CG

Carlyle is one of the world's largest alternative-asset managers, operating three segments — Global Private Equity ($163.5B AUM), Global Credit ($211.3B AUM) and Carlyle AlpInvest ($102.0B AUM). The credit franchise is now the largest leg, reflecting the industry-wide shift toward private credit and insurance solutions, and gives Carlyle a more durable fee base than its legacy PE-heavy mix. The 10-K's market commentary highlights a record-wide public-private valuation gap (buyout multiples at 11.2x EBITDA vs. 17.7x for public markets), which the firm frames as an opportunity for deployment.

The earnings, however, remain lumpy. FY2025 revenue fell 11.9% to $4.78B and net income dropped 20.7% to $809M ($2.18 diluted EPS), continuing a volatile multi-year pattern (revenue swung from $8.78B in FY2021 to $2.96B in FY2023 to $4.78B in FY2025) that reflects the carried-interest cyclicality inherent to the model. The negative operating cash flow of -$3.28B is largely a function of consolidated fund investment activity rather than business distress. Management is returning capital — $687M of buybacks (+23.8%) and a steady $505M dividend.