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Sep 30
Carlyle Q3 2025 Earnings Report
Carlyle reported Q3 2025 results with solid fee revenue, stable distributable earnings, and strong capital raising momentum.
Key Takeaways
Carlyle ended Q3 2025 with $783 million in segment revenue and $0.96 in adjusted EPS, driven by growth in AlpInvest and Global Credit, despite unrealized investment losses.
Fee Related Earnings rose to $311.9 million, reflecting strong activity and scale across strategic platforms
Assets under management reached $474 billion, with $90 billion of available capital
Net income attributable to common stockholders was just $0.9 million, impacted by unrealized losses in public investments
$16.9 billion in inflows and $11.8 billion in capital deployment underscored strong fundraising and execution
Carlyle
Carlyle
Carlyle Revenue by Segment
Revenue by Segment
Global Private Equity Revenue
CapyFin.comGlobal Credit Revenue
CapyFin.comCarlyle AlpInvest Revenue
CapyFin.com Forward Guidance
Carlyle expects to close the year strong, supported by scalable platforms like AlpInvest, Insurance Solutions, and expansion across Global Wealth.
Positive Outlook
- $16.9 billion in net inflows led by AlpInvest and insurance strategies
- Strong growth in Fee Related Earnings with a 48% margin
- 6% year-over-year growth in total AUM
- Quarterly dividend maintained at $0.35 per share
- $11.8 billion in capital deployment during the quarter
Challenges Ahead
- $519 million investment loss due to market declines in public assets
- Minimal net income of just $0.9 million attributable to common stockholders
- Pending fee-earning AUM dropped to $19 billion, down 9% YoY
- Equity-based compensation remained elevated due to new grants
- Net income impacted by reversal of unrealized performance revenues