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 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.