What is the revenue and EPS growth rate for The Carlyle Group year over year?

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What does The Carlyle Group do and what are its main business segments?

What is The Carlyle Group's latest dividend and current dividend yield?

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What factors drove the changes in The Carlyle Group's revenue and profit?

- **Record Financial Results**: 2025 saw 12% FRE growth to $1.24B, 47% margin, and $54B inflows, driven by Carlyle AlpInvest and Global Credit leadership.
- **IPO Dominance**: $10B in IPOs over 2 years, including Medline ($7B), largest sponsor-backed IPO globally.
- **Portfolio Resilience**: GP funds appreciated 17%-60%, with $18B capital returned to investors.
- **Strategic Expansion**: Global Wealth AUM doubled YoY, and Global Credit DE rose 21% YoY to $402M.
- **Balance Sheet Strength**: $1.7B DE, $2B cash, and $3B net accrued carry support 2026 growth initiatives.

**【CEO Summary Section】**
- **Record Financial Performance**: 2025 saw fee-related earnings (FRE) grow 12% YoY to $1.24 billion, with a record FRE margin of 47%. Inflows reached $54 billion, exceeding the $40 billion target, driven by Carlyle AlpInvest and Global Credit.
- **IPO Leadership**: Carlyle executed $10 billion in IPOs over 2 years, including Medline ($7B equity raise), the largest sponsor-backed IPO globally. Other notable deals included StandardAero, Rigaku (Japan), and Hexaware (India).
- **Portfolio Strength**: GP portfolio funds showed strong appreciation (e.g., U.S. bio fund +17%, European tech fund +20%), with $18B capital returned to investors in 2025.
- **Strategic Growth**: Global Wealth AUM doubled YoY, with the launch of CPAP (private equity for retail investors). Carlyle AlpInvest DE grew 70% YoY to $319M, and Global Credit DE rose 21% YoY to $402M.

**【CFO Financial Commentary】**
- **Distributable Earnings (DE)**: Full-year DE of $1.7B ($4.02/sh) marked the third-best year ever, up 11% YoY. Q4 DE was $436M ($1.01/sh), with FRE of $290M.
- **Segment Performance**: 
  - **Carlyle AlpInvest**: FRE +59% YoY to $274M, DE +70% YoY to $319M, driven by $14B in investments and $20B secondary strategy close.
  - **Global Credit**: FRE +21% YoY to $402M, DE +20% YoY to $481M, with record CLO issuance (39 deals, $7B).
  - **Global Private Equity**: $18B realized proceeds, with U.S. buyout funds up 17% YoY.
- **Balance Sheet Strength**: $2B cash, $3B investments, and $3B net accrued carry. Share buybacks and dividends returned $1.2B to shareholders in 2025.

**【Q&A Highlights】**
- **Market Volatility**: CEO noted January portfolio data indicated strong GDP growth and EBITDA, but acknowledged short-term market jitters. CLO performance remained resilient, with software exposure aligned to market index.
- **Wealth Channel Growth**: Evergreen Wealth inflows doubled YoY, with CPAP launch expanding access to private equity. Global Wealth headcount grew 50% to support mass affluent and retirement solutions.
- **Capital Allocation**: $88B available capital positions Carlyle for continued deployment. 2026 shareholder update will detail multiyear financial targets and strategic initiatives.
- **Risk Management**: Global Credit realized losses at 10bps YoY, with disciplined underwriting and diversification across 12 subsectors.


The Carlyle Group Inc. (CG) Q4 2025 Earnings Call Transcript

- **Record Growth**: Year-to-date FRE up 16% to $946 million, AUM at $474 billion (+7% YoY), and organic inflows of $60 billion over 12 months.
- **Strategic Wins**: $7.7 billion BASF carve-out, Orion Breweries IPO, and $20 billion Carlyle AlpInvest secondaries fund closure.
- **Credit Dominance**: Global Credit AUM at $208 billion (+33% CAGR), with 45% of firm-wide AUM and 1/3 of total FRE.
- **Wealth Expansion**: Global Wealth inflows up 10x since 2023, $3 billion in Q3, and $6 billion over the past year.
- **Capital Allocation**: $800 million debt issuance to extend duration, $200 million share buybacks, and disciplined growth investments.

