The Carlyle Group (CG) Q1 2026 earnings summary

Executive summary

• Achieved record U.S. buyout realizations and high inflows, with fee-related earnings of $300 million at a 47% margin in Q1 2026.

• Reported a net loss attributable to common stockholders of $132.2 million for Q1 2026, or $(0.37) per diluted share, compared to net income of $130.0 million or $0.36 per share in Q1 2025.

• Total Assets Under Management (AUM) reached $475 billion, up 5% year-over-year, with $333 billion in fee-earning AUM, up 6% year-over-year.

• Closed a first-of-its-kind $5 billion investment solution for the next U.S. buyout fund, leveraging AlpInvest capabilities.

• Returned capital to investors at a pace over 40% higher than the previous record, with $12 billion in realizations and $10 billion deployed.

Financial highlights

• Distributable Earnings were $327 million ($0.89/share post-tax); Fee-Related Earnings were $300 million at a 47% margin, down 3% from Q1 2025.

• Fund management fees reached $584 million, nearly flat year-over-year.

• Fee-related performance revenues were $45 million, up 15% year-over-year; transaction fees were $54 million.

• Net realized performance revenue was $21 million, lower year-over-year due to fund composition.

• Declared a $0.35/share quarterly dividend; repurchased 3.8 million shares for $205 million.

Outlook and guidance

• Management reaffirmed confidence in reaching or exceeding 2028 targets, including $200 billion of inflows, $1.9 billion in Fee-Related Earnings, and $6+ per share in DE.

• Expect management fee growth to accelerate with upcoming fundraising super cycle.

• Anticipate increased transaction fee revenue in coming quarters from pending deals.

• Project mid to high single-digit FRE growth for 2026.

• Forward-looking statements highlight expectations for continued business performance and financial results.