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Side-by-side financial comparison of Carlyle Group Inc. (CG) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.2B, roughly 1.5× MARRIOTT VACATIONS WORLDWIDE Corp). Carlyle Group Inc. runs the higher net margin — 18.8% vs -35.0%, a 53.8% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs -0.7%). MARRIOTT VACATIONS WORLDWIDE Corp produced more free cash flow last quarter ($-6.0M vs $-1.2B). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 5.2%).
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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
CG vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $358.1M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | — |
| Net Margin | 18.8% | -35.0% |
| Revenue YoY | 84.1% | -0.7% |
| Net Profit YoY | 69.8% | -962.0% |
| EPS (diluted) | $0.96 | $-12.00 |
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 | $1.2B | ||
| Q3 25 | $332.7M | $1.2B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $973.1M | $1.1B | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $2.6B | $1.2B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $1.1B |
| Q4 25 | $358.1M | $-431.0M | ||
| Q3 25 | $900.0K | $-2.0M | ||
| Q2 25 | $319.7M | $69.0M | ||
| Q1 25 | $130.0M | $56.0M | ||
| Q4 24 | $210.9M | $50.0M | ||
| Q3 24 | $595.7M | $84.0M | ||
| Q2 24 | $148.2M | $37.0M | ||
| Q1 24 | $65.6M | $47.0M |
| Q4 25 | 24.3% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 25.7% | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 20.5% | — | ||
| Q1 24 | 17.5% | — |
| Q4 25 | 18.8% | -35.0% | ||
| Q3 25 | 0.3% | -0.2% | ||
| Q2 25 | 20.3% | 6.0% | ||
| Q1 25 | 13.4% | 5.0% | ||
| Q4 24 | 20.4% | 4.0% | ||
| Q3 24 | 22.6% | 6.9% | ||
| Q2 24 | 13.9% | 3.5% | ||
| Q1 24 | 9.5% | 4.2% |
| Q4 25 | $0.96 | $-12.00 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $0.87 | $1.77 | ||
| Q1 25 | $0.35 | $1.46 | ||
| Q4 24 | $0.56 | $1.29 | ||
| Q3 24 | $1.63 | $2.12 | ||
| Q2 24 | $0.40 | $0.98 | ||
| Q1 24 | $0.18 | $1.22 |
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 | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $2.0B |
| Total Assets | $29.1B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $406.0M | ||
| Q3 25 | $2.2B | $474.0M | ||
| Q2 25 | $1.3B | $205.0M | ||
| Q1 25 | $1.2B | $196.0M | ||
| Q4 24 | $1.3B | $197.0M | ||
| Q3 24 | $1.4B | $197.0M | ||
| Q2 24 | $914.8M | $206.0M | ||
| Q1 24 | $1.3B | $237.0M |
| Q4 25 | $7.1B | $2.0B | ||
| Q3 25 | $6.8B | $2.5B | ||
| Q2 25 | $6.7B | $2.5B | ||
| Q1 25 | $6.4B | $2.4B | ||
| Q4 24 | $6.3B | $2.4B | ||
| Q3 24 | $6.3B | $2.4B | ||
| Q2 24 | $5.7B | $2.4B | ||
| Q1 24 | $5.7B | $2.4B |
| Q4 25 | $29.1B | $9.8B | ||
| Q3 25 | $27.1B | $10.1B | ||
| Q2 25 | $25.1B | $9.9B | ||
| Q1 25 | $24.1B | $9.9B | ||
| Q4 24 | $23.1B | $9.8B | ||
| Q3 24 | $22.7B | $9.7B | ||
| Q2 24 | $22.3B | $9.6B | ||
| Q1 24 | $20.8B | $9.9B |
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 | $6.0M |
| Free Cash FlowOCF − Capex | $-1.2B | $-6.0M |
| FCF MarginFCF / Revenue | -65.1% | -0.5% |
| Capex IntensityCapex / Revenue | 2.2% | 1.0% |
| Cash ConversionOCF / Net Profit | -3.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $6.0M | ||
| Q3 25 | $-1.6B | $62.0M | ||
| Q2 25 | $-168.8M | $-48.0M | ||
| Q1 25 | $-352.1M | $8.0M | ||
| Q4 24 | $-352.8M | $100.0M | ||
| Q3 24 | $791.9M | $72.0M | ||
| Q2 24 | $-1.3B | $30.0M | ||
| Q1 24 | $71.1M | $3.0M |
| Q4 25 | $-1.2B | $-6.0M | ||
| Q3 25 | $-1.6B | $51.0M | ||
| Q2 25 | $-186.3M | $-68.0M | ||
| Q1 25 | $-368.8M | $-6.0M | ||
| Q4 24 | $-379.5M | $86.0M | ||
| Q3 24 | $772.8M | $58.0M | ||
| Q2 24 | $-1.3B | $17.0M | ||
| Q1 24 | $56.9M | $-13.0M |
| Q4 25 | -65.1% | -0.5% | ||
| Q3 25 | -475.7% | 4.3% | ||
| Q2 25 | -11.8% | -5.9% | ||
| Q1 25 | -37.9% | -0.5% | ||
| Q4 24 | -36.8% | 6.9% | ||
| Q3 24 | 29.3% | 4.8% | ||
| Q2 24 | -120.4% | 1.6% | ||
| Q1 24 | 8.3% | -1.2% |
| Q4 25 | 2.2% | 1.0% | ||
| Q3 25 | 7.0% | 0.9% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 1.7% | 1.3% | ||
| Q4 24 | 2.6% | 1.1% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 1.7% | 1.2% | ||
| Q1 24 | 2.1% | 1.4% |
| Q4 25 | -3.34× | — | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | -0.70× | ||
| Q1 25 | -2.71× | 0.14× | ||
| Q4 24 | -1.67× | 2.00× | ||
| Q3 24 | 1.33× | 0.86× | ||
| Q2 24 | -8.57× | 0.81× | ||
| Q1 24 | 1.08× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
