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Side-by-side financial comparison of Carlyle Group Inc. (CG) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $997.0M, roughly 1.9× Frontier Group Holdings, Inc.). Carlyle Group Inc. runs the higher net margin — 18.8% vs 5.3%, a 13.5% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs -0.5%). Frontier Group Holdings, Inc. produced more free cash flow last quarter ($-113.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
CG vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $997.0M |
| Net Profit | $358.1M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 4.9% |
| Net Margin | 18.8% | 5.3% |
| Revenue YoY | 84.1% | -0.5% |
| Net Profit YoY | 69.8% | -1.9% |
| EPS (diluted) | $0.96 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $332.7M | $886.0M | ||
| Q2 25 | $1.6B | $929.0M | ||
| Q1 25 | $973.1M | $912.0M | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $2.6B | $935.0M | ||
| Q2 24 | $1.1B | $973.0M | ||
| Q1 24 | $688.4M | $865.0M |
| Q4 25 | $358.1M | $53.0M | ||
| Q3 25 | $900.0K | $-77.0M | ||
| Q2 25 | $319.7M | $-70.0M | ||
| Q1 25 | $130.0M | $-43.0M | ||
| Q4 24 | $210.9M | $54.0M | ||
| Q3 24 | $595.7M | $26.0M | ||
| Q2 24 | $148.2M | $31.0M | ||
| Q1 24 | $65.6M | $-26.0M |
| Q4 25 | 24.3% | 4.9% | ||
| Q3 25 | 25.8% | -8.7% | ||
| Q2 25 | 28.0% | -8.1% | ||
| Q1 25 | 17.6% | -5.0% | ||
| Q4 24 | 25.7% | 4.5% | ||
| Q3 24 | 29.9% | 2.0% | ||
| Q2 24 | 20.5% | 2.6% | ||
| Q1 24 | 17.5% | -3.6% |
| Q4 25 | 18.8% | 5.3% | ||
| Q3 25 | 0.3% | -8.7% | ||
| Q2 25 | 20.3% | -7.5% | ||
| Q1 25 | 13.4% | -4.7% | ||
| Q4 24 | 20.4% | 5.4% | ||
| Q3 24 | 22.6% | 2.8% | ||
| Q2 24 | 13.9% | 3.2% | ||
| Q1 24 | 9.5% | -3.0% |
| Q4 25 | $0.96 | $0.24 | ||
| Q3 25 | $0.00 | $-0.34 | ||
| Q2 25 | $0.87 | $-0.31 | ||
| Q1 25 | $0.35 | $-0.19 | ||
| Q4 24 | $0.56 | $0.24 | ||
| Q3 24 | $1.63 | $0.11 | ||
| Q2 24 | $0.40 | $0.14 | ||
| Q1 24 | $0.18 | $-0.12 |
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 | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $7.1B | $491.0M |
| Total Assets | $29.1B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $671.0M | ||
| Q3 25 | $2.2B | $566.0M | ||
| Q2 25 | $1.3B | $563.0M | ||
| Q1 25 | $1.2B | $686.0M | ||
| Q4 24 | $1.3B | $740.0M | ||
| Q3 24 | $1.4B | $576.0M | ||
| Q2 24 | $914.8M | $658.0M | ||
| Q1 24 | $1.3B | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $7.1B | $491.0M | ||
| Q3 25 | $6.8B | $434.0M | ||
| Q2 25 | $6.7B | $506.0M | ||
| Q1 25 | $6.4B | $570.0M | ||
| Q4 24 | $6.3B | $604.0M | ||
| Q3 24 | $6.3B | $549.0M | ||
| Q2 24 | $5.7B | $520.0M | ||
| Q1 24 | $5.7B | $484.0M |
| Q4 25 | $29.1B | $7.2B | ||
| Q3 25 | $27.1B | $6.7B | ||
| Q2 25 | $25.1B | $6.5B | ||
| Q1 25 | $24.1B | $6.5B | ||
| Q4 24 | $23.1B | $6.2B | ||
| Q3 24 | $22.7B | $5.8B | ||
| Q2 24 | $22.3B | $5.7B | ||
| Q1 24 | $20.8B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $-113.0M |
| FCF MarginFCF / Revenue | -65.1% | -11.3% |
| Capex IntensityCapex / Revenue | 2.2% | 2.2% |
| Cash ConversionOCF / Net Profit | -3.34× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $-91.0M | ||
| Q3 25 | $-1.6B | $-215.0M | ||
| Q2 25 | $-168.8M | $-133.0M | ||
| Q1 25 | $-352.1M | $-86.0M | ||
| Q4 24 | $-352.8M | $87.0M | ||
| Q3 24 | $791.9M | $-156.0M | ||
| Q2 24 | $-1.3B | $9.0M | ||
| Q1 24 | $71.1M | $-22.0M |
| Q4 25 | $-1.2B | $-113.0M | ||
| Q3 25 | $-1.6B | $-217.0M | ||
| Q2 25 | $-186.3M | $-166.0M | ||
| Q1 25 | $-368.8M | $-104.0M | ||
| Q4 24 | $-379.5M | $73.0M | ||
| Q3 24 | $772.8M | $-170.0M | ||
| Q2 24 | $-1.3B | $-22.0M | ||
| Q1 24 | $56.9M | $-39.0M |
| Q4 25 | -65.1% | -11.3% | ||
| Q3 25 | -475.7% | -24.5% | ||
| Q2 25 | -11.8% | -17.9% | ||
| Q1 25 | -37.9% | -11.4% | ||
| Q4 24 | -36.8% | 7.3% | ||
| Q3 24 | 29.3% | -18.2% | ||
| Q2 24 | -120.4% | -2.3% | ||
| Q1 24 | 8.3% | -4.5% |
| Q4 25 | 2.2% | 2.2% | ||
| Q3 25 | 7.0% | 0.2% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 1.7% | 2.0% | ||
| Q4 24 | 2.6% | 1.4% | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | 1.7% | 3.2% | ||
| Q1 24 | 2.1% | 2.0% |
| Q4 25 | -3.34× | -1.72× | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | 1.61× | ||
| Q3 24 | 1.33× | -6.00× | ||
| Q2 24 | -8.57× | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
