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Carlyle Shares Gain 5.9% as Q4 Earnings Meet Estimates, AUM Rises Y/Y
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Key Takeaways
CG shares rose 5.9% as Q4 post-tax distributable EPS of $1.01 met estimates and beat last year's result.
Carlyle's Q4 segment revenue rose 15.1% to $1.09B, driven by higher fees and performance revenue growth.
CG's total AUM increased 8.1% Y/Y to $476.9B, though a 16.1% rise in expenses remained a headwind.
Shares of The Carlyle Group Inc. (CG - Free Report) gained 5.9% during Friday’s trading session as fourth-quarter 2025 post-tax distributable earnings per share of $1.01 matched the Zacks Consensus Estimate. The figure compared favorably with earnings of 92 cents per share in the year-ago quarter.
Results benefited from an increase in segment fee revenues and realized performance revenues. A rise in assets under management (AUM) balance was another positive. However, an increase in expenses was a headwind.
Net income attributable to Carlyle was $358.1 million compared with $210.9 million in the year-ago quarter.
For 2025, the company reported post-tax distributable earnings per share of $4.02, which missed the Zacks Consensus Estimate of $4.03. However, the metric rose from $3.66 in 2024. Net income was $808.7 million, which declined 20.7% year over year.
Carlyle’s Revenues & Expenses Rise
Fourth-quarter segmental revenues were $1.09 billion, which rose 15.1% from the year-ago quarter. The top line matched the Zacks Consensus Estimate of $1.09 billion.
For 2025, segmental revenues were $3.90 billion, up 6.7% from the year-ago level. The top line matched the Zacks Consensus Estimate of $3.90 billion.
Total segment fee revenues rose 2.3% year over year to $669.9 million. An increase in fund management fees, as well as fee-related performance revenues, led to the rise.
Realized performance revenues rose 46.8% from the year-ago quarter to $360.8 million.
Total segmental expenses rose 16.1% year over year to $655.4 million.
CG’s Total AUM Rises
As of Dec. 31, 2025, total AUM was $476.9 billion, up 8.1% from the prior-year quarter.
The fee-earning AUM was $336.8 billion, which rose 10.6% year over year.
Carlyle’s Capital Distribution Activities
In the reported quarter, CG repurchased or withheld 3.8 million shares of common stock for $204 million. As of Dec. 31, 2025, $0.2 billion worth of shares were available under the authorization.
The company also declared a quarterly dividend of 35 cents per share. The dividend will be paid out on Feb. 20, 2026, to shareholders of record as of Feb. 16, 2026.
Our View on CG
A rising total AUM balance, along with efforts to expand its investment platforms, will likely support Carlyle’s revenue growth in the long run. However, rising expenses remain a headwind. The competitive financial environment, along with the volatile macroeconomic backdrop, is concerning.
Carlyle Group Inc. Price, Consensus and EPS Surprise
Lazard Inc.’s (LAZ - Free Report) fourth quarter 2025 adjusted earnings per share of 80 cents beat the Zacks Consensus Estimate of 68 cents. This compared favorably with earnings of 78 cents in the year-ago quarter.
LAZ’s results were positively impacted by higher revenues in the Financial Advisory and Asset Management segments, driven by improved deal activity and higher management and incentive fees. Growth in average assets under management also aided its performance. However, elevated compensation and operating expenses created a headwind.
BlackRock’s (BLK - Free Report) fourth-quarter 2025 adjusted earnings of $13.16 per share handily surpassed the Zacks Consensus Estimate of $12.39. The figure reflects a 10.3% rise from the year-ago quarter.
Results benefited from a rise in revenues. The assets under management balance witnessed robust year-over-year growth, reaching a record high of $14.04 trillion, driven by net inflows. However, higher expenses created a headwind for BLK.
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Carlyle Shares Gain 5.9% as Q4 Earnings Meet Estimates, AUM Rises Y/Y
Key Takeaways
Shares of The Carlyle Group Inc. (CG - Free Report) gained 5.9% during Friday’s trading session as fourth-quarter 2025 post-tax distributable earnings per share of $1.01 matched the Zacks Consensus Estimate. The figure compared favorably with earnings of 92 cents per share in the year-ago quarter.
Results benefited from an increase in segment fee revenues and realized performance revenues. A rise in assets under management (AUM) balance was another positive. However, an increase in expenses was a headwind.
Net income attributable to Carlyle was $358.1 million compared with $210.9 million in the year-ago quarter.
For 2025, the company reported post-tax distributable earnings per share of $4.02, which missed the Zacks Consensus Estimate of $4.03. However, the metric rose from $3.66 in 2024. Net income was $808.7 million, which declined 20.7% year over year.
Carlyle’s Revenues & Expenses Rise
Fourth-quarter segmental revenues were $1.09 billion, which rose 15.1% from the year-ago quarter. The top line matched the Zacks Consensus Estimate of $1.09 billion.
For 2025, segmental revenues were $3.90 billion, up 6.7% from the year-ago level. The top line matched the Zacks Consensus Estimate of $3.90 billion.
Total segment fee revenues rose 2.3% year over year to $669.9 million. An increase in fund management fees, as well as fee-related performance revenues, led to the rise.
Realized performance revenues rose 46.8% from the year-ago quarter to $360.8 million.
Total segmental expenses rose 16.1% year over year to $655.4 million.
CG’s Total AUM Rises
As of Dec. 31, 2025, total AUM was $476.9 billion, up 8.1% from the prior-year quarter.
The fee-earning AUM was $336.8 billion, which rose 10.6% year over year.
Carlyle’s Capital Distribution Activities
In the reported quarter, CG repurchased or withheld 3.8 million shares of common stock for $204 million. As of Dec. 31, 2025, $0.2 billion worth of shares were available under the authorization.
The company also declared a quarterly dividend of 35 cents per share. The dividend will be paid out on Feb. 20, 2026, to shareholders of record as of Feb. 16, 2026.
Our View on CG
A rising total AUM balance, along with efforts to expand its investment platforms, will likely support Carlyle’s revenue growth in the long run. However, rising expenses remain a headwind. The competitive financial environment, along with the volatile macroeconomic backdrop, is concerning.
Carlyle Group Inc. Price, Consensus and EPS Surprise
Carlyle Group Inc. price-consensus-eps-surprise-chart | Carlyle Group Inc. Quote
CG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Lazard Inc.’s (LAZ - Free Report) fourth quarter 2025 adjusted earnings per share of 80 cents beat the Zacks Consensus Estimate of 68 cents. This compared favorably with earnings of 78 cents in the year-ago quarter.
LAZ’s results were positively impacted by higher revenues in the Financial Advisory and Asset Management segments, driven by improved deal activity and higher management and incentive fees. Growth in average assets under management also aided its performance. However, elevated compensation and operating expenses created a headwind.
BlackRock’s (BLK - Free Report) fourth-quarter 2025 adjusted earnings of $13.16 per share handily surpassed the Zacks Consensus Estimate of $12.39. The figure reflects a 10.3% rise from the year-ago quarter.
Results benefited from a rise in revenues. The assets under management balance witnessed robust year-over-year growth, reaching a record high of $14.04 trillion, driven by net inflows. However, higher expenses created a headwind for BLK.