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Side-by-side financial comparison of Carnival (CCL) and Vistra Corp. (VST). Click either name above to swap in a different company.
Carnival is the larger business by last-quarter revenue ($6.3B vs $4.8B, roughly 1.3× Vistra Corp.). Carnival runs the higher net margin — 6.6% vs 4.8%, a 1.8% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 6.6%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $12.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
CCL vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $4.8B |
| Net Profit | $421.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 11.6% | 9.9% |
| Net Margin | 6.6% | 4.8% |
| Revenue YoY | 6.6% | 31.2% |
| Net Profit YoY | 38.9% | -47.2% |
| EPS (diluted) | $0.33 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $8.2B | $4.8B | ||
| Q2 25 | $6.3B | $3.8B | ||
| Q1 25 | $5.8B | $4.3B | ||
| Q4 24 | $5.9B | $3.7B | ||
| Q3 24 | $7.9B | $4.3B | ||
| Q2 24 | $5.8B | $3.6B | ||
| Q1 24 | $5.4B | $3.2B |
| Q4 25 | $421.0M | $233.0M | ||
| Q3 25 | $1.9B | $652.0M | ||
| Q2 25 | $565.0M | $327.0M | ||
| Q1 25 | $-78.0M | $-268.0M | ||
| Q4 24 | $303.0M | $441.0M | ||
| Q3 24 | $1.7B | $1.9B | ||
| Q2 24 | $92.0M | $365.0M | ||
| Q1 24 | $-214.0M | $-35.0M |
| 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 24 | 31.5% | — |
| Q4 25 | 11.6% | 9.9% | ||
| Q3 25 | 27.9% | 21.7% | ||
| Q2 25 | 14.8% | 13.7% | ||
| Q1 25 | 9.3% | -2.8% | ||
| Q4 24 | 9.4% | 16.4% | ||
| Q3 24 | 27.6% | 59.6% | ||
| Q2 24 | 9.7% | 22.5% | ||
| Q1 24 | 5.1% | 2.7% |
| Q4 25 | 6.6% | 4.8% | ||
| Q3 25 | 22.7% | 13.6% | ||
| Q2 25 | 8.9% | 8.7% | ||
| Q1 25 | -1.3% | -6.3% | ||
| Q4 24 | 5.1% | 12.0% | ||
| Q3 24 | 22.0% | 43.5% | ||
| Q2 24 | 1.6% | 10.1% | ||
| Q1 24 | -4.0% | -1.1% |
| Q4 25 | $0.33 | $0.55 | ||
| Q3 25 | $1.33 | $1.75 | ||
| Q2 25 | $0.42 | $0.81 | ||
| Q1 25 | $-0.06 | $-0.93 | ||
| Q4 24 | $0.28 | $1.09 | ||
| Q3 24 | $1.26 | $5.25 | ||
| Q2 24 | $0.07 | $0.90 | ||
| Q1 24 | $-0.17 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | $27.4B | $15.8B |
| Stockholders' EquityBook value | $12.3B | $5.1B |
| Total Assets | $51.7B | $41.5B |
| Debt / EquityLower = less leverage | 2.23× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $785.0M | ||
| Q3 25 | $1.8B | $602.0M | ||
| Q2 25 | $2.1B | $458.0M | ||
| Q1 25 | $833.0M | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.5B | $905.0M | ||
| Q2 24 | $1.6B | $1.6B | ||
| Q1 24 | $2.2B | $1.1B |
| Q4 25 | $27.4B | $15.8B | ||
| Q3 25 | $27.2B | $15.8B | ||
| Q2 25 | $28.0B | $15.5B | ||
| Q1 25 | $27.7B | $15.4B | ||
| Q4 24 | $28.2B | $15.4B | ||
| Q3 24 | $29.6B | $13.9B | ||
| Q2 24 | $30.2B | $13.9B | ||
| Q1 24 | $31.6B | $14.7B |
| Q4 25 | $12.3B | $5.1B | ||
| Q3 25 | $11.9B | $5.2B | ||
| Q2 25 | $10.0B | $4.8B | ||
| Q1 25 | $9.2B | $4.8B | ||
| Q4 24 | $9.3B | $5.6B | ||
| Q3 24 | $8.6B | $5.4B | ||
| Q2 24 | $6.8B | $5.6B | ||
| Q1 24 | $6.7B | $5.7B |
| Q4 25 | $51.7B | $41.5B | ||
| Q3 25 | $50.8B | $38.0B | ||
| Q2 25 | $51.2B | $38.1B | ||
| Q1 25 | $48.5B | $38.2B | ||
| Q4 24 | $49.1B | $37.8B | ||
| Q3 24 | $49.8B | $37.9B | ||
| Q2 24 | $49.6B | $39.1B | ||
| Q1 24 | $49.8B | $38.2B |
| Q4 25 | 2.23× | 3.11× | ||
| Q3 25 | 2.28× | 3.02× | ||
| Q2 25 | 2.79× | 3.22× | ||
| Q1 25 | 3.02× | 3.20× | ||
| Q4 24 | 3.05× | 2.77× | ||
| Q3 24 | 3.45× | 2.56× | ||
| Q2 24 | 4.43× | 2.49× | ||
| Q1 24 | 4.72× | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $12.0M | $596.0M |
| FCF MarginFCF / Revenue | 0.2% | 12.4% |
| Capex IntensityCapex / Revenue | 23.8% | 17.4% |
| Cash ConversionOCF / Net Profit | 3.61× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $2.6B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $2.4B | $572.0M | ||
| Q1 25 | $925.0M | $599.0M | ||
| Q4 24 | $911.0M | $1.4B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $2.0B | $1.2B | ||
| Q1 24 | $1.8B | $312.0M |
| Q4 25 | $12.0M | $596.0M | ||
| Q3 25 | $736.0M | $1.0B | ||
| Q2 25 | $1.5B | $-118.0M | ||
| Q1 25 | $318.0M | $-169.0M | ||
| Q4 24 | $319.0M | $923.0M | ||
| Q3 24 | $628.0M | $1.0B | ||
| Q2 24 | $720.0M | $698.0M | ||
| Q1 24 | $-370.0M | $-153.0M |
| Q4 25 | 0.2% | 12.4% | ||
| Q3 25 | 9.0% | 21.1% | ||
| Q2 25 | 24.4% | -3.1% | ||
| Q1 25 | 5.5% | -4.0% | ||
| Q4 24 | 5.4% | 25.2% | ||
| Q3 24 | 8.0% | 23.4% | ||
| Q2 24 | 12.5% | 19.4% | ||
| Q1 24 | -6.8% | -4.8% |
| Q4 25 | 23.8% | 17.4% | ||
| Q3 25 | 7.9% | 9.6% | ||
| Q2 25 | 13.4% | 18.4% | ||
| Q1 25 | 10.4% | 18.1% | ||
| Q4 24 | 10.0% | 11.7% | ||
| Q3 24 | 7.3% | 15.8% | ||
| Q2 24 | 22.8% | 13.8% | ||
| Q1 24 | 39.5% | 14.7% |
| Q4 25 | 3.61× | 6.15× | ||
| Q3 25 | 0.75× | 2.25× | ||
| Q2 25 | 4.23× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.01× | 3.07× | ||
| Q3 24 | 0.69× | 0.90× | ||
| Q2 24 | 22.16× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
