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Side-by-side financial comparison of Carlyle Group Inc. (CG) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $586.5M, roughly 3.2× StepStone Group Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs -21.0%, a 39.9% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 73.0%). StepStone Group Inc. produced more free cash flow last quarter ($26.7M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 28.2%).
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.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
CG vs STEP — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $586.5M |
| Net Profit | $358.1M | $-123.5M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | -33.2% |
| Net Margin | 18.8% | -21.0% |
| Revenue YoY | 84.1% | 73.0% |
| Net Profit YoY | 69.8% | 35.7% |
| EPS (diluted) | $0.96 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $332.7M | $454.2M | ||
| Q2 25 | $1.6B | $364.3M | ||
| Q1 25 | $973.1M | $377.7M | ||
| Q4 24 | $1.0B | $339.0M | ||
| Q3 24 | $2.6B | $271.7M | ||
| Q2 24 | $1.1B | $186.4M | ||
| Q1 24 | $688.4M | $356.8M |
| Q4 25 | $358.1M | $-123.5M | ||
| Q3 25 | $900.0K | $-366.1M | ||
| Q2 25 | $319.7M | $-38.4M | ||
| Q1 25 | $130.0M | $-18.5M | ||
| Q4 24 | $210.9M | $-192.0M | ||
| Q3 24 | $595.7M | $17.6M | ||
| Q2 24 | $148.2M | $13.3M | ||
| Q1 24 | $65.6M | $30.8M |
| Q4 25 | 24.3% | -33.2% | ||
| Q3 25 | 25.8% | -148.8% | ||
| Q2 25 | 28.0% | -5.6% | ||
| Q1 25 | 17.6% | 2.6% | ||
| Q4 24 | 25.7% | -101.7% | ||
| Q3 24 | 29.9% | 21.3% | ||
| Q2 24 | 20.5% | 29.4% | ||
| Q1 24 | 17.5% | 26.5% |
| Q4 25 | 18.8% | -21.0% | ||
| Q3 25 | 0.3% | -80.6% | ||
| Q2 25 | 20.3% | -10.5% | ||
| Q1 25 | 13.4% | -4.9% | ||
| Q4 24 | 20.4% | -56.6% | ||
| Q3 24 | 22.6% | 6.5% | ||
| Q2 24 | 13.9% | 7.2% | ||
| Q1 24 | 9.5% | 8.6% |
| Q4 25 | $0.96 | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $0.87 | $-0.49 | ||
| Q1 25 | $0.35 | $-0.37 | ||
| Q4 24 | $0.56 | $-2.61 | ||
| Q3 24 | $1.63 | $0.26 | ||
| Q2 24 | $0.40 | $0.20 | ||
| Q1 24 | $0.18 | $0.47 |
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 | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $7.1B | $-378.8M |
| Total Assets | $29.1B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $914.8M | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $7.1B | $-378.8M | ||
| Q3 25 | $6.8B | $-233.5M | ||
| Q2 25 | $6.7B | $153.9M | ||
| Q1 25 | $6.4B | $179.4M | ||
| Q4 24 | $6.3B | $209.8M | ||
| Q3 24 | $6.3B | $397.5M | ||
| Q2 24 | $5.7B | $366.9M | ||
| Q1 24 | $5.7B | $324.5M |
| Q4 25 | $29.1B | $5.2B | ||
| Q3 25 | $27.1B | $5.3B | ||
| Q2 25 | $25.1B | $4.8B | ||
| Q1 25 | $24.1B | $4.6B | ||
| Q4 24 | $23.1B | $4.3B | ||
| Q3 24 | $22.7B | $4.0B | ||
| Q2 24 | $22.3B | $3.8B | ||
| Q1 24 | $20.8B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| Free Cash FlowOCF − Capex | $-1.2B | $26.7M |
| FCF MarginFCF / Revenue | -65.1% | 4.6% |
| Capex IntensityCapex / Revenue | 2.2% | 0.1% |
| Cash ConversionOCF / Net Profit | -3.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $27.2M | ||
| Q3 25 | $-1.6B | $16.2M | ||
| Q2 25 | $-168.8M | $46.3M | ||
| Q1 25 | $-352.1M | $-66.5M | ||
| Q4 24 | $-352.8M | $27.6M | ||
| Q3 24 | $791.9M | $53.7M | ||
| Q2 24 | $-1.3B | $50.2M | ||
| Q1 24 | $71.1M | $7.6M |
| Q4 25 | $-1.2B | $26.7M | ||
| Q3 25 | $-1.6B | $15.9M | ||
| Q2 25 | $-186.3M | $45.2M | ||
| Q1 25 | $-368.8M | $-69.2M | ||
| Q4 24 | $-379.5M | $27.0M | ||
| Q3 24 | $772.8M | $52.4M | ||
| Q2 24 | $-1.3B | $49.6M | ||
| Q1 24 | $56.9M | $6.7M |
| Q4 25 | -65.1% | 4.6% | ||
| Q3 25 | -475.7% | 3.5% | ||
| Q2 25 | -11.8% | 12.4% | ||
| Q1 25 | -37.9% | -18.3% | ||
| Q4 24 | -36.8% | 8.0% | ||
| Q3 24 | 29.3% | 19.3% | ||
| Q2 24 | -120.4% | 26.6% | ||
| Q1 24 | 8.3% | 1.9% |
| Q4 25 | 2.2% | 0.1% | ||
| Q3 25 | 7.0% | 0.1% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.7% | ||
| Q4 24 | 2.6% | 0.2% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% | ||
| Q1 24 | 2.1% | 0.3% |
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | 3.05× | ||
| Q2 24 | -8.57× | 3.76× | ||
| Q1 24 | 1.08× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
