The Carlyle Group Inc. · NASDAQ:CG
The Carlyle — Q4 2025 Earnings Presentation
39 slides from The Carlyle's earnings presentation, Feb 6, 2026
Slide 1: Carlyle Reports Fourth Quarter and Full-Year 2025 Financial Results
Carlyle Reports Fourth Quarter and Full-Year 2025 Financial Results FEBRUARY 6, 2026
Slide 2: Carlyle Reports Fourth Quarter and Full-Year 2025 Financial Results
Carlyle Reports Fourth “2025 was a record year Quarter and Full-Year 2025 for Carlyle, and we Financial Results significantly outperformed the targets we set at the WASHINGTON, DC AND NEW YORK, NY – February 6, 2026 – The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the f
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking indicated in these statements including, but not limited to, statements within the meaning of Section 27A of the those described in this presentation and under the section Securities Act of 1933, as amended, and Section 21E of
Slide 4: Fourth Quarter and Full-Year 2025 Financial Results
Fourth Quarter and Full-Year 2025 Financial Results
Slide 5: Carlyle Fourth Quarter and Full-Year 2025 U.S. GAAP Results
Carlyle Fourth Quarter and Full-Year 2025 U.S. GAAP Results Net income attributable to The Carlyle Group Inc. common stockholders in Q4 2025 was $358 million, and $809 million for FY 2025, or $0.96 and $2.18 per share on a diluted basis, respectively (Dollars in millions, except per share amounts) 4
Slide 6: Carlyle Fourth Quarter and Full-Year 2025 Highlights
Carlyle Fourth Quarter and Full-Year 2025 Highlights • Distributable Earnings (“DE”) of $436 million for Q4 2025 on a pre-tax basis, or $1.01 per common share on a post-tax basis, and $1.7 billion, or $4.02 per common share for FY 2025 Financial • Fee Related Earnings (“FRE”) of $290 million for Q4
Slide 7: Carlyle Fourth Quarter and Full-Year 2025 Total Segment Operating Results
Carlyle Fourth Quarter and Full-Year 2025 Total Segment Operating Results (Dollars in millions, except per share amounts) 4Q'24 4Q'25 FY'24 FY'25 SEGMENT REVENUES Fund management fees $ 539.9 $ 554.1 $ 2,107.5 $ 2,243.1 Transaction and portfolio advisory fees, net and other 80.6 67.0 163.6 225.1 Fee
Slide 8: Distributable Earnings
Distributable Earnings • Distributable Earnings were $436 million in Q4 2025 and $1.7 billion for FY 2025 • Realized Net Performance Revenues were $123 million in Q4 2025 and $357 million for FY 2025 • Realized Principal Investment Income was $39 million in Q4 2025 and $152 million for FY 2025 Quart
Slide 9: Fee Related Earnings
Fee Related Earnings • Fee Related Earnings of $290 million in Q4 2025 increased 1% compared to $287 million in Q4 2024. FY 2025 Fee Related Earnings of $1.2 billion increased 12% from $1.1 billion in FY 2024 • FRE Margin1 of 43% in Q4 2025 and 47% in FY 2025 Quarterly FRE and FRE Margin Annual FRE
Slide 10: Performance Revenues
Performance Revenues • Net Accrued Performance Revenues1 were $2.9 billion as of Q4 2025, up 9% from the prior quarter and up 4% from one year ago, reflecting appreciation across the portfolio, partially offset by realizations • Realized Net Performance Revenues were $123 million in Q4 2025 and $357
Slide 11: Total Assets Under Management
Total Assets Under Management Total Assets Under Management1 of $477 billion at December 31, 2025 increased 8% from one year ago, primarily driven by a 20% increase in Carlyle AlpInvest AUM and a 10% increase in Global Credit AUM Total AUM by Segment Total AUM by Product Type in billions YoY in bill
Slide 12: Performance Fee Eligible Assets Under Management
Performance Fee Eligible Assets Under Management Performance Fee Eligible AUM4 of $236 billion was up 3% from $229 billion one year ago, primarily driven by inflows in our AlpInvest funds and 8% appreciation across the carry fund portfolio, partially offset by realizations, notably in our U.S. buyou
Slide 13: Fee-earning Assets Under Management
Fee-earning Assets Under Management Fee-earning Assets Under Management6 of $337 billion at December 31, 2025 increased 11% from one year ago, driven by a 27% increase in Carlyle AlpInvest, a 10% increase in Global Credit, and a 3% increase in Global Private Equity. Pending Fee-earning AUM7 of $17 b
Slide 14: Key Metrics Activity
Key Metrics Activity • Inflows1 were $9.2 billion in Q4 2025 and $53.7 billion for FY 2025, a 32% increase from FY 2024, with FY 2025 activity driven by record fundraising in Carlyle AlpInvest and inflows across Global Credit. Global Credit inflows included capital raised in our asset-backed finance
Slide 15: Segment Highlights
Segment Highlights
Slide 16: Global Private Equity
Global Private Equity • Total AUM was $164 billion as of December 31, 2025, flat from the prior quarter, as Inflows of $1.3 billion and 3% appreciation were offset by $125BN $23 realizations in Q4 2025. Inflows in Q4 2025 were driven by fundraising in our infrastructure & natural resources and U.S.
