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The Carlyle Group
The Carlyle Group (CG) investor relations material
The Carlyle Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved record Fee Related Earnings (FRE) and strong fundraising in 2025, surpassing initial targets and driving AUM to $477 billion, up 8% year-over-year, with significant momentum heading into 2026.
FRE margins reached 47%, and assets under management included $337 billion in fee-earning AUM, up 11% year-over-year.
Generated $54 billion of inflows, exceeding the $40 billion target, and returned $18 billion of capital to investors, maintaining strong exit momentum.
Led the industry in IPO proceeds since 2024, with $10 billion in IPO issuance, including the largest sponsor-backed IPO ever (Medline) and significant transactions in Japan and India.
Expanded global wealth initiatives, nearly doubling Evergreen Wealth AUM year-over-year and launching new private equity solutions for individual investors.
Financial highlights
Distributable earnings (DE) reached $1.7 billion for 2025 ($4.02 per share), up 11% from the prior year, with $436 million DE in Q4 ($1.01 per share).
Net income attributable to common stockholders was $809 million for FY 2025, or $2.18 per diluted share.
Total fee revenues were a record $2.6 billion for the year, up 10% organically, with Q4 fee revenues at $670 million, up 2% year-over-year.
Inflows totaled $54 billion, up 32% year-over-year, led by Global Credit and AlpInvest, both increasing by over 60%.
Deployment hit a record $54 billion, up 25% from last year, with $17 billion deployed in Q4.
Outlook and guidance
Entered 2026 with strong momentum, focusing on long-term value creation for investors and shareholders, supported by a diversified fundraising pipeline and global wealth expansion.
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 and financial results, subject to risks and uncertainties.
Breakdown 2025 AUM growth by segment
What drove record Fee Related Earnings in 2025?
Any new risks impacting 2026 outlook?
Monetization strategy beyond IPOs
Global Wealth channel: key growth drivers
Carlyle's credit business: resilience factors
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Frequently asked questions
Massive Investment Firm
The Carlyle Group is an American investment firm with multinational operations. The company specializes in three key business segments: Global Private Equity, Global Credit, and Global Investment Solutions. It operates across various industries, including technology, media, telecommunications, healthcare, industrial, transportation, and consumer and retail. The company is headquartered in Washington, D.C. and its shares are listed on the Nasdaq.
Leveraged Buyouts
The Carlyle Group was established in 1987. Its early focus was on leveraged buyouts and private equity investments, primarily in the defense and aerospace sectors. This focus aligned with the founders' backgrounds and the political and economic climate of the time, especially in Washington, D.C., where the firm is headquartered. Today, Carlyle is one of the world's largest private equity firms, with a broad portfolio encompassing various sectors and geographies. It has evolved from a firm specializing in leveraged buyouts and defense sector investments to a global investment powerhouse with a diverse range of assets and strategies. Some examples of publicly traded companies similar to Carlyle are Blackstone, KKR, and Apollo Global Management.
Global Private Equity
Global Private Equity is the company’s largest business segment and its main driver of revenue, representing a significant portion of its assets under management Carlyle engages in a range of investment activities, focusing on acquiring and managing equity in private companies across various industries and geographies. Carlyle leverages its deep industry expertise, extensive global network, and significant capital resources to identify and invest in companies with the potential for value creation. The firm employs a hands-on approach, often actively participating in the strategic management of its portfolio companies to drive growth and operational improvements. Investments span multiple sectors, including technology, healthcare, industrial, consumer, and financial services.
Global Credit and Global Investment Solutions
In its Global Credit segment, Carlyle specializes in credit investments, offering a range of strategies that include direct lending, structured credit, and distressed credit. This segment caters to borrowers often underserved by traditional banks, providing flexible financing solutions.
The Global Investment Solutions division focuses on investment solutions across various asset classes. It offers customized portfolios, co-investment opportunities, and advisory services, primarily to institutional investors. It encompasses fund-of-funds, secondary investments, and private equity access programs, providing clients with tailored investment solutions.
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