vs
Side-by-side financial comparison of Carlyle Group Inc. (CG) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.3B, roughly 1.5× Graham Holdings Co). Carlyle Group Inc. runs the higher net margin — 18.8% vs 8.7%, a 10.1% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 0.4%). Graham Holdings Co produced more free cash flow last quarter ($5.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 4.2%).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CG vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.3B |
| Net Profit | $358.1M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 3.8% |
| Net Margin | 18.8% | 8.7% |
| Revenue YoY | 84.1% | 0.4% |
| Net Profit YoY | 69.8% | -80.2% |
| EPS (diluted) | $0.96 | $24.76 |
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 | $1.3B | ||
| Q3 25 | $332.7M | $1.3B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $973.1M | $1.2B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $688.4M | $1.2B |
| Q4 25 | $358.1M | $108.7M | ||
| Q3 25 | $900.0K | $122.9M | ||
| Q2 25 | $319.7M | $36.7M | ||
| Q1 25 | $130.0M | $23.9M | ||
| Q4 24 | $210.9M | $548.8M | ||
| Q3 24 | $595.7M | $72.5M | ||
| Q2 24 | $148.2M | $-21.0M | ||
| Q1 24 | $65.6M | $124.4M |
| Q4 25 | 24.3% | 3.8% | ||
| Q3 25 | 25.8% | 5.2% | ||
| Q2 25 | 28.0% | 6.0% | ||
| Q1 25 | 17.6% | 4.1% | ||
| Q4 24 | 25.7% | 5.8% | ||
| Q3 24 | 29.9% | 6.8% | ||
| Q2 24 | 20.5% | 2.2% | ||
| Q1 24 | 17.5% | 3.1% |
| Q4 25 | 18.8% | 8.7% | ||
| Q3 25 | 0.3% | 9.6% | ||
| Q2 25 | 20.3% | 3.0% | ||
| Q1 25 | 13.4% | 2.0% | ||
| Q4 24 | 20.4% | 44.1% | ||
| Q3 24 | 22.6% | 6.0% | ||
| Q2 24 | 13.9% | -1.8% | ||
| Q1 24 | 9.5% | 10.8% |
| Q4 25 | $0.96 | $24.76 | ||
| Q3 25 | $0.00 | $27.91 | ||
| Q2 25 | $0.87 | $8.35 | ||
| Q1 25 | $0.35 | $5.45 | ||
| Q4 24 | $0.56 | $124.05 | ||
| Q3 24 | $1.63 | $16.42 | ||
| Q2 24 | $0.40 | $-4.79 | ||
| Q1 24 | $0.18 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $4.8B |
| Total Assets | $29.1B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $267.0M | ||
| Q3 25 | $2.2B | $190.8M | ||
| Q2 25 | $1.3B | $176.2M | ||
| Q1 25 | $1.2B | $156.7M | ||
| Q4 24 | $1.3B | $260.9M | ||
| Q3 24 | $1.4B | $244.4M | ||
| Q2 24 | $914.8M | $140.7M | ||
| Q1 24 | $1.3B | $130.9M |
| Q4 25 | $7.1B | $4.8B | ||
| Q3 25 | $6.8B | $4.5B | ||
| Q2 25 | $6.7B | $4.4B | ||
| Q1 25 | $6.4B | $4.3B | ||
| Q4 24 | $6.3B | $4.3B | ||
| Q3 24 | $6.3B | $4.0B | ||
| Q2 24 | $5.7B | $4.0B | ||
| Q1 24 | $5.7B | $4.0B |
| Q4 25 | $29.1B | $8.4B | ||
| Q3 25 | $27.1B | $7.9B | ||
| Q2 25 | $25.1B | $7.6B | ||
| Q1 25 | $24.1B | $7.6B | ||
| Q4 24 | $23.1B | $7.7B | ||
| Q3 24 | $22.7B | $7.4B | ||
| Q2 24 | $22.3B | $7.2B | ||
| Q1 24 | $20.8B | $7.3B |
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 | $28.3M |
| Free Cash FlowOCF − Capex | $-1.2B | $5.0M |
| FCF MarginFCF / Revenue | -65.1% | 0.4% |
| Capex IntensityCapex / Revenue | 2.2% | 1.9% |
| Cash ConversionOCF / Net Profit | -3.34× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $28.3M | ||
| Q3 25 | $-1.6B | $178.1M | ||
| Q2 25 | $-168.8M | $94.8M | ||
| Q1 25 | $-352.1M | $46.0M | ||
| Q4 24 | $-352.8M | $116.3M | ||
| Q3 24 | $791.9M | $237.6M | ||
| Q2 24 | $-1.3B | $52.0M | ||
| Q1 24 | $71.1M | $1.1M |
| Q4 25 | $-1.2B | $5.0M | ||
| Q3 25 | $-1.6B | $161.8M | ||
| Q2 25 | $-186.3M | $78.0M | ||
| Q1 25 | $-368.8M | $30.5M | ||
| Q4 24 | $-379.5M | $91.1M | ||
| Q3 24 | $772.8M | $219.4M | ||
| Q2 24 | $-1.3B | $33.7M | ||
| Q1 24 | $56.9M | $-20.2M |
| Q4 25 | -65.1% | 0.4% | ||
| Q3 25 | -475.7% | 12.6% | ||
| Q2 25 | -11.8% | 6.4% | ||
| Q1 25 | -37.9% | 2.6% | ||
| Q4 24 | -36.8% | 7.3% | ||
| Q3 24 | 29.3% | 18.2% | ||
| Q2 24 | -120.4% | 2.8% | ||
| Q1 24 | 8.3% | -1.8% |
| Q4 25 | 2.2% | 1.9% | ||
| Q3 25 | 7.0% | 1.3% | ||
| Q2 25 | 1.1% | 1.4% | ||
| Q1 25 | 1.7% | 1.3% | ||
| Q4 24 | 2.6% | 2.0% | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | 1.7% | 1.5% | ||
| Q1 24 | 2.1% | 1.8% |
| Q4 25 | -3.34× | 0.26× | ||
| Q3 25 | -1732.78× | 1.45× | ||
| Q2 25 | -0.53× | 2.58× | ||
| Q1 25 | -2.71× | 1.93× | ||
| Q4 24 | -1.67× | 0.21× | ||
| Q3 24 | 1.33× | 3.28× | ||
| Q2 24 | -8.57× | — | ||
| Q1 24 | 1.08× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
