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Side-by-side financial comparison of Carnival (CCL) and FLEX LTD. (FLEX). Click either name above to swap in a different company.
FLEX LTD. is the larger business by last-quarter revenue ($7.1B vs $6.3B, roughly 1.1× Carnival). Carnival runs the higher net margin — 6.6% vs 3.4%, a 3.3% gap on every dollar of revenue. On growth, FLEX LTD. posted the faster year-over-year revenue change (7.7% vs 6.6%). FLEX LTD. produced more free cash flow last quarter ($272.0M vs $12.0M). Over the past eight quarters, FLEX LTD.'s revenue compounded faster (25.2% 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.
Flex Ltd. is a Singaporean–American multinational manufacturing company. It is the third largest global electronics manufacturing services (EMS), original design manufacturer (ODM) company by revenue, behind only Pegatron for what concerns original equipment manufacturers. Flex's U.S. corporate headquarters are located in Austin, Texas. The company has manufacturing operations in over 30 countries, totaling about 172,000 employees.
CCL vs FLEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $7.1B |
| Net Profit | $421.0M | $239.0M |
| Gross Margin | — | 9.6% |
| Operating Margin | 11.6% | 5.5% |
| Net Margin | 6.6% | 3.4% |
| Revenue YoY | 6.6% | 7.7% |
| Net Profit YoY | 38.9% | -9.1% |
| EPS (diluted) | $0.33 | $0.64 |
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 | $6.8B | ||
| Q2 25 | $6.3B | $6.6B | ||
| Q1 25 | $5.8B | $6.4B | ||
| Q4 24 | $5.9B | $6.6B | ||
| Q3 24 | $7.9B | $6.5B | ||
| Q2 24 | $5.8B | $6.3B | ||
| Q1 24 | $5.4B | $4.5B |
| Q4 25 | $421.0M | $239.0M | ||
| Q3 25 | $1.9B | $199.0M | ||
| Q2 25 | $565.0M | $192.0M | ||
| Q1 25 | $-78.0M | $222.0M | ||
| Q4 24 | $303.0M | $263.0M | ||
| Q3 24 | $1.7B | $214.0M | ||
| Q2 24 | $92.0M | $139.0M | ||
| Q1 24 | $-214.0M | $395.0M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | 46.2% | 9.0% | ||
| Q2 25 | 38.6% | 8.7% | ||
| Q1 25 | 35.2% | 8.8% | ||
| Q4 24 | 35.5% | 9.1% | ||
| Q3 24 | 45.5% | 8.1% | ||
| Q2 24 | 34.3% | 7.5% | ||
| Q1 24 | 31.5% | -0.6% |
| Q4 25 | 11.6% | 5.5% | ||
| Q3 25 | 27.9% | 4.4% | ||
| Q2 25 | 14.8% | 4.7% | ||
| Q1 25 | 9.3% | 4.8% | ||
| Q4 24 | 9.4% | 5.1% | ||
| Q3 24 | 27.6% | 4.5% | ||
| Q2 24 | 9.7% | 3.7% | ||
| Q1 24 | 5.1% | -3.6% |
| Q4 25 | 6.6% | 3.4% | ||
| Q3 25 | 22.7% | 2.9% | ||
| Q2 25 | 8.9% | 2.9% | ||
| Q1 25 | -1.3% | 3.5% | ||
| Q4 24 | 5.1% | 4.0% | ||
| Q3 24 | 22.0% | 3.3% | ||
| Q2 24 | 1.6% | 2.2% | ||
| Q1 24 | -4.0% | 8.8% |
| Q4 25 | $0.33 | $0.64 | ||
| Q3 25 | $1.33 | $0.52 | ||
| Q2 25 | $0.42 | $0.50 | ||
| Q1 25 | $-0.06 | $0.56 | ||
| Q4 24 | $0.28 | $0.67 | ||
| Q3 24 | $1.26 | $0.54 | ||
| Q2 24 | $0.07 | $0.34 | ||
| Q1 24 | $-0.17 | $0.91 |
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 | $3.1B |
| Total DebtLower is stronger | $27.4B | $4.4B |
| Stockholders' EquityBook value | $12.3B | $5.1B |
