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Side-by-side financial comparison of Carnival (CCL) and Sea Ltd (SE). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $6.3B, roughly 3.6× Carnival). Sea Ltd runs the higher net margin — 7.0% vs 6.6%, a 0.4% gap on every dollar of revenue. On growth, Sea Ltd posted the faster year-over-year revenue change (363.4% vs 6.6%). Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% 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.
Sea Limited is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
CCL vs SE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $22.9B |
| Net Profit | $421.0M | $1.6B |
| Gross Margin | — | 44.7% |
| Operating Margin | 11.6% | 8.7% |
| Net Margin | 6.6% | 7.0% |
| Revenue YoY | 6.6% | 363.4% |
| Net Profit YoY | 38.9% | — |
| EPS (diluted) | $0.33 | $2.52 |
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 | $22.9B | ||
| Q3 25 | $8.2B | $6.0B | ||
| Q2 25 | $6.3B | $5.3B | ||
| Q1 25 | $5.8B | $4.8B | ||
| Q4 24 | $5.9B | $5.0B | ||
| Q3 24 | $7.9B | $4.3B | ||
| Q2 24 | $5.8B | $3.8B | ||
| Q1 24 | $5.4B | $3.7B |
| Q4 25 | $421.0M | $1.6B | ||
| Q3 25 | $1.9B | $375.0M | ||
| Q2 25 | $565.0M | $414.2M | ||
| Q1 25 | $-78.0M | $-7.8M | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $92.0M | — | ||
| Q1 24 | $-214.0M | $-23.0M |
| Q4 25 | — | 44.7% | ||
| Q3 25 | 46.2% | 43.4% | ||
| Q2 25 | 38.6% | 45.8% | ||
| Q1 25 | 35.2% | 46.2% | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 34.3% | — | ||
| Q1 24 | 31.5% | 41.6% |
| Q4 25 | 11.6% | 8.7% | ||
| Q3 25 | 27.9% | 8.0% | ||
| Q2 25 | 14.8% | 9.3% | ||
| Q1 25 | 9.3% | 9.4% | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 5.1% | 1.9% |
| Q4 25 | 6.6% | 7.0% | ||
| Q3 25 | 22.7% | 6.3% | ||
| Q2 25 | 8.9% | 7.9% | ||
| Q1 25 | -1.3% | -0.2% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 22.0% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | -4.0% | -0.6% |
| Q4 25 | $0.33 | $2.52 | ||
| Q3 25 | $1.33 | $0.59 | ||
| Q2 25 | $0.42 | $0.65 | ||
| Q1 25 | $-0.06 | $0.65 | ||
| 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 | $10.6B |
| Total DebtLower is stronger | $27.4B | — |
| Stockholders' EquityBook value | $12.3B | $12.6B |
| Total Assets | $51.7B | $29.4B |
| Debt / EquityLower = less leverage | 2.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $10.6B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $833.0M | — | ||
| Q4 24 | $1.2B | $8.6B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $2.2B | — |
| 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 | $12.6B | ||
| Q3 25 | $11.9B | — | ||
| Q2 25 | $10.0B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $9.3B | $8.4B | ||
| Q3 24 | $8.6B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $6.7B | — |
| Q4 25 | $51.7B | $29.4B | ||
| Q3 25 | $50.8B | — | ||
| Q2 25 | $51.2B | — | ||
| Q1 25 | $48.5B | — | ||
| Q4 24 | $49.1B | $22.6B | ||
| Q3 24 | $49.8B | — | ||
| Q2 24 | $49.6B | — | ||
| Q1 24 | $49.8B | — |
| 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 | $5.0B |
| Free Cash FlowOCF − Capex | $12.0M | — |
| FCF MarginFCF / Revenue | 0.2% | — |
| Capex IntensityCapex / Revenue | 23.8% | — |
| Cash ConversionOCF / Net Profit | 3.61× | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $5.0B | ||
| Q3 25 | $1.4B | $3.5B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $925.0M | $756.9M | ||
| Q4 24 | $911.0M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.8B | $468.5M |
| Q4 25 | $12.0M | — | ||
| Q3 25 | $736.0M | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $318.0M | — | ||
| Q4 24 | $319.0M | — | ||
| Q3 24 | $628.0M | — | ||
| Q2 24 | $720.0M | — | ||
| Q1 24 | $-370.0M | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 24.4% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 8.0% | — | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | -6.8% | — |
| Q4 25 | 23.8% | — | ||
| Q3 25 | 7.9% | — | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 7.3% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 39.5% | — |
| Q4 25 | 3.61× | 3.12× | ||
| Q3 25 | 0.75× | 9.46× | ||
| Q2 25 | 4.23× | 5.73× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.01× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 22.16× | — | ||
| 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% |
SE
Segment breakdown not available.
