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Side-by-side financial comparison of Royal Caribbean Group (RCL) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $3.7B, roughly 1.2× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 17.7%, a 2.6% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 13.3%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $116.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 6.9%).
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 ...
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
RCL vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $3.7B |
| Net Profit | $753.0M | $743.0M |
| Gross Margin | 47.4% | 46.1% |
| Operating Margin | 21.9% | 17.2% |
| Net Margin | 17.7% | 20.2% |
| Revenue YoY | 13.3% | 30.6% |
| Net Profit YoY | 36.4% | -42.5% |
| EPS (diluted) | $2.76 | $0.58 |
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 | $4.3B | $3.7B | ||
| Q3 25 | $5.1B | $2.8B | ||
| Q2 25 | $4.5B | $2.7B | ||
| Q1 25 | $4.0B | $2.4B | ||
| Q4 24 | $3.8B | $2.8B | ||
| Q3 24 | $4.9B | $2.2B | ||
| Q2 24 | $4.1B | $2.0B | ||
| Q1 24 | $3.7B | $1.9B |
| Q4 25 | $753.0M | $743.0M | ||
| Q3 25 | $1.6B | $264.0M | ||
| Q2 25 | $1.2B | $906.0M | ||
| Q1 25 | $730.0M | $-682.0M | ||
| Q4 24 | $552.0M | $1.3B | ||
| Q3 24 | $1.1B | $828.0M | ||
| Q2 24 | $854.0M | $171.0M | ||
| Q1 24 | $360.0M | $-273.0M |
| Q4 25 | 47.4% | 46.1% | ||
| Q3 25 | 51.8% | 48.9% | ||
| Q2 25 | 49.7% | 48.6% | ||
| Q1 25 | 48.0% | 49.5% | ||
| Q4 24 | 45.4% | 48.1% | ||
| Q3 24 | 51.1% | 51.7% | ||
| Q2 24 | 47.6% | 51.1% | ||
| Q1 24 | 44.8% | 51.4% |
| Q4 25 | 21.9% | 17.2% | ||
| Q3 25 | 33.1% | 12.1% | ||
| Q2 25 | 29.3% | 10.9% | ||
| Q1 25 | 23.6% | 8.6% | ||
| Q4 24 | 16.6% | 16.5% | ||
| Q3 24 | 33.4% | 13.1% | ||
| Q2 24 | 26.7% | 11.8% | ||
| Q1 24 | 20.1% | 4.6% |
| Q4 25 | 17.7% | 20.2% | ||
| Q3 25 | 30.6% | 9.3% | ||
| Q2 25 | 26.7% | 33.8% | ||
| Q1 25 | 18.3% | -28.9% | ||
| Q4 24 | 14.7% | 46.0% | ||
| Q3 24 | 22.7% | 38.3% | ||
| Q2 24 | 20.8% | 8.4% | ||
| Q1 24 | 9.7% | -14.7% |
| Q4 25 | $2.76 | $0.58 | ||
| Q3 25 | $5.74 | $0.20 | ||
| Q2 25 | $4.41 | $0.69 | ||
| Q1 25 | $2.70 | $-0.53 | ||
| Q4 24 | $2.27 | $0.99 | ||
| Q3 24 | $4.21 | $0.64 | ||
| Q2 24 | $3.11 | $0.13 | ||
| Q1 24 | $1.35 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $18.2B | — |
| Stockholders' EquityBook value | $10.0B | $13.5B |
| Total Assets | $41.6B | $15.2B |
| Debt / EquityLower = less leverage | 1.81× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.0M | $5.8B | ||
| Q3 25 | $432.0M | $6.3B | ||
| Q2 25 | $735.0M | $5.8B | ||
| Q1 25 | $386.0M | $5.5B | ||
| Q4 24 | $388.0M | $5.5B | ||
| Q3 24 | $418.0M | — | ||
| Q2 24 | $391.0M | — | ||
| Q1 24 | $437.0M | — |
| Q4 25 | $18.2B | — | ||
| Q3 25 | $17.2B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | $18.5B | — | ||
| Q3 24 | $19.0B | — | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
| Q4 25 | $10.0B | $13.5B | ||
| Q3 25 | $10.1B | $12.5B | ||
| Q2 25 | $9.2B | $12.1B | ||
| Q1 25 | $8.0B | $11.1B | ||
| Q4 24 | $7.6B | $11.6B | ||
| Q3 24 | $7.0B | $10.1B | ||
| Q2 24 | $6.0B | $9.2B | ||
| Q1 24 | $5.2B | $8.9B |
| Q4 25 | $41.6B | $15.2B | ||
| Q3 25 | $40.1B | $15.0B | ||
| Q2 25 | $38.5B | $14.6B | ||
| Q1 25 | $37.5B | $13.4B | ||
| Q4 24 | $37.1B | $13.9B | ||
| Q3 24 | $37.1B | — | ||
| Q2 24 | $37.0B | — | ||
| Q1 24 | $35.2B | — |
| Q4 25 | 1.81× | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 2.26× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 3.29× | — | ||
| Q1 24 | 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 | $1.6B | $725.0M |
| Free Cash FlowOCF − Capex | $116.0M | $715.0M |
| FCF MarginFCF / Revenue | 2.7% | 19.5% |
| Capex IntensityCapex / Revenue | 35.4% | 0.3% |
| Cash ConversionOCF / Net Profit | 2.16× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $725.0M | ||
| Q3 25 | $1.5B | $513.0M | ||
| Q2 25 | $1.7B | $428.0M | ||
| Q1 25 | $1.6B | $367.0M | ||
| Q4 24 | $1.5B | $615.0M | ||
| Q3 24 | $897.0M | $423.0M | ||
| Q2 24 | $1.6B | $340.0M | ||
| Q1 24 | $1.3B | $238.0M |
| Q4 25 | $116.0M | $715.0M | ||
| Q3 25 | $-989.0M | $507.0M | ||
| Q2 25 | $910.0M | $422.0M | ||
| Q1 25 | $1.2B | $363.0M | ||
| Q4 24 | $915.0M | $611.0M | ||
| Q3 24 | $563.0M | $421.0M | ||
| Q2 24 | $-567.0M | $333.0M | ||
| Q1 24 | $1.1B | $232.0M |
| Q4 25 | 2.7% | 19.5% | ||
| Q3 25 | -19.2% | 17.8% | ||
| Q2 25 | 20.1% | 15.7% | ||
| Q1 25 | 30.0% | 15.4% | ||
| Q4 24 | 24.3% | 21.7% | ||
| Q3 24 | 11.5% | 19.5% | ||
| Q2 24 | -13.8% | 16.3% | ||
| Q1 24 | 29.1% | 12.5% |
| Q4 25 | 35.4% | 0.3% | ||
| Q3 25 | 47.8% | 0.2% | ||
| Q2 25 | 18.4% | 0.2% | ||
| Q1 25 | 10.7% | 0.2% | ||
| Q4 24 | 14.7% | 0.1% | ||
| Q3 24 | 6.8% | 0.1% | ||
| Q2 24 | 52.1% | 0.3% | ||
| Q1 24 | 6.5% | 0.3% |
| Q4 25 | 2.16× | 0.98× | ||
| Q3 25 | 0.93× | 1.94× | ||
| Q2 25 | 1.44× | 0.47× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | 0.48× | ||
| Q3 24 | 0.81× | 0.51× | ||
| Q2 24 | 1.84× | 1.99× | ||
| Q1 24 | 3.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
