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Side-by-side financial comparison of CBRE Group (CBRE) and Carnival (CCL). Click either name above to swap in a different company.
CBRE Group is the larger business by last-quarter revenue ($11.5B vs $6.3B, roughly 1.8× Carnival). Carnival runs the higher net margin — 6.6% vs 3.6%, a 3.0% gap on every dollar of revenue. On growth, CBRE Group posted the faster year-over-year revenue change (12.3% vs 6.6%). CBRE Group produced more free cash flow last quarter ($1.1B vs $12.0M). Over the past eight quarters, CBRE Group's revenue compounded faster (21.1% CAGR vs 8.2%).
CBRE can refer to:Canadian Brotherhood of Railway Employees, a railway trade union in Canada Chemical, Biological, Radiological and Explosive Defence Group, a counter-terrorism unit in Singapore CBRE Group, a multinational real estate corporation Certified broadcast radio engineer, a professional title regulated by The Society of Broadcast Engineers
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.
CBRE vs CCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.5B | $6.3B |
| Net Profit | $416.0M | $421.0M |
| Gross Margin | 17.3% | — |
| Operating Margin | 5.4% | 11.6% |
| Net Margin | 3.6% | 6.6% |
| Revenue YoY | 12.3% | 6.6% |
| Net Profit YoY | -14.6% | 38.9% |
| EPS (diluted) | $1.38 | $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 | $11.5B | $6.3B | ||
| Q3 25 | $10.1B | $8.2B | ||
| Q2 25 | $9.6B | $6.3B | ||
| Q1 25 | $8.8B | $5.8B | ||
| Q4 24 | $10.2B | $5.9B | ||
| Q3 24 | $8.8B | $7.9B | ||
| Q2 24 | $8.2B | $5.8B | ||
| Q1 24 | $7.8B | $5.4B |
| Q4 25 | $416.0M | $421.0M | ||
| Q3 25 | $363.0M | $1.9B | ||
| Q2 25 | $215.0M | $565.0M | ||
| Q1 25 | $163.0M | $-78.0M | ||
| Q4 24 | $487.0M | $303.0M | ||
| Q3 24 | $225.0M | $1.7B | ||
| Q2 24 | $130.0M | $92.0M | ||
| Q1 24 | $126.0M | $-214.0M |
| Q4 25 | 17.3% | — | ||
| Q3 25 | 17.7% | 46.2% | ||
| Q2 25 | 17.1% | 38.6% | ||
| Q1 25 | 17.1% | 35.2% | ||
| Q4 24 | 18.7% | 35.5% | ||
| Q3 24 | 18.1% | 45.5% | ||
| Q2 24 | 17.6% | 34.3% | ||
| Q1 24 | 17.1% | 31.5% |
| Q4 25 | 5.4% | 11.6% | ||
| Q3 25 | 4.8% | 27.9% | ||
| Q2 25 | 3.9% | 14.8% | ||
| Q1 25 | 3.1% | 9.3% | ||
| Q4 24 | 5.8% | 9.4% | ||
| Q3 24 | 4.2% | 27.6% | ||
| Q2 24 | 3.0% | 9.7% | ||
| Q1 24 | 2.6% | 5.1% |
| Q4 25 | 3.6% | 6.6% | ||
| Q3 25 | 3.6% | 22.7% | ||
| Q2 25 | 2.2% | 8.9% | ||
| Q1 25 | 1.9% | -1.3% | ||
| Q4 24 | 4.8% | 5.1% | ||
| Q3 24 | 2.5% | 22.0% | ||
| Q2 24 | 1.6% | 1.6% | ||
| Q1 24 | 1.6% | -4.0% |
| Q4 25 | $1.38 | $0.33 | ||
| Q3 25 | $1.21 | $1.33 | ||
| Q2 25 | $0.72 | $0.42 | ||
| Q1 25 | $0.54 | $-0.06 | ||
| Q4 24 | $1.58 | $0.28 | ||
| Q3 24 | $0.73 | $1.26 | ||
| Q2 24 | $0.42 | $0.07 | ||
| Q1 24 | $0.41 | $-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 | $1.9B |
| Total DebtLower is stronger | — | $27.4B |
| Stockholders' EquityBook value | $8.9B | $12.3B |
| Total Assets | $30.9B | $51.7B |
