Carlyle Group Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 6 February 2026: press release. The quarter’s numbers.

Key takeaways

Full-year pre-tax income reached $1.2 billion: Income before provision for income taxes was $1.2 billion for full-year 2025, reported under U.S. GAAP. Source
Assets under management reached $477 billion: Assets under management were $477 billion at December 31, 2025, up from $474 billion at September 30, 2025 in the third-quarter release. Source
Record fee-related earnings and fundraising: Management said 2025 brought record Fee Related Earnings and fundraising across the platform. Source
Entering 2026 with momentum: Management said it enters 2026 with momentum. Source
2025 targets significantly outperformed: Management said 2025 was a record year and that it significantly outperformed the targets set at the start of the year. Source
Quarterly dividend of $0.35 declared: The Board declared a $0.35 quarterly dividend per common share, the same amount declared in the third-quarter release. Source

“2025 was a record year for Carlyle, and we significantly outperformed the targets we set at the beginning of the year.”
Harvey M. Schwartz, Carlyle Chief Executive Officer

Full-year and fourth-quarter results

Full-year pre-tax income reached $1.2 billion: Income before provision for income taxes was $1.2 billion for full-year 2025, reported under U.S. GAAP. Source
Pre-tax margin was 24.3% in both periods: The margin on income before provision for income taxes was 24.3% for the fourth quarter and for the full year. Source
Fourth-quarter pre-tax income was $462 million: Fourth-quarter income before income taxes was $462 million, compared with $86 million in the third-quarter release. Source

Assets, segments and footprint

Assets under management reached $477 billion: Assets under management were $477 billion at December 31, 2025, up from $474 billion at September 30, 2025 in the third-quarter release. Source
Three business segments: Carlyle deploys private capital across Global Private Equity, Global Credit, and Carlyle AlpInvest. Source
Headcount rose to more than 2,500: The company employs more than 2,500 people, up from more than 2,400 at the third quarter. Source
Office footprint unchanged from third quarter: The release describes the same 27-office, four-continent footprint as the third-quarter release.

“We delivered record Fee Related Earnings and strong fundraising across the platform, reflecting disciplined execution of our strategy and continued confidence from our investors.”
Harvey M. Schwartz, Carlyle Chief Executive Officer

Fundraising and 2026 momentum

Record fee-related earnings and fundraising: Management said 2025 brought record Fee Related Earnings and fundraising across the platform. Source
Entering 2026 with momentum: Management said it enters 2026 with momentum. Source
Focus on long-term value: Management said it remains focused on delivering long-term value for its global investors and shareholders. Source

Earlier framing of 2025 targets

2025 targets significantly outperformed: Management said 2025 was a record year and that it significantly outperformed the targets set at the start of the year. Source
Third quarter said positioned to exceed: In the third-quarter release, management said the company was positioned to exceed its updated 2025 financial targets.
Growth plan execution cited last quarter: The third-quarter release cited continued execution of the strategic growth plan; this release cites disciplined execution of strategy.

“As we look ahead to 2026, we enter the year with strong momentum and remain focused on delivering long-term value for our global investors and shareholders.”
Harvey M. Schwartz, Carlyle Chief Executive Officer

Investor communications

Detailed presentation posted online: A full detailed presentation of the fourth-quarter and full-year 2025 results is available on the investor relations site. Source
Public webcast of results call: The results call is available by public webcast from the Events & Presentations section of the investor relations site. Source
Replay posted after the call: A replay of the call is to be posted on the company website soon after the call ends. Source

Shareholder distributions

Quarterly dividend of $0.35 declared: The Board declared a $0.35 quarterly dividend per common share, the same amount declared in the third-quarter release. Source
Record and payment dates set: Holders of record on February 16, 2026 receive the dividend, which is payable on February 20, 2026. Source
Full-year 2025 distributions of $1.40: For 2025 as a whole, the Board declared $1.40 in aggregate distributions to common shareholders. Source

Coming up, as management said on 6 February 2026

Dividend payment date: The $0.35 quarterly dividend is payable on February 20, 2026 to holders of record at the close of business on February 16, 2026. Source
No 2026 figures given: Management said it enters 2026 with momentum; the release gives no numeric 2026 targets. Source

Figures management reported

Figure	Reported
Assets under management Source	$477 billion as of December 31, 2025
Employees Source	more than 2,500

Earlier plans management reported on

Ahead: Management said it significantly outperformed the 2025 targets set at the beginning of the year, after the third-quarter release said it was positioned to exceed updated targets. Source
Not stated: The third-quarter release cited continued execution of the strategic growth plan. The fourth-quarter release does not restate its status.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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Carlyle Reports Fourth Quarter and Full-Year 2025 Financial Results

Washington,

D.C. and New York, NY - February 6, 2026 - The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the fourth quarter and full-year ended December 31, 2025. The full detailed presentation of Carlyle’s fourth quarter and full-year 2025 results can be viewed at ir.carlyle.com.

For the fourth quarter and full-year ended December 31, 2025, U.S. GAAP results included income before provision for income taxes of $462 million and $1.2 billion, respectively, and a margin on income before provision for income taxes of 24.3% and 24.3%, respectively.

Carlyle Chief Executive Officer Harvey M. Schwartz said, “2025 was a record year for Carlyle, and we significantly outperformed the targets we set at the beginning of the year. We delivered record Fee Related Earnings and strong fundraising across the platform, reflecting disciplined execution of our strategy and continued confidence from our investors. As we look ahead to 2026, we enter the year with strong momentum and remain focused on delivering long-term value for our global investors and shareholders.”

Dividend

The Board of Directors has declared a quarterly dividend of $0.35 per common share to holders of record at the close of business on February 16, 2026, payable on February 20, 2026. For full-year 2025, the Board of Directors declared $1.40 in aggregate distributions to common shareholders.

Conference Call

Carlyle will host a conference call at 8:30 a.m. EST on Friday, February 6, 2026, to announce its fourth quarter and full-year 2025 financial results. The conference call will be available via public webcast from the Events &

Presentations section of ir.carlyle.com and a replay will also be available on our website soon after the call’s completion.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on

X @OneCarlyle and LinkedIn at The Carlyle Group.

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Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,”

“predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described in this press release and under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the

U.S. Securities and Exchange Commission (“SEC”) on February 27, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

This press release does not constitute an offer for any Carlyle fund.

Contacts
Public Investor Relations · Daniel Harris · Phone: +1 (212) 813-4527 · daniel.harris@carlyle.com
Media · Brittany Bensaull · Phone: +1 (212) 813-4839 · brittany.bensaull@carlyle.com
OR
Kristen Ashton · Phone: +1 (212) 813-4763 · kristen.ashton@carlyle.com