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Side-by-side financial comparison of Cushman & Wakefield Ltd. (CWK) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $2.9B, roughly 1.5× Cushman & Wakefield Ltd.). Royal Caribbean Group runs the higher net margin — 17.7% vs -0.8%, a 18.4% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.3% vs 10.8%). Cushman & Wakefield Ltd. produced more free cash flow last quarter ($234.3M vs $116.0M). Over the past eight quarters, Cushman & Wakefield Ltd.'s revenue compounded faster (15.5% CAGR vs 6.9%).
Cushman & Wakefield Inc. is an American global commercial real estate and property management services firm. The company's corporate headquarters is located in Chicago, Illinois. It is named after co-founders J. Clydesdale Cushman and Bernard Wakefield.
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 ...
CWK vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $4.3B |
| Net Profit | $-22.4M | $753.0M |
| Gross Margin | — | 47.4% |
| Operating Margin | 6.1% | 21.9% |
| Net Margin | -0.8% | 17.7% |
| Revenue YoY | 10.8% | 13.3% |
| Net Profit YoY | -119.8% | 36.4% |
| EPS (diluted) | $-0.10 | $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 | $2.9B | $4.3B | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $2.5B | $4.5B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.6B | $3.8B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $2.3B | $4.1B | ||
| Q1 24 | $2.2B | $3.7B |
| Q4 25 | $-22.4M | $753.0M | ||
| Q3 25 | $51.4M | $1.6B | ||
| Q2 25 | $57.3M | $1.2B | ||
| Q1 25 | $1.9M | $730.0M | ||
| Q4 24 | $112.9M | $552.0M | ||
| Q3 24 | $33.7M | $1.1B | ||
| Q2 24 | $13.5M | $854.0M | ||
| Q1 24 | $-28.8M | $360.0M |
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% | ||
| Q1 24 | — | 44.8% |
| Q4 25 | 6.1% | 21.9% | ||
| Q3 25 | 4.1% | 33.1% | ||
| Q2 25 | 4.9% | 29.3% | ||
| Q1 25 | 2.0% | 23.6% | ||
| Q4 24 | 6.6% | 16.6% | ||
| Q3 24 | 3.2% | 33.4% | ||
| Q2 24 | 3.1% | 26.7% | ||
| Q1 24 | 0.9% | 20.1% |
| Q4 25 | -0.8% | 17.7% | ||
| Q3 25 | 2.0% | 30.6% | ||
| Q2 25 | 2.3% | 26.7% | ||
| Q1 25 | 0.1% | 18.3% | ||
| Q4 24 | 4.3% | 14.7% | ||
| Q3 24 | 1.4% | 22.7% | ||
| Q2 24 | 0.6% | 20.8% | ||
| Q1 24 | -1.3% | 9.7% |
| Q4 25 | $-0.10 | $2.76 | ||
| Q3 25 | $0.22 | $5.74 | ||
| Q2 25 | $0.25 | $4.41 | ||
| Q1 25 | $0.01 | $2.70 | ||
| Q4 24 | $0.49 | $2.27 | ||
| Q3 24 | $0.14 | $4.21 | ||
| Q2 24 | $0.06 | $3.11 | ||
| Q1 24 | $-0.13 | $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 | $784.2M | $825.0M |
| Total DebtLower is stronger | $2.7B | $18.2B |
| Stockholders' EquityBook value | $2.0B | $10.0B |
| Total Assets | $7.7B | $41.6B |
| Debt / EquityLower = less leverage | 1.40× | 1.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.2M | $825.0M | ||
| Q3 25 | $634.4M | $432.0M | ||