| Total Assets | $51.7B | $20.8B |
| Debt / EquityLower = less leverage | 2.23× | 0.87× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $3.1B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | $2.1B | $2.2B | ||
| Q1 25 | $833.0M | $2.3B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.6B | $2.2B | ||
| Q1 24 | $2.2B | $2.5B |
| Q4 25 | $27.4B | $4.4B | ||
| Q3 25 | $27.2B | $3.7B | ||
| Q2 25 | $28.0B | $3.7B | ||
| Q1 25 | $27.7B | $3.7B | ||
| Q4 24 | $28.2B | $3.7B | ||
| Q3 24 | $29.6B | $3.7B | ||
| Q2 24 | $30.2B | $3.2B | ||
| Q1 24 | $31.6B | $3.3B |
| Q4 25 | $12.3B | $5.1B | ||
| Q3 25 | $11.9B | $5.0B | ||
| Q2 25 | $10.0B | $5.1B | ||
| Q1 25 | $9.2B | $5.0B | ||
| Q4 24 | $9.3B | $5.0B | ||
| Q3 24 | $8.6B | $5.0B | ||
| Q2 24 | $6.8B | $5.0B | ||
| Q1 24 | $6.7B | $5.3B |
| Q4 25 | $51.7B | $20.8B | ||
| Q3 25 | $50.8B | $19.5B | ||
| Q2 25 | $51.2B | $19.1B | ||
| Q1 25 | $48.5B | $18.4B | ||
| Q4 24 | $49.1B | $18.3B | ||
| Q3 24 | $49.8B | $18.6B | ||
| Q2 24 | $49.6B | $17.7B | ||
| Q1 24 | $49.8B | $18.3B |
| Q4 25 | 2.23× | 0.87× | ||
| Q3 25 | 2.28× | 0.73× | ||
| Q2 25 | 2.79× | 0.72× | ||
| Q1 25 | 3.02× | 0.74× | ||
| Q4 24 | 3.05× | 0.74× | ||
| Q3 24 | 3.45× | 0.74× | ||
| Q2 24 | 4.43× | 0.64× | ||
| Q1 24 | 4.72× | 0.61× |
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 | $420.0M |
| Free Cash FlowOCF − Capex | $12.0M | $272.0M |
| FCF MarginFCF / Revenue | 0.2% | 3.9% |
| Capex IntensityCapex / Revenue | 23.8% | 2.1% |
| Cash ConversionOCF / Net Profit | 3.61× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $420.0M | ||
| Q3 25 | $1.4B | $453.0M | ||
| Q2 25 | $2.4B | $399.0M | ||
| Q1 25 | $925.0M | $433.0M | ||
| Q4 24 | $911.0M | $413.0M | ||
| Q3 24 | $1.2B | $319.0M | ||
| Q2 24 | $2.0B | $340.0M | ||
| Q1 24 | $1.8B | $679.0M |
| Q4 25 | $12.0M | $272.0M | ||
| Q3 25 | $736.0M | $303.0M | ||
| Q2 25 | $1.5B | $266.0M | ||
| Q1 25 | $318.0M | $321.0M | ||
| Q4 24 | $319.0M | $301.0M | ||
| Q3 24 | $628.0M | $216.0M | ||
| Q2 24 | $720.0M | $229.0M | ||
| Q1 24 | $-370.0M | $598.0M |
| Q4 25 | 0.2% | 3.9% | ||
| Q3 25 | 9.0% | 4.5% | ||
| Q2 25 | 24.4% | 4.0% | ||
| Q1 25 | 5.5% | 5.0% | ||
| Q4 24 | 5.4% | 4.6% | ||
| Q3 24 | 8.0% | 3.3% | ||
| Q2 24 | 12.5% | 3.6% | ||
| Q1 24 | -6.8% | 13.3% |
| Q4 25 | 23.8% | 2.1% | ||
| Q3 25 | 7.9% | 2.2% | ||
| Q2 25 | 13.4% | 2.0% | ||
| Q1 25 | 10.4% | 1.8% | ||
| Q4 24 | 10.0% | 1.7% | ||
| Q3 24 | 7.3% | 1.6% | ||
| Q2 24 | 22.8% | 1.8% | ||
| Q1 24 | 39.5% | 1.8% |
| Q4 25 | 3.61× | 1.76× | ||
| Q3 25 | 0.75× | 2.28× | ||
| Q2 25 | 4.23× | 2.08× | ||
| Q1 25 | — | 1.95× | ||
| Q4 24 | 3.01× | 1.57× | ||
| Q3 24 | 0.69× | 1.49× | ||
| Q2 24 | 22.16× | 2.45× | ||
| Q1 24 | — | 1.72× |
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% |
FLEX
| Flex Reliability Solutions FRS | $3.2B | 46% |
| Transferred At Point In Time | $2.7B | 38% |
| Transferred Over Time | $1.1B | 16% |
