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Side-by-side financial comparison of Carnival (CCL) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $6.3B, roughly 1.2× Carnival). Carnival runs the higher net margin — 6.6% vs 1.3%, a 5.4% gap on every dollar of revenue. On growth, Carnival posted the faster year-over-year revenue change (6.6% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $12.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
CCL vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $7.6B |
| Net Profit | $421.0M | $97.0M |
| Gross Margin | — | 18.2% |
| Operating Margin | 11.6% | 5.1% |
| Net Margin | 6.6% | 1.3% |
| Revenue YoY | 6.6% | 0.5% |
| Net Profit YoY | 38.9% | -33.6% |
| EPS (diluted) | $0.33 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $8.2B | $8.0B | ||
| Q2 25 | $6.3B | $7.9B | ||
| Q1 25 | $5.8B | $7.7B | ||
| Q4 24 | $5.9B | $7.5B | ||
| Q3 24 | $7.9B | $7.7B | ||
| Q2 24 | $5.8B | $3.0B | ||
| Q1 24 | $5.4B | $2.9B |
| Q4 25 | $421.0M | $97.0M | ||
| Q3 25 | $1.9B | $246.0M | ||
| Q2 25 | $565.0M | $-28.0M | ||
| Q1 25 | $-78.0M | $384.0M | ||
| Q4 24 | $303.0M | $146.0M | ||
| Q3 24 | $1.7B | $-150.0M | ||
| Q2 24 | $92.0M | $132.0M | ||
| Q1 24 | $-214.0M | $191.0M |
| Q4 25 | — | 18.2% | ||
| Q3 25 | 46.2% | 19.6% | ||
| Q2 25 | 38.6% | 19.1% | ||
| Q1 25 | 35.2% | 20.6% | ||
| Q4 24 | 35.5% | 19.1% | ||
| Q3 24 | 45.5% | 17.6% | ||
| Q2 24 | 34.3% | 23.3% | ||
| Q1 24 | 31.5% | 24.2% |
| Q4 25 | 11.6% | 5.1% | ||
| Q3 25 | 27.9% | 6.6% | ||
| Q2 25 | 14.8% | 3.2% | ||
| Q1 25 | 9.3% | 7.2% | ||
| Q4 24 | 9.4% | 5.3% | ||
| Q3 24 | 27.6% | 0.7% | ||
| Q2 24 | 9.7% | 8.2% | ||
| Q1 24 | 5.1% | 10.5% |
| Q4 25 | 6.6% | 1.3% | ||
| Q3 25 | 22.7% | 3.1% | ||
| Q2 25 | 8.9% | -0.4% | ||
| Q1 25 | -1.3% | 5.0% | ||
| Q4 24 | 5.1% | 1.9% | ||
| Q3 24 | 22.0% | -2.0% | ||
| Q2 24 | 1.6% | 4.4% | ||
| Q1 24 | -4.0% | 6.5% |
| Q4 25 | $0.33 | $0.18 | ||
| Q3 25 | $1.33 | $0.47 | ||
| Q2 25 | $0.42 | $-0.05 | ||
| Q1 25 | $-0.06 | $0.73 | ||
| Q4 24 | $0.28 | $-0.12 | ||
| Q3 24 | $1.26 | $-0.30 | ||
| Q2 24 | $0.07 | $0.51 | ||
| Q1 24 | $-0.17 | $0.73 |
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 | $892.0M |
| Total DebtLower is stronger | $27.4B | $13.4B |
| Stockholders' EquityBook value | $12.3B | $18.3B |
| Total Assets | $51.7B | $45.2B |
| Debt / EquityLower = less leverage | 2.23× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $892.0M | ||
| Q3 25 | $1.8B | $851.0M | ||
| Q2 25 | $2.1B | $778.0M | ||
