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Side-by-side financial comparison of Carnival (CCL) and Netflix (NFLX). Click either name above to swap in a different company.
Netflix is the larger business by last-quarter revenue ($12.2B vs $6.3B, roughly 1.9× Carnival). Netflix runs the higher net margin — 43.1% vs 6.6%, a 36.5% gap on every dollar of revenue. On growth, Netflix posted the faster year-over-year revenue change (16.2% vs 6.6%). Netflix produced more free cash flow last quarter ($5.1B vs $12.0M). Over the past eight quarters, Netflix's revenue compounded faster (13.2% 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.
Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres. It is available internationally in multiple languages.
CCL vs NFLX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $12.2B |
| Net Profit | $421.0M | $5.3B |
| Gross Margin | — | 51.9% |
| Operating Margin | 11.6% | 32.3% |
| Net Margin | 6.6% | 43.1% |
| Revenue YoY | 6.6% | 16.2% |
| Net Profit YoY | 38.9% | 82.8% |
| EPS (diluted) | $0.33 | $1.23 |
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.
| Q1 26 | — | $12.2B | ||
| Q4 25 | $6.3B | $12.1B | ||
| Q3 25 | $8.2B | $11.5B | ||
| Q2 25 | $6.3B | $11.1B | ||
| Q1 25 | $5.8B | $10.5B | ||
| Q4 24 | $5.9B | $10.2B | ||
| Q3 24 | $7.9B | $9.8B | ||
| Q2 24 | $5.8B | $9.6B |
| Q1 26 | — | $5.3B | ||
| Q4 25 | $421.0M | $2.4B | ||
| Q3 25 | $1.9B | $2.5B | ||
| Q2 25 | $565.0M | $3.1B | ||
| Q1 25 | $-78.0M | $2.9B | ||
| Q4 24 | $303.0M | $1.9B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $92.0M | $2.1B |
| Q1 26 | — | 51.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | 46.2% | 46.4% | ||
| Q2 25 | 38.6% | 51.9% | ||
| Q1 25 | 35.2% | 50.1% | ||
| Q4 24 | 35.5% | 43.7% | ||
| Q3 24 | 45.5% | 47.9% | ||
| Q2 24 | 34.3% | 45.9% |
| Q1 26 | — | 32.3% | ||
| Q4 25 | 11.6% | 24.5% | ||
| Q3 25 | 27.9% | 28.2% | ||
| Q2 25 | 14.8% | 34.1% | ||
| Q1 25 | 9.3% | 31.7% | ||
| Q4 24 | 9.4% | 22.2% | ||
| Q3 24 | 27.6% | 29.6% | ||
| Q2 24 | 9.7% | 27.2% |
| Q1 26 | — | 43.1% | ||
| Q4 25 | 6.6% | 20.1% | ||
| Q3 25 | 22.7% | 22.1% | ||
| Q2 25 | 8.9% | 28.2% | ||
| Q1 25 | -1.3% | 27.4% | ||
| Q4 24 | 5.1% | 18.2% | ||
| Q3 24 | 22.0% | 24.1% | ||
| Q2 24 | 1.6% | 22.5% |
| Q1 26 | — | $1.23 | ||
| Q4 25 | $0.33 | $-17.14 | ||
| Q3 25 | $1.33 | $5.87 | ||
| Q2 25 | $0.42 | $7.19 | ||
| Q1 25 | $-0.06 | $0.66 | ||
| Q4 24 | $0.28 | $4.27 | ||
| Q3 24 | $1.26 | $5.40 | ||
| Q2 24 | $0.07 | $4.88 |
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 | $12.3B |
| Total DebtLower is stronger | $27.4B | $13.4B |
| Stockholders' EquityBook value | $12.3B | $31.1B |
| Total Assets | $51.7B | $61.0B |
| Debt / EquityLower = less leverage | 2.23× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.3B | ||
