10-Q · May 8, 2026
Carlyle Group's Q1 2026 results reflect a revenue of $484.7 million, surpassing projections of $464.1 million, while EPS came in at $0.44, below the anticipated $0.54. The firm declared a quarterly dividend of $0.35 per…
Earnings analysis · 10-Q
CG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Carlyle’s Q2 2026 revenue of $442.7 million improved from $254 million in Q1 but declined substantially from $1.57 billion in the prior-year quarter, while EPS fell to $0.40 from $0.87 and missed consensus by…
Read full summary
Carlyle’s Q2 2026 revenue of $442.7 million improved from $254 million in Q1 but declined substantially from $1.57 billion in the prior-year quarter, while EPS fell to $0.40 from $0.87 and missed consensus by approximately 29.8%. The filing does not provide quantitative guidance or segment disclosures in the supplied text. Continued exposure to investment fair values and performance allocations remains the principal earnings risk, although management reported no material change in market risks during the six months ended June 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
What stood out
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Revenue Rebounded Sequentially
Q2 revenue was $442.7 million, up from $254 million in Q1 2026 but down sharply from $1.57 billion in Q2 2025, indicating substantial quarter-to-quarter volatility.
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EPS Declined and Missed Consensus
Diluted EPS was $0.40 versus $0.87 in Q2 2025 and missed the $0.57 consensus estimate by $0.17, or approximately 29.8%.
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Significant Share Repurchases
The company repurchased 6,585,389 shares during the quarter, including 2,585,942 shares in May and 3,999,447 shares in June.
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$1.63 Billion Buyback Capacity
The remaining share-repurchase authorization was $1,630.9 million as of June 30, 2026, providing continued capital-return capacity.
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Controls Remained Effective
Management concluded that disclosure controls and procedures were effective as of the end of the reporting period, and reported no material changes to internal control over financial reporting during the quarter.
What to watch
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Performance Allocation Volatility
Carlyle remains exposed to changes in the fair value of fund investments because those movements affect management fees, incentive fees, investment income and performance allocations. The filing states there was no material change in market risks during the six months ended June 30, 2026, so this is a continuing risk rather than a newly disclosed escalation.
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Highly Volatile Earnings Base
Revenue fell from $1.57 billion in Q2 2025 to $442.7 million in Q2 2026, while EPS declined from $0.87 to $0.40, demonstrating material earnings volatility tied to investment valuations and realizations.
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Capital Allocation Flexibility
The company repurchased 6,585,389 shares in Q2 and had $1,630.9 million of authorization remaining as of June 30, 2026. Continued buybacks could reduce financial flexibility if market conditions deteriorate or cash generation remains weak.
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No New Risk-Factor Changes
The supplied 10-Q does not identify any new or revised risk factors relative to the 2025 Form 10-K; Item 1A instead refers investors to the existing annual-report risk factors.
Management's outlook
No quantitative revenue or EPS outlook is provided in the supplied 10-Q text. The filing states that there was no material change in market risks during the six months ended June 30, 2026.
Earlier filings 4
10-K · February 27, 2026
Carlyle reports AUM growth, strong inflows and active deployment in 2025 while operating results remain dependent on volatile investment income. Assets under management rose 8% to $477 billion with $53.7 billion of…
10-Q · November 7, 2025
Carlyle reported a sharp quarter-to-quarter and year-over-year revenue decline: total revenues fell to $332.7M in Q3 2025 from $2,635.2M in Q3 2024 and $1,572.9M in Q2 2025. The decline was driven by a swing in…
10-Q · August 8, 2025
Carlyle reported a strong operating quarter: total revenues of $1,572.9 million in Q2 2025, up $503.2 million (+47.0%) versus Q2 2024, driven by a large increase in performance allocations. Diluted EPS rose to $0.87…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.