vs
Side-by-side financial comparison of Carlyle Group Inc. (CG) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $1.9B, roughly 1.9× Carlyle Group Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs 18.8%, a 1.4% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 30.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 40.5%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CG vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $3.7B |
| Net Profit | $358.1M | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 24.3% | 17.2% |
| Net Margin | 18.8% | 20.2% |
| Revenue YoY | 84.1% | 30.6% |
| Net Profit YoY | 69.8% | -42.5% |
| EPS (diluted) | $0.96 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $332.7M | $2.8B | ||
| Q2 25 | $1.6B | $2.7B | ||
| Q1 25 | $973.1M | $2.4B | ||
| Q4 24 | $1.0B | $2.8B | ||
| Q3 24 | $2.6B | $2.2B | ||
| Q2 24 | $1.1B | $2.0B | ||
| Q1 24 | $688.4M | $1.9B |
| Q4 25 | $358.1M | $743.0M | ||
| Q3 25 | $900.0K | $264.0M | ||
| Q2 25 | $319.7M | $906.0M | ||
| Q1 25 | $130.0M | $-682.0M | ||
| Q4 24 | $210.9M | $1.3B | ||
| Q3 24 | $595.7M | $828.0M | ||
| Q2 24 | $148.2M | $171.0M | ||
| Q1 24 | $65.6M | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | 24.3% | 17.2% | ||
| Q3 25 | 25.8% | 12.1% | ||
| Q2 25 | 28.0% | 10.9% | ||
| Q1 25 | 17.6% | 8.6% | ||
| Q4 24 | 25.7% | 16.5% | ||
| Q3 24 | 29.9% | 13.1% | ||
| Q2 24 | 20.5% | 11.8% | ||
| Q1 24 | 17.5% | 4.6% |
| Q4 25 | 18.8% | 20.2% | ||
| Q3 25 | 0.3% | 9.3% | ||
| Q2 25 | 20.3% | 33.8% | ||
| Q1 25 | 13.4% | -28.9% | ||
| Q4 24 | 20.4% | 46.0% | ||
| Q3 24 | 22.6% | 38.3% | ||
| Q2 24 | 13.9% | 8.4% | ||
| Q1 24 | 9.5% | -14.7% |
| Q4 25 | $0.96 | $0.58 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $0.87 | $0.69 | ||
| Q1 25 | $0.35 | $-0.53 | ||
| Q4 24 | $0.56 | $0.99 | ||
| Q3 24 | $1.63 | $0.64 | ||
| Q2 24 | $0.40 | $0.13 | ||
| Q1 24 | $0.18 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $13.5B |
| Total Assets | $29.1B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $5.8B | ||
| Q3 25 | $2.2B | $6.3B | ||
| Q2 25 | $1.3B | $5.8B | ||
| Q1 25 | $1.2B | $5.5B | ||
| Q4 24 | $1.3B | $5.5B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $914.8M | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $7.1B | $13.5B | ||
| Q3 25 | $6.8B | $12.5B | ||
| Q2 25 | $6.7B | $12.1B | ||
| Q1 25 | $6.4B | $11.1B | ||
| Q4 24 | $6.3B | $11.6B | ||
| Q3 24 | $6.3B | $10.1B | ||
| Q2 24 | $5.7B | $9.2B | ||
| Q1 24 | $5.7B | $8.9B |
| Q4 25 | $29.1B | $15.2B | ||
| Q3 25 | $27.1B | $15.0B | ||
| Q2 25 | $25.1B | $14.6B | ||
| Q1 25 | $24.1B | $13.4B | ||
| Q4 24 | $23.1B | $13.9B | ||
| Q3 24 | $22.7B | — | ||
| Q2 24 | $22.3B | — | ||
| Q1 24 | $20.8B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $715.0M |
| FCF MarginFCF / Revenue | -65.1% | 19.5% |
| Capex IntensityCapex / Revenue | 2.2% | 0.3% |
| Cash ConversionOCF / Net Profit | -3.34× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $725.0M | ||
| Q3 25 | $-1.6B | $513.0M | ||
| Q2 25 | $-168.8M | $428.0M | ||
| Q1 25 | $-352.1M | $367.0M | ||
| Q4 24 | $-352.8M | $615.0M | ||
| Q3 24 | $791.9M | $423.0M | ||
| Q2 24 | $-1.3B | $340.0M | ||
| Q1 24 | $71.1M | $238.0M |
| Q4 25 | $-1.2B | $715.0M | ||
| Q3 25 | $-1.6B | $507.0M | ||
| Q2 25 | $-186.3M | $422.0M | ||
| Q1 25 | $-368.8M | $363.0M | ||
| Q4 24 | $-379.5M | $611.0M | ||
| Q3 24 | $772.8M | $421.0M | ||
| Q2 24 | $-1.3B | $333.0M | ||
| Q1 24 | $56.9M | $232.0M |
| Q4 25 | -65.1% | 19.5% | ||
| Q3 25 | -475.7% | 17.8% | ||
| Q2 25 | -11.8% | 15.7% | ||
| Q1 25 | -37.9% | 15.4% | ||
| Q4 24 | -36.8% | 21.7% | ||
| Q3 24 | 29.3% | 19.5% | ||
| Q2 24 | -120.4% | 16.3% | ||
| Q1 24 | 8.3% | 12.5% |
| Q4 25 | 2.2% | 0.3% | ||
| Q3 25 | 7.0% | 0.2% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 2.6% | 0.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
| Q4 25 | -3.34× | 0.98× | ||
| Q3 25 | -1732.78× | 1.94× | ||
| Q2 25 | -0.53× | 0.47× | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 0.48× | ||
| Q3 24 | 1.33× | 0.51× | ||
| Q2 24 | -8.57× | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
