The Carlyle Group (CG) Q4 2025 earnings summary

Executive summary

• Achieved record Fee Related Earnings (FRE) and strong fundraising in 2025, surpassing initial targets and driving significant momentum into 2026.

• Inflows reached $54 billion, exceeding the $40 billion target, and assets under management (AUM) hit a record $477 billion, up 8% year-over-year.

• Led the industry in IPO proceeds since 2024, raising $10 billion, including the largest sponsor-backed IPO ever (Medline).

• Returned $18 billion of capital to investors in both 2024 and 2025, with robust exit momentum and strategic investments in global wealth and credit platforms.

• Declared a quarterly dividend of $0.35 per share, totaling $1.40 per share for 2025, with $0.2 billion of repurchase capacity remaining under the $1.4 billion authorization.

Financial highlights

• Distributable earnings (DE) for 2025 were $1.7 billion ($4.02/share), up 11% year-over-year, and $436 million ($1.01/share) in Q4.

• Net income attributable to common stockholders was $809 million for FY 2025 and $358 million in Q4.

• Total fee revenues reached $2.6 billion for the year, up 10% organically; Q4 fee revenues were $670 million, up 2% year-over-year.

• Realized proceeds totaled $34 billion, up nearly 20% year-over-year, with $12 billion realized in Q4.

• Fund management fees increased 10% year-over-year, driven by fundraising and higher activity in key segments.

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 2026 shareholder update.

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