Carlyle Group (CG) Company Report

The Carlyle Group has set financial targets for 2028, aiming for $1.9 billion in Fee Related Earnings (FRE), $2.8 billion+ in management fees, a 50% FRE margin, $200 billion in cumulative inflows from 2026-2028, and $6 or more in Distributable Earnings per share.
These targets are based on a 100% organic growth model, explicitly excluding assumptions for inorganic growth, significant strategic transactions, or partnerships.
The company's strategy includes creating a well-defined wealth strategy, establishing an integrated credit and insurance strategy, investing significantly in Carlyle AlpInvest, and driving growth in its capital markets business.
The firm announced a new $2 billion share repurchase authorization, in addition to its existing one, to return capital to shareholders.
Carlyle has a track record of exceeding financial targets in both 2024 and 2025, with FRE growing at a 20% compound annual growth rate (CAGR) over the last three years and Distributable Earnings (DE) per share increasing by 24% since 2023.

1 day ago

Transcript

Carlyle Group Reports Strong 2025 Performance and Sets Ambitious 2028 Financial Targets

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

The Carlyle Group reported record financial performance in 2025, including $1.24 billion in Fee Related Earnings (FRE), a 47% FRE margin, and Distributable Earnings (DE) of $4+ per share.
The company set ambitious financial targets for 2028, aiming for $1.9 billion in FRE, a 50% FRE margin, and DE per share of $6 or more.
These 2028 targets are based on a bottoms-up build and anticipate $200 billion in cumulative inflows from 2026-2028, driven by 100% organic growth without assuming inorganic growth or significant strategic transactions.
The Board of Directors approved a new $2 billion share repurchase authorization, signaling a commitment to returning capital to shareholders.

1 day ago

Transcript

Carlyle Group Outlines Ambitious 2028 Financial Targets and Share Repurchase Authorization

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

Carlyle Group (CG) has set 2028 financial targets including $1.9 billion in Fee Related Earnings (FRE), $2.8 billion+ in management fees, a 50% FRE margin, and Distributable Earnings per share of $6 or more.
The company aims for $200 billion in cumulative inflows from 2026-2028, with $90 billion from Global Credit & Insurance, $60 billion from Carlyle AlpInvest, $50 billion from Global Private Equity, and $40 billion (20%) from wealth evergreen solutions.
Carlyle's balance sheet shows $2 billion in cash and $2.9 billion in net accrued performance revenues , and the board has approved a new $2 billion share repurchase authorization.
These targets are based on a bottoms-up, 100% organic growth model and do not assume inorganic growth or significant strategic transactions, building on a track record of exceeding prior financial targets.

1 day ago

Transcript

Carlyle Announces 2028 Financial Targets and Share Repurchase Authorization

Guidance Update

Share Buyback

Carlyle (CG) is presenting its growth outlook and financial objectives at the 2026 Shareholder Update on February 26, 2026.
The firm announced three-year financial targets to be achieved by the end of 2028, including FRE of $1.9+ billion, inflows of $200+ billion, and DE per common share of $6.00+.
Carlyle's Board of Directors has approved a new $2 billion share repurchase authorization.
As of December 31, 2025, Carlyle's assets under management (AUM) stood at $477 billion.

2 days ago

Press Release

Carlyle Group Inc. announces 2028 financial targets and share repurchase authorization

Guidance Update

Share Buyback

Carlyle Group Inc. announced its growth outlook and financial objectives at its 2026 Shareholder Update on February 26, 2026.
The company set three-year financial targets to be achieved by the end of 2028, including Fee Related Earnings (FRE) of $1.9+ billion, Inflows of $200+ billion, and Distributable Earnings (DE) per common share of $6.00+.
Carlyle's Board of Directors approved a new $2 billion share repurchase authorization.

