Carlyle Group announced a new $2 billion share‑repurchase authorization during its 2026 Shareholder Update. The board approved the program on February 26, 2026, giving management flexibility to buy back shares at its discretion.
The authorization follows a prior $1.4 billion buyback program that began in 2024. Under that program, Carlyle repurchased roughly 12 million shares for about $550 million in 2024 and 10.2 million shares for $579 million in the fourth quarter of 2025, leaving $850 million of the original authorization unused as of February 11, 2025. The new $2 billion program expands the company’s capital return strategy and signals confidence in its cash‑generating ability.
Carlyle’s 2026 Shareholder Update also outlined a three‑year financial target framework. Management set goals of fee‑related earnings (FRE) of $1.9 billion or more, inflows of $200 billion or more, and distributable earnings (DE) per common share of $6.00 or more by the end of 2028. These targets build on the record 2025 results, where FRE reached $1.24 billion and DE per share hit $4.02.
The company’s assets under management stood at $477 billion as of December 31, 2025, an 8 % year‑over‑year increase. The disciplined capital allocation framework cited in the update emphasizes that buybacks will be pursued only when the company’s balance sheet remains strong and when other strategic opportunities—such as acquisitions or new fund launches—do not require the same capital.
Management highlighted the reshaping of Carlyle into a more diversified, durable, and higher‑performing platform. CEO Harvey M. Schwartz noted that the firm has “systematically reshaped Carlyle into a more diversified, more durable, and higher performing platform, delivering record financial results.” The share‑repurchase authorization is part of that broader strategy to return value to shareholders while maintaining flexibility for future growth.
Market reaction to the announcement was positive, reflecting confidence in Carlyle’s earnings performance and forward guidance. The company’s Q4 2025 earnings, released on February 6, 2026, met analyst expectations for revenue and distributable earnings per share, and the shareholder update reinforced that outlook with the new buyback program and ambitious targets.
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