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Side-by-side financial comparison of Royal Caribbean Group (RCL) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $4.3B, roughly 1.8× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 17.7% vs 1.3%, a 16.4% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.3% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $116.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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 ...
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
RCL vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $7.6B |
| Net Profit | $753.0M | $97.0M |
| Gross Margin | 47.4% | 18.2% |
| Operating Margin | 21.9% | 5.1% |
| Net Margin | 17.7% | 1.3% |
| Revenue YoY | 13.3% | 0.5% |
| Net Profit YoY | 36.4% | -33.6% |
| EPS (diluted) | $2.76 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $5.1B | $8.0B | ||
| Q2 25 | $4.5B | $7.9B | ||
| Q1 25 | $4.0B | $7.7B | ||
| Q4 24 | $3.8B | $7.5B | ||
| Q3 24 | $4.9B | $7.7B | ||
| Q2 24 | $4.1B | $3.0B | ||
| Q1 24 | $3.7B | $2.9B |
| Q4 25 | $753.0M | $97.0M | ||
| Q3 25 | $1.6B | $246.0M | ||
| Q2 25 | $1.2B | $-28.0M | ||
| Q1 25 | $730.0M | $384.0M | ||
| Q4 24 | $552.0M | $146.0M | ||
| Q3 24 | $1.1B | $-150.0M | ||
| Q2 24 | $854.0M | $132.0M | ||
| Q1 24 | $360.0M | $191.0M |
| Q4 25 | 47.4% | 18.2% | ||
| Q3 25 | 51.8% | 19.6% | ||
| Q2 25 | 49.7% | 19.1% | ||
| Q1 25 | 48.0% | 20.6% | ||
| Q4 24 | 45.4% | 19.1% | ||
| Q3 24 | 51.1% | 17.6% | ||
| Q2 24 | 47.6% | 23.3% | ||
| Q1 24 | 44.8% | 24.2% |
| Q4 25 | 21.9% | 5.1% | ||
| Q3 25 | 33.1% | 6.6% | ||
| Q2 25 | 29.3% | 3.2% | ||
| Q1 25 | 23.6% | 7.2% | ||
| Q4 24 | 16.6% | 5.3% | ||
| Q3 24 | 33.4% | 0.7% | ||
| Q2 24 | 26.7% | 8.2% | ||
| Q1 24 | 20.1% | 10.5% |
| Q4 25 | 17.7% | 1.3% | ||
| Q3 25 | 30.6% | 3.1% | ||
| Q2 25 | 26.7% | -0.4% | ||
| Q1 25 | 18.3% | 5.0% | ||
| Q4 24 | 14.7% | 1.9% | ||
| Q3 24 | 22.7% | -2.0% | ||
| Q2 24 | 20.8% | 4.4% | ||
| Q1 24 | 9.7% | 6.5% |
| Q4 25 | $2.76 | $0.18 | ||
| Q3 25 | $5.74 | $0.47 | ||
| Q2 25 | $4.41 | $-0.05 | ||
| Q1 25 | $2.70 | $0.73 | ||
| Q4 24 | $2.27 | $-0.12 | ||
| Q3 24 | $4.21 | $-0.30 | ||
| Q2 24 | $3.11 | $0.51 | ||
| Q1 24 | $1.35 | $0.73 |
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 | $892.0M |
| Total DebtLower is stronger | $18.2B | $13.4B |
| Stockholders' EquityBook value | $10.0B | $18.3B |
| Total Assets | $41.6B | $45.2B |
| Debt / EquityLower = less leverage | 1.81× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.0M | $892.0M | ||