**【CEO Summary Section】**
- **Strong Q3 Results**: Generated $312 million in Fee-Related Earnings (FRE), bringing year-to-date FRE to $946 million (+16%). Total Assets Under Management (AUM) reached $474 billion, up 7% year-over-year. Organic inflows of $17 billion in Q3 and $60 billion over the past 12 months.
- **Strategic Growth Momentum**: Exceeding updated full-year targets with FRE growth of ~10% and inflows of $50 billion. Global private equity returned $19 billion to investors, 150% of the industry average.
- **Key Highlights**: Successful IPO of Orion Breweries in Japan, sale of Calastone and HSO in Europe, and a $7.7 billion carve-out of BASF's coatings business. Global Wealth inflows grew 10x since 2023, with $3 billion in Q3 alone. Partnership with Oracle Red Bull Racing to expand private markets access.

**【CFO Financial Commentary】**
- **Q3 Financial Performance**: Distributable earnings of $368 million ($0.96 per share), up 10% year-to-date. FRE margins at 48%, exceeding last year's record of 46%. Global Credit AUM grew 33% CAGR over 5 years, contributing nearly 1/3 of total FRE.
- **Business Growth Drivers**: Carlyle AlpInvest raised $6.3 billion in Q3, bringing year-to-date total to $15 billion. Global Credit inflows of $10 billion in Q3 and $31 billion over 12 months. Insurance platform AUM of $87 billion, with a $4 billion reinsurance deal with Unum and $500 million funding agreement-backed note issuance.
- **Balance Sheet Strength**: Issued $800 million in 10-year notes at 5%, extending debt duration. Repurchased $200 million in shares, maintaining disciplined capital allocation.

**【Q&A Highlights】**
- **Inflows Outlook**: Confident in exceeding $50 billion annual inflow target, driven by credit and solutions businesses. Global Wealth inflows up 90% year-over-year, with $6 billion raised in the past year.
- **2026 Growth Priorities**: Focus on capital markets, insurance solutions, and private equity deployment. Medline IPO and $4 billion pipeline of announced transactions expected to boost realizations.
- **Realization Pipeline**: $5 billion of signed transactions, including Medline IPO, with most expected to close in Q4. Global private equity returning 150% of industry average in capital.
- **Capital Management**: $200 million in share repurchases in Q3, with plans to continue disciplined allocation between growth investments and shareholder returns.
- **Credit Market Resilience**: Strong credit quality across portfolio, with realized losses at 10 basis points per year over the past decade. CLO performance outperforms industry, with fault rates below average.

The Carlyle Group Inc. (CG) Q3 2025 Earnings Call Transcript

- **Exceptional Growth**: Q2 FRE up 18% YoY to $323 million, with AUM at $465 billion and $51 billion in organic inflows.
- **Capital Return Leader**: Returned $15 billion to investors, 3x industry average, via record realizations.
- **Strategic Wins**: $9 billion U.S. real estate fund close, UBS secondary partnership, and $30 billion evergreen AUM.
- **Updated Guidance**: 2025 FRE growth target raised to 10%, driven by AlpInvest (80% YoY) and Global Credit (41% organically).
- **Carry Momentum**: $2.9 billion accrued carry, up 30% YoY, signaling long-term value.

**【CEO Summary Section】**
- **Record Financial Performance**: Q2 FRE of $323 million, up 18% YoY, with AUM reaching $465 billion and $51 billion in organic inflows over 12 months.
- **Outstanding Capital Returns**: Returned $15 billion to investors in corporate private equity, 3x the industry average, driven by strong realizations in U.S. buyout funds (17%-20% 12-month appreciation).
- **Strategic Growth Initiatives**: Launched UBS partnership for secondary solutions, expanded evergreen strategies to $30 billion AUM, and closed a $9 billion U.S. real estate fund, 15% larger than predecessor.
- **Leadership Evolution**: Appointed new Co-Presidents and CFO to drive scalability and agility.

**【CFO Financial Commentary】**
- **Financial Highlights**: DE of $2.05 per share (18% YoY), management fees up 7%, and capital markets fees surging 103% YoY.
- **Diversified Earnings Growth**: AlpInvest and Global Credit contributed 55% of FRE, with AlpInvest up 80% YoY and Global Credit up 41% organically.
- **Updated Guidance**: 2025 FRE growth revised to 10% (from 6%), with inflows expected at $50 billion.
- **Carry Momentum**: Accrued carry rose to $2.9 billion, up 30% YoY, reflecting strong portfolio performance.

**【Q&A Key Highlights】**
- **AlpInvest Expansion**: Organic growth in secondaries and co-investment funds, with 65% of latest vintage committed.
- **Wealth Solutions Success**: CAPM AUM up 6x YoY, driven by UBS partnership and global brand recognition.
- **Insurance Pipeline Activity**: Fortitude Re closed $8 billion in Q2, with active flow insurance opportunities.
- **GPE Management Fees**: Decline rate slowing, potential for stabilization in 2026 with active portfolio management.
- **CP VII Carry Outlook**: Focus on performance to drive DPI and future carry realization.

