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Side-by-side financial comparison of Carlyle Group Inc. (CG) and WATSCO INC (WSO). Click either name above to swap in a different company.
Carlyle Group Inc. is the larger business by last-quarter revenue ($1.9B vs $1.5B, roughly 1.2× WATSCO INC). Carlyle Group Inc. runs the higher net margin — 18.8% vs 6.1%, a 12.8% gap on every dollar of revenue. On growth, Carlyle Group Inc. posted the faster year-over-year revenue change (84.1% vs 0.1%). Over the past eight quarters, Carlyle Group Inc.'s revenue compounded faster (66.2% CAGR vs -15.3%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
CG vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.9B | $1.5B |
| Net Profit | $358.1M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 24.3% | 7.2% |
| Net Margin | 18.8% | 6.1% |
| Revenue YoY | 84.1% | 0.1% |
| Net Profit YoY | 69.8% | -1.7% |
| EPS (diluted) | $0.96 | — |
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.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.9B | $1.6B | ||
| Q3 25 | $332.7M | $2.1B | ||
| Q2 25 | $1.6B | $2.1B | ||
| Q1 25 | $973.1M | $1.5B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $2.6B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $358.1M | $71.7M | ||
| Q3 25 | $900.0K | $161.6M | ||
| Q2 25 | $319.7M | $183.6M | ||
| Q1 25 | $130.0M | $80.1M | ||
| Q4 24 | $210.9M | $96.8M | ||
| Q3 24 | $595.7M | $171.0M | ||
| Q2 24 | $148.2M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 24.3% | 6.4% | ||
| Q3 25 | 25.8% | 11.4% | ||
| Q2 25 | 28.0% | 13.2% | ||
| Q1 25 | 17.6% | 7.3% | ||
| Q4 24 | 25.7% | 7.8% | ||
| Q3 24 | 29.9% | 11.6% | ||
| Q2 24 | 20.5% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 18.8% | 4.5% | ||
| Q3 25 | 0.3% | 7.8% | ||
| Q2 25 | 20.3% | 8.9% | ||
| Q1 25 | 13.4% | 5.2% | ||
| Q4 24 | 20.4% | 5.5% | ||
| Q3 24 | 22.6% | 7.9% | ||
| Q2 24 | 13.9% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.96 | $1.82 | ||
| Q3 25 | $0.00 | $3.98 | ||
| Q2 25 | $0.87 | $4.52 | ||
| Q1 25 | $0.35 | $1.93 | ||
| Q4 24 | $0.56 | $2.42 | ||
| Q3 24 | $1.63 | $4.22 | ||
| Q2 24 | $0.40 | $4.49 |
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 | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.1B | $3.2B |
| Total Assets | $29.1B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $2.0B | $733.3M | ||
| Q3 25 | $2.2B | $524.3M | ||
| Q2 25 | $1.3B | $293.0M | ||
| Q1 25 | $1.2B | $431.8M | ||
| Q4 24 | $1.3B | $781.9M | ||
| Q3 24 | $1.4B | $550.0M | ||
| Q2 24 | $914.8M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $7.1B | $2.8B | ||
| Q3 25 | $6.8B | $2.8B | ||
| Q2 25 | $6.7B | $2.8B | ||
| Q1 25 | $6.4B | $2.7B | ||
| Q4 24 | $6.3B | $2.7B | ||
| Q3 24 | $6.3B | $2.7B | ||
| Q2 24 | $5.7B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $29.1B | $4.4B | ||
| Q3 25 | $27.1B | $4.6B | ||
| Q2 25 | $25.1B | $4.7B | ||
| Q1 25 | $24.1B | $4.5B | ||
| Q4 24 | $23.1B | $4.5B | ||
| Q3 24 | $22.7B | $4.5B | ||
| Q2 24 | $22.3B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $399.8M | ||
| Q3 25 | $-1.6B | $354.9M | ||
| Q2 25 | $-168.8M | $-7.4M | ||
| Q1 25 | $-352.1M | $-177.6M | ||
| Q4 24 | $-352.8M | $378.9M | ||
| Q3 24 | $791.9M | $232.8M | ||
| Q2 24 | $-1.3B | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $388.5M | ||
| Q3 25 | $-1.6B | $346.1M | ||
| Q2 25 | $-186.3M | $-14.3M | ||
| Q1 25 | $-368.8M | $-185.2M | ||
| Q4 24 | $-379.5M | $370.9M | ||
| Q3 24 | $772.8M | $223.0M | ||
| Q2 24 | $-1.3B | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | -65.1% | 24.6% | ||
| Q3 25 | -475.7% | 16.7% | ||
| Q2 25 | -11.8% | -0.7% | ||
| Q1 25 | -37.9% | -12.1% | ||
| Q4 24 | -36.8% | 21.1% | ||
| Q3 24 | 29.3% | 10.3% | ||
| Q2 24 | -120.4% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 0.7% | ||
| Q3 25 | 7.0% | 0.4% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.7% | 0.5% | ||
| Q4 24 | 2.6% | 0.5% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 1.7% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | -3.34× | 5.57× | ||
| Q3 25 | -1732.78× | 2.20× | ||
| Q2 25 | -0.53× | -0.04× | ||
| Q1 25 | -2.71× | -2.22× | ||
| Q4 24 | -1.67× | 3.91× | ||
| Q3 24 | 1.33× | 1.36× | ||
| Q2 24 | -8.57× | 0.32× |
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% |
WSO
Segment breakdown not available.
