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Side-by-side financial comparison of Apollo Global Management (APO) and Carnival (CCL). Click either name above to swap in a different company.
Apollo Global Management is the larger business by last-quarter revenue ($9.9B vs $6.3B, roughly 1.6× Carnival). Apollo Global Management runs the higher net margin — 6.9% vs 6.6%, a 0.3% gap on every dollar of revenue. On growth, Apollo Global Management posted the faster year-over-year revenue change (86.7% vs 6.6%). Over the past eight quarters, Apollo Global Management's revenue compounded faster (18.4% CAGR vs 8.2%).
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. As of 2025, the company had $840 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of p...
CarnivalCCLEarnings & Financial Report
Carnival is the world's largest leisure travel group specializing in cruise operations. It owns multiple globally recognized cruise brands, serving millions of passengers yearly, offering all-inclusive vacation experiences covering accommodation, catering, entertainment, and shore excursions across global popular destinations.
APO vs CCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $6.3B |
| Net Profit | $684.0M | $421.0M |
| Gross Margin | — | — |
| Operating Margin | 17.8% | 11.6% |
| Net Margin | 6.9% | 6.6% |
| Revenue YoY | 86.7% | 6.6% |
| Net Profit YoY | -54.0% | 38.9% |
| EPS (diluted) | $1.09 | $0.33 |
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 | $9.9B | $6.3B | ||
| Q3 25 | $9.8B | $8.2B | ||
| Q2 25 | $6.8B | $6.3B | ||
| Q1 25 | $5.5B | $5.8B | ||
| Q4 24 | $5.3B | $5.9B | ||
| Q3 24 | $7.8B | $7.9B | ||
| Q2 24 | $6.0B | $5.8B | ||
| Q1 24 | $7.0B | $5.4B |
| Q4 25 | $684.0M | $421.0M | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $630.0M | $565.0M | ||
| Q1 25 | $442.0M | $-78.0M | ||
| Q4 24 | $1.5B | $303.0M | ||
| Q3 24 | $811.0M | $1.7B | ||
| Q2 24 | $853.0M | $92.0M | ||
| Q1 24 | $1.4B | $-214.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.2% | ||
| Q2 25 | — | 38.6% | ||
| Q1 25 | — | 35.2% | ||
| Q4 24 | — | 35.5% | ||
| Q3 24 | — | 45.5% | ||
| Q2 24 | — | 34.3% | ||
| Q1 24 | — | 31.5% |
| Q4 25 | 17.8% | 11.6% | ||
| Q3 25 | 29.5% | 27.9% | ||
| Q2 25 | 12.4% | 14.8% | ||
| Q1 25 | 21.3% | 9.3% | ||
| Q4 24 | 32.6% | 9.4% | ||
| Q3 24 | 26.8% | 27.6% | ||
| Q2 24 | 23.9% | 9.7% | ||
| Q1 24 | 31.1% | 5.1% |
| Q4 25 | 6.9% | 6.6% | ||
| Q3 25 | 17.7% | 22.7% | ||
| Q2 25 | 9.2% | 8.9% | ||
| Q1 25 | 8.0% | -1.3% | ||
| Q4 24 | 28.1% | 5.1% | ||
| Q3 24 | 10.4% | 22.0% | ||
| Q2 24 | 14.2% | 1.6% | ||
| Q1 24 | 20.3% | -4.0% |
| Q4 25 | $1.09 | $0.33 | ||
| Q3 25 | $2.78 | $1.33 | ||
| Q2 25 | $0.99 | $0.42 | ||
| Q1 25 | $0.68 | $-0.06 | ||
| Q4 24 | $2.41 | $0.28 | ||
| Q3 24 | $1.29 | $1.26 | ||
| Q2 24 | $1.35 | $0.07 | ||
| Q1 24 | $2.28 | $-0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.9B |
| Total DebtLower is stronger | $13.4B | $27.4B |
| Stockholders' EquityBook value | $23.3B | $12.3B |
| Total Assets | $460.9B | $51.7B |
| Debt / EquityLower = less leverage | 0.57× | 2.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $833.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | $13.4B | $27.4B | ||
| Q3 25 | $12.6B | $27.2B | ||
| Q2 25 | $12.1B | $28.0B | ||
| Q1 25 | $10.6B | $27.7B | ||
| Q4 24 | $10.6B | $28.2B | ||
| Q3 24 | $9.8B | $29.6B | ||
| Q2 24 | $9.8B | $30.2B | ||
| Q1 24 | $9.6B | $31.6B |
| Q4 25 | $23.3B | $12.3B | ||
| Q3 25 | $23.1B | $11.9B | ||
| Q2 25 | $19.3B | $10.0B | ||
| Q1 25 | $18.0B | $9.2B | ||
| Q4 24 | $17.3B | $9.3B | ||
| Q3 24 | $17.9B | $8.6B | ||
| Q2 24 | $15.3B | $6.8B | ||
| Q1 24 | $14.8B | $6.7B |
| Q4 25 | $460.9B | $51.7B | ||
| Q3 25 | $449.5B | $50.8B | ||
| Q2 25 | $419.6B | $51.2B | ||
| Q1 25 | $395.0B | $48.5B | ||
| Q4 24 | $377.9B | $49.1B | ||
| Q3 24 | $368.7B | $49.8B | ||
| Q2 24 | $346.5B | $49.6B | ||
| Q1 24 | $334.1B | $49.8B |
| Q4 25 | 0.57× | 2.23× | ||
| Q3 25 | 0.55× | 2.28× | ||
| Q2 25 | 0.63× | 2.79× | ||
| Q1 25 | 0.59× | 3.02× | ||
| Q4 24 | 0.61× | 3.05× | ||
| Q3 24 | 0.55× | 3.45× | ||
| Q2 24 | 0.64× | 4.43× | ||
| Q1 24 | 0.65× | 4.72× |
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 | $4.7B | $1.5B |
| Free Cash FlowOCF − Capex | — | $12.0M |
| FCF MarginFCF / Revenue | — | 0.2% |
| Capex IntensityCapex / Revenue | — | 23.8% |
| Cash ConversionOCF / Net Profit | 6.83× | 3.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7B | $1.5B | ||
| Q3 25 | $303.0M | $1.4B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.0B | $925.0M | ||
| Q4 24 | $-4.0M | $911.0M | ||
| Q3 24 | $1.9B | $1.2B | ||
| Q2 24 | $1.3B | $2.0B | ||
| Q1 24 | $70.0M | $1.8B |
| Q4 25 | — | $12.0M | ||
| Q3 25 | — | $736.0M | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $318.0M | ||
| Q4 24 | — | $319.0M | ||
| Q3 24 | — | $628.0M | ||
| Q2 24 | — | $720.0M | ||
| Q1 24 | — | $-370.0M |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 24.4% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | -6.8% |
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 39.5% |
| Q4 25 | 6.83× | 3.61× | ||
| Q3 25 | 0.17× | 0.75× | ||
| Q2 25 | 2.00× | 4.23× | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | -0.00× | 3.01× | ||
| Q3 24 | 2.29× | 0.69× | ||
| Q2 24 | 1.56× | 22.16× | ||
| Q1 24 | 0.05× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APO
| Retirement Services Segment | $8.5B | 86% |
| Asset Management1 | $681.0M | 7% |
| Principal Investing Segment | $624.0M | 6% |
| Management Service Incentive | $96.0M | 1% |
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
