The Carlyle Group (CG) Q2 2026 earnings summary

Executive summary

• Delivered record Fee Related Earnings and highest Distributable Earnings in nearly four years, supported by strong fundraising, realization activity, and disciplined strategy execution.

• Distributed nearly $7 billion to clients in Q2 2026 and $37 billion over the past year, reflecting disciplined execution and momentum.

• Achieved record performance in Carlyle AlpInvest and Global Credit, with robust capital markets fees and strategic investments in AI and defense platforms.

Financial highlights

• Distributable Earnings for Q2 2026 were $472 million ($1.07 per share post-tax), the best pre-tax DE quarter in nearly four years.

• Fee Related Earnings reached $358 million in Q2 2026, up 11% year-over-year, with a 47% margin.

• Net income attributable to common stockholders was $137 million for Q2 2026, or $0.37 per diluted share.

• Total revenues for Q2 2026 were $1.12 billion, with total segment expenses of $639.9 million.

• Transaction fees hit a record $111 million, more than double last year and up over 30% year-to-date.

Outlook and guidance

• Entering a fundraising super cycle with nearly all core strategies in the market over the next few years.

• Management expects continued acceleration in revenue and earnings, supported by robust capital raising and deployment.

• Compensation ratio expected to remain around 47% for 2026, with margin improvement anticipated as fundraising flows through in 2027 and 2028.

• Realizations and performance revenues are expected to maintain strong momentum in the second half, though quarter-to-quarter variability is anticipated.

• Forward-looking statements highlight potential risks and uncertainties that could impact future results.