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Side-by-side financial comparison of Carnival (CCL) and Eaton Corporation (ETN). Click either name above to swap in a different company.
Eaton Corporation is the larger business by last-quarter revenue ($7.1B vs $6.3B, roughly 1.1× Carnival). Eaton Corporation runs the higher net margin — 16.0% vs 6.6%, a 9.4% gap on every dollar of revenue. On growth, Eaton Corporation posted the faster year-over-year revenue change (13.1% vs 6.6%). Eaton Corporation produced more free cash flow last quarter ($1.6B vs $12.0M). Over the past eight quarters, Eaton Corporation's revenue compounded faster (9.0% CAGR vs 8.2%).
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.
Eaton Corporation plc is an Irish multinational power management company, with a primary administrative center in Beachwood, Ohio. Eaton has more than 85,000 employees and sells products to customers in more than 175 countries.
CCL vs ETN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $7.1B |
| Net Profit | $421.0M | $1.1B |
| Gross Margin | — | 36.8% |
| Operating Margin | 11.6% | 18.3% |
| Net Margin | 6.6% | 16.0% |
| Revenue YoY | 6.6% | 13.1% |
| Net Profit YoY | 38.9% | 16.5% |
| EPS (diluted) | $0.33 | $2.90 |
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 | $6.3B | $7.1B | ||
| Q3 25 | $8.2B | $7.0B | ||
| Q2 25 | $6.3B | $7.0B | ||
| Q1 25 | $5.8B | $6.4B | ||
| Q4 24 | $5.9B | $6.2B | ||
| Q3 24 | $7.9B | $6.3B | ||
| Q2 24 | $5.8B | $6.3B | ||
| Q1 24 | $5.4B | $5.9B |
| Q4 25 | $421.0M | $1.1B | ||
| Q3 25 | $1.9B | $1.0B | ||
| Q2 25 | $565.0M | $982.0M | ||
| Q1 25 | $-78.0M | $964.0M | ||
| Q4 24 | $303.0M | $971.0M | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $92.0M | $993.0M | ||
| Q1 24 | $-214.0M | $821.0M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | 46.2% | 38.3% | ||
| Q2 25 | 38.6% | 37.0% | ||
| Q1 25 | 35.2% | 38.4% | ||
| Q4 24 | 35.5% | 38.9% | ||
| Q3 24 | 45.5% | 38.6% | ||
| Q2 24 | 34.3% | 38.0% | ||
| Q1 24 | 31.5% | 37.3% |
| Q4 25 | 11.6% | 18.3% | ||
| Q3 25 | 27.9% | 18.2% | ||
| Q2 25 | 14.8% | 16.9% | ||
| Q1 25 | 9.3% | 18.5% | ||
| Q4 24 | 9.4% | 18.7% | ||
| Q3 24 | 27.6% | 19.0% | ||
| Q2 24 | 9.7% | 18.8% | ||
| Q1 24 | 5.1% | 16.8% |
| Q4 25 | 6.6% | 16.0% | ||
| Q3 25 | 22.7% | 14.5% | ||
| Q2 25 | 8.9% | 14.0% | ||
| Q1 25 | -1.3% | 15.1% | ||
| Q4 24 | 5.1% | 15.6% | ||
| Q3 24 | 22.0% | 15.9% | ||
| Q2 24 | 1.6% | 15.6% | ||
| Q1 24 | -4.0% | 13.8% |
| Q4 25 | $0.33 | $2.90 | ||
| Q3 25 | $1.33 | $2.59 | ||
| Q2 25 | $0.42 | $2.51 | ||
| Q1 25 | $-0.06 | $2.45 | ||
| Q4 24 | $0.28 | $2.45 | ||
| Q3 24 | $1.26 | $2.53 | ||
| Q2 24 | $0.07 | $2.48 | ||
| Q1 24 | $-0.17 | $2.04 |
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 | $803.0M |
| Total DebtLower is stronger | $27.4B | $8.8B |
| Stockholders' EquityBook value | $12.3B | $19.4B |
| Total Assets | $51.7B | $41.3B |
| Debt / EquityLower = less leverage | 2.23× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $803.0M | ||
| Q3 25 | $1.8B | $565.0M | ||
