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Side-by-side financial comparison of Carrier Global (CARR) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Carrier Global is the larger business by last-quarter revenue ($5.3B vs $4.5B, roughly 1.2× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 21.3% vs 5.0%, a 16.4% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (11.3% vs 2.4%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (4.1% CAGR vs -10.6%).
Carrier Global Corporation is an American multinational heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security equipment corporation based in Palm Beach Gardens, Florida. Carrier was founded in 1915 as an independent company manufacturing and distributing HVAC systems, and has since expanded to include manufacturing commercial refrigeration and food service equipment, and fire and security technologies.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
CARR vs RCL — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $4.5B |
| Net Profit | $265.0M | $950.0M |
| Gross Margin | — | — |
| Operating Margin | 4.8% | 26.1% |
| Net Margin | 5.0% | 21.3% |
| Revenue YoY | 2.4% | 11.3% |
| Net Profit YoY | -39.4% | 29.1% |
| EPS (diluted) | — | $3.48 |
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 | $5.3B | $4.5B | ||
| Q4 25 | $4.8B | $4.3B | ||
| Q3 25 | $5.6B | $5.1B | ||
| Q2 25 | $6.1B | $4.5B | ||
| Q1 25 | $5.2B | $4.0B | ||
| Q4 24 | $3.6B | $3.8B | ||
| Q3 24 | $6.0B | $4.9B | ||
| Q2 24 | $6.7B | $4.1B |
| Q1 26 | $265.0M | $950.0M | ||
| Q4 25 | $53.0M | $753.0M | ||
| Q3 25 | $428.0M | $1.6B | ||
| Q2 25 | $591.0M | $1.2B | ||
| Q1 25 | $412.0M | $730.0M | ||
| Q4 24 | $2.6B | $552.0M | ||
| Q3 24 | $447.0M | $1.1B | ||
| Q2 24 | $2.3B | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | 4.8% | 26.1% | ||
| Q4 25 | 2.1% | 21.9% | ||
| Q3 25 | 9.7% | 33.1% | ||
| Q2 25 | 14.8% | 29.3% | ||
| Q1 25 | 12.1% | 23.6% | ||
| Q4 24 | -63.6% | 16.6% | ||
| Q3 24 | 12.8% | 33.4% | ||
| Q2 24 | 55.2% | 26.7% |
| Q1 26 | 5.0% | 21.3% | ||
| Q4 25 | 1.1% | 17.7% | ||
| Q3 25 | 7.7% | 30.6% | ||
| Q2 25 | 9.7% | 26.7% | ||
| Q1 25 | 7.9% | 18.3% | ||
| Q4 24 | 70.3% | 14.7% | ||
| Q3 24 | 7.5% | 22.7% | ||
| Q2 24 | 34.9% | 20.8% |
| Q1 26 | — | $3.48 | ||
| Q4 25 | $0.07 | $2.76 | ||
| Q3 25 | $0.50 | $5.74 | ||
| Q2 25 | $0.68 | $4.41 | ||
| Q1 25 | $0.47 | $2.70 | ||
| Q4 24 | $2.82 | $2.27 | ||
| Q3 24 | $0.49 | $4.21 | ||
| Q2 24 | $2.55 | $3.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $512.0M |
| Total DebtLower is stronger | $10.4B | $21.1B |
| Stockholders' EquityBook value | $13.8B | $10.0B |
| Total Assets | $37.2B | $42.0B |
| Debt / EquityLower = less leverage | 0.76× | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.4B | $512.0M | ||
