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Introduction & Market Context
The Carlyle Group Inc. (NASDAQ:CG) reported its second quarter 2026 financial results on August 5, 2026, delivering what executives characterized as one of the firm’s strongest quarters in recent years. The Washington, D.C.-based private markets giant beat analyst expectations on both earnings and revenue, with shares rising 3.52% to $52.42 in premarket trading before settling at $50.55, slightly below the previous close of $50.64.
The firm reported adjusted distributable earnings of $1.07 per share on revenue of $1.12 billion, surpassing analyst estimates of $0.94 per share and $919.86 million in revenue. The results reflected strength across Carlyle’s diversified platform of private equity, credit, and alternative investment strategies, with total assets under management reaching a record $485 billion.
Quarterly Performance Highlights
Carlyle’s second quarter marked several significant milestones, led by record fee-related earnings of $358 million, representing an 11% increase from $323 million in the second quarter of 2025. Distributable earnings reached $472 million on a pre-tax basis, the highest level in nearly four years, translating to $1.07 per common share on a post-tax basis.
The following chart illustrates the firm’s distributable earnings performance across recent quarters, showing the composition between fee-related earnings and realized performance revenues:
Transaction and portfolio advisory fees surged to a record $111 million, more than doubling the $48 million reported in the prior year period. Fee-related performance revenue also set a record at $89 million, compared to $39 million a year earlier. These results demonstrated the firm’s ability to capitalize on increased deal activity and portfolio company transactions.
Chief Executive Officer Harvey M. Schwartz stated: "The second quarter was one of Carlyle’s strongest quarters in recent years, underscoring the power of our diversified platform. We delivered record Fee Related Earnings, our highest Distributable Earnings in nearly four years, alongside strong fundraising, and exceptional realization activity."
The firm’s fee-related earnings margin stood at 47% for the quarter, down slightly from 48% in the prior year period but consistent with management’s expectations. The following visualization shows the trend in fee-related earnings and margins:
Assets Under Management Growth
Total assets under management reached $485 billion as of June 30, 2026, representing a 4% increase from $465 billion one year earlier. The growth was driven by a 16% surge in Carlyle AlpInvest AUM to $112 billion and a 4% increase in Global Credit AUM to $211 billion, partially offset by a 1% decline in Global Private Equity AUM to $163 billion.
Fee-earning assets under management totaled $334 billion, up 3% year-over-year, with perpetual capital representing $113 billion or 34% of total fee-earning AUM. Pending fee-earning AUM increased 57% to $28 billion, signaling strong future fee revenue potential as these commitments are activated.
The composition of total AUM by segment is shown in the following breakdown:
Available capital for investment stood at $97 billion, a 10% increase from the prior year, providing substantial deployment capacity across the firm’s strategies. Performance fee eligible AUM totaled $237 billion, with an in-carry ratio of 79%, down from 84% a year earlier due to recent realizations.
The firm’s fee-earning AUM composition demonstrates the growing importance of perpetual capital strategies, which provide more stable and predictable fee streams:
Segment Performance Analysis
Carlyle’s three main business segments delivered varied but generally positive results in the second quarter.
Global Private Equity managed $163 billion in AUM, up 2% from the prior quarter driven by $6.4 billion in inflows and 2% appreciation. The segment generated fee-related earnings of $134 million, down from $144 million in the prior year period, as fee revenues of $304 million were offset by operating expenses of $171 million. Deployment totaled $4.0 billion in the quarter, with realized proceeds of $3.9 billion driven by exits including Vantage Group Holdings, Rigaku Corporation, and Iwasaki Electric Co.
Global Credit demonstrated strong momentum with AUM of $211 billion, up 4% year-over-year. Fee-related earnings increased to $138 million from $111 million in the prior year, reflecting higher fee revenues of $295 million. The segment’s deployment of $7.1 billion was led by U.S. liquid credit, direct lending, and opportunistic credit strategies. Insurance Solutions, a key component of the credit platform, represented $86 billion of the segment’s AUM.
Carlyle AlpInvest posted the strongest growth, with AUM increasing 16% year-over-year to $112 billion. Fee-related earnings rose to $87 million from $68 million, driven by fee revenues of $160 million. The segment’s $4.5 billion in quarterly inflows reflected fundraising across secondaries & portfolio finance and CAPM funds, while deployment of $3.2 billion was led by these same strategies.
Capital Activity & Client Returns
Carlyle demonstrated robust capital activity across key metrics in the second quarter. Total inflows reached $16.8 billion, bringing last twelve months inflows to $55.8 billion, a 10% increase from the prior LTM period. The inflows included $5 billion in commitments for the next vintage U.S. buyout fund in Global Private Equity, momentum in Carlyle AlpInvest’s secondaries & portfolio finance strategy, and the closing of three new-issue U.S. CLOs plus reinsurance activity in Global Credit.
