Highlights

  • Second quarter net income attributable to Carlyle was $137.1 million, or $0.37 per diluted share, versus $319.7 million.
  • Non-GAAP distributable earnings rose to $472.3 million from $431.0 million, and fee related earnings reached $357.7 million.
  • Carlyle repurchased 6.6 million shares for $300.0 million in the quarter and declared a $0.35 per share quarterly dividend.
  • Total assets under management reached $485 billion, with $16.8 billion of inflows in the quarter.

The Carlyle Group (NASDAQ:CG) shares were trading near their 52-week low at USD 37.53 on October 21, 2026, up 0.60%. The global investment firm reported second quarter 2026 results in a Form 10-Q filed August 10, repurchased $300.0 million of stock in the quarter and declared a $0.35 per share dividend in July.

Based in Washington, D.C., Carlyle is a Delaware corporation that describes itself as one of the world's largest global investment firms. It has operated as a corporation since January 1, 2020, when its predecessor partnership converted. It runs three reportable segments: Global Private Equity, with $162.7 billion of assets under management, covering buyout, growth, real estate and infrastructure funds; Global Credit, with $211.1 billion, spanning insurance solutions, liquid credit, private credit and asset-backed finance; and Carlyle AlpInvest, with $111.7 billion, focused on secondaries, co-investments and primary fund investments.

Second Quarter Results Under GAAP and Non-GAAP Measures

Total revenues were $1.12 billion, down from $1.57 billion a year earlier. The decline came mainly from performance allocations, which fell to $44.7 million from $638.8 million. Fund management fees rose to $657.0 million from $620.4 million, and incentive fees increased to $98.9 million from $40.5 million. Net income attributable to Carlyle was $137.1 million, or $0.37 per diluted share, versus $319.7 million, or $0.87.

First-half results were weaker. Performance allocations were a negative $636.4 million for the six months, against positive $861.7 million a year earlier, and net income attributable to Carlyle was $4.9 million, or $0.01 per diluted share, compared with $449.7 million. Accrued performance allocations on the balance sheet declined to $6.61 billion from $7.62 billion at the end of 2025.

On a non-GAAP basis, distributable earnings were $472.3 million against $431.0 million, and fee related earnings were $357.7 million against $323.3 million. Realized net performance revenues were $114.6 million, up from $87.7 million. For six months, distributable earnings were $799.3 million, below the $886.4 million of a year earlier.

Fundraising, Deployment and Capital Returns

Carlyle recorded $16.8 billion of inflows in the second quarter and $55.8 billion over the past twelve months, including $7.3 billion in its evergreen wealth products, which held $20.1 billion of assets, up 64% from a year earlier. It deployed $14.3 billion in the quarter and realized $6.7 billion of proceeds from traditional carry funds. Its carry fund portfolio appreciated 3% in the quarter. The firm noted that announced buyout exit value fell 23% quarter over quarter and that U.S. buyout deal volume declined 45% from the first quarter.

The board reset its repurchase authorization to $2.0 billion effective February 26, 2026, and $1.64 billion remained at June 30 after the 6.6 million shares were bought in the second quarter. Cash and equivalents were $1.26 billion, and debt obligations were $3.00 billion. During the quarter, Carlyle completed a structured investment vehicle in Global Private Equity that gave fund investors liquidity and raised capital earmarked for its next U.S. buyout fund.

Legal Matters and Outlook

The filing describes a Delaware Court of Chancery suit, filed in 2022, challenging cash payments made to certain officers and directors when a tax receivable agreement was eliminated at the 2020 conversion. Carlyle said it is unlikely to pay material damages on the derivative claims, although it expects legal defense costs not covered by insurance. It said it cannot estimate losses for unresolved matters and does not consider it probable that any existing matter will materially affect it beyond amounts accrued.

The report contains no earnings guidance. It points to a dividend of $0.35 per share payable August 26, 2026, and ongoing repurchases under the authorization, subject to market conditions and legal requirements.