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Side-by-side financial comparison of Carlyle Group Inc. (CG) and VIASAT INC (VSAT). 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 1.6× VIASAT INC). Carlyle Group Inc. runs the higher net margin — 18.8% vs 2.2%, a 16.7% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 3.0%). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs 0.3%).
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.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
CG vs VSAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.2B |
| Net Profit | $358.1M | $25.0M |
| Gross Margin | — | — |
| Operating Margin | 24.3% | 2.3% |
| Net Margin | 18.8% | 2.2% |
| Revenue YoY | 84.1% | 3.0% |
| Net Profit YoY | 69.8% | 115.8% |
| EPS (diluted) | $0.96 | $0.18 |
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 | $1.1B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $973.1M | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $2.6B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $688.4M | $1.2B |
| Q4 25 | $358.1M | $25.0M | ||
| Q3 25 | $900.0K | $-61.4M | ||
| Q2 25 | $319.7M | $-56.4M | ||
| Q1 25 | $130.0M | $-246.1M | ||
| Q4 24 | $210.9M | $-158.4M | ||
| Q3 24 | $595.7M | $-137.6M | ||
| Q2 24 | $148.2M | $-32.9M | ||
| Q1 24 | $65.6M | $-100.3M |
| Q4 25 | 24.3% | 2.3% | ||
| Q3 25 | 25.8% | 3.1% | ||
| Q2 25 | 28.0% | 4.0% | ||
| Q1 25 | 17.6% | -13.4% | ||
| Q4 24 | 25.7% | 1.9% | ||
| Q3 24 | 29.9% | -2.2% | ||
| Q2 24 | 20.5% | 5.3% | ||
| Q1 24 | 17.5% | 0.0% |
| Q4 25 | 18.8% | 2.2% | ||
| Q3 25 | 0.3% | -5.4% | ||
| Q2 25 | 20.3% | -4.8% | ||
| Q1 25 | 13.4% | -21.5% | ||
| Q4 24 | 20.4% | -14.1% | ||
| Q3 24 | 22.6% | -12.3% | ||
| Q2 24 | 13.9% | -2.9% | ||
| Q1 24 | 9.5% | -8.7% |
| Q4 25 | $0.96 | $0.18 | ||
| Q3 25 | $0.00 | $-0.45 | ||
| Q2 25 | $0.87 | $-0.43 | ||
| Q1 25 | $0.35 | $-1.92 | ||
| Q4 24 | $0.56 | $-1.23 | ||
| Q3 24 | $1.63 | $-1.07 | ||
| Q2 24 | $0.40 | $-0.26 | ||
| Q1 24 | $0.18 | $-1.14 |
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 | $1.3B |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $7.1B | $4.6B |
| Total Assets | $29.1B | $14.9B |
| Debt / EquityLower = less leverage | — | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.4B | $3.5B | ||
| Q2 24 | $914.8M | $1.8B | ||
| Q1 24 | $1.3B | $1.9B |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.1B |
| Q4 25 | $7.1B | $4.6B | ||
| Q3 25 | $6.8B | $4.5B | ||
| Q2 25 | $6.7B | $4.6B | ||
| Q1 25 | $6.4B | $4.6B | ||
| Q4 24 | $6.3B | $4.8B | ||
| Q3 24 | $6.3B | $4.9B | ||
| Q2 24 | $5.7B | $5.0B | ||
| Q1 24 | $5.7B | $5.0B |
| Q4 25 | $29.1B | $14.9B | ||
| Q3 25 | $27.1B | $14.8B | ||
| Q2 25 | $25.1B | $14.9B | ||
| Q1 25 | $24.1B | $15.4B | ||
| Q4 24 | $23.1B | $15.6B | ||
| Q3 24 | $22.7B | $17.8B | ||
| Q2 24 | $22.3B | $16.1B | ||
| Q1 24 | $20.8B | $16.3B |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 1.42× | ||
| Q1 24 | — | 1.42× |
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 | $726.9M |
| Free Cash FlowOCF − Capex | $-1.2B | — |
| FCF MarginFCF / Revenue | -65.1% | — |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | -3.34× | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-3.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2B | $726.9M | ||
| Q3 25 | $-1.6B | $282.2M | ||
| Q2 25 | $-168.8M | $258.5M | ||
| Q1 25 | $-352.1M | $298.4M | ||
| Q4 24 | $-352.8M | $219.5M | ||
| Q3 24 | $791.9M | $239.2M | ||
| Q2 24 | $-1.3B | $151.1M | ||
| Q1 24 | $71.1M | $232.0M |
| 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× | 29.11× | ||
| Q3 25 | -1732.78× | — | ||
| Q2 25 | -0.53× | — | ||
| Q1 25 | -2.71× | — | ||
| Q4 24 | -1.67× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | -8.57× | — | ||
| 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% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