| Q3 25 | $432.0M | $851.0M | ||
| Q2 25 | $735.0M | $778.0M | ||
| Q1 25 | $386.0M | $797.0M | ||
| Q4 24 | $388.0M | $855.0M | ||
| Q3 24 | $418.0M | — | ||
| Q2 24 | $391.0M | $26.8K | ||
| Q1 24 | $437.0M | $108 |
| Q4 25 | $18.2B | $13.4B | ||
| Q3 25 | $17.2B | $13.3B | ||
| Q2 25 | $17.6B | $13.3B | ||
| Q1 25 | $18.0B | $12.9B | ||
| Q4 24 | $18.5B | $12.5B | ||
| Q3 24 | $19.0B | $13.2B | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
| Q4 25 | $10.0B | $18.3B | ||
| Q3 25 | $10.1B | $18.4B | ||
| Q2 25 | $9.2B | $18.3B | ||
| Q1 25 | $8.0B | $17.9B | ||
| Q4 24 | $7.6B | $17.4B | ||
| Q3 24 | $7.0B | $18.0B | ||
| Q2 24 | $6.0B | $14.5K | ||
| Q1 24 | $5.2B | $108 |
| Q4 25 | $41.6B | $45.2B | ||
| Q3 25 | $40.1B | $45.6B | ||
| Q2 25 | $38.5B | $45.7B | ||
| Q1 25 | $37.5B | $44.6B | ||
| Q4 24 | $37.1B | $43.8B | ||
| Q3 24 | $37.1B | $45.0B | ||
| Q2 24 | $37.0B | $26.8K | ||
| Q1 24 | $35.2B | $108 |
| Q4 25 | 1.81× | 0.73× | ||
| Q3 25 | 1.70× | 0.72× | ||
| Q2 25 | 1.92× | 0.73× | ||
| Q1 25 | 2.26× | 0.72× | ||
| Q4 24 | 2.44× | 0.72× | ||
| Q3 24 | 2.69× | 0.73× | ||
| 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 | $1.2B |
| Free Cash FlowOCF − Capex | $116.0M | $612.0M |
| FCF MarginFCF / Revenue | 2.7% | 8.1% |
| Capex IntensityCapex / Revenue | 35.4% | 7.7% |
| Cash ConversionOCF / Net Profit | 2.16× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.7B | $829.0M | ||
| Q1 25 | $1.6B | $235.0M | ||
| Q4 24 | $1.5B | $781.0M | ||
| Q3 24 | $897.0M | $320.0M | ||
| Q2 24 | $1.6B | $340.0M | ||
| Q1 24 | $1.3B | $42.0M |
| Q4 25 | $116.0M | $612.0M | ||
| Q3 25 | $-989.0M | $523.0M | ||
| Q2 25 | $910.0M | $307.0M | ||
| Q1 25 | $1.2B | $-242.0M | ||
| Q4 24 | $915.0M | $212.0M | ||
| Q3 24 | $563.0M | $-192.0M | ||
| Q2 24 | $-567.0M | $163.0M | ||
| Q1 24 | $1.1B | $-166.0M |
| Q4 25 | 2.7% | 8.1% | ||
| Q3 25 | -19.2% | 6.5% | ||
| Q2 25 | 20.1% | 3.9% | ||
| Q1 25 | 30.0% | -3.2% | ||
| Q4 24 | 24.3% | 2.8% | ||
| Q3 24 | 11.5% | -2.5% | ||
| Q2 24 | -13.8% | 5.5% | ||
| Q1 24 | 29.1% | -5.7% |
| Q4 25 | 35.4% | 7.7% | ||
| Q3 25 | 47.8% | 7.6% | ||
| Q2 25 | 18.4% | 6.6% | ||
| Q1 25 | 10.7% | 6.2% | ||
| Q4 24 | 14.7% | 7.5% | ||
| Q3 24 | 6.8% | 6.7% | ||
| Q2 24 | 52.1% | 6.0% | ||
| Q1 24 | 6.5% | 7.1% |
| Q4 25 | 2.16× | 12.32× | ||
| Q3 25 | 0.93× | 4.61× | ||
| Q2 25 | 1.44× | — | ||
| Q1 25 | 2.23× | 0.61× | ||
| Q4 24 | 2.66× | 5.35× | ||
| Q3 24 | 0.81× | — | ||
| Q2 24 | 1.84× | 2.58× | ||
| Q1 24 | 3.69× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
