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Side-by-side financial comparison of Carlyle Group Inc. (CG) and TKO Group Holdings (TKO). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× TKO Group Holdings). Carlyle Group Inc. runs the higher net margin — 18.8% vs -0.2%, a 19.1% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 61.6%). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 28.4%).
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.
TKO Group Holdings, Inc. (TKO) is an American sports and sports entertainment company. Established on September 12, 2023, the public company was formed by a merger between Endeavor subsidiary Zuffa—the parent company of the Ultimate Fighting Championship (UFC), a mixed martial arts promotion—and the professional wrestling promotion World Wrestling Entertainment (WWE).
CG vs TKO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.0B |
| Net Profit | $358.1M | $-2.4M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 5.5% |
| Net Margin | 18.8% | -0.2% |
| Revenue YoY | 84.1% | 61.6% |
| Net Profit YoY | 69.8% | -107.7% |
| EPS (diluted) | $0.96 | $-0.07 |
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 | $1.0B | ||
| Q3 25 | $332.7M | $1.1B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $973.1M | $1.3B | ||
| Q4 24 | $1.0B | $642.2M | ||
| Q3 24 | $2.6B | $681.3M | ||
| Q2 24 | $1.1B | $851.2M | ||
| Q1 24 | $688.4M | $629.7M |
| Q4 25 | $358.1M | $-2.4M | ||
| Q3 25 | $900.0K | $41.0M | ||
| Q2 25 | $319.7M | $98.4M | ||
| Q1 25 | $130.0M | $58.4M | ||
| Q4 24 | $210.9M | $31.0M | ||
| Q3 24 | $595.7M | $23.1M | ||
| Q2 24 | $148.2M | $59.1M | ||
| Q1 24 | $65.6M | $-103.8M |
| Q4 25 | 24.3% | 5.5% | ||
| Q3 25 | 25.8% | 15.4% | ||
| Q2 25 | 28.0% | 28.1% | ||
| Q1 25 | 17.6% | 18.7% | ||
| Q4 24 | 25.7% | 15.9% | ||
| Q3 24 | 29.9% | 20.0% | ||
| Q2 24 | 20.5% | 30.0% | ||
| Q1 24 | 17.5% | -33.4% |
| Q4 25 | 18.8% | -0.2% | ||
| Q3 25 | 0.3% | 3.7% | ||
| Q2 25 | 20.3% | 7.5% | ||
| Q1 25 | 13.4% | 4.6% | ||
| Q4 24 | 20.4% | 4.8% | ||
| Q3 24 | 22.6% | 3.4% | ||
| Q2 24 | 13.9% | 6.9% | ||
| Q1 24 | 9.5% | -16.5% |
| Q4 25 | $0.96 | $-0.07 | ||
| Q3 25 | $0.00 | $0.47 | ||
| Q2 25 | $0.87 | $1.17 | ||
| Q1 25 | $0.35 | $0.69 | ||
| Q4 24 | $0.56 | $0.28 | ||
| Q3 24 | $1.63 | $0.28 | ||
| Q2 24 | $0.40 | $0.72 | ||
| Q1 24 | $0.18 | $-1.26 |
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 | $831.1M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $7.1B | $3.7B |
| Total Assets | $29.1B | $15.5B |
| Debt / EquityLower = less leverage | — | 1.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $831.1M | ||
| Q3 25 | $2.2B | $861.4M | ||
| Q2 25 | $1.3B | $535.1M | ||
| Q1 25 | $1.2B | $470.9M | ||
| Q4 24 | $1.3B | $525.6M | ||
| Q3 24 | $1.4B | $457.4M | ||
| Q2 24 | $914.8M | $277.5M | ||
| Q1 24 | $1.3B | $245.8M |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
| Q4 25 | $7.1B | $3.7B | ||
| Q3 25 | $6.8B | $3.8B | ||
| Q2 25 | $6.7B | $4.3B | ||
| Q1 25 | $6.4B | $4.2B | ||
| Q4 24 | $6.3B | $4.1B | ||
| Q3 24 | $6.3B | $4.0B | ||
| Q2 24 | $5.7B | $4.0B | ||
| Q1 24 | $5.7B | $4.0B |
| Q4 25 | $29.1B | $15.5B | ||
| Q3 25 | $27.1B | $15.5B | ||
| Q2 25 | $25.1B | $15.3B | ||
| Q1 25 | $24.1B | $15.0B | ||
| Q4 24 | $23.1B | $12.7B | ||
| Q3 24 | $22.7B | $12.8B | ||
| Q2 24 | $22.3B | $12.7B | ||
| Q1 24 | $20.8B | $12.7B |
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.68× |
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 | $309.9M |
| Free Cash FlowOCF − Capex | $-1.2B | — |
| FCF MarginFCF / Revenue | -65.1% | — |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | -3.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $309.9M | ||
| Q3 25 | $-1.6B | $416.8M | ||
| Q2 25 | $-168.8M | $396.2M | ||
| Q1 25 | $-352.1M | $162.8M | ||
| Q4 24 | $-352.8M | $56.8M | ||
| Q3 24 | $791.9M | $236.5M | ||
| Q2 24 | $-1.3B | $230.7M | ||
| Q1 24 | $71.1M | $59.3M |
| 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× | — | ||
| Q3 25 | -1732.78× | 10.16× | ||
| Q2 25 | -0.53× | 4.03× | ||
| Q1 25 | -2.71× | 2.79× | ||
| Q4 24 | -1.67× | 1.83× | ||
| Q3 24 | 1.33× | 10.22× | ||
| Q2 24 | -8.57× | 3.90× | ||
| 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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
