The Carlyle Group (CG) Q4 2025 earnings summary

Executive summary

• Achieved record Fee Related Earnings (FRE) and strong fundraising, surpassing initial targets and demonstrating significant momentum heading into 2026.

• Assets Under Management (AUM) reached a record $477 billion, up 8% year-over-year, with $337 billion in fee-earning AUM, up 11%.

• Transaction fees hit a record $225 million, up nearly 40% year-over-year.

• Demonstrated industry leadership in IPO proceeds, with $10 billion raised over two years and the Medline IPO raising over $7 billion at a $49 billion valuation.

• Returned $18 billion of capital to investors in both 2025 and 2024, with strong exit momentum expected into 2026.

Financial highlights

• Distributable Earnings (DE) for 2025 were $1.7 billion ($4.02/share), up 11% from prior year; Q4 DE was $436 million ($1.01/share).

• Net income attributable to common stockholders was $809 million for FY 2025, or $2.18 per diluted share.

• Total fee revenues reached $2.6 billion for the year, a 10% organic growth rate.

• Realized proceeds totaled $34 billion, up nearly 20% year-over-year.

• Declared a quarterly dividend of $0.35 per share, totaling $1.40 per share in aggregate for 2025.

Outlook and guidance

• Entered 2026 with strong momentum, expecting continued growth from a diversified fundraising pipeline and improving capital markets.

• Multi-year financial targets and strategic direction to be shared at the February 26th shareholder update.

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