On Friday, Carlyle Group (NASDAQ:CG) reported record earnings for the full year 2025, more than offsetting a slight miss in its fourth-quarter results.
Shares in the private equity group rose 1.91% in after-hours trading following the release.
The Washington, DC-based firm posted fourth-quarter distributable earnings of $1.01 per share, marginally below the analyst consensus of $1.02. For the full year, however, distributable earnings reached a record $4.02 per share, up from $3.66 in 2024.
Assets under management totaled $477 billion at December 31, 2025, an 8% increase year over year. Fee-earning assets grew faster, rising 11% YoY to $337 billion, with perpetual capital accounting for 33% of the total.
“2025 was a record year for Carlyle, and we significantly outperformed the targets we set at the beginning of the year,” said CEO Harvey M. Schwartz. “We delivered record Fee Related Earnings and strong fundraising across the platform, reflecting disciplined execution of our strategy and continued confidence from our investors.”
Fee-related earnings came in at $290 million in the fourth quarter, up slightly from $287 million a year earlier. For the full year, fee-related earnings climbed to $1.2 billion, compared with $1.1 billion in 2024.
Deployment activity remained strong, with Carlyle investing $16.9 billion in the fourth quarter and $54.5 billion over the full year, representing a 28% increase compared with 2024. The firm also declared a quarterly dividend of $0.35 per common share, payable on February 20, 2026.