vs
Side-by-side financial comparison of Carnival (CCL) and Flutter Entertainment plc (FLUT). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $4.7B, roughly 1.3× Flutter Entertainment plc). Carnival runs the higher net margin — 6.6% vs 0.2%, a 6.4% gap on every dollar of revenue. On growth, Flutter Entertainment plc posted the faster year-over-year revenue change (24.9% vs 6.6%). Flutter Entertainment plc produced more free cash flow last quarter ($392.0M vs $12.0M). Over the past eight quarters, Flutter Entertainment plc's revenue compounded faster (18.1% 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.
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.
CCL vs FLUT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $4.7B |
| Net Profit | $421.0M | $10.0M |
| Gross Margin | — | 44.5% |
| Operating Margin | 11.6% | 5.4% |
| Net Margin | 6.6% | 0.2% |
| Revenue YoY | 6.6% | 24.9% |
| Net Profit YoY | 38.9% | -93.6% |
| EPS (diluted) | $0.33 | $0.00 |
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 | $4.7B | ||
| Q3 25 | $8.2B | $3.8B | ||
| Q2 25 | $6.3B | $4.2B | ||
| Q1 25 | $5.8B | $3.7B | ||
| Q4 24 | $5.9B | $3.8B | ||
| Q3 24 | $7.9B | $3.2B | ||
| Q2 24 | $5.8B | $3.6B | ||
| Q1 24 | $5.4B | $3.4B |
| Q4 25 | $421.0M | $10.0M | ||
| Q3 25 | $1.9B | $-789.0M | ||
| Q2 25 | $565.0M | $37.0M | ||
| Q1 25 | $-78.0M | $335.0M | ||
| Q4 24 | $303.0M | $156.0M | ||
| Q3 24 | $1.7B | $-114.0M | ||
| Q2 24 | $92.0M | $297.0M | ||
| Q1 24 | $-214.0M | $-177.0M |
| Q4 25 | — | 44.5% | ||
| Q3 25 | 46.2% | 42.9% | ||
| Q2 25 | 38.6% | 46.8% | ||
| Q1 25 | 35.2% | 46.6% | ||
| Q4 24 | 35.5% | 48.2% | ||
| Q3 24 | 45.5% | 46.1% | ||
| Q2 24 | 34.3% | 49.2% | ||
| Q1 24 | 31.5% | 47.2% |
| Q4 25 | 11.6% | 5.4% | ||
| Q3 25 | 27.9% | -22.0% | ||
| Q2 25 | 14.8% | 9.3% | ||
| Q1 25 | 9.3% | 6.1% | ||
| Q4 24 | 9.4% | 7.4% | ||
| Q3 24 | 27.6% | 3.0% | ||
| Q2 24 | 9.7% | 10.2% | ||
| Q1 24 | 5.1% | 3.7% |
| Q4 25 | 6.6% | 0.2% | ||
| Q3 25 | 22.7% | -20.8% | ||
| Q2 25 | 8.9% | 0.9% | ||
| Q1 25 | -1.3% | 9.1% | ||
| Q4 24 | 5.1% | 4.1% | ||
| Q3 24 | 22.0% | -3.5% | ||
| Q2 24 | 1.6% | 8.2% | ||
| Q1 24 | -4.0% | -5.2% |
| Q4 25 | $0.33 | $0.00 | ||
| Q3 25 | $1.33 | $-3.91 | ||
| Q2 25 | $0.42 | $0.59 | ||
| Q1 25 | $-0.06 | $1.57 | ||
| Q4 24 | $0.28 | $0.47 | ||
| Q3 24 | $1.26 | $-0.58 | ||
| Q2 24 | $0.07 | $1.45 | ||
| Q1 24 | $-0.17 | $-1.10 |
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 | $1.8B |
| Total DebtLower is stronger | $27.4B | $12.3B |
| Stockholders' EquityBook value | $12.3B | $9.0B |
| Total Assets | $51.7B | $29.3B |
| Debt / EquityLower = less leverage | 2.23× | 1.36× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $833.0M | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $1.5B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B | ||