2 days ago

8-K

Centerra Gold Reports Q4 2025 Results and 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported full-year 2025 consolidated gold production over 275,000 ounces and 50 million pounds of copper, surpassing the midpoint of gold production guidance, with consolidated all-in sustaining costs of $1,614 per ounce, outperforming the low end of guidance. The company ended the year with a cash balance of $529 million.
For full year 2025, adjusted net earnings were $229 million or $1.12 per share, and the company returned $135 million to shareholders, including $94 million in buybacks and $41 million in dividends.
The 2026 outlook projects consolidated gold production between 250,000 and 280,000 ounces and copper production between 50 and 60 million pounds, with consolidated all-in sustaining costs expected to be between $1,650 and $1,750 per ounce.
Key project updates include the Kemess PEA outlining robust economics with an after-tax NPV of $1.1 billion and IRR of 16%, and the Thompson Creek restart capital estimate increased to $425 million to $450 million, with production still on track for mid-2027.
Operations at the Langeloth facility are temporarily suspended following an explosion, with full operations expected to resume by May 2026 and repair costs estimated at $5-$10 million.

8 days ago

Transcript

Centerra Gold Reports Strong Q4 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported strong operational performance in Q4 and full year 2025, with consolidated full year production exceeding 275,000 ounces of gold and 50 million pounds of copper, and consolidated all-in sustaining costs (AISC) of $1,614 per ounce, outperforming the low end of guidance.
The company returned $135 million to shareholders in 2025, including $94 million in buybacks and $41 million in dividends, ending the year with a strong cash balance of $529 million.
For 2026, Centerra Gold expects consolidated gold production between 250,000 and 280,000 ounces and copper production between 50 and 60 million pounds, with consolidated AISC projected to be between $1,650 and $1,750 per ounce.
Key project updates include the Kemess Preliminary Economic Assessment outlining an initial 15-year mine life with robust economics , an increase in the Thompson Creek restart capital estimate to between $425 million and $450 million , and the temporary suspension of the Langeloth facility with full operations expected to resume by May 2026.

8 days ago

Transcript

Centerra Gold Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance, and Updates on Key Projects

Earnings

Guidance Update

New Projects/Investments

Centerra Gold reported full year 2025 adjusted net earnings of $229 million, or $1.12 per share, with consolidated gold production over 275,000 ounces and all-in sustaining costs of $1,614 per ounce, outperforming guidance.
The company ended 2025 with a cash balance of $529 million and returned $135 million to shareholders, including $94 million in buybacks and $41 million in dividends.
For 2026, consolidated gold production is expected to be 250,000 to 280,000 ounces and all-in sustaining costs are projected between $1,650 and $1,750 per ounce.
The Thompson Creek restart project's total capital estimate increased to $425-$450 million, with production still on track for mid-2027. The Kemess PEA outlines an after-tax NPV of $1.1 billion.
Operations at the Langeloth Metallurgical facility are temporarily suspended due to an explosion, with full operations expected to resume by May 2026 and repair costs estimated at $5-$10 million.

8 days ago

Transcript

Antin Infrastructure Partners Enters Negotiations to Acquire Belambra

M&A

New Projects/Investments

Antin Infrastructure Partners has entered into exclusive negotiations with CARAVELLE to acquire Belambra, a leading French owner and operator of leisure infrastructure.
Belambra reported €254 million in revenue in 2025.
This acquisition would be the ninth investment by Antin’s Mid Cap Fund I and is anticipated to close in June 2026, pending customary regulatory approvals.

Feb 13, 2026, 5:15 PM

Press Release

Carlyle Group Reports Q4 and Full-Year 2025 Financial Results

Earnings

Dividends

Share Buyback

Carlyle Group reported diluted earnings per share of $0.96 for Q4 2025 and $2.18 for the full year 2025.
For Q4 2025, Distributable Earnings (DE) were $436 million (or $1.01 per common share on a post-tax basis), and Fee Related Earnings (FRE) were $290 million.
Total Assets Under Management (AUM) grew 8% year-over-year to $477 billion as of December 31, 2025.
The company declared a quarterly dividend of $0.35 per common share and repurchased $204 million of common stock in Q4 2025.

Feb 6, 2026, 1:30 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for Carlyle Group.

Q4 2025

Feb 6, 2026

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Q3 2025

Oct 31, 2025

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Carlyle Group (CG)

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