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Side-by-side financial comparison of Carlyle Group Inc. (CG) and JANUS HENDERSON GROUP PLC (JHG). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.1B, roughly 1.7× JANUS HENDERSON GROUP PLC). JANUS HENDERSON GROUP PLC runs the higher net margin — 35.3% vs 18.8%, a 16.5% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 61.3%). JANUS HENDERSON GROUP PLC produced more free cash flow last quarter ($320.4M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 43.9%).
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.
Janus Henderson is a British-American global asset management group headquartered in the City of London, United Kingdom. It offers a range of financial products to individuals, intermediary advisors, and institutional investors globally under the trade name Janus Henderson Investors.
CG vs JHG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.1B |
| Net Profit | $358.1M | $403.2M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 42.7% |
| Net Margin | 18.8% | 35.3% |
| Revenue YoY | 84.1% | 61.3% |
| Net Profit YoY | 69.8% | 231.0% |
| EPS (diluted) | $0.96 | $2.59 |
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 | $1.1B | ||
| Q3 25 | $332.7M | $700.4M | ||
| Q2 25 | $1.6B | $633.2M | ||
| Q1 25 | $973.1M | $621.4M | ||
| Q4 24 | $1.0B | $708.3M | ||
| Q3 24 | $2.6B | $624.8M | ||
| Q2 24 | $1.1B | $588.4M | ||
| Q1 24 | $688.4M | $551.7M |
| Q4 25 | $358.1M | $403.2M | ||
| Q3 25 | $900.0K | $142.1M | ||
| Q2 25 | $319.7M | $149.9M | ||
| Q1 25 | $130.0M | $120.7M | ||
| Q4 24 | $210.9M | $121.8M | ||
| Q3 24 | $595.7M | $27.3M | ||
| Q2 24 | $148.2M | $129.7M | ||
| Q1 24 | $65.6M | $130.1M |
| Q4 25 | 24.3% | 42.7% | ||
| Q3 25 | 25.8% | 24.6% | ||
| Q2 25 | 28.0% | 25.9% | ||
| Q1 25 | 17.6% | 24.7% | ||
| Q4 24 | 25.7% | 27.9% | ||
| Q3 24 | 29.9% | 26.4% | ||
| Q2 24 | 20.5% | 27.9% | ||
| Q1 24 | 17.5% | 21.6% |
| Q4 25 | 18.8% | 35.3% | ||
| Q3 25 | 0.3% | 20.3% | ||
| Q2 25 | 20.3% | 23.7% | ||
| Q1 25 | 13.4% | 19.4% | ||
| Q4 24 | 20.4% | 17.2% | ||
| Q3 24 | 22.6% | 4.4% | ||
| Q2 24 | 13.9% | 22.0% | ||
| Q1 24 | 9.5% | 23.6% |
| Q4 25 | $0.96 | $2.59 | ||
| Q3 25 | $0.00 | $0.92 | ||
| Q2 25 | $0.87 | $0.95 | ||
| Q1 25 | $0.35 | $0.77 | ||
| Q4 24 | $0.56 | $0.77 | ||
| Q3 24 | $1.63 | $0.17 | ||
| Q2 24 | $0.40 | $0.81 | ||
| Q1 24 | $0.18 | $0.81 |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $5.1B |
| Total Assets | $29.1B | $8.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $914.8M | $1.3B | ||
| Q1 24 | $1.3B | $1.1B |
| Q4 25 | $7.1B | $5.1B | ||
| Q3 25 | $6.8B | $4.8B | ||
| Q2 25 | $6.7B | $4.8B | ||
| Q1 25 | $6.4B | $4.7B | ||
| Q4 24 | $6.3B | $4.6B | ||
| Q3 24 | $6.3B | $4.6B | ||
| Q2 24 | $5.7B | $4.5B | ||
| Q1 24 | $5.7B | $4.4B |
| Q4 25 | $29.1B | $8.3B | ||
| Q3 25 | $27.1B | $7.6B | ||
| Q2 25 | $25.1B | $7.5B | ||
| Q1 25 | $24.1B | $7.1B | ||
| Q4 24 | $23.1B | $7.0B | ||
| Q3 24 | $22.7B | $7.3B | ||
| Q2 24 | $22.3B | $6.4B | ||
| Q1 24 | $20.8B | $6.3B |
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 | $322.7M |
| Free Cash FlowOCF − Capex | $-1.2B | $320.4M |
| FCF MarginFCF / Revenue | -65.1% | 28.0% |
| Capex IntensityCapex / Revenue | 2.2% | 0.2% |
| Cash ConversionOCF / Net Profit | -3.34× | 0.80× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $710.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $322.7M | ||
| Q3 25 | $-1.6B | $258.8M | ||
| Q2 25 | $-168.8M | $135.2M | ||
| Q1 25 | $-352.1M | $2.8M | ||
| Q4 24 | $-352.8M | $247.3M | ||
| Q3 24 | $791.9M | $228.5M | ||
| Q2 24 | $-1.3B | $223.8M | ||
| Q1 24 | $71.1M | $-5.0M |
| Q4 25 | $-1.2B | $320.4M | ||
| Q3 25 | $-1.6B | $256.4M | ||
| Q2 25 | $-186.3M | $133.2M | ||
| Q1 25 | $-368.8M | $900.0K | ||
| Q4 24 | $-379.5M | $243.5M | ||
| Q3 24 | $772.8M | $225.9M | ||
| Q2 24 | $-1.3B | $221.9M | ||
| Q1 24 | $56.9M | $-6.8M |
| Q4 25 | -65.1% | 28.0% | ||
| Q3 25 | -475.7% | 36.6% | ||
| Q2 25 | -11.8% | 21.0% | ||
| Q1 25 | -37.9% | 0.1% | ||
| Q4 24 | -36.8% | 34.4% | ||
| Q3 24 | 29.3% | 36.2% | ||
| Q2 24 | -120.4% | 37.7% | ||
| Q1 24 | 8.3% | -1.2% |
| Q4 25 | 2.2% | 0.2% | ||
| Q3 25 | 7.0% | 0.3% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.3% | ||
| Q4 24 | 2.6% | 0.5% | ||
| Q3 24 | 0.7% | 0.4% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
| Q4 25 | -3.34× | 0.80× | ||
| Q3 25 | -1732.78× | 1.82× | ||
| Q2 25 | -0.53× | 0.90× | ||
| Q1 25 | -2.71× | 0.02× | ||
| Q4 24 | -1.67× | 2.03× | ||
| Q3 24 | 1.33× | 8.37× | ||
| Q2 24 | -8.57× | 1.73× | ||
| Q1 24 | 1.08× | -0.04× |
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% |
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