| Q4 25 | $1.6B | $825.0M | ||
| Q3 25 | $1.4B | $432.0M | ||
| Q2 25 | $1.8B | $735.0M | ||
| Q1 25 | $1.7B | $386.0M | ||
| Q4 24 | $4.0B | $388.0M | ||
| Q3 24 | $2.2B | $418.0M | ||
| Q2 24 | $2.9B | $391.0M |
| Q1 26 | $10.4B | $21.1B | ||
| Q4 25 | $11.4B | $18.2B | ||
| Q3 25 | $11.3B | $17.2B | ||
| Q2 25 | $11.3B | $17.6B | ||
| Q1 25 | $11.1B | $18.0B | ||
| Q4 24 | $11.0B | $18.5B | ||
| Q3 24 | $10.3B | $19.0B | ||
| Q2 24 | $11.3B | $19.8B |
| Q1 26 | $13.8B | $10.0B | ||
| Q4 25 | $14.1B | $10.0B | ||
| Q3 25 | $14.8B | $10.1B | ||
| Q2 25 | $15.0B | $9.2B | ||
| Q1 25 | $14.2B | $8.0B | ||
| Q4 24 | $14.4B | $7.6B | ||
| Q3 24 | $15.0B | $7.0B | ||
| Q2 24 | $14.1B | $6.0B |
| Q1 26 | $37.2B | $42.0B | ||
| Q4 25 | $37.2B | $41.6B | ||
| Q3 25 | $38.1B | $40.1B | ||
| Q2 25 | $38.5B | $38.5B | ||
| Q1 25 | $36.4B | $37.5B | ||
| Q4 24 | $37.4B | $37.1B | ||
| Q3 24 | $40.2B | $37.1B | ||
| Q2 24 | $40.4B | $37.0B |
| Q1 26 | 0.76× | 2.11× | ||
| Q4 25 | 0.80× | 1.81× | ||
| Q3 25 | 0.76× | 1.70× | ||
| Q2 25 | 0.76× | 1.92× | ||
| Q1 25 | 0.78× | 2.26× | ||
| Q4 24 | 0.77× | 2.44× | ||
| Q3 24 | 0.69× | 2.69× | ||
| Q2 24 | 0.80× | 3.29× |
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 | — | $1.8B |
| Free Cash FlowOCF − Capex | $-15.0M | — |
| FCF MarginFCF / Revenue | -0.3% | — |
| Capex IntensityCapex / Revenue | 1.8% | — |
| Cash ConversionOCF / Net Profit | — | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.0B | $1.6B | ||
| Q3 25 | $341.0M | $1.5B | ||
| Q2 25 | $649.0M | $1.7B | ||
| Q1 25 | $483.0M | $1.6B | ||
| Q4 24 | $132.0M | $1.5B | ||
| Q3 24 | $-269.0M | $897.0M | ||
| Q2 24 | $660.0M | $1.6B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $909.0M | $116.0M | ||
| Q3 25 | $224.0M | $-989.0M | ||
| Q2 25 | $568.0M | $910.0M | ||
| Q1 25 | $420.0M | $1.2B | ||
| Q4 24 | $-85.0M | $915.0M | ||
| Q3 24 | $-356.0M | $563.0M | ||
| Q2 24 | $549.0M | $-567.0M |
| Q1 26 | -0.3% | — | ||
| Q4 25 | 18.8% | 2.7% | ||
| Q3 25 | 4.0% | -19.2% | ||
| Q2 25 | 9.3% | 20.1% | ||
| Q1 25 | 8.0% | 30.0% | ||
| Q4 24 | -2.3% | 24.3% | ||
| Q3 24 | -5.9% | 11.5% | ||
| Q2 24 | 8.2% | -13.8% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.7% | 35.4% | ||
| Q3 25 | 2.1% | 47.8% | ||
| Q2 25 | 1.3% | 18.4% | ||
| Q1 25 | 1.2% | 10.7% | ||
| Q4 24 | 6.0% | 14.7% | ||
| Q3 24 | 1.5% | 6.8% | ||
| Q2 24 | 1.7% | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 19.62× | 2.16× | ||
| Q3 25 | 0.80× | 0.93× | ||
| Q2 25 | 1.10× | 1.44× | ||
| Q1 25 | 1.17× | 2.23× | ||
| Q4 24 | 0.05× | 2.66× | ||
| Q3 24 | -0.60× | 0.81× | ||
| Q2 24 | 0.28× | 1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CARR
| Product sales | $4.7B | 87% |
| Service sales | $674.0M | 13% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
