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Side-by-side financial comparison of Carlyle Group Inc. (CG) and CIENA CORP (CIEN). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.6× CIENA CORP). Carlyle Group Inc. runs the higher net margin — 18.8% vs 4.1%, a 14.7% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 3.9%).
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.
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4.8 billion and more than 9,000 employees, as of November 2025. Gary Smith serves as president and chief executive officer (CEO).
CG vs CIEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $358.1M | $50.3M |
| Gross Margin | — | 41.3% |
| Operating Margin | 24.3% | 6.0% |
| Net Margin | 18.8% | 4.1% |
| Revenue YoY | 84.1% | — |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.96 | $0.35 |
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 | — | ||
| Q3 25 | $332.7M | $1.2B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $973.1M | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $2.6B | $942.3M | ||
| Q2 24 | $1.1B | $910.8M | ||
| Q1 24 | $688.4M | $1.0B |
| Q4 25 | $358.1M | — | ||
| Q3 25 | $900.0K | $50.3M | ||
| Q2 25 | $319.7M | $9.0M | ||
| Q1 25 | $130.0M | $44.6M | ||
| Q4 24 | $210.9M | $37.0M | ||
| Q3 24 | $595.7M | $14.2M | ||
| Q2 24 | $148.2M | $-16.8M | ||
| Q1 24 | $65.6M | $49.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 40.2% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 42.7% | ||
| Q1 24 | — | 45.0% |
| Q4 25 | 24.3% | — | ||
| Q3 25 | 25.8% | 6.0% | ||
| Q2 25 | 28.0% | 2.9% | ||
| Q1 25 | 17.6% | 7.5% | ||
| Q4 24 | 25.7% | 5.3% | ||
| Q3 24 | 29.9% | 2.8% | ||
| Q2 24 | 20.5% | -0.4% | ||
| Q1 24 | 17.5% | 8.2% |
| Q4 25 | 18.8% | — | ||
| Q3 25 | 0.3% | 4.1% | ||
| Q2 25 | 20.3% | 0.8% | ||
| Q1 25 | 13.4% | 4.2% | ||
| Q4 24 | 20.4% | 3.3% | ||
| Q3 24 | 22.6% | 1.5% | ||
| Q2 24 | 13.9% | -1.8% | ||
| Q1 24 | 9.5% | 4.8% |
| Q4 25 | $0.96 | — | ||
| Q3 25 | $0.00 | $0.35 | ||
| Q2 25 | $0.87 | $0.06 | ||
| Q1 25 | $0.35 | $0.31 | ||
| Q4 24 | $0.56 | $0.26 | ||
| Q3 24 | $1.63 | $0.10 | ||
| Q2 24 | $0.40 | $-0.12 | ||
| Q1 24 | $0.18 | $0.34 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $2.8B |
| Total Assets | $29.1B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | $1.2B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $914.8M | $1.3B | ||
| Q1 24 | $1.3B | $1.4B |
| Q4 25 | $7.1B | — | ||
| Q3 25 | $6.8B | $2.8B | ||
| Q2 25 | $6.7B | $2.8B | ||
| Q1 25 | $6.4B | $2.8B | ||
| Q4 24 | $6.3B | $2.8B | ||
| Q3 24 | $6.3B | $2.9B | ||
| Q2 24 | $5.7B | $2.9B | ||
| Q1 24 | $5.7B | $2.9B |
| Q4 25 | $29.1B | — | ||
| Q3 25 | $27.1B | $5.7B | ||
| Q2 25 | $25.1B | $5.7B | ||
| Q1 25 | $24.1B | $5.6B | ||
| Q4 24 | $23.1B | $5.6B | ||
| Q3 24 | $22.7B | $5.6B | ||
| Q2 24 | $22.3B | $5.6B | ||
| Q1 24 | $20.8B | $5.6B |
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 | $-1.2B | $174.3M |
| Free Cash FlowOCF − Capex | $-1.2B | $134.6M |
| FCF MarginFCF / Revenue | -65.1% | 11.0% |
| Capex IntensityCapex / Revenue | 2.2% | 3.3% |
| Cash ConversionOCF / Net Profit | -3.34× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $605.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | $174.3M | ||
| Q2 25 | $-168.8M | $156.9M | ||
| Q1 25 | $-352.1M | $103.7M | ||
| Q4 24 | $-352.8M | $349.4M | ||
| Q3 24 | $791.9M | $-159.4M | ||
| Q2 24 | $-1.3B | $58.5M | ||
| Q1 24 | $71.1M | $266.1M |
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | $134.6M | ||
| Q2 25 | $-186.3M | $128.2M | ||
| Q1 25 | $-368.8M | $76.8M | ||
| Q4 24 | $-379.5M | $265.8M | ||
| Q3 24 | $772.8M | $-179.0M | ||
| Q2 24 | $-1.3B | $41.6M | ||
| Q1 24 | $56.9M | $249.5M |
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | 11.0% | ||
| Q2 25 | -11.8% | 11.4% | ||
| Q1 25 | -37.9% | 7.2% | ||
| Q4 24 | -36.8% | 23.6% | ||
| Q3 24 | 29.3% | -19.0% | ||
| Q2 24 | -120.4% | 4.6% | ||
| Q1 24 | 8.3% | 24.0% |
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | 3.3% | ||
| Q2 25 | 1.1% | 2.6% | ||
| Q1 25 | 1.7% | 2.5% | ||
| Q4 24 | 2.6% | 7.4% | ||
| Q3 24 | 0.7% | 2.1% | ||
| Q2 24 | 1.7% | 1.9% | ||
| Q1 24 | 2.1% | 1.6% |
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 3.47× | ||
| Q2 25 | -0.53× | 17.50× | ||
| Q1 25 | -2.71× | 2.33× | ||
| Q4 24 | -1.67× | 9.44× | ||
| Q3 24 | 1.33× | -11.20× | ||
| Q2 24 | -8.57× | — | ||
| Q1 24 | 1.08× | 5.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