Slide 17: Global Credit
Global Credit • Total AUM was $211 billion as of December 31, 2025, up 1% from the prior quarter, as Inflows of $5.4 billion and market activity more than offset outflows. Inflows in Q4 2025 reflected capital raised across the platform, including the closing of three new U.S. CLOs. Total AUM $192BN
Slide 18: Carlyle AlpInvest
Carlyle AlpInvest • Total AUM was $102 billion as of December 31, 2025, flat from the prior quarter, as Inflows of $2.5 billion and 1% appreciation were offset by the impact of realizations. Inflows in Q4 2025 were driven by our secondaries & portfolio finance, CAPM, and CAPS funds. Total AUM increa
Slide 19: Supplemental Details
Supplemental Details
Slide 20: Carlyle Fourth Quarter and Full-Year 2025 Total Segment Results
Carlyle Fourth Quarter and Full-Year 2025 Total Segment Results 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 (Dollars in millions, except per share amounts) SEGMENT REVENUES Fund management fees $ 539.9 $ 525.5 $ 589.6 $ 573.9 $ 554.1 $ 2,107.5 $ 2,243.1 Transaction and portfolio advisory fees, net and
Slide 21: Total Segment Balance Sheet Highlights
Total Segment Balance Sheet Highlights • Balance sheet assets attributable to Carlyle stockholders, including net cash and cash equivalents, net accrued performance revenues and investments, net of debt obligations totaled $5.5 billion at December 31, 2025 • Balance sheet cash totaled $2.0 billion a
Slide 22: AUM and Fee-earning AUM Roll Forward
AUM and Fee-earning AUM Roll Forward Total AUM Roll Forward Unaudited, in millions Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Global Global Private Global Carlyle Private Global Carlyle ($mn) Equity Credit AlpInvest Total Equity Credit AlpInvest Total Balance, Beginni
Slide 23: Global Private Equity Fund Performance
Global Private Equity Fund Performance REALIZED/PARTIALLY REALIZED TOTAL INVESTMENTS (Reported in Local Currency, mn) As of December 31, 2025 INVESTMENTS(5) As of December 31, 2025 Cumulative Remaining Net Accrued Committed Invested Percent Realized Fair Gross IRR Net IRR Carry/ Total Fair Gross IRR
Slide 24: Global Private Equity Fund Performance, continued
Global Private Equity Fund Performance, continued REALIZED/PARTIALLY REALIZED TOTAL INVESTMENTS (Reported in Local Currency, mn) As of December 31, 2025 INVESTMENTS(5) As of December 31, 2025 Cumulative Remaining Net Accrued Committed Invested Percent Realized Fair Gross IRR Net IRR Carry/ Total Fai
Slide 25: Global Credit Fund Performance
Global Credit Fund Performance CARRY FUNDS TOTAL INVESTMENTS ($ mn) As of December 31, 2025 Cumulative Committed Invested Percent Realized Remaining Fair Gross IRR Net IRR Net Accrued Fund (Fee Initiation Date / Stepdown Date) (27) Capital (28) Capital (18) Invested Value (2) Value (3) MOIC (4) (6)(
Slide 26: Carlyle AlpInvest Fund Performance
Carlyle AlpInvest Fund Performance (Reported in Local Currency, mn) TOTAL INVESTMENTS As of December 31, 2025 Cumulative Net Accrued Invested Remaining Carry/ Vintage Capital Realized Fair Total Value Gross IRR Net IRR (Giveback) Carlyle AlpInvest (21)(25) Year Fund Size (1)(22) Value (22) Value (22
Slide 27: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 28: Reconciliation for Distributable Earnings Per Share (Unaudited)
Reconciliation for Distributable Earnings Per Share (Unaudited) Our estimated DE effective tax rate was 13.9% for FY 2025, primarily driven by the impact of tax deductions resulting from the vesting of restricted stock units (in millions, except per share data) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 DI
