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Side-by-side financial comparison of Carnival (CCL) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $4.0B, roughly 1.6× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 6.6%, a 24.4% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $12.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% 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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
CCL vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $4.0B |
| Net Profit | $421.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 11.6% | 28.3% |
| Net Margin | 6.6% | 31.0% |
| Revenue YoY | 6.6% | — |
| Net Profit YoY | 38.9% | — |
| 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 | — | ||
| Q3 25 | $8.2B | $4.0B | ||
| Q2 25 | $6.3B | $3.9B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $7.9B | $3.7B | ||
| Q2 24 | $5.8B | $3.5B | ||
| Q1 24 | $5.4B | $3.7B |
| Q4 25 | $421.0M | — | ||
| Q3 25 | $1.9B | $1.2B | ||
| Q2 25 | $565.0M | $1.3B | ||
| Q1 25 | $-78.0M | $1.5B | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $1.7B | $955.7M | ||
| Q2 24 | $92.0M | $939.6M | ||
| Q1 24 | $-214.0M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | 46.2% | 64.1% | ||
| Q2 25 | 38.6% | 64.7% | ||
| Q1 25 | 35.2% | 64.1% | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 45.5% | 62.9% | ||
| Q2 24 | 34.3% | 62.9% | ||
| Q1 24 | 31.5% | 63.4% |
| Q4 25 | 11.6% | — | ||
| Q3 25 | 27.9% | 28.3% | ||
| Q2 25 | 14.8% | 32.5% | ||
| Q1 25 | 9.3% | 36.2% | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 27.6% | 27.3% | ||
| Q2 24 | 9.7% | 27.4% | ||
| Q1 24 | 5.1% | 28.4% |
| Q4 25 | 6.6% | — | ||
| Q3 25 | 22.7% | 31.0% | ||
| Q2 25 | 8.9% | 32.6% | ||
| Q1 25 | -1.3% | 36.6% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 22.0% | 25.6% | ||
| Q2 24 | 1.6% | 26.8% | ||
| Q1 24 | -4.0% | 29.1% |
| Q4 25 | $0.33 | — | ||
| Q3 25 | $1.33 | — | ||
| Q2 25 | $0.42 | — | ||
| Q1 25 | $-0.06 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $1.26 | — | ||
| Q2 24 | $0.07 | — | ||
| Q1 24 | $-0.17 | — |
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 | $31.3B |
| Total DebtLower is stronger | $27.4B | — |
| Stockholders' EquityBook value | $12.3B | $160.8B |
| Total Assets | $51.7B | $214.5B |
| Debt / EquityLower = less leverage | 2.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $31.3B | ||
| Q2 25 | $2.1B | $54.4B | ||
| Q1 25 | $833.0M | $41.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.5B | $20.2B | ||
| Q2 24 | $1.6B | $19.0B | ||
| Q1 24 | $2.2B | $43.0B |
| Q4 25 | $27.4B | — | ||
| Q3 25 | $27.2B | — | ||
| Q2 25 | $28.0B | — | ||
| Q1 25 | $27.7B | — | ||
| Q4 24 | $28.2B | — | ||
| Q3 24 | $29.6B | — | ||
| Q2 24 | $30.2B | — | ||
| Q1 24 | $31.6B | — |
| Q4 25 | $12.3B | — | ||
| Q3 25 | $11.9B | $160.8B | ||
| Q2 25 | $10.0B | $154.0B | ||
| Q1 25 | $9.2B | $147.8B | ||
| Q4 24 | $9.3B | — | ||
| Q3 24 | $8.6B | $135.6B | ||
| Q2 24 | $6.8B | $134.2B | ||
| Q1 24 | $6.7B | $130.5B |
| Q4 25 | $51.7B | — | ||
| Q3 25 | $50.8B | $214.5B | ||
| Q2 25 | $51.2B | $208.5B | ||
| Q1 25 | $48.5B | $200.9B | ||
| Q4 24 | $49.1B | — | ||
| Q3 24 | $49.8B | $184.9B | ||
| Q2 24 | $49.6B | $183.3B | ||
| Q1 24 | $49.8B | $195.1B |
| Q4 25 | 2.23× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 4.43× | — | ||
| Q1 24 | 4.72× | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $12.0M | $1.8B |
| FCF MarginFCF / Revenue | 0.2% | 44.7% |
| Capex IntensityCapex / Revenue | 23.8% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.61× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $925.0M | $1.7B | ||
| Q4 24 | $911.0M | — | ||
| Q3 24 | $1.2B | $1.5B | ||
| Q2 24 | $2.0B | $898.8M | ||
| Q1 24 | $1.8B | $1.3B |
| Q4 25 | $12.0M | — | ||
| Q3 25 | $736.0M | $1.8B | ||
| Q2 25 | $1.5B | $1.5B | ||
| Q1 25 | $318.0M | $1.6B | ||
| Q4 24 | $319.0M | — | ||
| Q3 24 | $628.0M | $1.5B | ||
| Q2 24 | $720.0M | $875.6M | ||
| Q1 24 | $-370.0M | $1.3B |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 9.0% | 44.7% | ||
| Q2 25 | 24.4% | 38.3% | ||
| Q1 25 | 5.5% | 40.4% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 8.0% | 38.9% | ||
| Q2 24 | 12.5% | 25.0% | ||
| Q1 24 | -6.8% | 34.0% |
| Q4 25 | 23.8% | — | ||
| Q3 25 | 7.9% | 1.0% | ||
| Q2 25 | 13.4% | 0.7% | ||
| Q1 25 | 10.4% | 1.6% | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 7.3% | 1.4% | ||
| Q2 24 | 22.8% | 0.7% | ||
| Q1 24 | 39.5% | 1.5% |
| Q4 25 | 3.61× | — | ||
| Q3 25 | 0.75× | 1.47× | ||
| Q2 25 | 4.23× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 3.01× | — | ||
| Q3 24 | 0.69× | 1.58× | ||
| Q2 24 | 22.16× | 0.96× | ||
| Q1 24 | — | 1.22× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
