M | $169.9M | $17.1M | $70.2M | $47.8M | $86.2M | $71.3M |
| Research & development | — | — | $0 | $0 | $1 | $0 | $0 | $0 | $1 | $1 |
| Sales, general & admin | $8.4M | $7.6M | $6.4M | $7.2M | $6.8M | $6.0M | $5.4M | $6.1M | $5.7M | $5.0M |
| Total operating expenses | −$30.2M | $7.6M | $6.4M | $7.2M | $8.8M | $9.7M | $8.5M | $8.4M | $1.7M | $1.4M |
| Operating income | $170.5M | $91.7M | $94.7M | $87.5M | $161.1M | $7.4M | $61.7M | $39.3M | $84.5M | $69.9M |
| Interest income | $228.7M | $193.0M | $198.5M | $168.8M | $134.8M | $149.9M | $198.2M | $183.1M | $145.8M | $102.7M |
| Interest expense | $88.1M | $68.5M | $71.7M | $44.0M | $28.8M | $35.8M | $50.6M | $37.8M | $24.5M | $16.5M |
| Income before taxes | $71.9M | $91.7M | $94.7M | $87.5M | $161.1M | $7.4M | $61.7M | $39.3M | $84.5M | $69.9M |
| Income taxes | $1.9M | $2.7M | $2.4M | $1.8M | $782,000 | $573,000 | $404,000 | $230,000 | $264,000 | $76,000 |
| Net income | $70.0M | $89.0M | $92.3M | $85.6M | $160.4M | $6.8M | $61.3M | $39.1M | $84.2M | $69.8M |
| EBITDA | $165.3M | $95.2M | $94.7M | $87.5M | $359.9M | $9.5M | $61.7M | $41.2M | $85.4M | $71.3M |
| EPS (diluted) | $1.49 | $1.97 | $2.10 | $1.93 | $1.52 | $1.52 | $1.79 | $1.73 | $1.77 | $2.03 |
| Gross margin | 70.9% | 59.2% | 58.5% | 68.3% | 100.0% | 100.0% | 100.0% | 55.8% | 77.9% | 81.2% |
| Operating margin | 86.2% | 54.7% | 54.8% | 63.1% | 94.8% | 43.2% | 88.0% | 46.0% | 76.3% | 79.7% |
| Net margin | 35.4% | 53.0% | 53.4% | 61.8% | 94.4% | 39.9% | 87.4% | 45.7% | 76.1% | 79.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $60.3M | $54.6M | $74.6M | $48.8M | $39.1M | $35.3M | $40.8M | $39.0M | $37.9M | $50.1M | $50.1M | $50.8M |
| Cost of revenue | $14.4M | $14.6M | −$5.1M | $22.3M | $21.7M | $18.6M | $17.1M | $16.9M | $16.6M | $17.9M | $20.0M | $18.2M |
| Gross profit | $45.9M | $40.0M | $79.7M | $26.5M | $17.3M | $16.7M | $23.6M | $22.1M | $21.3M | $32.2M | $30.1M | $32.5M |
| Sales, general & admin | $2.2M | $2.3M | $2.0M | $2.1M | $2.3M | $1.9M | $2.1M | $1.8M | $1.6M | $2.1M | $1.8M | $1.7M |
| Total operating expenses | $26.0M | $25.8M | $35.6M | $2.1M | $2.3M | $1.9M | $2.1M | $1.8M | $1.6M | $2.1M | $103,000 | $1.7M |
| Operating income | $19.9M | $14.1M | $44.1M | $24.4M | $15.0M | $14.7M | $21.5M | $20.4M | $19.7M | $30.1M | $30.0M | $30.8M |
| Interest income | $53.2M | $56.2M | $60.7M | $59.8M | $60.8M | $47.4M | $45.7M | $46.6M | $48.7M | $51.9M | $52.1M | $51.5M |
| Interest expense | $21.3M | $21.8M | $25.4M | $22.3M | $21.7M | $18.6M | $17.1M | $16.9M | $16.6M | $17.9M | $20.0M | $18.2M |
| Income before taxes | $620,000 | −$3.8M | $17.7M | $24.4M | $15.0M | $14.7M | $21.5M | $20.4M | $19.7M | $30.1M | $30.0M | $30.8M |
| Income taxes | $680,000 | $441,000 | $350,000 | $500,000 | $380,000 | $676,000 | $182,000 | $750,000 | $977,000 | $830,000 | $412,000 | $850,000 |
| Net income | −$60,000 | −$4.2M | $17.4M | $23.9M | $14.6M | $14.1M | $21.4M | $19.6M | $18.7M | $29.3M | $29.6M | $30.0M |
| EBITDA | $21.9M | $18.0M | $46.2M | $24.4M | $15.8M | $15.5M | $21.5M | $20.4M | $20.2M | $30.1M | $30.4M | $31.0M |
| EPS (diluted) | $0.35 | $0.36 | $0.33 | $0.37 | $0.39 | $0.40 | $0.47 | $0.47 | $0.51 | $0.52 | $0.56 | $0.52 |
| Gross margin | 76.1% | 73.2% | 106.8% | 54.3% | 44.4% | 47.3% | 58.0% | 56.7% | 56.2% | 64.3% | 60.1% | 64.1% |
| Operating margin | 33.0% | 25.9% | 59.1% | 50.0% | 38.4% | 41.8% | 52.8% | 52.2% | 52.0% | 60.1% | 59.9% | 60.7% |
| Net margin | −0.1% | −7.7% | 23.3% | 49.0% | 37.5% | 39.8% | 52.4% | 50.3% | 49.4% | 58.4% | 59.0% | 59.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CGBD's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CGBD financial results
In fiscal year 2025 (ended December 31, 2025), Carlyle Secured Lending reported revenue of $197.8 million, up 17.9% from the year before. It had net income of $70.0 million (down 21.4%), a net profit margin of 35.4%. Diluted earnings per share came to $1.49. Over five years revenue grew at an average rate of 63.1% a year.
See the CGBD stock overview for the latest quote and news, or the CGBD chart for price history and technical indicators.
CGBD income statement FAQ
What is Carlyle Secured Lending's annual revenue?
Carlyle Secured Lending reported total revenue of $197.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.9% from $167.8 million the previous year.
Is Carlyle Secured Lending profitable?
Yes. Carlyle Secured Lending reported net income of $70.0 million in fiscal 2025, a net profit margin of 35.4%; its operating margin was 86.2%.
What is Carlyle Secured Lending's gross margin?
Carlyle Secured Lending's gross margin was 70.9% in fiscal 2025: for every $100 of revenue, Carlyle Secured Lending kept $71 after the direct cost of its products and services.
How fast is Carlyle Secured Lending growing?
Revenue grew 63.1% a year on average over the last five fiscal years, from $17.1 million to $197.8 million.
What are Carlyle Secured Lending's earnings per share?
Carlyle Secured Lending earned $1.49 per diluted share in fiscal 2025, compared with $1.97 a year earlier.
When will Carlyle Secured Lending report its next earnings?
Carlyle Secured Lending is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Carlyle Secured Lending's fiscal year end?
Carlyle Secured Lending's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.