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Side-by-side financial comparison of Royal Caribbean Group (RCL) and TIDEWATER INC (TDW). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $336.8M, roughly 12.6× TIDEWATER INC). TIDEWATER INC runs the higher net margin — 65.3% vs 17.7%, a 47.6% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (13.3% vs -2.4%). TIDEWATER INC produced more free cash flow last quarter ($147.8M vs $116.0M). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (6.9% CAGR vs 2.4%).
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 ...
Tidewater, Inc. is a publicly traded international petroleum service company headquartered in Houston, Texas, U.S. It operates a fleet of ships, primarily providing vessels and marine services to the offshore petroleum and offshore wind industries.
RCL vs TDW — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $336.8M |
| Net Profit | $753.0M | $219.9M |
| Gross Margin | 47.4% | — |
| Operating Margin | 21.9% | 19.0% |
| Net Margin | 17.7% | 65.3% |
| Revenue YoY | 13.3% | -2.4% |
| Net Profit YoY | 36.4% | 495.8% |
| EPS (diluted) | $2.76 | $4.37 |
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 | $336.8M | ||
| Q3 25 | $5.1B | $341.1M | ||
| Q2 25 | $4.5B | $341.4M | ||
| Q1 25 | $4.0B | $333.4M | ||
| Q4 24 | $3.8B | $345.1M | ||
| Q3 24 | $4.9B | $340.4M | ||
| Q2 24 | $4.1B | $339.2M | ||
| Q1 24 | $3.7B | $321.2M |
| Q4 25 | $753.0M | $219.9M | ||
| Q3 25 | $1.6B | $-806.0K | ||
| Q2 25 | $1.2B | $72.9M | ||
| Q1 25 | $730.0M | $42.7M | ||
| Q4 24 | $552.0M | $36.9M | ||
| Q3 24 | $1.1B | $46.4M | ||
| Q2 24 | $854.0M | $50.4M | ||
| Q1 24 | $360.0M | $47.0M |
| 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 | 21.9% | 19.0% | ||
| Q3 25 | 33.1% | 18.4% | ||
| Q2 25 | 29.3% | 23.7% | ||
| Q1 25 | 23.6% | 22.5% | ||
| Q4 24 | 16.6% | 23.6% | ||
| Q3 24 | 33.4% | 20.6% | ||
| Q2 24 | 26.7% | 23.0% | ||
| Q1 24 | 20.1% | 25.5% |
| Q4 25 | 17.7% | 65.3% | ||
| Q3 25 | 30.6% | -0.2% | ||
| Q2 25 | 26.7% | 21.4% | ||
| Q1 25 | 18.3% | 12.8% | ||
| Q4 24 | 14.7% | 10.7% | ||
| Q3 24 | 22.7% | 13.6% | ||
| Q2 24 | 20.8% | 14.8% | ||
| Q1 24 | 9.7% | 14.6% |
| Q4 25 | $2.76 | $4.37 | ||
| Q3 25 | $5.74 | $-0.02 | ||
| Q2 25 | $4.41 | $1.46 | ||
| Q1 25 | $2.70 | $0.83 | ||
| Q4 24 | $2.27 | $0.70 | ||
| Q3 24 | $4.21 | $0.87 | ||
| Q2 24 | $3.11 | $0.94 | ||
| Q1 24 | $1.35 | $0.89 |
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 | $578.8M |
| Total DebtLower is stronger | $18.2B | $670.1M |
| Stockholders' EquityBook value | $10.0B | $1.4B |
| Total Assets | $41.6B | $2.4B |
| Debt / EquityLower = less leverage | 1.81× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.0M | $578.8M | ||