| Q4 25 | $1.9B | $9.1B | ||
| Q3 25 | $1.8B | $9.3B | ||
| Q2 25 | $2.1B | $8.4B | ||
| Q1 25 | $833.0M | $8.4B | ||
| Q4 24 | $1.2B | $9.6B | ||
| Q3 24 | $1.5B | $9.2B | ||
| Q2 24 | $1.6B | $6.7B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $27.4B | $13.5B | ||
| Q3 25 | $27.2B | $14.5B | ||
| Q2 25 | $28.0B | $14.5B | ||
| Q1 25 | $27.7B | $14.0B | ||
| Q4 24 | $28.2B | $13.8B | ||
| Q3 24 | $29.6B | $14.2B | ||
| Q2 24 | $30.2B | $12.2B |
| Q1 26 | — | $31.1B | ||
| Q4 25 | $12.3B | $26.6B | ||
| Q3 25 | $11.9B | $26.0B | ||
| Q2 25 | $10.0B | $25.0B | ||
| Q1 25 | $9.2B | $24.0B | ||
| Q4 24 | $9.3B | $24.7B | ||
| Q3 24 | $8.6B | $22.7B | ||
| Q2 24 | $6.8B | $22.1B |
| Q1 26 | — | $61.0B | ||
| Q4 25 | $51.7B | $55.6B | ||
| Q3 25 | $50.8B | $54.9B | ||
| Q2 25 | $51.2B | $53.1B | ||
| Q1 25 | $48.5B | $52.1B | ||
| Q4 24 | $49.1B | $53.6B | ||
| Q3 24 | $49.8B | $52.3B | ||
| Q2 24 | $49.6B | $49.1B |
| Q1 26 | — | 0.43× | ||
| Q4 25 | 2.23× | 0.51× | ||
| Q3 25 | 2.28× | 0.56× | ||
| Q2 25 | 2.79× | 0.58× | ||
| Q1 25 | 3.02× | 0.58× | ||
| Q4 24 | 3.05× | 0.56× | ||
| Q3 24 | 3.45× | 0.62× | ||
| Q2 24 | 4.43× | 0.55× |
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 | $5.3B |
| Free Cash FlowOCF − Capex | $12.0M | $5.1B |
| FCF MarginFCF / Revenue | 0.2% | 41.6% |
| Capex IntensityCapex / Revenue | 23.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 3.61× | 1.00× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $11.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.3B | ||
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $925.0M | $2.8B | ||
| Q4 24 | $911.0M | $1.5B | ||
| Q3 24 | $1.2B | $2.3B | ||
| Q2 24 | $2.0B | $1.3B |
| Q1 26 | — | $5.1B | ||
| Q4 25 | $12.0M | $1.9B | ||
| Q3 25 | $736.0M | $2.7B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $318.0M | $2.7B | ||
| Q4 24 | $319.0M | $1.4B | ||
| Q3 24 | $628.0M | $2.2B | ||
| Q2 24 | $720.0M | $1.2B |
| Q1 26 | — | 41.6% | ||
| Q4 25 | 0.2% | 15.5% | ||
| Q3 25 | 9.0% | 23.1% | ||
| Q2 25 | 24.4% | 20.5% | ||
| Q1 25 | 5.5% | 25.2% | ||
| Q4 24 | 5.4% | 13.5% | ||
| Q3 24 | 8.0% | 22.3% | ||
| Q2 24 | 12.5% | 12.7% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 23.8% | 2.0% | ||
| Q3 25 | 7.9% | 1.4% | ||
| Q2 25 | 13.4% | 1.4% | ||
| Q1 25 | 10.4% | 1.2% | ||
| Q4 24 | 10.0% | 1.5% | ||
| Q3 24 | 7.3% | 1.3% | ||
| Q2 24 | 22.8% | 0.8% |
| Q1 26 | — | 1.00× | ||
| Q4 25 | 3.61× | 0.87× | ||
| Q3 25 | 0.75× | 1.11× | ||
| Q2 25 | 4.23× | 0.78× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | 3.01× | 0.82× | ||
| Q3 24 | 0.69× | 0.98× | ||
| Q2 24 | 22.16× | 0.60× |
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% |
NFLX
Segment breakdown not available.
