The Carlyle Group (CG) Q3 2026 earnings summary

Executive summary

• Q3 distributable earnings were $432.5 million, or $1.12 per share after tax, up 17% YoY; total AUM was $478.5 billion.

• Pending fee-earning AUM reached $28 billion, up 48% YoY, supporting management’s outlook for accelerated growth through the 2027–28 fundraising cycle.

Financial highlights

• Q3 GAAP revenue was $334.1 million; net loss attributable to common shareholders was $7.7 million, or $0.02 per diluted share.

• Q3 FRE was $292.6 million, down 6% YoY, at a 47% margin; YTD FRE was $950.3 million, versus $945.8 million.

• YTD transaction fees were a record $197 million, up 25% YoY; fee-related performance revenues were a record $184 million, up 46%.

• Q3 realized net performance revenues were $99.8 million; YTD realized proceeds from carry funds totaled $28 billion, up 25%.

• YTD distributable earnings were $1.232 billion, or $3.08 per share after tax.

Outlook and guidance

• FY 2026 FRE growth is tracking the plan at mid-single digits, with potential to finish modestly below that level depending on flows; FY 2026 FRE is expected to be a record.

• Q4 inflows are expected to be at least $20 billion, bringing FY inflows to ~ $60 billion, more than 10% above 2025.

• Pending fee-earning AUM is expected to activate over 2027–28; historical activation timing is 12–24 months and partly depends on credit deployment.

• Management expects FRE to build through 2027; nearly $6 billion of signed exits are expected in Q4, with some closing in 2027.

• Disposition of a consolidated infrastructure-fund investment was expected in Q4 2026, with the cumulative unrealized loss attributable to the firm then expected to be realized.