| Q1 25 | $833.0M | $797.0M | ||
| Q4 24 | $1.2B | $855.0M | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | $26.8K | ||
| Q1 24 | $2.2B | $108 |
| Q4 25 | $27.4B | $13.4B | ||
| Q3 25 | $27.2B | $13.3B | ||
| Q2 25 | $28.0B | $13.3B | ||
| Q1 25 | $27.7B | $12.9B | ||
| Q4 24 | $28.2B | $12.5B | ||
| Q3 24 | $29.6B | $13.2B | ||
| Q2 24 | $30.2B | — | ||
| Q1 24 | $31.6B | — |
| Q4 25 | $12.3B | $18.3B | ||
| Q3 25 | $11.9B | $18.4B | ||
| Q2 25 | $10.0B | $18.3B | ||
| Q1 25 | $9.2B | $17.9B | ||
| Q4 24 | $9.3B | $17.4B | ||
| Q3 24 | $8.6B | $18.0B | ||
| Q2 24 | $6.8B | $14.5K | ||
| Q1 24 | $6.7B | $108 |
| Q4 25 | $51.7B | $45.2B | ||
| Q3 25 | $50.8B | $45.6B | ||
| Q2 25 | $51.2B | $45.7B | ||
| Q1 25 | $48.5B | $44.6B | ||
| Q4 24 | $49.1B | $43.8B | ||
| Q3 24 | $49.8B | $45.0B | ||
| Q2 24 | $49.6B | $26.8K | ||
| Q1 24 | $49.8B | $108 |
| Q4 25 | 2.23× | 0.73× | ||
| Q3 25 | 2.28× | 0.72× | ||
| Q2 25 | 2.79× | 0.73× | ||
| Q1 25 | 3.02× | 0.72× | ||
| Q4 24 | 3.05× | 0.72× | ||
| Q3 24 | 3.45× | 0.73× | ||
| 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 | $1.2B |
| Free Cash FlowOCF − Capex | $12.0M | $612.0M |
| FCF MarginFCF / Revenue | 0.2% | 8.1% |
| Capex IntensityCapex / Revenue | 23.8% | 7.7% |
| Cash ConversionOCF / Net Profit | 3.61× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $2.4B | $829.0M | ||
| Q1 25 | $925.0M | $235.0M | ||
| Q4 24 | $911.0M | $781.0M | ||
| Q3 24 | $1.2B | $320.0M | ||
| Q2 24 | $2.0B | $340.0M | ||
| Q1 24 | $1.8B | $42.0M |
| Q4 25 | $12.0M | $612.0M | ||
| Q3 25 | $736.0M | $523.0M | ||
| Q2 25 | $1.5B | $307.0M | ||
| Q1 25 | $318.0M | $-242.0M | ||
| Q4 24 | $319.0M | $212.0M | ||
| Q3 24 | $628.0M | $-192.0M | ||
| Q2 24 | $720.0M | $163.0M | ||
| Q1 24 | $-370.0M | $-166.0M |
| Q4 25 | 0.2% | 8.1% | ||
| Q3 25 | 9.0% | 6.5% | ||
| Q2 25 | 24.4% | 3.9% | ||
| Q1 25 | 5.5% | -3.2% | ||
| Q4 24 | 5.4% | 2.8% | ||
| Q3 24 | 8.0% | -2.5% | ||
| Q2 24 | 12.5% | 5.5% | ||
| Q1 24 | -6.8% | -5.7% |
| Q4 25 | 23.8% | 7.7% | ||
| Q3 25 | 7.9% | 7.6% | ||
| Q2 25 | 13.4% | 6.6% | ||
| Q1 25 | 10.4% | 6.2% | ||
| Q4 24 | 10.0% | 7.5% | ||
| Q3 24 | 7.3% | 6.7% | ||
| Q2 24 | 22.8% | 6.0% | ||
| Q1 24 | 39.5% | 7.1% |
| Q4 25 | 3.61× | 12.32× | ||
| Q3 25 | 0.75× | 4.61× | ||
| Q2 25 | 4.23× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 3.01× | 5.35× | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 22.16× | 2.58× | ||
| Q1 24 | — | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