Slide 29: Reconciliation of GAAP to Total Segment Information
Reconciliation of GAAP to Total Segment Information (Dollars in millions) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'23 FY'24 FY'25 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES $ 265.4 $ 171.0 $ 440.6 $ 85.8 $ 461.8 $ (600.9) $ 1,393.7 $ 1,159.2 Adjustments: Net unrealized performance and fee related perfo
Slide 30: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued Total Reportable Consolidated Reconciling Carlyle Total Reportable Consolidated Reconciling Carlyle (Dollars in millions) Segments Funds Items Consolidated1 Segments Funds Items Consolidated1 Three Months Ended December 31, 2024 Year End
Slide 31: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued Carlyle Reconciling Total Reportable Carlyle Reconciling Total Reportable (Dollars in millions) Consolidated Items 1 Segments Consolidated Items 1 Segments Three Months Ended December 31, 2024 Year Ended December 31, 2023 Performance rev
Slide 32: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued (Dollars in millions) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'23 FY'24 FY'25 REVENUE RECONCILING ITEMS Unrealized performance and fee related performance revenues $ 11.0 $ (197.3) $ 331.0 $ (632.0) $ 619.8 $ (1,046.6) $ 1,031.9 $ 121.5 Unrealiz
Slide 33: Reconciliation for Total Segment Information, continued
Reconciliation for Total Segment Information, continued RECONCILIATION OF TOTAL INVESTMENTS RECONCILIATION OF ATTRIBUTABLE TO THE CARLYLE GROUP INC. ACCRUED PERFORMANCE ALLOCATIONS (Dollars in millions) 12/31/25 (Dollars in millions) 12/31/24 9/30/25 12/31/25 INVESTMENTS, EXCLUDING ACCRUED PERFORMAN
Slide 34: GAAP Statement of Operations (Unaudited)
GAAP Statement of Operations (Unaudited) (Dollars in millions, except per share amounts) 4Q'24 1Q’25 2Q’25 3Q’25 4Q'25 FY'23 FY'24 FY'25 REVENUES Fund management fees $ 597.4 $ 586.1 $ 620.4 $ 583.3 $ 606.8 $ 2,043.2 $ 2,188.1 $ 2,396.6 Incentive fees 37.3 43.2 40.5 51.4 55.4 93.7 133.5 190.5 Invest
Slide 35: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) As of December 31, 2025 Consolidated Consolidated (Dollars in millions) Operating Entities Funds Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,970.2 $ — $ — $ 1,970.2 Cash and cash equivalents of Consolidated Funds — 1,235.1 — 1,235.1 Investments, incl
Slide 36: Notes
Notes Dividend Policy Our dividend policy for our common stock is an annual rate of $1.40 per share ($0.35 per common share on a quarterly basis). The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our
Slide 37: Notes, continued
Notes, continued Notes on Assets Under Management (Pages 11-13) (continued) (8) “Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which there is no immediate requirement to return capital to investors upon the realization of investments made with such
Slide 38: Notes, continued
Notes, continued Notes on Fund Performance Tables (Pages 23-26) (continued) (5) An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized when the total amount of proceeds rece
Slide 39: Notes, continued
Notes, continued Notes on Fund Performance Tables (Pages 23-26) (continued) (22) To exclude the impact of FX, all foreign currency cash flows have been converted to the currency representing a majority of the capital committed to the relevant fund at the reporting period spot rate. (23) Gross Intern