The Carlyle Group (CG) Q1 2026 earnings summary

Executive summary

• Reported a Q1 2026 net loss attributable to common stockholders of $132.2 million, or $(0.37) per diluted share, compared to net income of $130.0 million in Q1 2025, with a pre-tax loss of $179 million and a 70.5% margin on loss.

• Achieved record U.S. buyout realizations and strong fundraising, with fee-related earnings of $300 million at a 47% margin and distributable earnings of $327 million ($0.89/share) in Q1 2026.

• Total assets under management reached $475 billion, up 5% year-over-year, with $333 billion in fee-earning AUM.

• Closed a $5 billion cornerstone commitment for the next U.S. buyout fund, enhancing liquidity and access for cornerstone investors.

• Board declared a $0.35 per share quarterly dividend for Q2 2026.

Financial highlights

• Fund management fees were $584 million in Q1 2026, nearly flat year-over-year; fee-related earnings were $300 million at a 47% margin.

• Distributable earnings reached $327 million, down from $455.4 million YoY; net accrued performance revenues were $2.6 billion as of March 31, 2026.

• Realized proceeds from carry funds totaled $12.2 billion, the third-best quarter ever.

• Performance allocations swung to a loss of $681.1 million from a gain of $222.9 million YoY, mainly due to reversals in Global Private Equity.

• Effective tax rate for distributable earnings was 2.5% in Q1 2026.

Outlook and guidance

• Management reaffirmed confidence in achieving 2028 targets, citing strong fundraising, record U.S. buyout realizations, and a clear path to $200 billion of inflows and $1.9 billion in fee-related earnings.

• Expects management fees to accelerate over the next two years, supported by fundraising momentum.

• Forward-looking statements highlight expectations for continued business performance and financial results, but are subject to risks and uncertainties.