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Side-by-side financial comparison of Carlyle Group Inc. (CG) and Under Armour, Inc. (UAA). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.3B, roughly 1.4× Under Armour, Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs -32.4%, a 51.3% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs -5.2%). Under Armour, Inc. produced more free cash flow last quarter ($261.9M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs -0.2%).
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.
Under Armour, Inc. is an American sportswear company that manufactures footwear and apparel headquartered in Baltimore, Maryland, United States.
CG vs UAA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.3B |
| Net Profit | $358.1M | $-430.8M |
| Gross Margin | — | 44.4% |
| Operating Margin | 24.3% | -11.3% |
| Net Margin | 18.8% | -32.4% |
| Revenue YoY | 84.1% | -5.2% |
| Net Profit YoY | 69.8% | -35013.0% |
| EPS (diluted) | $0.96 | $-1.01 |
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 | $1.3B | ||
| Q3 25 | $332.7M | $1.3B | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $973.1M | $1.2B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $2.6B | $1.4B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $688.4M | $1.3B |
| Q4 25 | $358.1M | $-430.8M | ||
| Q3 25 | $900.0K | $-18.8M | ||
| Q2 25 | $319.7M | $-2.6M | ||
| Q1 25 | $130.0M | $-67.5M | ||
| Q4 24 | $210.9M | $1.2M | ||
| Q3 24 | $595.7M | $170.4M | ||
| Q2 24 | $148.2M | $-305.4M | ||
| Q1 24 | $65.6M | $6.6M |
| Q4 25 | — | 44.4% | ||
| Q3 25 | — | 47.3% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 49.8% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 45.0% |
| Q4 25 | 24.3% | -11.3% | ||
| Q3 25 | 25.8% | 1.3% | ||
| Q2 25 | 28.0% | 0.3% | ||
| Q1 25 | 17.6% | -6.1% | ||
| Q4 24 | 25.7% | 1.0% | ||
| Q3 24 | 29.9% | 12.4% | ||
| Q2 24 | 20.5% | -25.3% | ||
| Q1 24 | 17.5% | -0.3% |
| Q4 25 | 18.8% | -32.4% | ||
| Q3 25 | 0.3% | -1.4% | ||
| Q2 25 | 20.3% | -0.2% | ||
| Q1 25 | 13.4% | -5.7% | ||
| Q4 24 | 20.4% | 0.1% | ||
| Q3 24 | 22.6% | 12.2% | ||
| Q2 24 | 13.9% | -25.8% | ||
| Q1 24 | 9.5% | 0.5% |
| Q4 25 | $0.96 | $-1.01 | ||
| Q3 25 | $0.00 | $-0.04 | ||
| Q2 25 | $0.87 | $-0.01 | ||
| Q1 25 | $0.35 | $-0.16 | ||
| Q4 24 | $0.56 | $0.00 | ||
| Q3 24 | $1.63 | $0.39 | ||
| Q2 24 | $0.40 | $-0.70 | ||
| Q1 24 | $0.18 | $0.02 |
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 | $464.6M |
| Total DebtLower is stronger | — | $989.7M |
| Stockholders' EquityBook value | $7.1B | $1.4B |
| Total Assets | $29.1B | $4.6B |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $464.6M | ||
| Q3 25 | $2.2B | $396.0M | ||
| Q2 25 | $1.3B | $911.0M | ||
| Q1 25 | $1.2B | $501.4M | ||
| Q4 24 | $1.3B | $726.9M | ||
| Q3 24 | $1.4B | $530.7M | ||
| Q2 24 | $914.8M | $884.6M | ||
| Q1 24 | $1.3B | $858.7M |
| Q4 25 | — | $989.7M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $989.2M | ||
| Q1 25 | — | $595.1M | ||
| Q4 24 | — | $595.2M | ||
| Q3 24 | — | $594.6M | ||
| Q2 24 | — | $595.4M | ||
| Q1 24 | — | $675.8M |
| Q4 25 | $7.1B | $1.4B | ||
| Q3 25 | $6.8B | $1.9B | ||
| Q2 25 | $6.7B | $1.9B | ||
| Q1 25 | $6.4B | $1.9B | ||
| Q4 24 | $6.3B | $2.0B | ||
| Q3 24 | $6.3B | $2.0B | ||
| Q2 24 | $5.7B | $1.8B | ||
| Q1 24 | $5.7B | $2.2B |
| Q4 25 | $29.1B | $4.6B | ||
| Q3 25 | $27.1B | $4.9B | ||
| Q2 25 | $25.1B | $4.9B | ||
| Q1 25 | $24.1B | $4.3B | ||
| Q4 24 | $23.1B | $4.6B | ||
| Q3 24 | $22.7B | $4.5B | ||
| Q2 24 | $22.3B | $4.9B | ||
| Q1 24 | $20.8B | $4.8B |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.64× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 0.31× |
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 | $278.1M |
| Free Cash FlowOCF − Capex | $-1.2B | $261.9M |
| FCF MarginFCF / Revenue | -65.1% | 19.7% |
| Capex IntensityCapex / Revenue | 2.2% | 1.2% |
| Cash ConversionOCF / Net Profit | -3.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $-45.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $278.1M | ||
| Q3 25 | $-1.6B | $-69.8M | ||
| Q2 25 | $-168.8M | $48.9M | ||
| Q1 25 | $-352.1M | $-202.2M | ||
| Q4 24 | $-352.8M | $311.3M | ||
| Q3 24 | $791.9M | $-321.4M | ||
| Q2 24 | $-1.3B | $153.0M | ||
| Q1 24 | $71.1M | $-122.9M |
| Q4 25 | $-1.2B | $261.9M | ||
| Q3 25 | $-1.6B | $-90.3M | ||
| Q2 25 | $-186.3M | $13.5M | ||
| Q1 25 | $-368.8M | $-231.0M | ||
| Q4 24 | $-379.5M | $262.9M | ||
| Q3 24 | $772.8M | $-367.2M | ||
| Q2 24 | $-1.3B | $107.3M | ||
| Q1 24 | $56.9M | $-156.7M |
| Q4 25 | -65.1% | 19.7% | ||
| Q3 25 | -475.7% | -6.8% | ||
| Q2 25 | -11.8% | 1.2% | ||
| Q1 25 | -37.9% | -19.6% | ||
| Q4 24 | -36.8% | 18.8% | ||
| Q3 24 | 29.3% | -26.2% | ||
| Q2 24 | -120.4% | 9.1% | ||
| Q1 24 | 8.3% | -11.8% |
| Q4 25 | 2.2% | 1.2% | ||
| Q3 25 | 7.0% | 1.5% | ||
| Q2 25 | 1.1% | 3.1% | ||
| Q1 25 | 1.7% | 2.4% | ||
| Q4 24 | 2.6% | 3.5% | ||
| Q3 24 | 0.7% | 3.3% | ||
| Q2 24 | 1.7% | 3.9% | ||
| Q1 24 | 2.1% | 2.5% |
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 252.26× | ||
| Q3 24 | 1.33× | -1.89× | ||
| Q2 24 | -8.57× | — | ||
| Q1 24 | 1.08× | -18.71× |
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% |
UAA
| Apparel | $934.0M | 70% |
| Footwear | $265.1M | 20% |
| Accessories | $107.7M | 8% |
| License | $27.2M | 2% |
