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Side-by-side financial comparison of Carnival (CCL) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $4.3B, roughly 1.5× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 17.7% vs 6.6%, a 11.0% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.3% vs 6.6%). Royal Caribbean Group produced more free cash flow last quarter ($116.0M vs $12.0M). Over the past eight quarters, Carnival's revenue compounded faster (8.2% CAGR vs 6.9%).
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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
CCL vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $4.3B |
| Net Profit | $421.0M | $753.0M |
| Gross Margin | — | 47.4% |
| Operating Margin | 11.6% | 21.9% |
| Net Margin | 6.6% | 17.7% |
| Revenue YoY | 6.6% | 13.3% |
| Net Profit YoY | 38.9% | 36.4% |
| EPS (diluted) | $0.33 | $2.76 |
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 | $4.3B | ||
| Q3 25 | $8.2B | $5.1B | ||
| Q2 25 | $6.3B | $4.5B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $5.9B | $3.8B | ||
| Q3 24 | $7.9B | $4.9B | ||
| Q2 24 | $5.8B | $4.1B | ||
| Q1 24 | $5.4B | $3.7B |
| Q4 25 | $421.0M | $753.0M | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $565.0M | $1.2B | ||
| Q1 25 | $-78.0M | $730.0M | ||
| Q4 24 | $303.0M | $552.0M | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $92.0M | $854.0M | ||
| Q1 24 | $-214.0M | $360.0M |
| Q4 25 | — | 47.4% | ||
| Q3 25 | 46.2% | 51.8% | ||
| Q2 25 | 38.6% | 49.7% | ||
| Q1 25 | 35.2% | 48.0% | ||
| Q4 24 | 35.5% | 45.4% | ||
| Q3 24 | 45.5% | 51.1% | ||
| Q2 24 | 34.3% | 47.6% | ||
| Q1 24 | 31.5% | 44.8% |
| Q4 25 | 11.6% | 21.9% | ||
| Q3 25 | 27.9% | 33.1% | ||
| Q2 25 | 14.8% | 29.3% | ||
| Q1 25 | 9.3% | 23.6% | ||
| Q4 24 | 9.4% | 16.6% | ||
| Q3 24 | 27.6% | 33.4% | ||
| Q2 24 | 9.7% | 26.7% | ||
| Q1 24 | 5.1% | 20.1% |
| Q4 25 | 6.6% | 17.7% | ||
| Q3 25 | 22.7% | 30.6% | ||
| Q2 25 | 8.9% | 26.7% | ||
| Q1 25 | -1.3% | 18.3% | ||
| Q4 24 | 5.1% | 14.7% | ||
| Q3 24 | 22.0% | 22.7% | ||
| Q2 24 | 1.6% | 20.8% | ||
| Q1 24 | -4.0% | 9.7% |
| Q4 25 | $0.33 | $2.76 | ||
| Q3 25 | $1.33 | $5.74 | ||
| Q2 25 | $0.42 | $4.41 | ||
| Q1 25 | $-0.06 | $2.70 | ||
| Q4 24 | $0.28 | $2.27 | ||
| Q3 24 | $1.26 | $4.21 | ||
| Q2 24 | $0.07 | $3.11 | ||
| Q1 24 | $-0.17 | $1.35 |
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 | $825.0M |
| Total DebtLower is stronger | $27.4B | $18.2B |
| Stockholders' EquityBook value | $12.3B | $10.0B |
| Total Assets | $51.7B | $41.6B |
| Debt / EquityLower = less leverage | 2.23× | 1.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $825.0M | ||