| Q1 24 | $2.2B | $1.4B |
| Q4 25 | $27.4B | $12.3B | ||
| Q3 25 | $27.2B | $12.1B | ||
| Q2 25 | $28.0B | $10.0B | ||
| Q1 25 | $27.7B | $6.8B | ||
| Q4 24 | $28.2B | $6.7B | ||
| Q3 24 | $29.6B | $6.9B | ||
| Q2 24 | $30.2B | $6.8B | ||
| Q1 24 | $31.6B | $6.8B |
| Q4 25 | $12.3B | $9.0B | ||
| Q3 25 | $11.9B | $9.2B | ||
| Q2 25 | $10.0B | $10.2B | ||
| Q1 25 | $9.2B | $9.9B | ||
| Q4 24 | $9.3B | $9.3B | ||
| Q3 24 | $8.6B | $10.2B | ||
| Q2 24 | $6.8B | $9.9B | ||
| Q1 24 | $6.7B | $9.5B |
| Q4 25 | $51.7B | $29.3B | ||
| Q3 25 | $50.8B | $29.3B | ||
| Q2 25 | $51.2B | $29.9B | ||
| Q1 25 | $48.5B | $24.8B | ||
| Q4 24 | $49.1B | $24.5B | ||
| Q3 24 | $49.8B | $25.5B | ||
| Q2 24 | $49.6B | $24.3B | ||
| Q1 24 | $49.8B | $24.4B |
| Q4 25 | 2.23× | 1.36× | ||
| Q3 25 | 2.28× | 1.31× | ||
| Q2 25 | 2.79× | 0.97× | ||
| Q1 25 | 3.02× | 0.69× | ||
| Q4 24 | 3.05× | 0.72× | ||
| Q3 24 | 3.45× | 0.67× | ||
| Q2 24 | 4.43× | 0.69× | ||
| Q1 24 | 4.72× | 0.72× |
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 | $1.5B | $428.0M |
| Free Cash FlowOCF − Capex | $12.0M | $392.0M |
| FCF MarginFCF / Revenue | 0.2% | 8.3% |
| Capex IntensityCapex / Revenue | 23.8% | 0.8% |
| Cash ConversionOCF / Net Profit | 3.61× | 42.80× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $428.0M | ||
| Q3 25 | $1.4B | $209.0M | ||
| Q2 25 | $2.4B | $359.0M | ||
| Q1 25 | $925.0M | $188.0M | ||
| Q4 24 | $911.0M | $652.0M | ||
| Q3 24 | $1.2B | $290.0M | ||
| Q2 24 | $2.0B | $323.0M | ||
| Q1 24 | $1.8B | $337.0M |
| Q4 25 | $12.0M | $392.0M | ||
| Q3 25 | $736.0M | $196.0M | ||
| Q2 25 | $1.5B | $322.0M | ||
| Q1 25 | $318.0M | $169.0M | ||
| Q4 24 | $319.0M | $595.0M | ||
| Q3 24 | $628.0M | $253.0M | ||
| Q2 24 | $720.0M | $295.0M | ||
| Q1 24 | $-370.0M | $315.0M |
| Q4 25 | 0.2% | 8.3% | ||
| Q3 25 | 9.0% | 5.2% | ||
| Q2 25 | 24.4% | 7.7% | ||
| Q1 25 | 5.5% | 4.6% | ||
| Q4 24 | 5.4% | 15.7% | ||
| Q3 24 | 8.0% | 7.8% | ||
| Q2 24 | 12.5% | 8.2% | ||
| Q1 24 | -6.8% | 9.3% |
| Q4 25 | 23.8% | 0.8% | ||
| Q3 25 | 7.9% | 0.3% | ||
| Q2 25 | 13.4% | 0.9% | ||
| Q1 25 | 10.4% | 0.5% | ||
| Q4 24 | 10.0% | 1.5% | ||
| Q3 24 | 7.3% | 1.1% | ||
| Q2 24 | 22.8% | 0.8% | ||
| Q1 24 | 39.5% | 0.6% |
| Q4 25 | 3.61× | 42.80× | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 4.23× | 9.70× | ||
| Q1 25 | — | 0.56× | ||
| Q4 24 | 3.01× | 4.18× | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 22.16× | 1.09× | ||
| Q1 24 | — | — |
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% |
FLUT
| Other | $2.6B | 55% |
| Sports Book | $1.5B | 32% |
| Igaming | $586.0M | 12% |
| Service Other | $59.0M | 1% |
