EarningsQ2 2026 Earnings Report
MX:CG Q2 2026 EPS Results
Actual EPS$19.34
Consensus EPS$16.46
Beat/MissBeat by +$2.87
One Year Ago EPS$16.45
MX:CG Q2 2026 Revenue Results
Actual Revenue$16.12B
Expected Revenue$16.69B
Beat/MissMissed by -$567.59M
YoY Revenue Growth-43.91%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:CG Upcoming Earnings
Carlyle Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CG 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.
MX:CG 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