| Q2 25 | $618.2M | $735.0M | ||
| Q1 25 | $623.2M | $386.0M | ||
| Q4 24 | $793.3M | $388.0M | ||
| Q3 24 | $775.4M | $418.0M | ||
| Q2 24 | $567.3M | $391.0M | ||
| Q1 24 | $553.5M | $437.0M |
| Q4 25 | $2.7B | $18.2B | ||
| Q3 25 | $2.8B | $17.2B | ||
| Q2 25 | $3.0B | $17.6B | ||
| Q1 25 | $3.0B | $18.0B | ||
| Q4 24 | $3.0B | $18.5B | ||
| Q3 24 | $3.1B | $19.0B | ||
| Q2 24 | $3.1B | $19.8B | ||
| Q1 24 | $3.2B | $18.9B |
| Q4 25 | $2.0B | $10.0B | ||
| Q3 25 | $2.0B | $10.1B | ||
| Q2 25 | $1.9B | $9.2B | ||
| Q1 25 | $1.8B | $8.0B | ||
| Q4 24 | $1.8B | $7.6B | ||
| Q3 24 | $1.7B | $7.0B | ||
| Q2 24 | $1.6B | $6.0B | ||
| Q1 24 | $1.6B | $5.2B |
| Q4 25 | $7.7B | $41.6B | ||
| Q3 25 | $7.7B | $40.1B | ||
| Q2 25 | $7.6B | $38.5B | ||
| Q1 25 | $7.4B | $37.5B | ||
| Q4 24 | $7.5B | $37.1B | ||
| Q3 24 | $7.5B | $37.1B | ||
| Q2 24 | $7.3B | $37.0B | ||
| Q1 24 | $7.5B | $35.2B |
| Q4 25 | 1.40× | 1.81× | ||
| Q3 25 | 1.45× | 1.70× | ||
| Q2 25 | 1.57× | 1.92× | ||
| Q1 25 | 1.70× | 2.26× | ||
| Q4 24 | 1.73× | 2.44× | ||
| Q3 24 | 1.81× | 2.69× | ||
| Q2 24 | 1.91× | 3.29× | ||
| Q1 24 | 1.96× | 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 | $257.3M | $1.6B |
| Free Cash FlowOCF − Capex | $234.3M | $116.0M |
| FCF MarginFCF / Revenue | 8.0% | 2.7% |
| Capex IntensityCapex / Revenue | 0.8% | 35.4% |
| Cash ConversionOCF / Net Profit | — | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $293.0M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $257.3M | $1.6B | ||
| Q3 25 | $235.5M | $1.5B | ||
| Q2 25 | $9.6M | $1.7B | ||
| Q1 25 | $-162.0M | $1.6B | ||
| Q4 24 | $115.2M | $1.5B | ||
| Q3 24 | $196.1M | $897.0M | ||
| Q2 24 | $21.8M | $1.6B | ||
| Q1 24 | $-125.1M | $1.3B |
| Q4 25 | $234.3M | $116.0M | ||
| Q3 25 | $225.0M | $-989.0M | ||
| Q2 25 | $300.0K | $910.0M | ||
| Q1 25 | $-166.6M | $1.2B | ||
| Q4 24 | $105.9M | $915.0M | ||
| Q3 24 | $186.7M | $563.0M | ||
| Q2 24 | $10.0M | $-567.0M | ||
| Q1 24 | $-135.6M | $1.1B |
| Q4 25 | 8.0% | 2.7% | ||
| Q3 25 | 8.6% | -19.2% | ||
| Q2 25 | 0.0% | 20.1% | ||
| Q1 25 | -7.3% | 30.0% | ||
| Q4 24 | 4.0% | 24.3% | ||
| Q3 24 | 8.0% | 11.5% | ||
| Q2 24 | 0.4% | -13.8% | ||
| Q1 24 | -6.2% | 29.1% |
| Q4 25 | 0.8% | 35.4% | ||
| Q3 25 | 0.4% | 47.8% | ||
| Q2 25 | 0.4% | 18.4% | ||
| Q1 25 | 0.2% | 10.7% | ||
| Q4 24 | 0.4% | 14.7% | ||
| Q3 24 | 0.4% | 6.8% | ||
| Q2 24 | 0.5% | 52.1% | ||
| Q1 24 | 0.5% | 6.5% |
| Q4 25 | — | 2.16× | ||
| Q3 25 | 4.58× | 0.93× | ||
| Q2 25 | 0.17× | 1.44× | ||
| Q1 25 | -85.26× | 2.23× | ||
| Q4 24 | 1.02× | 2.66× | ||
| Q3 24 | 5.82× | 0.81× | ||
| Q2 24 | 1.61× | 1.84× | ||
| Q1 24 | — | 3.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CWK
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.8B | 61% |
| Other | $1.1B | 39% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