| Q2 25 | $2.1B | $584.0M | ||
| Q1 25 | $833.0M | $1.9B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.5B | $2.0B | ||
| Q2 24 | $1.6B | $2.8B | ||
| Q1 24 | $2.2B | $2.4B |
| Q4 25 | $27.4B | $8.8B | ||
| Q3 25 | $27.2B | $8.8B | ||
| Q2 25 | $28.0B | $8.8B | ||
| Q1 25 | $27.7B | $7.6B | ||
| Q4 24 | $28.2B | $8.5B | ||
| Q3 24 | $29.6B | $8.7B | ||
| Q2 24 | $30.2B | $8.6B | ||
| Q1 24 | $31.6B | $8.2B |
| Q4 25 | $12.3B | $19.4B | ||
| Q3 25 | $11.9B | $18.8B | ||
| Q2 25 | $10.0B | $18.6B | ||
| Q1 25 | $9.2B | $18.5B | ||
| Q4 24 | $9.3B | $18.5B | ||
| Q3 24 | $8.6B | $19.1B | ||
| Q2 24 | $6.8B | $19.2B | ||
| Q1 24 | $6.7B | $19.3B |
| Q4 25 | $51.7B | $41.3B | ||
| Q3 25 | $50.8B | $40.6B | ||
| Q2 25 | $51.2B | $40.5B | ||
| Q1 25 | $48.5B | $39.2B | ||
| Q4 24 | $49.1B | $38.4B | ||
| Q3 24 | $49.8B | $39.2B | ||
| Q2 24 | $49.6B | $39.4B | ||
| Q1 24 | $49.8B | $38.5B |
| Q4 25 | 2.23× | 0.45× | ||
| Q3 25 | 2.28× | 0.46× | ||
| Q2 25 | 2.79× | 0.47× | ||
| Q1 25 | 3.02× | 0.41× | ||
| Q4 24 | 3.05× | 0.46× | ||
| Q3 24 | 3.45× | 0.45× | ||
| Q2 24 | 4.43× | 0.45× | ||
| Q1 24 | 4.72× | 0.42× |
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 | $1.5B | $2.0B |
| Free Cash FlowOCF − Capex | $12.0M | $1.6B |
| FCF MarginFCF / Revenue | 0.2% | 22.3% |
| Capex IntensityCapex / Revenue | 23.8% | 5.6% |
| Cash ConversionOCF / Net Profit | 3.61× | 1.74× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $3.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $2.4B | $918.0M | ||
| Q1 25 | $925.0M | $238.0M | ||
| Q4 24 | $911.0M | $1.6B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $2.0B | $946.0M | ||
| Q1 24 | $1.8B | $475.0M |
| Q4 25 | $12.0M | $1.6B | ||
| Q3 25 | $736.0M | $1.2B | ||
| Q2 25 | $1.5B | $716.0M | ||
| Q1 25 | $318.0M | $91.0M | ||
| Q4 24 | $319.0M | $1.3B | ||
| Q3 24 | $628.0M | $1.1B | ||
| Q2 24 | $720.0M | $759.0M | ||
| Q1 24 | $-370.0M | $292.0M |
| Q4 25 | 0.2% | 22.3% | ||
| Q3 25 | 9.0% | 16.8% | ||
| Q2 25 | 24.4% | 10.2% | ||
| Q1 25 | 5.5% | 1.4% | ||
| Q4 24 | 5.4% | 21.5% | ||
| Q3 24 | 8.0% | 17.7% | ||
| Q2 24 | 12.5% | 12.0% | ||
| Q1 24 | -6.8% | 4.9% |
| Q4 25 | 23.8% | 5.6% | ||
| Q3 25 | 7.9% | 2.5% | ||
| Q2 25 | 13.4% | 2.9% | ||
| Q1 25 | 10.4% | 2.3% | ||
| Q4 24 | 10.0% | 4.1% | ||
| Q3 24 | 7.3% | 2.9% | ||
| Q2 24 | 22.8% | 2.9% | ||
| Q1 24 | 39.5% | 3.1% |
| Q4 25 | 3.61× | 1.74× | ||
| Q3 25 | 0.75× | 1.34× | ||
| Q2 25 | 4.23× | 0.93× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | 3.01× | 1.64× | ||
| Q3 24 | 0.69× | 1.30× | ||
| Q2 24 | 22.16× | 0.95× | ||
| Q1 24 | — | 0.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
ETN
| Other | $1.8B | 26% |
| Electrical Global Segment | $1.7B | 24% |
| Aerospace Segment | $1.1B | 16% |
| Vehicle Segment | $586.0M | 8% |
| Original Equipment Manufacturers | $438.0M | 6% |
| Aftermarket Distribution And End User | $403.0M | 6% |
| Commercial | $341.0M | 5% |
| Industrialand Other | $269.0M | 4% |
| Passenger And Light Duty | $244.0M | 3% |
| E Mobility Segment | $124.0M | 2% |
