At a glance
Carlyle Group Inc is worth $13.92B, about 18 times its fiscal 2025 earnings. Revenue fell 11.9% to $4.78B in fiscal 2025, with 16.9% kept as profit; over 5 years it has grown 10.2% a year. It pays a 4.33% dividend yield, and returned $4.10B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −30.0% over the past year with dividends reinvested and −3.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.2% in the 2020 crash (S&P 500: 33.7%) and 52.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 24 months after the lows.
The business in plain English
Carlyle Group is a global investment firm founded in Washington, D.C., in 1987. It raises money from outside investors and puts it into private companies, real estate, infrastructure and loans, most of which don't trade on public markets. As of December 31, 2025, it managed $477 billion in assets under management (AUM, the money it invests for clients) for more than 3,200 fund investors in 87 countries.
Carlyle earns money in two main ways. It charges management fees, typically a percentage of the money in its funds. It also takes a share of fund profits, called carried interest, when investments sell at a gain. Deal work adds more: portfolio advisory and transaction fees were $206.0 million in 2025. Profit shares depend on when assets sell, so revenue swings. It was $4.78 billion in 2025, down 11.9% from 2024.
Carlyle has three segments. Global Credit is the largest, with $211 billion in AUM. It lends directly to midsize companies, buys bank loans through CLOs (pools of loans repackaged into bonds) and advises insurers, including Fortitude. Global Private Equity buys and grows companies and invests in real estate, infrastructure and energy. Carlyle AlpInvest has $102 billion and includes secondaries, which buy existing stakes in private funds. By region, the Americas brought in 68.7% of 2025 revenue, Europe, the Middle East and Africa 30.4%, and Asia-Pacific about 1%.
Price history
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CG -30.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Americas | $3.28B | 68.7% |
| EMEA | $1.45B | 30.4% |
| Asia-Pacific | $46.6M | 1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.12B, down 28.6% from a year earlier, and net income was $137.1M (-57.1%).
- For fiscal 2025, revenue was $4.78B (-11.9% year over year; +10.2% a year from FY2020 to FY2025) with a 16.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.2% good |
|---|---|
| Free cash flow margin | -70.6% weak |
| Return on equity (FY2025) | 11.5% watch |
| Return on assets (FY2025) | 2.8% weak |
| Cash and investments | $1.26B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.93B | $348.2M | $-230.4M |
| FY2021 | $8.78B | $2.97B | $1.75B |
| FY2022 | $4.44B | $1.23B | $-419.9M |
| FY2023 | $2.96B | $-608.4M | $138.3M |
| FY2024 | $5.43B | $1.02B | $-837.2M |
| FY2025 | $4.78B | $808.7M | $-3.37B |
Valuation snapshot
| Market value | $13.92B |
|---|---|
| P/E ratio | 17.9 |
| Dividend yield | 4.33% |
Rank among 1514 US companies
Market value at each year end
Carlyle Group’s market value went from $3.87B at the end of 2016 to $13.92B on Oct 28, 2026, about 3.6 times as much; since the end of 2025 it is down 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.92B | -34.7% |
| 2025 | $21.30B | +18.0% |
| 2024 | $18.06B | +23.0% |
| 2023 | $14.68B | +35.3% |
| 2022 | $10.85B | -44.6% |
| 2021 | $19.57B | +76.2% |
| 2020 | $11.11B | -1.6% |
| 2019 | $11.29B | +121.7% |
| 2018 | $5.09B | -24.2% |
| 2017 | $6.72B | +73.6% |
| 2016 | $3.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CG price data to Oct 28, 2026 | -32.1% | -30.0% | +15.9% | -3.9% | +14.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -32.1% |
| 2025 | +20.2% |
| 2024 | +28.1% |
| 2023 | +42.6% |
| 2022 | -43.7% |
| 2021 | +78.5% |
| 2020 | +1.6% |
| 2019 | +116.8% |
| 2018 | -27.2% |
| 2017 | +59.7% |
| 2016 | +8.6% |
| 2015 | -34.9% |
| 2014 | -18.5% |
| 2013 | +42.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.6% over that stretch · deepest drop along the way 46.2%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.3% over that stretch · deepest drop along the way 52.5%, back to its old high 24.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($17.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | David M. Rubenstein Director | sell | $17.1M |
Who owns it
Large shareholders (13G filings)
| Daniel A. D'Aniello | 9% | Mar 31, 2025 |
| William E. Conway, Jr. | 8.3% | Mar 31, 2025 |
| David M. Rubenstein | 8.1% | Mar 31, 2025 |
| BlackRock, Inc. | 7.4% | Jun 30, 2026 |
| Capital World Investors | 5% | Mar 31, 2026 |
ETFs with the most weight in CG
| PSP Invesco Global Listed Private Equity ETF | 2.96% |
| LBO WHITEWOLF Publicly Listed Private Equity ETF | 2.61% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.19% |
| CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF | 0.53% |
| CDL VictoryShares US Large Cap High Dividend Volatility Wtd ETF | 0.53% |
| IQSM NYLI Candriam U.S. Mid Cap Equity ETF | 0.48% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.41% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.4% |
What could go wrong
- Weak fund returns cut fees and profits. If Carlyle's funds perform poorly, revenue and cash flow fall and raising new funds gets harder. Carlyle may also have to give back carried interest (its share of fund profits) already paid to it.