Deployment totaled $14.3 billion in the quarter and $53.0 billion for the LTM, up 4% from the prior LTM period. Realized proceeds from carry funds reached $6.7 billion in the quarter and $36.8 billion for the LTM, representing a 12% increase year-over-year. The firm’s carry funds appreciated 3% in the quarter and 7% over the last twelve months.
The following table details capital activity metrics across all business segments:
A key differentiator highlighted by management was Carlyle’s capital return to clients. The firm distributed nearly $7 billion to limited partners during the second quarter and $37 billion over the past twelve months. In the U.S. buyout strategy specifically, Carlyle returned 23% of fair value over the past year, more than double the current industry average according to management commentary.
Performance Revenues & Balance Sheet
Net accrued performance revenues stood at $2.4 billion as of June 30, 2026, down 7% from $2.6 billion at the end of the prior quarter. The decline was primarily driven by carry realizations during the quarter and lower net accrued carry in the firm’s seventh U.S. buyout fund, partially offset by appreciation in international energy funds.
Realized net performance revenues totaled $115 million in the quarter, driven by the fourth Japan buyout fund (which realized carry for the first time in Q2 2026), the sixth U.S. buyout fund, and the second credit opportunities fund. The breakdown by segment is illustrated below:
The firm’s balance sheet remained strong with cash and cash equivalents of $1.3 billion as of June 30, 2026, and no balance drawn on the $1.0 billion revolving credit line. Total debt obligations stood at $2.6 billion. Balance sheet assets attributable to Carlyle stockholders, including cash, net accrued performance revenues, and investments net of debt obligations, totaled $4.4 billion.
Capital Management & Shareholder Returns
Carlyle’s Board of Directors declared a quarterly dividend of $0.35 per common share, payable on August 26, 2026, to shareholders of record as of August 17, 2026. This maintained the firm’s annual dividend rate of $1.40 per share.
The firm also demonstrated commitment to returning capital to shareholders through share repurchases. During the second quarter, Carlyle repurchased or withheld 6.7 million shares of common stock, including shares withheld in the net share settlement of equity awards, totaling $304 million. This represented a significant increase from the $104 million spent on repurchases in the prior year period. As of June 30, 2026, $1.6 billion of repurchase capacity remained under the firm’s $2.0 billion repurchase authorization.
Total outstanding shares declined 1% to 353.4 million at quarter-end from 359.0 million a year earlier, reflecting the impact of the repurchase program.
Forward-Looking Statements & Strategic Outlook
Management indicated that Carlyle is entering a "fundraising super cycle," with nearly all of its core strategies expected to be in the market over the next few years. These include secondaries, portfolio finance, credit opportunities, and a new defense and reindustrialization platform designed to capitalize on an estimated $8 trillion in global defense spending over the next decade.
Chief Financial Officer Justin Plouffe noted that the firm expects fee-related earnings margins to remain around 47% through 2026 as Carlyle continues investing in people, artificial intelligence, and technology infrastructure. Margin expansion is anticipated to materialize in 2027 and 2028 as fundraising flows through the business and operating leverage improves.
The firm’s wealth and retirement platform, developed in partnership with AllianceBernstein and including the recent MAI Capital acquisition, is expected to become more visible over time, though management indicated it will not be material to results in the third or fourth quarter of 2026.
Market Reaction & Analyst Sentiment
Despite the strong second quarter results and earnings beat, Carlyle’s stock price reflected some caution from investors. After rising 3.52% to $52.42 in premarket trading, shares settled at $50.55, down 0.18% from the previous close of $50.64. This suggests some profit-taking or concerns about sustainability of the strong performance.
Notably, InvestingPro Tips indicated that 8 analysts had revised their earnings estimates downward for the upcoming period, suggesting some caution despite the robust second quarter. The stock remains well below its 52-week high of $69.85, though above the 52-week low of $39.60.
The firm’s market capitalization stood at approximately $18.23 billion, with a price-to-earnings ratio of 34.22 and a gross profit margin of 87.78%, reflecting the high-margin nature of the asset management business.
Risks & Challenges
While Carlyle delivered strong second quarter results, several challenges remain on the horizon. The firm continues to invest heavily in growth initiatives, AI, and technology, which may constrain near-term margin expansion. Quarter-to-quarter volatility in realized performance revenue and transaction fees remains a feature of the business model, dependent on deal timing and market conditions.
The private markets industry more broadly faces ongoing uncertainty related to interest rates, deal activity levels, and broader economic conditions. Execution risk exists around new initiatives including the wealth platform and defense and industrials strategy, which will require time and resources to scale effectively.
Additionally, the timing of the anticipated fundraising super cycle and its impact on fee-earning AUM growth will be critical to watch in coming quarters. While pending fee-earning AUM of $28 billion signals strong potential, the activation of these commitments depends on market conditions and investor appetite.
Full presentation:
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