The Carlyle Group, Inc. (CG) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: FRE +17% YoY to $311M, AUM hits $453B, DE of $455M sets new high
- **Strong Growth Drivers**: 
  - AlpInvest FRE doubles YoY, Global Credit FRE up 50% 
  - Fortitude insurance transactions exceed $8B 
- **Sustainable Expense Management**: G&A run rate of $95-100M supports 6% 2025 FRE growth target
- **Resilient Capital Deployment**: $31B returned to investors over 12 months, U.S. Buyout EBITDA +18% YoY
- **Strategic Positioning**: $84B dry powder, 50% of FRE from high-growth AlpInvest/Global Credit

**【CEO Opening Remarks】**
- Q1 2025 record results: Fee-related earnings (FRE) of $311 million (+17% YoY), FRE margin of 48% (highest in several years), distributable earnings (DE) of $455 million, and AUM of $453 billion (+6% YoY). 
- Global portfolio resilience: 80% of private equity companies based in U.S., limited direct impact from trade policies. 
- Key growth drivers: 
  - Carlyle AlpInvest FRE up 100% YoY to $66 million, AUM $89 billion (+12% YoY) 
  - Global Credit FRE surpasses $100 million for first time (+50% YoY) 
  - Fortitude insurance transactions exceed $8 billion Q1 
- $84 billion dry powder positions Carlyle to capitalize on private market opportunities.

**【CFO Financial Details】**
- Q1 2025 financial highlights: 
  - GAAP net income $420 million, Non-GAAP EPS $1.08 (exceeds expectations) 
  - Transaction fees $150 million over 2Q (highest in firm history) 
  - Carlyle AlpInvest and Global Credit now account for 50% of firm-wide FRE (vs. 34% 2023) 
  - Global Private Equity returned $8 billion to investors over 12 months 
- Expense management: G&A of $95-100 million seen as sustainable run rate 
- 2025 guidance: 6% FRE growth target remains intact despite macro uncertainty

**【Q&A Key Themes】**
1. **Trade Policy Impact**: 
  - 80% of private equity companies U.S.-based, limited direct tariff exposure 
  - LPs remain cautiously optimistic, with $14 billion Q1 inflows (+3x YoY) 
  - Focus on second-order economic effects vs. direct portfolio impact

2. **Private Equity Liquidity**: 
  - $31 billion proceeds returned over 12 months, 40%+ YoY growth 
  - U.S. Buyout portfolio EBITDA +18% YoY, 2% Q1 appreciation 
  - CP IX fundraising timing remains flexible, no 2025 impact

3. **Growth Initiatives**: 
  - Global Wealth AUM +27% YoY to $26 billion 
  - AlpInvest secondaries fund 57% committed, targeting mid-2025 close 
  - Japan insurance market leadership with 6th transaction in Japan


The Carlyle Group Inc. (CG)-8 May 25-2025 Q1 Earnings call transcript

- **2024 Record Performance**: FRE up 30% to $1.1B, FRE margin 46% (vs. 37% prior year). 
- **Key Growth Engines**: 
  - Global Credit AUM $190B (+22% rev), Capital Markets fees double YoY. 
  - Solutions fee growth 44%, Wealth AUM +65% in green products. 
- **2025 Outlook**: 6% FRE growth, $23B pending AUM to add $200M/year. 
- **Share Buybacks**: $850M remaining under $1.4B auth; 2024 buyback shrinks share count YoY. 
- **Tariff Resilience**: 80% U.S.-based private equity portfolio limits trade policy impact. 
- **Fortune 500 Upside**: Insurance capital inflows at 2-year high. 
- **CLO Recovery**: Q2 2025 CLO issuance after 2 years of dormancy. 
- **Green Growth**: Wealth green products AUM up 65% to $9B. 
- **Buyout Fund Activation**: U.S. buyout fund launch in H2 2025, with 2026 fee activation. 
- **Comp Ratio Target**: 35%+ by 2025 via realization-driven performance fees. 


**【CEO Summary Section】**
- **Record Financial Performance**: 2024 Fee-Related Earnings (FRE) reached $1.1 billion, a 30% YoY increase, with a FRE margin of 46% (up 900 basis points). 
- **Strategic Growth Drivers**: 
  - Global Credit AUM grew to $190 billion, with a 22% revenue increase. 
  - Capital Markets transaction fees doubled YoY in a low-activity market. 
  - Global Investment Solutions fee revenue rose 44%, driven by Evergreen Fund and secondary fund growth. 
  - Global Wealth inflows hit $4.5 billion, with AUM up 65% in green products. 
- **Long-Term Strategy**: $1.4 billion share repurchase program reflects undervalued stock; 80% of private equity portfolio is U.S.-based, mitigating tariff risks. 

