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Side-by-side financial comparison of Carnival (CCL) and Freeport-McMoRan (FCX). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $5.3B, roughly 1.2× Freeport-McMoRan). Freeport-McMoRan runs the higher net margin — 10.7% vs 6.6%, a 4.1% gap on every dollar of revenue. On growth, Carnival posted the faster year-over-year revenue change (6.6% vs -10.4%). Carnival produced more free cash flow last quarter ($12.0M vs $-312.0M). Over the past eight quarters, Carnival's revenue compounded faster (8.2% CAGR vs -7.9%).
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.
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the Freeport-McMoRan Center, in Phoenix, Arizona. The company is the world's largest producer of molybdenum, a major copper producer and operates the world's largest gold mine, the Grasberg mine in Papua, Indonesia.
CCL vs FCX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $5.3B |
| Net Profit | $421.0M | $565.0M |
| Gross Margin | — | 12.4% |
| Operating Margin | 11.6% | 15.4% |
| Net Margin | 6.6% | 10.7% |
| Revenue YoY | 6.6% | -10.4% |
| Net Profit YoY | 38.9% | -21.6% |
| 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 | $6.3B | $5.3B | ||
| Q3 25 | $8.2B | $6.8B | ||
| Q2 25 | $6.3B | $7.5B | ||
| Q1 25 | $5.8B | $5.6B | ||
| Q4 24 | $5.9B | $5.9B | ||
| Q3 24 | $7.9B | $6.7B | ||
| Q2 24 | $5.8B | $6.4B | ||
| Q1 24 | $5.4B | $6.2B |
| Q4 25 | $421.0M | $565.0M | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $565.0M | $1.5B | ||
| Q1 25 | $-78.0M | $793.0M | ||
| Q4 24 | $303.0M | $721.0M | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $92.0M | $1.3B | ||
| Q1 24 | $-214.0M | $1.2B |
| Q4 25 | — | 12.4% | ||
| Q3 25 | 46.2% | 29.2% | ||
| Q2 25 | 38.6% | 34.2% | ||
| Q1 25 | 35.2% | 24.3% | ||
| Q4 24 | 35.5% | 27.0% | ||
| Q3 24 | 45.5% | 30.0% | ||
| Q2 24 | 34.3% | 31.5% | ||
| Q1 24 | 31.5% | 28.5% |
| Q4 25 | 11.6% | 15.4% | ||
| Q3 25 | 27.9% | 28.9% | ||
| Q2 25 | 14.8% | 32.3% | ||
| Q1 25 | 9.3% | 23.4% | ||
| Q4 24 | 9.4% | 21.1% | ||
| Q3 24 | 27.6% | 29.0% | ||
| Q2 24 | 9.7% | 32.0% | ||
| Q1 24 | 5.1% | 26.3% |
| Q4 25 | 6.6% | 10.7% | ||
| Q3 25 | 22.7% | 18.3% | ||
| Q2 25 | 8.9% | 20.6% | ||
| Q1 25 | -1.3% | 14.2% | ||
| Q4 24 | 5.1% | 12.3% | ||
| Q3 24 | 22.0% | 18.5% | ||
| Q2 24 | 1.6% | 20.0% | ||
| Q1 24 | -4.0% | 18.7% |
| Q4 25 | $0.33 | — | ||
| Q3 25 | $1.33 | $0.46 | ||
| Q2 25 | $0.42 | $0.53 | ||
| Q1 25 | $-0.06 | $0.24 | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $1.26 | $0.36 | ||
| Q2 24 | $0.07 | $0.42 | ||
| Q1 24 | $-0.17 | $0.32 |
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 | $3.8B |
| Total DebtLower is stronger | $27.4B | $9.4B |
| Stockholders' EquityBook value | $12.3B | $18.9B |
| Total Assets | $51.7B | $58.2B |
| Debt / EquityLower = less leverage | 2.23× | 0.50× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $3.8B | ||
