12. Earnings Per Common Share
Basic and diluted net income (loss) per common share are calculated as follows: 
 
Year Ended December 31, 2025
Year Ended December 31, 2024
Year Ended December 31, 2023
 
Basic
Diluted
Basic
Diluted
Basic
Diluted
Net income (loss) attributable to
common shares
$808,700,000
$808,700,000
$1,020,400,000
$1,020,400,000
$(608,400,000)
$(608,400,000)
Weighted-average common shares
outstanding
359,681,070
370,914,035
358,584,203
368,024,612
361,395,823
361,395,823
Net income (loss) per common share
$2.25
$2.18
$2.85
$2.77
$(1.68)
$(1.68)
The weighted-average common shares outstanding, basic and diluted, are calculated as follows:
 
Year Ended December 31, 2025
Year Ended December 31, 2024
Year Ended December 31, 2023
 
Basic
Diluted
Basic
Diluted
Basic
Diluted
The Carlyle Group Inc. weighted-average
common shares outstanding
359,681,070
359,681,070
358,584,203
358,584,203
361,395,823
361,395,823
Unvested restricted stock units
6,064,335
6,685,145
Issuable common shares and performance-
vesting restricted stock units
5,168,630
2,755,264
Weighted-average common shares outstanding
359,681,070
370,914,035
358,584,203
368,024,612
361,395,823
361,395,823
The Company applies the treasury stock method to determine the dilutive weighted-average common shares
represented by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common
shares are issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock
units. For the year ended December 31, 2023, all such awards are antidilutive and excluded from the computation of diluted
earnings per share given the net loss attributable to common stockholders.
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About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.