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Side-by-side financial comparison of Carlyle Group Inc. (CG) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.3B vs $1.9B, roughly 1.2× Carlyle Group Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs 4.5%, a 14.3% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 9.6%). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs -0.9%).
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.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
CG vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.3B |
| Net Profit | $358.1M | $104.7M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 10.0% |
| Net Margin | 18.8% | 4.5% |
| Revenue YoY | 84.1% | 9.6% |
| Net Profit YoY | 69.8% | — |
| EPS (diluted) | $0.96 | $0.23 |
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.
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $332.7M | $2.9B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $973.1M | $2.1B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $2.6B | $2.8B | ||
| Q2 24 | $1.1B | $2.4B |
| Q1 26 | — | $104.7M | ||
| Q4 25 | $358.1M | $14.3M | ||
| Q3 25 | $900.0K | $419.3M | ||
| Q2 25 | $319.7M | $30.0M | ||
| Q1 25 | $130.0M | $-40.3M | ||
| Q4 24 | $210.9M | $254.5M | ||
| Q3 24 | $595.7M | $474.9M | ||
| Q2 24 | $148.2M | $163.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% |
| Q1 26 | — | 10.0% | ||
| Q4 25 | 24.3% | 8.3% | ||
| Q3 25 | 25.8% | 25.5% | ||
| Q2 25 | 28.0% | 16.8% | ||
| Q1 25 | 17.6% | 9.4% | ||
| Q4 24 | 25.7% | 10.2% | ||
| Q3 24 | 29.9% | 24.6% | ||
| Q2 24 | 20.5% | 14.4% |
| Q1 26 | — | 4.5% | ||
| Q4 25 | 18.8% | 0.6% | ||
| Q3 25 | 0.3% | 14.3% | ||
| Q2 25 | 20.3% | 1.2% | ||
| Q1 25 | 13.4% | -1.9% | ||
| Q4 24 | 20.4% | 12.1% | ||
| Q3 24 | 22.6% | 16.9% | ||
| Q2 24 | 13.9% | 6.9% |
| Q1 26 | — | $0.23 | ||
| Q4 25 | $0.96 | $0.08 | ||
| Q3 25 | $0.00 | $0.86 | ||
| Q2 25 | $0.87 | $0.07 | ||
| Q1 25 | $0.35 | $-0.09 | ||
| Q4 24 | $0.56 | $0.55 | ||
| Q3 24 | $1.63 | $0.95 | ||
| Q2 24 | $0.40 | $0.35 |
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 | $185.0M |
| Total DebtLower is stronger | — | $15.2B |
| Stockholders' EquityBook value | $7.1B | $2.4B |
| Total Assets | $29.1B | $23.8B |
| Debt / EquityLower = less leverage | — | 6.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $185.0M | ||
| Q4 25 | $2.0B | $209.9M | ||
| Q3 25 | $2.2B | $166.8M | ||
| Q2 25 | $1.3B | $184.0M | ||
| Q1 25 | $1.2B | $184.4M | ||
| Q4 24 | $1.3B | $190.8M | ||
| Q3 24 | $1.4B | $332.5M | ||
| Q2 24 | $914.8M | $594.1M |
| Q1 26 | — | $15.2B | ||
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B |
| Q1 26 | — | $2.4B | ||
| Q4 25 | $7.1B | $2.2B | ||
| Q3 25 | $6.8B | $2.2B | ||
| Q2 25 | $6.7B | $1.6B | ||
| Q1 25 | $6.4B | $1.4B | ||
| Q4 24 | $6.3B | $1.4B | ||
| Q3 24 | $6.3B | $1.1B | ||
| Q2 24 | $5.7B | $693.1M |
| Q1 26 | — | $23.8B | ||
| Q4 25 | $29.1B | $22.5B | ||
| Q3 25 | $27.1B | $22.2B | ||
| Q2 25 | $25.1B | $21.6B | ||
| Q1 25 | $24.1B | $21.4B | ||
| Q4 24 | $23.1B | $20.0B | ||
| Q3 24 | $22.7B | $19.8B | ||
| Q2 24 | $22.3B | $20.1B |
| Q1 26 | — | 6.23× | ||
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× |
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 | $811.5M |
| Free Cash FlowOCF − Capex | $-1.2B | — |
| FCF MarginFCF / Revenue | -65.1% | — |
| Capex IntensityCapex / Revenue | 2.2% | 16.3% |
| Cash ConversionOCF / Net Profit | -3.34× | 7.75× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $811.5M | ||
| Q4 25 | $-1.2B | $459.1M | ||
| Q3 25 | $-1.6B | $236.6M | ||
| Q2 25 | $-168.8M | $714.9M | ||
| Q1 25 | $-352.1M | $679.2M | ||
| Q4 24 | $-352.8M | $399.3M | ||
| Q3 24 | $791.9M | $172.5M | ||
| Q2 24 | $-1.3B | $670.9M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $21.5M | ||
| Q3 25 | $-1.6B | $-726.5M | ||
| Q2 25 | $-186.3M | $381.2M | ||
| Q1 25 | $-368.8M | $-846.0M | ||
| Q4 24 | $-379.5M | $155.8M | ||
| Q3 24 | $772.8M | $-195.5M | ||
| Q2 24 | $-1.3B | $330.2M |
| Q1 26 | — | — | ||
| Q4 25 | -65.1% | 1.0% | ||
| Q3 25 | -475.7% | -24.7% | ||
| Q2 25 | -11.8% | 15.1% | ||
| Q1 25 | -37.9% | -39.8% | ||
| Q4 24 | -36.8% | 7.4% | ||
| Q3 24 | 29.3% | -7.0% | ||
| Q2 24 | -120.4% | 13.9% |
| Q1 26 | — | 16.3% | ||
| Q4 25 | 2.2% | 19.5% | ||
| Q3 25 | 7.0% | 32.8% | ||
| Q2 25 | 1.1% | 13.3% | ||
| Q1 25 | 1.7% | 71.7% | ||
| Q4 24 | 2.6% | 11.5% | ||
| Q3 24 | 0.7% | 13.1% | ||
| Q2 24 | 1.7% | 14.4% |
| Q1 26 | — | 7.75× | ||
| Q4 25 | -3.34× | 32.21× | ||
| Q3 25 | -1732.78× | 0.56× | ||
| Q2 25 | -0.53× | 23.83× | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 1.57× | ||
| Q3 24 | 1.33× | 0.36× | ||
| Q2 24 | -8.57× | 4.10× |
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% |
NCLH
| Passenger ticket | $1.5B | 66% |
| Onboard and other | $788.9M | 34% |
