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Side-by-side financial comparison of CF Industries (CF) and Carlyle Group Inc. (CG). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.9B, roughly 1.0× CF Industries). CF Industries runs the higher net margin — 26.4% vs 18.8%, a 7.6% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 22.8%). CF Industries produced more free cash flow last quarter ($313.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 12.8%).
CF Industries Holdings, Inc. is an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea, and ammonium nitrate products. The company is based in Northbrook, Illinois, a suburb of Chicago, and was founded in 1946 as the Central Farmers Fertilizer Company. For its first 56 years, it was a federation of regional agricultural supply cooperatives. CF then demutualized, and became a publicly traded company.
The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.
CF vs CG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.9B |
| Net Profit | $495.0M | $358.1M |
| Gross Margin | 40.9% | — |
| Operating Margin | 33.0% | 24.3% |
| Net Margin | 26.4% | 18.8% |
| Revenue YoY | 22.8% | 84.1% |
| Net Profit YoY | 26.3% | 69.8% |
| EPS (diluted) | $2.56 | $0.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $1.7B | $332.7M | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.7B | $973.1M | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $1.4B | $2.6B | ||
| Q2 24 | $1.6B | $1.1B | ||
| Q1 24 | $1.5B | $688.4M |
| Q4 25 | $495.0M | $358.1M | ||
| Q3 25 | $460.0M | $900.0K | ||
| Q2 25 | $492.0M | $319.7M | ||
| Q1 25 | $351.0M | $130.0M | ||
| Q4 24 | $392.0M | $210.9M | ||
| Q3 24 | $341.0M | $595.7M | ||
| Q2 24 | $506.0M | $148.2M | ||
| Q1 24 | $238.0M | $65.6M |
| Q4 25 | 40.9% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 34.4% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 32.4% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 27.8% | — |
| Q4 25 | 33.0% | 24.3% | ||
| Q3 25 | 35.0% | 25.8% | ||
| Q2 25 | 34.3% | 28.0% | ||
| Q1 25 | 27.4% | 17.6% | ||
| Q4 24 | 28.9% | 25.7% | ||
| Q3 24 | 26.6% | 29.9% | ||
| Q2 24 | 40.6% | 20.5% | ||
| Q1 24 | 20.6% | 17.5% |
| Q4 25 | 26.4% | 18.8% | ||
| Q3 25 | 27.7% | 0.3% | ||
| Q2 25 | 26.0% | 20.3% | ||
| Q1 25 | 21.1% | 13.4% | ||
| Q4 24 | 25.7% | 20.4% | ||
| Q3 24 | 24.9% | 22.6% | ||
| Q2 24 | 32.2% | 13.9% | ||
| Q1 24 | 16.2% | 9.5% |
| Q4 25 | $2.56 | $0.96 | ||
| Q3 25 | $2.19 | $0.00 | ||
| Q2 25 | $2.37 | $0.87 | ||
| Q1 25 | $1.85 | $0.35 | ||
| Q4 24 | $1.86 | $0.56 | ||
| Q3 24 | $1.55 | $1.63 | ||
| Q2 24 | $2.30 | $0.40 | ||
| Q1 24 | $1.03 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.0B |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $4.8B | $7.1B |
| Total Assets | $14.1B | $29.1B |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $914.8M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.8B | $7.1B | ||
| Q3 25 | $4.8B | $6.8B | ||
| Q2 25 | $5.0B | $6.7B | ||
| Q1 25 | $4.8B | $6.4B | ||
| Q4 24 | $5.0B | $6.3B | ||
| Q3 24 | $5.2B | $6.3B | ||
| Q2 24 | $5.5B | $5.7B | ||
| Q1 24 | $5.4B | $5.7B |
| Q4 25 | $14.1B | $29.1B | ||
| Q3 25 | $14.2B | $27.1B | ||
| Q2 25 | $13.8B | $25.1B | ||
| Q1 25 | $13.3B | $24.1B | ||
| Q4 24 | $13.5B | $23.1B | ||
| Q3 24 | $13.8B | $22.7B | ||
| Q2 24 | $13.8B | $22.3B | ||
| Q1 24 | $13.9B | $20.8B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.61× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.57× | — | ||
| Q2 24 | 0.54× | — | ||
| Q1 24 | 0.55× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $539.0M | $-1.2B |
| Free Cash FlowOCF − Capex | $313.0M | $-1.2B |
| FCF MarginFCF / Revenue | 16.7% | -65.1% |
| Capex IntensityCapex / Revenue | 12.1% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.09× | -3.34× |
| TTM Free Cash FlowTrailing 4 quarters | $1.8B | $-3.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $539.0M | $-1.2B | ||
| Q3 25 | $1.1B | $-1.6B | ||
| Q2 25 | $563.0M | $-168.8M | ||
| Q1 25 | $586.0M | $-352.1M | ||
| Q4 24 | $420.0M | $-352.8M | ||
| Q3 24 | $931.0M | $791.9M | ||
| Q2 24 | $475.0M | $-1.3B | ||
| Q1 24 | $445.0M | $71.1M |
| Q4 25 | $313.0M | $-1.2B | ||
| Q3 25 | $717.0M | $-1.6B | ||
| Q2 25 | $318.0M | $-186.3M | ||
| Q1 25 | $454.0M | $-368.8M | ||
| Q4 24 | $223.0M | $-379.5M | ||
| Q3 24 | $792.0M | $772.8M | ||
| Q2 24 | $391.0M | $-1.3B | ||
| Q1 24 | $347.0M | $56.9M |
| Q4 25 | 16.7% | -65.1% | ||
| Q3 25 | 43.2% | -475.7% | ||
| Q2 25 | 16.8% | -11.8% | ||
| Q1 25 | 27.3% | -37.9% | ||
| Q4 24 | 14.6% | -36.8% | ||
| Q3 24 | 57.8% | 29.3% | ||
| Q2 24 | 24.9% | -120.4% | ||
| Q1 24 | 23.6% | 8.3% |
| Q4 25 | 12.1% | 2.2% | ||
| Q3 25 | 20.9% | 7.0% | ||
| Q2 25 | 13.0% | 1.1% | ||
| Q1 25 | 7.9% | 1.7% | ||
| Q4 24 | 12.9% | 2.6% | ||
| Q3 24 | 10.1% | 0.7% | ||
| Q2 24 | 5.3% | 1.7% | ||
| Q1 24 | 6.7% | 2.1% |
| Q4 25 | 1.09× | -3.34× | ||
| Q3 25 | 2.31× | -1732.78× | ||
| Q2 25 | 1.14× | -0.53× | ||
| Q1 25 | 1.67× | -2.71× | ||
| Q4 24 | 1.07× | -1.67× | ||
| Q3 24 | 2.73× | 1.33× | ||
| Q2 24 | 0.94× | -8.57× | ||
| Q1 24 | 1.87× | 1.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CF
| Ammonia | $591.0M | 32% |
| UAN | $493.0M | 26% |
| Urea | $372.0M | 20% |
| Other | $244.0M | 13% |
| Other Products | $147.0M | 8% |
| Ammonium Nitrate Segment | $25.0M | 1% |
CG
| Fund Management Fee | $606.8M | 32% |
| Other | $528.7M | 28% |
| Global Private Equity Segment | $307.3M | 16% |
| Global Credit Segment | $238.0M | 13% |
| Carlyle Alp Invest Segment | $124.6M | 7% |
| Incentive Fee | $55.4M | 3% |
| Fee Related Performance Revenues | $29.2M | 2% |
| Investment Advice | $11.1M | 1% |