| Q3 25 | $1.8B | $4.3B | ||
| Q2 25 | $2.1B | $4.5B | ||
| Q1 25 | $833.0M | $4.4B | ||
| Q4 24 | $1.2B | $3.9B | ||
| Q3 24 | $1.5B | $5.0B | ||
| Q2 24 | $1.6B | $5.3B | ||
| Q1 24 | $2.2B | $5.2B |
| Q4 25 | $27.4B | $9.4B | ||
| Q3 25 | $27.2B | — | ||
| Q2 25 | $28.0B | — | ||
| Q1 25 | $27.7B | $9.4B | ||
| Q4 24 | $28.2B | $8.9B | ||
| Q3 24 | $29.6B | $9.7B | ||
| Q2 24 | $30.2B | $9.4B | ||
| Q1 24 | $31.6B | $9.4B |
| Q4 25 | $12.3B | $18.9B | ||
| Q3 25 | $11.9B | $18.7B | ||
| Q2 25 | $10.0B | $18.2B | ||
| Q1 25 | $9.2B | $17.7B | ||
| Q4 24 | $9.3B | $17.6B | ||
| Q3 24 | $8.6B | $17.5B | ||
| Q2 24 | $6.8B | $17.4B | ||
| Q1 24 | $6.7B | $17.0B |
| Q4 25 | $51.7B | $58.2B | ||
| Q3 25 | $50.8B | $56.8B | ||
| Q2 25 | $51.2B | $56.5B | ||
| Q1 25 | $48.5B | $56.0B | ||
| Q4 24 | $49.1B | $54.8B | ||
| Q3 24 | $49.8B | $55.4B | ||
| Q2 24 | $49.6B | $54.6B | ||
| Q1 24 | $49.8B | $54.2B |
| Q4 25 | 2.23× | 0.50× | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 3.02× | 0.53× | ||
| Q4 24 | 3.05× | 0.51× | ||
| Q3 24 | 3.45× | 0.55× | ||
| Q2 24 | 4.43× | 0.54× | ||
| Q1 24 | 4.72× | 0.56× |
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 | $693.0M |
| Free Cash FlowOCF − Capex | $12.0M | $-312.0M |
| FCF MarginFCF / Revenue | 0.2% | -5.9% |
| Capex IntensityCapex / Revenue | 23.8% | 19.1% |
| Cash ConversionOCF / Net Profit | 3.61× | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $693.0M | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $2.4B | $2.2B | ||
| Q1 25 | $925.0M | $1.1B | ||
| Q4 24 | $911.0M | $1.4B | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $2.0B | $2.0B | ||
| Q1 24 | $1.8B | $1.9B |
| Q4 25 | $12.0M | $-312.0M | ||
| Q3 25 | $736.0M | $608.0M | ||
| Q2 25 | $1.5B | $934.0M | ||
| Q1 25 | $318.0M | $-114.0M | ||
| Q4 24 | $319.0M | $197.0M | ||
| Q3 24 | $628.0M | $673.0M | ||
| Q2 24 | $720.0M | $840.0M | ||
| Q1 24 | $-370.0M | $642.0M |
| Q4 25 | 0.2% | -5.9% | ||
| Q3 25 | 9.0% | 8.9% | ||
| Q2 25 | 24.4% | 12.4% | ||
| Q1 25 | 5.5% | -2.0% | ||
| Q4 24 | 5.4% | 3.4% | ||
| Q3 24 | 8.0% | 10.1% | ||
| Q2 24 | 12.5% | 13.1% | ||
| Q1 24 | -6.8% | 10.3% |
| Q4 25 | 23.8% | 19.1% | ||
| Q3 25 | 7.9% | 15.5% | ||
| Q2 25 | 13.4% | 16.8% | ||
| Q1 25 | 10.4% | 21.0% | ||
| Q4 24 | 10.0% | 21.1% | ||
| Q3 24 | 7.3% | 17.9% | ||
| Q2 24 | 22.8% | 17.4% | ||
| Q1 24 | 39.5% | 20.2% |
| Q4 25 | 3.61× | 1.23× | ||
| Q3 25 | 0.75× | 1.33× | ||
| Q2 25 | 4.23× | 1.42× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | 3.01× | 1.99× | ||
| Q3 24 | 0.69× | 1.51× | ||
| Q2 24 | 22.16× | 1.53× | ||
| Q1 24 | — | 1.63× |
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% |
FCX
| Morenci | $2.5B | 47% |
| Grasberg Segment | $964.0M | 18% |
| Copper In Concentrates | $934.0M | 18% |
| Molybdenum | $541.0M | 10% |
| Gold | $388.0M | 7% |