| Q3 25 | $432.0M | $428.2M | ||
| Q2 25 | $735.0M | $369.4M | ||
| Q1 25 | $386.0M | $341.8M | ||
| Q4 24 | $388.0M | $324.9M | ||
| Q3 24 | $418.0M | $280.8M | ||
| Q2 24 | $391.0M | $315.9M | ||
| Q1 24 | $437.0M | $280.9M |
| Q4 25 | $18.2B | $670.1M | ||
| Q3 25 | $17.2B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | $18.5B | $647.9M | ||
| Q3 24 | $19.0B | — | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $18.9B | — |
| Q4 25 | $10.0B | $1.4B | ||
| Q3 25 | $10.1B | $1.1B | ||
| Q2 25 | $9.2B | $1.1B | ||
| Q1 25 | $8.0B | $1.1B | ||
| Q4 24 | $7.6B | $1.1B | ||
| Q3 24 | $7.0B | $1.1B | ||
| Q2 24 | $6.0B | $1.1B | ||
| Q1 24 | $5.2B | $1.1B |
| Q4 25 | $41.6B | $2.4B | ||
| Q3 25 | $40.1B | $2.1B | ||
| Q2 25 | $38.5B | $2.1B | ||
| Q1 25 | $37.5B | $2.1B | ||
| Q4 24 | $37.1B | $2.1B | ||
| Q3 24 | $37.1B | $2.0B | ||
| Q2 24 | $37.0B | $2.1B | ||
| Q1 24 | $35.2B | $2.1B |
| Q4 25 | 1.81× | 0.49× | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 2.26× | — | ||
| Q4 24 | 2.44× | 0.58× | ||
| 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 | $153.0M |
| Free Cash FlowOCF − Capex | $116.0M | $147.8M |
| FCF MarginFCF / Revenue | 2.7% | 43.9% |
| Capex IntensityCapex / Revenue | 35.4% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.16× | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $353.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $153.0M | ||
| Q3 25 | $1.5B | $54.7M | ||
| Q2 25 | $1.7B | $85.4M | ||
| Q1 25 | $1.6B | $86.0M | ||
| Q4 24 | $1.5B | $100.0M | ||
| Q3 24 | $897.0M | $49.0M | ||
| Q2 24 | $1.6B | $78.6M | ||
| Q1 24 | $1.3B | $54.8M |
| Q4 25 | $116.0M | $147.8M | ||
| Q3 25 | $-989.0M | $49.6M | ||
| Q2 25 | $910.0M | $80.2M | ||
| Q1 25 | $1.2B | $75.7M | ||
| Q4 24 | $915.0M | $95.5M | ||
| Q3 24 | $563.0M | $43.3M | ||
| Q2 24 | $-567.0M | $72.3M | ||
| Q1 24 | $1.1B | $43.8M |
| Q4 25 | 2.7% | 43.9% | ||
| Q3 25 | -19.2% | 14.5% | ||
| Q2 25 | 20.1% | 23.5% | ||
| Q1 25 | 30.0% | 22.7% | ||
| Q4 24 | 24.3% | 27.7% | ||
| Q3 24 | 11.5% | 12.7% | ||
| Q2 24 | -13.8% | 21.3% | ||
| Q1 24 | 29.1% | 13.6% |
| Q4 25 | 35.4% | 1.5% | ||
| Q3 25 | 47.8% | 1.5% | ||
| Q2 25 | 18.4% | 1.5% | ||
| Q1 25 | 10.7% | 3.1% | ||
| Q4 24 | 14.7% | 1.3% | ||
| Q3 24 | 6.8% | 1.7% | ||
| Q2 24 | 52.1% | 1.9% | ||
| Q1 24 | 6.5% | 3.4% |
| Q4 25 | 2.16× | 0.70× | ||
| Q3 25 | 0.93× | — | ||
| Q2 25 | 1.44× | 1.17× | ||
| Q1 25 | 2.23× | 2.02× | ||
| Q4 24 | 2.66× | 2.71× | ||
| Q3 24 | 0.81× | 1.06× | ||
| Q2 24 | 1.84× | 1.56× | ||
| Q1 24 | 3.69× | 1.16× |
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% |
TDW
Segment breakdown not available.
