Private equity firm Carlyle Group (NASDAQ: CG) will be reporting earnings this Friday before market open. Here’s what you need to know.

Carlyle missed analysts’ revenue expectations by 20.7% last quarter, reporting revenues of $782.5 million, down 12.6% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

Is Carlyle a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Carlyle’s revenue to grow 11% year on year to $1.05 billion, improving from the 5.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.99 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Carlyle has missed Wall Street’s revenue estimates five times over the last two years.

Looking at Carlyle’s peers in the capital markets segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Blackstone’s revenues decreased 5.1% year on year, beating analysts’ expectations by 6.7%, and Artisan Partners reported revenues up 13%, topping estimates by 3.7%. Blackstone traded down 3% following the results while Artisan Partners was also down 1.3%.

Read our full analysis of Blackstone’s results here and Artisan Partners’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the capital markets stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.1% on average over the last month. Carlyle is down 11.1% during the same time and is heading into earnings with an average analyst price target of $70 (compared to the current share price of $59.50).

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