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Side-by-side financial comparison of Carlyle Group Inc. (CG) and Cushman & Wakefield Ltd. (CWK). Click either name above to swap in a different company.
Cushman & Wakefield Ltd. is the larger business by last-quarter revenue ($2.9B vs $1.9B, roughly 1.5× Carlyle Group Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs -0.8%, a 19.6% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 10.8%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 15.5%).
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.
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
CG vs CWK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.9B |
| Net Profit | $358.1M | $-22.4M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 6.1% |
| Net Margin | 18.8% | -0.8% |
| Revenue YoY | 84.1% | 10.8% |
| Net Profit YoY | 69.8% | -119.8% |
| EPS (diluted) | $0.96 | $-0.10 |
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 | $2.9B | ||
| Q3 25 | $332.7M | $2.6B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $973.1M | $2.3B | ||
| Q4 24 | $1.0B | $2.6B | ||
| Q3 24 | $2.6B | $2.3B | ||
| Q2 24 | $1.1B | $2.3B | ||
| Q1 24 | $688.4M | $2.2B |
| Q4 25 | $358.1M | $-22.4M | ||
| Q3 25 | $900.0K | $51.4M | ||
| Q2 25 | $319.7M | $57.3M | ||
| Q1 25 | $130.0M | $1.9M | ||
| Q4 24 | $210.9M | $112.9M | ||
| Q3 24 | $595.7M | $33.7M | ||
| Q2 24 | $148.2M | $13.5M | ||
| Q1 24 | $65.6M | $-28.8M |
| Q4 25 | 24.3% | 6.1% | ||
| Q3 25 | 25.8% | 4.1% | ||
| Q2 25 | 28.0% | 4.9% | ||
| Q1 25 | 17.6% | 2.0% | ||
| Q4 24 | 25.7% | 6.6% | ||
| Q3 24 | 29.9% | 3.2% | ||
| Q2 24 | 20.5% | 3.1% | ||
| Q1 24 | 17.5% | 0.9% |
| Q4 25 | 18.8% | -0.8% | ||
| Q3 25 | 0.3% | 2.0% | ||
| Q2 25 | 20.3% | 2.3% | ||
| Q1 25 | 13.4% | 0.1% | ||
| Q4 24 | 20.4% | 4.3% | ||
| Q3 24 | 22.6% | 1.4% | ||
| Q2 24 | 13.9% | 0.6% | ||
| Q1 24 | 9.5% | -1.3% |
| Q4 25 | $0.96 | $-0.10 | ||
| Q3 25 | $0.00 | $0.22 | ||
| Q2 25 | $0.87 | $0.25 | ||
| Q1 25 | $0.35 | $0.01 | ||
| Q4 24 | $0.56 | $0.49 | ||
| Q3 24 | $1.63 | $0.14 | ||
| Q2 24 | $0.40 | $0.06 | ||
| Q1 24 | $0.18 | $-0.13 |
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 | $784.2M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $7.1B | $2.0B |
| Total Assets | $29.1B | $7.7B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $784.2M | ||
| Q3 25 | $2.2B | $634.4M | ||
| Q2 25 | $1.3B | $618.2M | ||
| Q1 25 | $1.2B | $623.2M | ||
| Q4 24 | $1.3B | $793.3M | ||
| Q3 24 | $1.4B | $775.4M | ||
| Q2 24 | $914.8M | $567.3M | ||
| Q1 24 | $1.3B | $553.5M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | $7.1B | $2.0B | ||
| Q3 25 | $6.8B | $2.0B | ||
| Q2 25 | $6.7B | $1.9B | ||
| Q1 25 | $6.4B | $1.8B | ||
| Q4 24 | $6.3B | $1.8B | ||
| Q3 24 | $6.3B | $1.7B | ||
| Q2 24 | $5.7B | $1.6B | ||
| Q1 24 | $5.7B | $1.6B |
| Q4 25 | $29.1B | $7.7B | ||
| Q3 25 | $27.1B | $7.7B | ||
| Q2 25 | $25.1B | $7.6B | ||
| Q1 25 | $24.1B | $7.4B | ||
| Q4 24 | $23.1B | $7.5B | ||
| Q3 24 | $22.7B | $7.5B | ||
| Q2 24 | $22.3B | $7.3B | ||
| Q1 24 | $20.8B | $7.5B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.70× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | 1.91× | ||
| Q1 24 | — | 1.96× |
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 | $257.3M |
| Free Cash FlowOCF − Capex | $-1.2B | $234.3M |
| FCF MarginFCF / Revenue | -65.1% | 8.0% |
| Capex IntensityCapex / Revenue | 2.2% | 0.8% |
| Cash ConversionOCF / Net Profit | -3.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $293.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $257.3M | ||
| Q3 25 | $-1.6B | $235.5M | ||
| Q2 25 | $-168.8M | $9.6M | ||
| Q1 25 | $-352.1M | $-162.0M | ||
| Q4 24 | $-352.8M | $115.2M | ||
| Q3 24 | $791.9M | $196.1M | ||
| Q2 24 | $-1.3B | $21.8M | ||
| Q1 24 | $71.1M | $-125.1M |
| Q4 25 | $-1.2B | $234.3M | ||
| Q3 25 | $-1.6B | $225.0M | ||
| Q2 25 | $-186.3M | $300.0K | ||
| Q1 25 | $-368.8M | $-166.6M | ||
| Q4 24 | $-379.5M | $105.9M | ||
| Q3 24 | $772.8M | $186.7M | ||
| Q2 24 | $-1.3B | $10.0M | ||
| Q1 24 | $56.9M | $-135.6M |
| Q4 25 | -65.1% | 8.0% | ||
| Q3 25 | -475.7% | 8.6% | ||
| Q2 25 | -11.8% | 0.0% | ||
| Q1 25 | -37.9% | -7.3% | ||
| Q4 24 | -36.8% | 4.0% | ||
| Q3 24 | 29.3% | 8.0% | ||
| Q2 24 | -120.4% | 0.4% | ||
| Q1 24 | 8.3% | -6.2% |
| Q4 25 | 2.2% | 0.8% | ||
| Q3 25 | 7.0% | 0.4% | ||
| Q2 25 | 1.1% | 0.4% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 2.6% | 0.4% | ||
| Q3 24 | 0.7% | 0.4% | ||
| Q2 24 | 1.7% | 0.5% | ||
| Q1 24 | 2.1% | 0.5% |
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | 4.58× | ||
| Q2 25 | -0.53× | 0.17× | ||
| Q1 25 | -2.71× | -85.26× | ||
| Q4 24 | -1.67× | 1.02× | ||
| Q3 24 | 1.33× | 5.82× | ||
| Q2 24 | -8.57× | 1.61× | ||
| Q1 24 | 1.08× | — |
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% |
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
