EarningsQ2 2026 Earnings Report
DE:3VU Q2 2026 EPS Results
Actual EPS€0.95
Consensus EPS€0.81
Beat/MissBeat by +€0.14
One Year Ago EPS€0.81
DE:3VU Q2 2026 Revenue Results
Actual Revenue€796.11M
Expected Revenue€824.14M
Beat/MissMissed by -€28.03M
YoY Revenue Growth-43.91%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
DE:3VU Upcoming Earnings
Carlyle Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:3VU Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized broad and multi-dimensional momentum: record distributed and fee-related earnings, industry-leading realizations and strong fundraising drove AUM to a record $485 billion and produced multiple segment-level records (AlpInvest, Global Credit, transaction fees). Management highlighted disciplined reinvestment in growth (AI/technology, wealth platform) and continued fundraising momentum into a declared 'super cycle.' Offsetting factors include quarter-to-quarter volatility in realized performance revenues, deliberate reinvestment pressure that keeps margins steady near 47%, and macro/seasonal risks (Middle East war, energy pressures, inflation, and historically quieter summer months) that could impact near-term timing. On balance, the positive operational and financial achievements materially outweigh the noted risks and timing uncertainties.Company Guidance
Record Distributed Earnings and Fee-Related Earnings
Distributed earnings (DE) of $472 million in Q2 — the highest pretax DE quarter in nearly 4 years — and record fee-related earnings (FRE) of $358 million, up 11% year-over-year, with a 47% comp ratio/margin.
Strong Fundraising and Inflows
Quarterly inflows of $16.8 billion (nearly $17 billion) and $56 billion of inflows over the last 12 months (a 10% increase year-over-year). Organic inflows of $30 billion in H1 2026 (a firm record).
Record Assets Under Management
Total AUM reached a record $485 billion, supported by broad inflows across businesses and strong fundraising momentum.
Carlyle AlpInvest Outperformance
Carlyle AlpInvest delivered record distributable earnings of $96 million and FRE of $87 million (up 27% vs Q2 2025). AlpInvest AUM reached $112 billion, up 16% year-over-year, and the second vintage single-asset secondary strategy closed ~4x larger than its predecessor.
Global Credit Momentum
Global Credit reported record distributable earnings of $158 million (up >30% YoY) and record FRE of $138 million (nearly 25% above the prior record). Global Credit AUM was $211 billion (up 4% YoY) with $25 billion of inflows over the last 12 months and $7 billion deployed in the quarter.
Global Private Equity Realizations and Returns
Realized proceeds of $3.9 billion in the quarter and over $20 billion over the last 12 months. U.S. buyout returned 23% of fair value to investors over the past 12 months — more than twice the current industry average and above the long-term industry average of ~20%.
Transaction and Capital Markets Fee Strength
Record transaction fees of $111 million (more than double year-ago levels and up >30% year-to-date) and record U.S. capital markets fees of more than $100 million, reflecting repositioning of the Capital Markets business.
Shareholder Returns and Capital Management
Declared quarterly dividend of $0.35 per share and executed record repurchases/withholding of $304 million (6.7 million shares), reducing adjusted share count by >1% year-to-date with $1.6 billion remaining on a $2 billion authorization.
Platform Expansion and Strategic Wins
Launched a dedicated defense & industrials platform (first transaction: Secturion Systems), raised an anchor $5 billion commitment toward a U.S. buyout fund first close, and continued wealth & retirement momentum with evergreen AUM reaching $20 billion (up >60% YoY) and >$7 billion in gross sales across evergreen wealth over the past year.
Net Accrued Performance Revenues and Forward Earnings Visibility
Net accrued performance revenues of $2.4 billion remain a material source of future shareholder earnings, representing nearly $7 of potential pretax earnings per share over time.
DE:3VU Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed