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Carlyle (CG) outlines 2028 profit goals and launches $2B buyback plan

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Carlyle Group Inc. used this report to outline a multi‑year growth plan and new capital return program. At its 2026 Shareholder Update, the firm set three‑year targets through the end of 2028, including Fee Related Earnings of $1.9+ billion, inflows of $200+ billion, and Distributable Earnings per common share of $6.00+.

Carlyle also announced that its Board of Directors approved a new $2 billion share repurchase authorization, giving the company flexibility to buy back stock under its capital allocation framework. The firm noted it had $477 billion of assets under management as of December 31, 2025, underscoring the scale behind these objectives.

Positive

  • Three-year growth targets through 2028: Carlyle set explicit goals for Fee Related Earnings of $1.9+ billion, inflows of $200+ billion, and Distributable Earnings per common share of $6.00+, providing a clear roadmap for scaling fee-based profitability.
  • $2 billion share repurchase authorization: The Board approved a new $2 billion buyback program, giving Carlyle flexibility to return capital to shareholders as part of its stated disciplined capital allocation framework.

Negative

  • None.

Insights

Carlyle pairs ambitious 2028 earnings targets with a new $2B buyback.

Carlyle is signaling confidence by publishing specific 2028 goals: Fee Related Earnings of $1.9+ billion, inflows of $200+ billion, and Distributable Earnings of $6.00+ per share. These focus on durable, fee-based income rather than more volatile performance fees.

The Board’s new $2 billion share repurchase authorization adds a sizable capital return lever on top of dividends. Actual impact will depend on future earnings, market conditions, and the pace at which management chooses to execute repurchases within its “disciplined capital allocation framework.”

The company also highlights $477 billion of assets under management as of December 31, 2025, framing the targets against an already large base. Subsequent quarterly and annual filings will show whether fundraising, inflows, and Fee Related Earnings are tracking toward these stated 2028 objectives.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2026
Carlyle-Logo-blue.jpg
The Carlyle Group Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
001-35538
 
45-2832612
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
1001 Pennsylvania Avenue, NW
Washington,
DC
 
20004-2505
(Address of Principal Executive Offices)
 
(Zip Code)
(202) 729-5626
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
CG
The Nasdaq Global Select Market
4.625% Subordinated Notes due 2061 of Carlyle Finance
L.L.C.
CGABL
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01
Regulation FD Disclosure.
On February 26, 2026, the Carlyle Group Inc. (the “Company”) issued a press release announcing the Company’s growth
outlook and financial objectives. In addition, the Company is posting on its website a presentation that will be used during its
previously announced Shareholder Update scheduled for today, February 26, 2026, at 8:30 a.m. EST. The presentation is
accessible through the Events & Presentations section of the Company’s website at ir.carlyle.com. From time to time, the
Company uses its website as a distribution channel for financial and other important information.
The information in this Report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such a filing.
Forward-Looking Statements
This Report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to,
statements related to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and
similar expressions and statements that are not historical facts, including our expectations regarding the performance of our
business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these
forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “targets,” or the negative
version of these words or other comparable words. Statements related to projected Assets Under Management Distributable
Earnings, Fee Related Earnings (“FRE”), FRE Margin, inflows, and fee revenue for future periods could be impacted by the
level of investment performance, our ability to fundraise and the fees we can charge on such commitments, the pace and scale of
capital deployment, which may not be consistent with historical levels, the pace and success of exit activity, changes in
regulations and laws (including tax laws), our ability to scale existing businesses and wind-down underperforming businesses,
our ability to manage expenses and retain key personnel, our ability to manage stock dilution, and our ability to charge and retain
transaction fees. Even if we were to achieve our goals, there is no guarantee that such fundraising will translate into increased
earnings and margins. There can be no assurance that the Company’s strategic goals will ultimately be realized, or if realized that
they will have the effect of accelerating our growth or earnings. All projections assume benign market conditions. Such forward-
looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important
factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not
limited to, those described in this Report and under the section entitled “Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2025, as
such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary
statements that are included in this Report and in our other periodic filings with the SEC. We undertake no obligation to publicly
update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise,
except as required by applicable law.
This Report does not constitute an offer for any Carlyle fund.
Item 9.01
Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.
 
 
Description
99.1
 
 
Press release of The Carlyle Group Inc., dated February 26, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
 
 
The Carlyle Group Inc.
Date: February 26, 2026
 
 
By:
 
/s/ Justin V. Plouffe
 
 
Name:
 
Justin V. Plouffe
 
 
Title:
 
Chief Financial Officer
Page | 1
Exhibit 99.1
carlylelogo-blue.jpg
Carlyle Presents Growth Outlook at 2026 Shareholder Update
Sets three-year financial targets including Fee Related Earnings (“FRE”), Inflows, and Distributable
Earnings (“DE”) per common share
Washington, D.C. and New York, NY – February 26, 2026Global investment firm Carlyle (NASDAQ: CG) is
announcing its growth outlook and financial objectives at the 2026 Shareholder Update, beginning today at 8:30
a.m. EST. The program will include presentations by senior leadership, followed by a Q&A session.
Carlyle will announce three-year financial targets to be achieved by the end of 2028, including:
FRE of $1.9+ billion
Inflows of $200+ billion
DE per common share of $6.00+
Carlyle is also announcing that its Board of Directors has approved a new $2 billion share repurchase authorization.
The authorization provides the firm with flexibility to repurchase shares as part of its disciplined capital allocation
framework.
Harvey M. Schwartz, Chief Executive Officer of Carlyle, said: “Over the past three years, we have systematically
reshaped Carlyle into a more diversified, more durable, and higher performing platform, delivering record financial
results. The financial targets we are announcing today reflect our confidence in the momentum of our platform and
our ability to deliver sustained growth and enhanced shareholder value.”
Live Webcast
Presentation materials and a live webcast can be accessed on the Events & Presentations section of our website at
ir.carlyle.com. A replay of the webcast will be available on the website following the event.
Any questions regarding the 2026 Shareholder Update may be addressed to Carlyle’s Investor Relations team at
publicinvestor@carlyle.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across
three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets
under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its
investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500
people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on
X @OneCarlyle and LinkedIn at The Carlyle Group.
Page | 2
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, statements related to our expectations, estimates, beliefs, projections, future plans and
strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including
our expectations regarding the performance of our business, our financial results, our liquidity and capital resources,
contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such
as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,” “targets,” or the negative version of these words or other
comparable words. Statements related to projected Assets Under Management, DE, FRE, FRE Margin, inflows, and
fee revenue for future periods could be impacted by the level of investment performance, our ability to fundraise
and the fees we can charge on such commitments, the pace and scale of capital deployment, which may not be
consistent with historical levels, the pace and success of exit activity, changes in regulations and laws (including tax
laws), our ability to scale existing businesses and wind-down underperforming businesses, our ability to manage
expenses and retain key personnel, our ability to manage stock dilution, and our ability to charge and retain
transaction fees. Even if we were to achieve our goals, there is no guarantee that such fundraising will translate into
increased earnings and margins. There can be no assurance that Carlyle’s strategic goals will ultimately be realized,
or if realized that they will have the effect of accelerating our growth or earnings. All projections assume benign
market conditions. Such forward-looking statements are subject to various risks, uncertainties, and assumptions.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially
from those indicated in these statements including, but not limited to, those described in this press release and under
the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed
with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2025, as such factors may be updated
from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary
statements that are included in this press release and in our other periodic filings with the SEC. We undertake no
obligation to publicly update or review any forward-looking statements, whether as a result of new information,
future developments, or otherwise, except as required by applicable law.
This press release does not constitute an offer for any Carlyle fund.
Important Information
For additional important information, as well as endnotes and disclosures, please see the presentation materials,
which can be accessed on the Events & Presentations section of our website at ir.carlyle.com. A reconciliation of
forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures cannot
be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence
and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are
out of our control, or cannot be reasonably predicted. For the same reasons, Carlyle is unable to assess the probable
significance of the unavailable information, which could have a material impact on its future GAAP financial
results.
Contacts
Public Investor Relations
 
 
Media
Daniel Harris
 
 
Brittany Bensaull
OR
Kristen Ashton
Phone: +1 (212) 813-4527
 
 
Phone: +1 (212) 813-4839
Phone: +1 (212) 813-4763
daniel.harris@carlyle.com
 
 
brittany.bensaull@carlyle.com
kristen.ashton@carlyle.com

FAQ

What growth targets did Carlyle (CG) set at its 2026 Shareholder Update?

Carlyle set three-year financial targets to reach by the end of 2028, including Fee Related Earnings of $1.9+ billion, inflows of $200+ billion, and Distributable Earnings per common share of $6.00+. These goals emphasize scaling recurring fee income and per-share profitability.

Did Carlyle (CG) announce a new share repurchase program in this filing?

Yes. Carlyle’s Board of Directors approved a new $2 billion share repurchase authorization. This program allows the firm to buy back its common stock over time as part of its disciplined capital allocation framework, potentially enhancing shareholder returns depending on execution.

How large is Carlyle’s asset base supporting these new financial targets?

Carlyle reported $477 billion of assets under management as of December 31, 2025. This sizable asset base provides the platform from which the firm aims to achieve its 2028 targets for Fee Related Earnings, inflows, and Distributable Earnings per common share.

What earnings per share goal did Carlyle (CG) outline for 2028?

Carlyle is targeting Distributable Earnings of at least $6.00 per common share by the end of 2028. This objective reflects management’s focus on growing cash-generative earnings that can support dividends, buybacks, and reinvestment across its global investment platform.

How does Carlyle (CG) describe the purpose of its new $2 billion buyback?

Carlyle states the $2 billion share repurchase authorization provides flexibility to repurchase shares as part of its disciplined capital allocation framework. The program is intended to complement other uses of capital, with actual repurchase activity depending on future conditions and opportunities.

Where can investors access Carlyle’s 2026 Shareholder Update materials?

Investors can find presentation materials and a live or replay webcast in the Events & Presentations section of Carlyle’s investor relations website, ir.carlyle.com. The firm also lists investor relations and media contacts for additional questions about the 2026 Shareholder Update.

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5 documents
The Carlyle Group Inc.

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