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Side-by-side financial comparison of Carnival (CCL) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $6.2B, roughly 1.0× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 6.6%, a 20.7% gap on every dollar of revenue. On growth, Carnival posted the faster year-over-year revenue change (6.6% vs 3.2%). Union Pacific Corporation produced more free cash flow last quarter ($631.0M vs $12.0M). Over the past eight quarters, Carnival's revenue compounded faster (8.2% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
CCL vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $6.2B |
| Net Profit | $421.0M | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 11.6% | 39.5% |
| Net Margin | 6.6% | 27.4% |
| Revenue YoY | 6.6% | 3.2% |
| Net Profit YoY | 38.9% | 4.6% |
| EPS (diluted) | $0.33 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $6.3B | $6.1B | ||
| Q3 25 | $8.2B | $6.2B | ||
| Q2 25 | $6.3B | $6.2B | ||
| Q1 25 | $5.8B | $6.0B | ||
| Q4 24 | $5.9B | $6.1B | ||
| Q3 24 | $7.9B | $6.1B | ||
| Q2 24 | $5.8B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $421.0M | $1.8B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $565.0M | $1.9B | ||
| Q1 25 | $-78.0M | $1.6B | ||
| Q4 24 | $303.0M | $1.8B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $92.0M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 46.2% | — | ||
| Q2 25 | 38.6% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 34.3% | — |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 11.6% | 39.5% | ||
| Q3 25 | 27.9% | 40.8% | ||
| Q2 25 | 14.8% | 41.0% | ||
| Q1 25 | 9.3% | 39.3% | ||
| Q4 24 | 9.4% | 41.3% | ||
| Q3 24 | 27.6% | 39.7% | ||
| Q2 24 | 9.7% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 6.6% | 30.4% | ||
| Q3 25 | 22.7% | 28.6% | ||
| Q2 25 | 8.9% | 30.5% | ||
| Q1 25 | -1.3% | 27.0% | ||
| Q4 24 | 5.1% | 28.8% | ||
| Q3 24 | 22.0% | 27.4% | ||
| Q2 24 | 1.6% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.33 | $3.12 | ||
| Q3 25 | $1.33 | $3.01 | ||
| Q2 25 | $0.42 | $3.15 | ||
| Q1 25 | $-0.06 | $2.70 | ||
| Q4 24 | $0.28 | $2.91 | ||
| Q3 24 | $1.26 | $2.75 | ||
| Q2 24 | $0.07 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $27.4B | — |
| Stockholders' EquityBook value | $12.3B | — |
| Total Assets | $51.7B | $69.6B |
| Debt / EquityLower = less leverage | 2.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $1.8B | $808.0M | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $833.0M | $1.4B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.5B | $947.0M | ||
| Q2 24 | $1.6B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $27.4B | $30.3B | ||
| Q3 25 | $27.2B | $30.3B | ||
| Q2 25 | $28.0B | $30.3B | ||
| Q1 25 | $27.7B | $30.6B | ||
| Q4 24 | $28.2B | $29.8B | ||
| Q3 24 | $29.6B | $29.8B | ||
| Q2 24 | $30.2B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $12.3B | $18.5B | ||
| Q3 25 | $11.9B | $17.3B | ||
| Q2 25 | $10.0B | $16.3B | ||
| Q1 25 | $9.2B | $16.0B | ||
| Q4 24 | $9.3B | $16.9B | ||
| Q3 24 | $8.6B | $16.6B | ||
| Q2 24 | $6.8B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $51.7B | $69.7B | ||
| Q3 25 | $50.8B | $68.6B | ||
| Q2 25 | $51.2B | $68.6B | ||
| Q1 25 | $48.5B | $68.5B | ||
| Q4 24 | $49.1B | $67.7B | ||
| Q3 24 | $49.8B | $67.6B | ||
| Q2 24 | $49.6B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 2.23× | 1.64× | ||
| Q3 25 | 2.28× | 1.75× | ||
| Q2 25 | 2.79× | 1.86× | ||
| Q1 25 | 3.02× | 1.91× | ||
| Q4 24 | 3.05× | 1.76× | ||
| Q3 24 | 3.45× | 1.79× | ||
| Q2 24 | 4.43× | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $12.0M | $631.0M |
| FCF MarginFCF / Revenue | 0.2% | 10.1% |
| Capex IntensityCapex / Revenue | 23.8% | — |
| Cash ConversionOCF / Net Profit | 3.61× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $2.4B | $2.3B | ||
| Q1 25 | $925.0M | $2.2B | ||
| Q4 24 | $911.0M | $2.7B | ||
| Q3 24 | $1.2B | $2.7B | ||
| Q2 24 | $2.0B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $12.0M | $1.2B | ||
| Q3 25 | $736.0M | $1.6B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $318.0M | $1.3B | ||
| Q4 24 | $319.0M | $1.7B | ||
| Q3 24 | $628.0M | $1.8B | ||
| Q2 24 | $720.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 0.2% | 20.1% | ||
| Q3 25 | 9.0% | 25.2% | ||
| Q2 25 | 24.4% | 22.7% | ||
| Q1 25 | 5.5% | 21.6% | ||
| Q4 24 | 5.4% | 28.4% | ||
| Q3 24 | 8.0% | 29.9% | ||
| Q2 24 | 12.5% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 23.8% | 16.4% | ||
| Q3 25 | 7.9% | 15.2% | ||
| Q2 25 | 13.4% | 15.2% | ||
| Q1 25 | 10.4% | 15.0% | ||
| Q4 24 | 10.0% | 15.1% | ||
| Q3 24 | 7.3% | 13.6% | ||
| Q2 24 | 22.8% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.61× | 1.20× | ||
| Q3 25 | 0.75× | 1.41× | ||
| Q2 25 | 4.23× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 3.01× | 1.51× | ||
| Q3 24 | 0.69× | 1.59× | ||
| Q2 24 | 22.16× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
