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Side-by-side financial comparison of Carlyle Group Inc. (CG) and QVC INC (QVCD). Click either name above to swap in a different company.
QVC INC is the larger business by last-quarter revenue ($2.4B vs $1.9B, roughly 1.3× Carlyle Group Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs 1.5%, a 17.3% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs -8.9%). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 7.1%).
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.
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
CG vs QVCD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $2.4B |
| Net Profit | $358.1M | $37.0M |
| Gross Margin | — | 32.5% |
| Operating Margin | 24.3% | 5.6% |
| Net Margin | 18.8% | 1.5% |
| Revenue YoY | 84.1% | -8.9% |
| Net Profit YoY | 69.8% | 103.0% |
| EPS (diluted) | $0.96 | — |
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 | $2.4B | ||
| Q3 25 | $332.7M | $2.0B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $973.1M | $1.9B | ||
| Q4 24 | $1.0B | $2.7B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | $688.4M | $2.1B |
| Q4 25 | $358.1M | $37.0M | ||
| Q3 25 | $900.0K | $2.0M | ||
| Q2 25 | $319.7M | $-2.2B | ||
| Q1 25 | $130.0M | $-42.0M | ||
| Q4 24 | $210.9M | $-1.2B | ||
| Q3 24 | $595.7M | $51.0M | ||
| Q2 24 | $148.2M | $53.0M | ||
| Q1 24 | $65.6M | $51.0M |
| Q4 25 | — | 32.5% | ||
| Q3 25 | — | 33.6% | ||
| Q2 25 | — | 35.4% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | 32.6% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.6% | ||
| Q1 24 | — | 35.0% |
| Q4 25 | 24.3% | 5.6% | ||
| Q3 25 | 25.8% | 4.6% | ||
| Q2 25 | 28.0% | -114.5% | ||
| Q1 25 | 17.6% | 1.5% | ||
| Q4 24 | 25.7% | -47.1% | ||
| Q3 24 | 29.9% | 7.8% | ||
| Q2 24 | 20.5% | 7.6% | ||
| Q1 24 | 17.5% | 7.4% |
| Q4 25 | 18.8% | 1.5% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 20.3% | -109.1% | ||
| Q1 25 | 13.4% | -2.2% | ||
| Q4 24 | 20.4% | -46.0% | ||
| Q3 24 | 22.6% | 2.4% | ||
| Q2 24 | 13.9% | 2.5% | ||
| Q1 24 | 9.5% | 2.4% |
| Q4 25 | $0.96 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $0.87 | — | ||
| Q1 25 | $0.35 | — | ||
| Q4 24 | $0.56 | — | ||
| Q3 24 | $1.63 | — | ||
| Q2 24 | $0.40 | — | ||
| Q1 24 | $0.18 | — |
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 | $1.5B |
| Total DebtLower is stronger | — | $1.0M |
| Stockholders' EquityBook value | $7.1B | $1.2B |
| Total Assets | $29.1B | $8.5B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $297.0M | ||
| Q3 24 | $1.4B | $297.0M | ||
| Q2 24 | $914.8M | $315.0M | ||
| Q1 24 | $1.3B | $311.0M |
| Q4 25 | — | $1.0M | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.7B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | $7.1B | $1.2B | ||
| Q3 25 | $6.8B | $1.2B | ||
| Q2 25 | $6.7B | $1.2B | ||
| Q1 25 | $6.4B | $3.3B | ||
| Q4 24 | $6.3B | $3.3B | ||
| Q3 24 | $6.3B | $4.6B | ||
| Q2 24 | $5.7B | $4.3B | ||
| Q1 24 | $5.7B | $4.2B |
| Q4 25 | $29.1B | $8.5B | ||
| Q3 25 | $27.1B | $8.3B | ||
| Q2 25 | $25.1B | $7.4B | ||
| Q1 25 | $24.1B | $9.7B | ||
| Q4 24 | $23.1B | $9.9B | ||
| Q3 24 | $22.7B | $9.9B | ||
| Q2 24 | $22.3B | $11.2B | ||
| Q1 24 | $20.8B | $11.4B |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.89× |
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 | $245.0M |
| Free Cash FlowOCF − Capex | $-1.2B | — |
| FCF MarginFCF / Revenue | -65.1% | — |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | -3.34× | 6.62× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $245.0M | ||
| Q3 25 | $-1.6B | $76.0M | ||
| Q2 25 | $-168.8M | $52.0M | ||
| Q1 25 | $-352.1M | $46.0M | ||
| Q4 24 | $-352.8M | $189.0M | ||
| Q3 24 | $791.9M | $98.0M | ||
| Q2 24 | $-1.3B | $164.0M | ||
| Q1 24 | $71.1M | $84.0M |
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-1.6B | — | ||
| Q2 25 | $-186.3M | — | ||
| Q1 25 | $-368.8M | — | ||
| Q4 24 | $-379.5M | — | ||
| Q3 24 | $772.8M | — | ||
| Q2 24 | $-1.3B | — | ||
| Q1 24 | $56.9M | — |
| Q4 25 | -65.1% | — | ||
| Q3 25 | -475.7% | — | ||
| Q2 25 | -11.8% | — | ||
| Q1 25 | -37.9% | — | ||
| Q4 24 | -36.8% | — | ||
| Q3 24 | 29.3% | — | ||
| Q2 24 | -120.4% | — | ||
| Q1 24 | 8.3% | — |
| Q4 25 | 2.2% | — | ||
| Q3 25 | 7.0% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 2.1% | — |
| Q4 25 | -3.34× | 6.62× | ||
| Q3 25 | -1732.78× | 38.00× | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 1.92× | ||
| Q2 24 | -8.57× | 3.09× | ||
| Q1 24 | 1.08× | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