| Q3 25 | $1.8B | $432.0M | ||
| Q2 25 | $2.1B | $735.0M | ||
| Q1 25 | $833.0M | $386.0M | ||
| Q4 24 | $1.2B | $388.0M | ||
| Q3 24 | $1.5B | $418.0M | ||
| Q2 24 | $1.6B | $391.0M | ||
| Q1 24 | $2.2B | $437.0M |
| Q4 25 | $27.4B | $18.2B | ||
| Q3 25 | $27.2B | $17.2B | ||
| Q2 25 | $28.0B | $17.6B | ||
| Q1 25 | $27.7B | $18.0B | ||
| Q4 24 | $28.2B | $18.5B | ||
| Q3 24 | $29.6B | $19.0B | ||
| Q2 24 | $30.2B | $19.8B | ||
| Q1 24 | $31.6B | $18.9B |
| Q4 25 | $12.3B | $10.0B | ||
| Q3 25 | $11.9B | $10.1B | ||
| Q2 25 | $10.0B | $9.2B | ||
| Q1 25 | $9.2B | $8.0B | ||
| Q4 24 | $9.3B | $7.6B | ||
| Q3 24 | $8.6B | $7.0B | ||
| Q2 24 | $6.8B | $6.0B | ||
| Q1 24 | $6.7B | $5.2B |
| Q4 25 | $51.7B | $41.6B | ||
| Q3 25 | $50.8B | $40.1B | ||
| Q2 25 | $51.2B | $38.5B | ||
| Q1 25 | $48.5B | $37.5B | ||
| Q4 24 | $49.1B | $37.1B | ||
| Q3 24 | $49.8B | $37.1B | ||
| Q2 24 | $49.6B | $37.0B | ||
| Q1 24 | $49.8B | $35.2B |
| Q4 25 | 2.23× | 1.81× | ||
| Q3 25 | 2.28× | 1.70× | ||
| Q2 25 | 2.79× | 1.92× | ||
| Q1 25 | 3.02× | 2.26× | ||
| Q4 24 | 3.05× | 2.44× | ||
| Q3 24 | 3.45× | 2.69× | ||
| Q2 24 | 4.43× | 3.29× | ||
| Q1 24 | 4.72× | 3.66× |
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 | $1.6B |
| Free Cash FlowOCF − Capex | $12.0M | $116.0M |
| FCF MarginFCF / Revenue | 0.2% | 2.7% |
| Capex IntensityCapex / Revenue | 23.8% | 35.4% |
| Cash ConversionOCF / Net Profit | 3.61× | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $925.0M | $1.6B | ||
| Q4 24 | $911.0M | $1.5B | ||
| Q3 24 | $1.2B | $897.0M | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.8B | $1.3B |
| Q4 25 | $12.0M | $116.0M | ||
| Q3 25 | $736.0M | $-989.0M | ||
| Q2 25 | $1.5B | $910.0M | ||
| Q1 25 | $318.0M | $1.2B | ||
| Q4 24 | $319.0M | $915.0M | ||
| Q3 24 | $628.0M | $563.0M | ||
| Q2 24 | $720.0M | $-567.0M | ||
| Q1 24 | $-370.0M | $1.1B |
| Q4 25 | 0.2% | 2.7% | ||
| Q3 25 | 9.0% | -19.2% | ||
| Q2 25 | 24.4% | 20.1% | ||
| Q1 25 | 5.5% | 30.0% | ||
| Q4 24 | 5.4% | 24.3% | ||
| Q3 24 | 8.0% | 11.5% | ||
| Q2 24 | 12.5% | -13.8% | ||
| Q1 24 | -6.8% | 29.1% |
| Q4 25 | 23.8% | 35.4% | ||
| Q3 25 | 7.9% | 47.8% | ||
| Q2 25 | 13.4% | 18.4% | ||
| Q1 25 | 10.4% | 10.7% | ||
| Q4 24 | 10.0% | 14.7% | ||
| Q3 24 | 7.3% | 6.8% | ||
| Q2 24 | 22.8% | 52.1% | ||
| Q1 24 | 39.5% | 6.5% |
| Q4 25 | 3.61× | 2.16× | ||
| Q3 25 | 0.75× | 0.93× | ||
| Q2 25 | 4.23× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 3.01× | 2.66× | ||
| Q3 24 | 0.69× | 0.81× | ||
| Q2 24 | 22.16× | 1.84× | ||
| Q1 24 | — | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
