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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Carnival (CCL). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $6.3B, roughly 1.3× Carnival). Carnival runs the higher net margin — 6.6% vs 6.4%, a 0.2% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 6.6%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 8.2%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
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.
ATHS vs CCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $6.3B |
| Net Profit | $523.0M | $421.0M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 11.6% |
| Net Margin | 6.4% | 6.6% |
| Revenue YoY | 115.1% | 6.6% |
| Net Profit YoY | -48.5% | 38.9% |
| EPS (diluted) | — | $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 | $8.1B | $6.3B | ||
| Q3 25 | $8.0B | $8.2B | ||
| Q2 25 | $5.4B | $6.3B | ||
| Q1 25 | $4.2B | $5.8B | ||
| Q4 24 | $3.8B | $5.9B | ||
| Q3 24 | $6.5B | $7.9B | ||
| Q2 24 | $4.7B | $5.8B | ||
| Q1 24 | $5.7B | $5.4B |
| Q4 25 | $523.0M | $421.0M | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $464.0M | $565.0M | ||
| Q1 25 | $465.0M | $-78.0M | ||
| Q4 24 | $1.0B | $303.0M | ||
| Q3 24 | $625.0M | $1.7B | ||
| Q2 24 | $629.0M | $92.0M | ||
| Q1 24 | $1.2B | $-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 | 16.9% | 11.6% | ||
| Q3 25 | 26.8% | 27.9% | ||
| Q2 25 | 12.2% | 14.8% | ||
| Q1 25 | 22.3% | 9.3% | ||
| Q4 24 | 30.4% | 9.4% | ||
| Q3 24 | 25.7% | 27.6% | ||
| Q2 24 | 22.0% | 9.7% | ||
| Q1 24 | 31.1% | 5.1% |
| Q4 25 | 6.4% | 6.6% | ||
| Q3 25 | 15.7% | 22.7% | ||
| Q2 25 | 8.7% | 8.9% | ||
| Q1 25 | 11.1% | -1.3% | ||
| Q4 24 | 26.8% | 5.1% | ||
| Q3 24 | 9.6% | 22.0% | ||
| Q2 24 | 13.5% | 1.6% | ||
| Q1 24 | 20.8% | -4.0% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $1.33 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $-0.06 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $1.26 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | — | $-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 | $7.8B | $27.4B |
| Stockholders' EquityBook value | $20.5B | $12.3B |
| Total Assets | $442.2B | $51.7B |
| Debt / EquityLower = less leverage | 0.38× | 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 | $15.3B | $2.2B |
| Q4 25 | $7.8B | $27.4B | ||
| Q3 25 | $7.9B | $27.2B | ||
| Q2 25 | $7.9B | $28.0B | ||
| Q1 25 | $6.3B | $27.7B | ||
| Q4 24 | $6.3B | $28.2B | ||
| Q3 24 | $5.7B | $29.6B | ||
| Q2 24 | $5.7B | $30.2B | ||
| Q1 24 | $5.7B | $31.6B |
| Q4 25 | $20.5B | $12.3B | ||
| Q3 25 | $20.4B | $11.9B | ||
| Q2 25 | $18.1B | $10.0B | ||
| Q1 25 | $17.5B | $9.2B | ||
| Q4 24 | $16.4B | $9.3B | ||
| Q3 24 | $17.4B | $8.6B | ||
| Q2 24 | $15.0B | $6.8B | ||
| Q1 24 | $14.8B | $6.7B |
| Q4 25 | $442.2B | $51.7B | ||
| Q3 25 | $429.9B | $50.8B | ||
| Q2 25 | $405.3B | $51.2B | ||
| Q1 25 | $381.5B | $48.5B | ||
| Q4 24 | $363.3B | $49.1B | ||
| Q3 24 | $355.0B | $49.8B | ||
| Q2 24 | $332.6B | $49.6B | ||
| Q1 24 | $320.6B | $49.8B |
| Q4 25 | 0.38× | 2.23× | ||
| Q3 25 | 0.38× | 2.28× | ||
| Q2 25 | 0.43× | 2.79× | ||
| Q1 25 | 0.36× | 3.02× | ||
| Q4 24 | 0.39× | 3.05× | ||
| Q3 24 | 0.33× | 3.45× | ||
| Q2 24 | 0.38× | 4.43× | ||
| Q1 24 | 0.39× | 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 | $3.0B | $1.5B |
| Free Cash FlowOCF − Capex | — | $12.0M |
| FCF MarginFCF / Revenue | — | 0.2% |
| Capex IntensityCapex / Revenue | — | 23.8% |
| Cash ConversionOCF / Net Profit | 5.82× | 3.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $636.0M | $1.4B | ||
| Q2 25 | $1.1B | $2.4B | ||
| Q1 25 | $426.0M | $925.0M | ||
| Q4 24 | $386.0M | $911.0M | ||
| Q3 24 | $780.0M | $1.2B | ||
| Q2 24 | $525.0M | $2.0B | ||
| Q1 24 | $185.0M | $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 | 5.82× | 3.61× | ||
| Q3 25 | 0.51× | 0.75× | ||
| Q2 25 | 2.28× | 4.23× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 0.38× | 3.01× | ||
| Q3 24 | 1.25× | 0.69× | ||
| Q2 24 | 0.83× | 22.16× | ||
| Q1 24 | 0.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
