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Side-by-side financial comparison of Royal Caribbean Group (RCL) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $4.3B, roughly 1.6× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 17.9% vs 7.0%, a 10.9% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 13.2%). Over the past eight quarters, REINSURANCE GROUP OF AMERICA INC's revenue compounded faster (2.3% CAGR vs 1.8%).
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 ...
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
RCL vs RGA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $6.6B |
| Net Profit | $762.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | 21.9% | 7.7% |
| Net Margin | 17.9% | 7.0% |
| Revenue YoY | 13.2% | 26.6% |
| Net Profit YoY | 36.3% | 212.8% |
| EPS (diluted) | $2.76 | $6.91 |
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 | $4.3B | — | ||
| Q4 25 | $4.3B | $6.6B | ||
| Q3 25 | $5.1B | $6.2B | ||
| Q2 25 | $4.5B | $5.6B | ||
| Q1 25 | $4.0B | $5.3B | ||
| Q4 24 | $3.8B | $5.2B | ||
| Q3 24 | $4.9B | $5.7B | ||
| Q2 24 | $4.1B | $4.9B |
| Q1 26 | $762.0M | — | ||
| Q4 25 | $753.0M | $463.0M | ||
| Q3 25 | $1.6B | $253.0M | ||
| Q2 25 | $1.2B | $180.0M | ||
| Q1 25 | $730.0M | $286.0M | ||
| Q4 24 | $552.0M | $148.0M | ||
| Q3 24 | $1.1B | $156.0M | ||
| Q2 24 | $854.0M | $203.0M |
| Q1 26 | — | — | ||
| 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 26 | 21.9% | — | ||
| Q4 25 | 21.9% | 7.7% | ||
| Q3 25 | 33.1% | 5.2% | ||
| Q2 25 | 29.3% | 6.1% | ||
| Q1 25 | 23.6% | 7.0% | ||
| Q4 24 | 16.6% | 4.3% | ||
| Q3 24 | 33.4% | 3.8% | ||
| Q2 24 | 26.7% | 5.5% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.7% | 7.0% | ||
| Q3 25 | 30.6% | 4.1% | ||
| Q2 25 | 26.7% | 3.2% | ||
| Q1 25 | 18.3% | 5.4% | ||
| Q4 24 | 14.7% | 2.8% | ||
| Q3 24 | 22.7% | 2.8% | ||
| Q2 24 | 20.8% | 4.2% |
| Q1 26 | $2.76 | — | ||
| Q4 25 | $2.76 | $6.91 | ||
| Q3 25 | $5.74 | $3.81 | ||
| Q2 25 | $4.41 | $2.70 | ||
| Q1 25 | $2.70 | $4.27 | ||
| Q4 24 | $2.27 | $2.21 | ||
| Q3 24 | $4.21 | $2.33 | ||
| Q2 24 | $3.11 | $3.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $825.0M | $4.2B |
| Total DebtLower is stronger | $21.3B | $5.7B |
| Stockholders' EquityBook value | $10.2B | $13.5B |
| Total Assets | $41.6B | $156.6B |
| Debt / EquityLower = less leverage | 2.08× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $825.0M | — | ||
| Q4 25 | $825.0M | $4.2B | ||
| Q3 25 | $432.0M | $4.6B | ||
| Q2 25 | $735.0M | $5.4B | ||
| Q1 25 | $386.0M | $5.2B | ||
| Q4 24 | $388.0M | $3.3B | ||
| Q3 24 | $418.0M | $5.2B | ||
| Q2 24 | $391.0M | $4.6B |
| Q1 26 | $21.3B | — | ||
| Q4 25 | $18.2B | $5.7B | ||
| Q3 25 | $17.2B | $5.7B | ||
| Q2 25 | $17.6B | $5.7B | ||
| Q1 25 | $18.0B | $5.7B | ||
| Q4 24 | $18.5B | $5.0B | ||
| Q3 24 | $19.0B | $5.1B | ||
| Q2 24 | $19.8B | $5.1B |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $10.0B | $13.5B | ||
| Q3 25 | $10.1B | $13.0B | ||
| Q2 25 | $9.2B | $12.1B | ||
| Q1 25 | $8.0B | $11.4B | ||
| Q4 24 | $7.6B | $10.8B | ||
| Q3 24 | $7.0B | $11.1B | ||
| Q2 24 | $6.0B | $9.7B |
| Q1 26 | $41.6B | — | ||
| Q4 25 | $41.6B | $156.6B | ||
| Q3 25 | $40.1B | $152.0B | ||
| Q2 25 | $38.5B | $133.5B | ||
| Q1 25 | $37.5B | $128.2B | ||
| Q4 24 | $37.1B | $118.7B | ||
| Q3 24 | $37.1B | $120.3B | ||
| Q2 24 | $37.0B | $109.9B |
| Q1 26 | 2.08× | — | ||
| Q4 25 | 1.81× | 0.42× | ||
| Q3 25 | 1.70× | 0.44× | ||
| Q2 25 | 1.92× | 0.48× | ||
| Q1 25 | 2.26× | 0.50× | ||
| Q4 24 | 2.44× | 0.47× | ||
| Q3 24 | 2.69× | 0.46× | ||
| Q2 24 | 3.29× | 0.52× |
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 | $6.5B | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 8.48× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.5B | — | ||
| Q4 25 | $1.6B | $7.3B | ||
| Q3 25 | $1.5B | $-990.0M | ||
| Q2 25 | $1.7B | $-820.0M | ||
| Q1 25 | $1.6B | $-1.4B | ||
| Q4 24 | $1.5B | $17.1B | ||
| Q3 24 | $897.0M | $-1.1B | ||
| Q2 24 | $1.6B | $-967.0M |
| Q1 26 | — | — | ||
| Q4 25 | $116.0M | — | ||
| Q3 25 | $-989.0M | — | ||
| Q2 25 | $910.0M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $915.0M | — | ||
| Q3 24 | $563.0M | — | ||
| Q2 24 | $-567.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | — | ||
| Q3 25 | -19.2% | — | ||
| Q2 25 | 20.1% | — | ||
| Q1 25 | 30.0% | — | ||
| Q4 24 | 24.3% | — | ||
| Q3 24 | 11.5% | — | ||
| Q2 24 | -13.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | 35.4% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 18.4% | — | ||
| Q1 25 | 10.7% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 52.1% | — |
| Q1 26 | 8.48× | — | ||
| Q4 25 | 2.16× | 15.83× | ||
| Q3 25 | 0.93× | -3.91× | ||
| Q2 25 | 1.44× | -4.56× | ||
| Q1 25 | 2.23× | -5.00× | ||
| Q4 24 | 2.66× | 115.81× | ||
| Q3 24 | 0.81× | -6.84× | ||
| Q2 24 | 1.84× | -4.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