| Debt / EquityLower = less leverage | — | 2.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $1.9B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.4B | $2.1B | ||
| Q1 25 | $1.4B | $833.0M | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $928.0M | $1.6B | ||
| Q1 24 | $1.0B | $2.2B |
| Q4 25 | — | $27.4B | ||
| Q3 25 | — | $27.2B | ||
| Q2 25 | — | $28.0B | ||
| Q1 25 | — | $27.7B | ||
| Q4 24 | — | $28.2B | ||
| Q3 24 | — | $29.6B | ||
| Q2 24 | — | $30.2B | ||
| Q1 24 | — | $31.6B |
| Q4 25 | $8.9B | $12.3B | ||
| Q3 25 | $8.5B | $11.9B | ||
| Q2 25 | $8.3B | $10.0B | ||
| Q1 25 | $8.3B | $9.2B | ||
| Q4 24 | $8.4B | $9.3B | ||
| Q3 24 | $8.7B | $8.6B | ||
| Q2 24 | $8.4B | $6.8B | ||
| Q1 24 | $8.3B | $6.7B |
| Q4 25 | $30.9B | $51.7B | ||
| Q3 25 | $28.6B | $50.8B | ||
| Q2 25 | $27.7B | $51.2B | ||
| Q1 25 | $26.4B | $48.5B | ||
| Q4 24 | $24.4B | $49.1B | ||
| Q3 24 | $24.8B | $49.8B | ||
| Q2 24 | $23.5B | $49.6B | ||
| Q1 24 | $23.0B | $49.8B |
| Q4 25 | — | 2.23× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | 3.45× | ||
| Q2 24 | — | 4.43× | ||
| Q1 24 | — | 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 | $1.2B | $1.5B |
| Free Cash FlowOCF − Capex | $1.1B | $12.0M |
| FCF MarginFCF / Revenue | 9.4% | 0.2% |
| Capex IntensityCapex / Revenue | 1.3% | 23.8% |
| Cash ConversionOCF / Net Profit | 2.94× | 3.61× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $827.0M | $1.4B | ||
| Q2 25 | $57.0M | $2.4B | ||
| Q1 25 | $-546.0M | $925.0M | ||
| Q4 24 | $1.3B | $911.0M | ||
| Q3 24 | $573.0M | $1.2B | ||
| Q2 24 | $287.0M | $2.0B | ||
| Q1 24 | $-492.0M | $1.8B |
| Q4 25 | $1.1B | $12.0M | ||
| Q3 25 | $743.0M | $736.0M | ||
| Q2 25 | $-17.0M | $1.5B | ||
| Q1 25 | $-610.0M | $318.0M | ||
| Q4 24 | $1.2B | $319.0M | ||
| Q3 24 | $494.0M | $628.0M | ||
| Q2 24 | $220.0M | $720.0M | ||
| Q1 24 | $-560.0M | $-370.0M |
| Q4 25 | 9.4% | 0.2% | ||
| Q3 25 | 7.4% | 9.0% | ||
| Q2 25 | -0.2% | 24.4% | ||
| Q1 25 | -7.0% | 5.5% | ||
| Q4 24 | 12.2% | 5.4% | ||
| Q3 24 | 5.6% | 8.0% | ||
| Q2 24 | 2.7% | 12.5% | ||
| Q1 24 | -7.2% | -6.8% |
| Q4 25 | 1.3% | 23.8% | ||
| Q3 25 | 0.8% | 7.9% | ||
| Q2 25 | 0.8% | 13.4% | ||
| Q1 25 | 0.7% | 10.4% | ||
| Q4 24 | 0.9% | 10.0% | ||
| Q3 24 | 0.9% | 7.3% | ||
| Q2 24 | 0.8% | 22.8% | ||
| Q1 24 | 0.9% | 39.5% |
| Q4 25 | 2.94× | 3.61× | ||
| Q3 25 | 2.28× | 0.75× | ||
| Q2 25 | 0.27× | 4.23× | ||
| Q1 25 | -3.35× | — | ||
| Q4 24 | 2.75× | 3.01× | ||
| Q3 24 | 2.55× | 0.69× | ||
| Q2 24 | 2.21× | 22.16× | ||
| Q1 24 | -3.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBRE
| Other | $5.8B | 51% |
| Project Management Segment | $2.2B | 19% |
| Advisory Leasing | $1.5B | 13% |
| Advisory Sales | $756.0M | 7% |
| Property Management | $695.0M | 6% |
| Investment Management Property Management Brokerage And Other Professional Services | $156.0M | 1% |
| Commercial Mortgage Origination | $95.0M | 1% |
| Other Portfolio Services | $87.0M | 1% |
| Loan Servicing | $73.0M | 1% |
| Real Estate Development Services | $60.0M | 1% |
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