- Fundraising depends on investors having cash. Management fees depend on raising new funds. Across private markets, money put into funds has exceeded money paid back by nearly $550 billion since 2020, so many investors have less to commit.
- Earnings swing sharply from year to year. Profits depend partly on when funds sell investments and at what price. Revenue fell from $8.8 billion in 2021 to $3.0 billion in 2023, a year when Carlyle posted a net loss.
- Fund investors can push down fees. Large investors may negotiate lower management fees and less favorable terms on future funds. In nearly all of Carlyle's carry funds, a simple majority of investors can also vote to wind a fund up early.
- Fund investors can come before shareholders. Carlyle says it may shrink assets, slow growth, cut fees or hold investments on its own balance sheet when that serves fund investors, even if it hurts shareholders in the near term.
- Depends on senior dealmakers and its CEO. Losing senior investment professionals, including the chief executive, or losing investors' confidence in them could hurt the business. Carlyle says hiring and keeping talent has become harder.
Recent events
- Quarterly results released
- Executive or board change; Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Carlyle pays a regular dividend, but it was flat at $1.40 per share in 2023, 2024 and 2025. That is up from about $0.98 in 2020, or 7.4% a year on average. Carlyle kept paying $1.40 in 2023 despite a net loss. In 2025, dividends took 62.5% of earnings. Free cash flow (cash from operations minus capital spending) was negative that year, so it did not cover the payout. The yield was 4.33% as of October 28, 2026. Carlyle also spent $400 million buying back 7.5 million shares in 2025, yet the share count barely changed between October 2021 and August 2026.
The stock has fallen hard in downturns. It dropped 46.2% in the 2020 COVID crash and recovered in about nine months. In the 2022 bear market it fell 52.5% and took about two years to recover. As of October 28, 2026, it was down 30% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Carlyle Group make money?
Carlyle makes money by managing private investment funds for outside investors. It charges management fees on the money it oversees. It also earns carried interest, a share of fund profits that is usually paid when investments are sold at a gain. Advisory and transaction fees added $206.0 million in 2025. Carlyle managed $477 billion as of December 31, 2025, across Global Credit, Global Private Equity and Carlyle AlpInvest. Revenue was $4.78 billion in 2025.
Does Carlyle Group raise its dividend every year?
No. Carlyle paid $1.40 per share in each of 2023, 2024 and 2025, so it has no run of yearly increases. Over a longer stretch the dividend did grow, from about $0.98 per share in 2020, or 7.4% a year on average. Carlyle kept the payout at $1.40 even in 2023, when it reported a net loss. In 2025, dividends took 62.5% of earnings. The yield was 4.33% as of October 28, 2026.
Is Carlyle Group profitable?
Yes, in most years, but profits swing widely. Net income was $808.7 million in 2025, down 20.7% from 2024, on revenue of $4.78 billion. That is a net margin (profit as a share of revenue) of 16.9%. Carlyle earned $2.97 billion in 2021 but lost $608.4 million in 2023. In the quarter ended June 30, 2026, net income fell 57.1% from a year earlier to $137.1 million. As of October 28, 2026, the share price was 17.9 times 2025 earnings.
Is Carlyle stock riskier than the overall market?
Yes, by several measures. Its beta was 1.54 over the year to October 28, 2026. Beta measures how much a stock moves compared with the market, so 1.54 means it moved about one and a half times as much. Over that year the shares fell 30%, with a peak-to-trough drop of 44.4%. The stock fell 52.5% in the 2022 bear market and took about two years to recover. Over the 10 years to that date, it returned 14.4% a year on average.
Who owns the most Carlyle Group stock?
Three individuals and two large fund managers report the biggest stakes. As of March 31, 2025, Daniel A. D'Aniello reported owning 9%, William E. Conway, Jr. 8.3% and David M. Rubenstein 8.1%. BlackRock held 7.4% as of June 30, 2026, and Capital World Investors held 5% as of March 31, 2026. Rubenstein, a director, sold about $17.1 million of stock on September 11, 2026.