**【CFO Financial Commentary】**
- **2024 Financial Highlights**: 
  - FRE: $1.1 billion (30% YoY growth), with $287 million Q4 record. 
  - Management Fee Contribution: $200 million annually from $23 billion pending AUM. 
  - Compensation Efficiency: Cash comp ratio improved to 36% (from 45% YoY). 
- **2025 Outlook**: 
  - FRE expected to grow 6%, driven by Wealth (+50% headcount), Credit (asset-backed finance expansion), and Solutions (40% 2-year growth). 
  - Inflows projected to match 2024 levels, with Credit leading fundraising. 
  - Transaction fees could surprise on upside due to capital markets recovery. 

**【Q&A Key Themes】**
- **Share Repurchases**: $850 million remaining under $1.4 billion authorization; expect acceleration with realization activity. 
- **Global Credit Growth**: Asset-backed finance market size ($25T) supports opportunistic fund scaling; CLO business poised for Q2 recovery. 
- **Private Equity Decline**: 7% YoY drop in GPE management fees, but 2025 decline rate to halve with U.S. buyout fund launch in H2 2025. 
- **Fortitude Impact**: Fortitude inflows not included in 2025 guidance, but could add upside. 
- **Market Activity**: M&A and IPO volumes up 20-60% YoY; strategic buyers re-engaging despite higher rates. 
- **Risk Management**: 80% U.S.-based private equity portfolio insulated from tariffs; insurance capital inflows accelerating. 
- **Performance Fees**: $5.3B returned to U.S. buyout LPs in 2024; 2025 realizations expected to drive carry collection. 
- **Headcount Growth**: Wealth team to expand 50% in 2025; Solutions and Direct Lending investments to fuel long-term growth. 
- **Tariff Mitigation**: Services-focused portfolio limits trade policy impact; 2025 monitoring ongoing. 
- **Regulatory Outlook**: Pro-growth administration supports business; Carlyle's D.C. roots enhance policy navigation. 

**【Business Segment Breakdown】**
- **Global Credit**: 
  - $190B AUM, 22% revenue growth. 
  - Third Opportunistic Credit Fund 30% larger than prior vintage. 
  - Landmark $25T asset-backed transaction. 
- **Capital Markets**: 
  - Record transaction fees in low-activity market. 
  - 40% of revenue from new areas (asset-backed, infrastructure, renewables). 
- **Global Investment Solutions**: 
  - 44% fee revenue growth. 
  - $1B Evergreen Fund CLO issuance. 
  - 8th secondary fund nearing close, larger than predecessor. 
- **Global Wealth**: 
  - $4.5B inflows, 65% AUM growth in green products. 
  - New private equity product launching H2 2025. 
- **Real Estate**: 
  - U.S. AUM up 80% over 4 years; new opportunistic fund to exceed prior vintage. 
- **Private Equity**: 
  - 2 U.S. buyout funds up 15-21% YoY, $5B value creation. 
  - Vantiv and automotive carve-outs highlight active deployment. 


Actual											0.48	0.53	0.4	0.64	0.5961	0.88	1.54	2.01	0.74	1.17	1.42	1.01	0.63	0.88	0.87	0.86	1.01	0.78	0.95	0.92	1.14	0.91	0.96	1.01
Forecast											0.4051	0.3609	0.3566	0.4441	0.5261	0.6081	1.014	1.2067	0.9995	1.0653	1.0641	0.9668	0.6754	0.674	0.7192	0.7784	0.9666	0.826	0.8842	0.9491	0.9549	0.8875	1.0058	0.9982
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+18.49%	+46.86%	+12.17%	+44.11%	+13.31%	+44.71%	+51.87%	+66.57%	-25.96%	+9.83%	+33.45%	+4.47%	-6.72%	+30.56%	+20.97%	+10.48%	+4.49%	-5.57%	+7.44%	-3.07%	+19.38%	+2.54%	-4.55%	+1.18%

CG

CG fundamentals

CG Q4 2025 Earnings

Earnings Call

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CG

CG fundamentals

CG Q4 2025 Earnings

Earnings Call

CG Earnings Call Summary for Q4/20258:30 AM on Feb 6, 2026

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CG Earnings Call Summary for Q4/20248:30 AM on Feb 11, 2025

You can ask Aime