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Side-by-side financial comparison of Royal Caribbean Group (RCL) and Viking Holdings Ltd (VIK). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.3B vs $4.0B, roughly 1.1× Viking Holdings Ltd). Royal Caribbean Group runs the higher net margin — 17.7% vs 12.9%, a 4.8% gap on every dollar of revenue.
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 ...
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
RCL vs VIK — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $4.0B |
| Net Profit | $753.0M | $514.0M |
| Gross Margin | 47.4% | 73.4% |
| Operating Margin | 21.9% | 15.2% |
| Net Margin | 17.7% | 12.9% |
| Revenue YoY | 13.3% | — |
| Net Profit YoY | 36.4% | 35.4% |
| EPS (diluted) | $2.76 | $1.15 |
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 | — | ||
| Q3 25 | $5.1B | $4.0B | ||
| Q2 25 | $4.5B | $2.3B | ||
| Q1 25 | $4.0B | $718.2M | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $4.9B | $3.6B | ||
| Q2 24 | $4.1B | $2.1B | ||
| Q1 24 | $3.7B | — |
| Q4 25 | $753.0M | — | ||
| Q3 25 | $1.6B | $514.0M | ||
| Q2 25 | $1.2B | $439.2M | ||
| Q1 25 | $730.0M | $-105.5M | ||
| Q4 24 | $552.0M | — | ||
| Q3 24 | $1.1B | $379.7M | ||
| Q2 24 | $854.0M | $159.8M | ||
| Q1 24 | $360.0M | — |
| Q4 25 | 47.4% | — | ||
| Q3 25 | 51.8% | 73.4% | ||
| Q2 25 | 49.7% | 55.7% | ||
| Q1 25 | 48.0% | 17.3% | ||
| Q4 24 | 45.4% | — | ||
| Q3 24 | 51.1% | 74.7% | ||
| Q2 24 | 47.6% | 57.8% | ||
| Q1 24 | 44.8% | — |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 33.1% | 15.2% | ||
| Q2 25 | 29.3% | 23.7% | ||
| Q1 25 | 23.6% | -1.3% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 33.4% | 13.6% | ||
| Q2 24 | 26.7% | 20.5% | ||
| Q1 24 | 20.1% | — |
| Q4 25 | 17.7% | — | ||
| Q3 25 | 30.6% | 12.9% | ||
| Q2 25 | 26.7% | 19.1% | ||
| Q1 25 | 18.3% | -14.7% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 22.7% | 10.6% | ||
| Q2 24 | 20.8% | 7.7% | ||
| Q1 24 | 9.7% | — |
| Q4 25 | $2.76 | — | ||
| Q3 25 | $5.74 | $1.15 | ||
| Q2 25 | $4.41 | $0.99 | ||
| Q1 25 | $2.70 | $-0.24 | ||
| Q4 24 | $2.27 | — | ||
| Q3 24 | $4.21 | $0.87 | ||
| Q2 24 | $3.11 | $0.38 | ||
| Q1 24 | $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 | $825.0M | $3.0B |
| Total DebtLower is stronger | $18.2B | — |
| Stockholders' EquityBook value | $10.0B | $803.5M |
| Total Assets | $41.6B | $11.5B |
| Debt / EquityLower = less leverage | 1.81× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.0M | — | ||
| Q3 25 | $432.0M | $3.0B | ||
| Q2 25 | $735.0M | $2.6B | ||
| Q1 25 | $386.0M | $2.8B | ||
| Q4 24 | $388.0M | — | ||
| Q3 24 | $418.0M | $2.4B | ||
| Q2 24 | $391.0M | $1.8B | ||
| 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 | — | ||
| Q3 25 | $10.1B | $803.5M | ||
| Q2 25 | $9.2B | $278.3M | ||
| Q1 25 | $8.0B | $-267.5M | ||
| Q4 24 | $7.6B | — | ||
| Q3 24 | $7.0B | $-688.9M | ||
| Q2 24 | $6.0B | $-1.1B | ||
| Q1 24 | $5.2B | — |
| Q4 25 | $41.6B | — | ||
| Q3 25 | $40.1B | $11.5B | ||
| Q2 25 | $38.5B | $11.1B | ||
| Q1 25 | $37.5B | $10.7B | ||
| Q4 24 | $37.1B | — | ||
| 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 | $663.9M |
| Free Cash FlowOCF − Capex | $116.0M | — |
| FCF MarginFCF / Revenue | 2.7% | — |
| Capex IntensityCapex / Revenue | 35.4% | — |
| Cash ConversionOCF / Net Profit | 2.16× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | $663.9M | ||
| Q2 25 | $1.7B | $470.7M | ||
| Q1 25 | $1.6B | $587.9M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $897.0M | $828.7M | ||
| Q2 24 | $1.6B | $419.8M | ||
| Q1 24 | $1.3B | — |
| 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 24 | $1.1B | — |
| 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 24 | 29.1% | — |
| 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 24 | 6.5% | — |
| Q4 25 | 2.16× | — | ||
| Q3 25 | 0.93× | 1.29× | ||
| Q2 25 | 1.44× | 1.07× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | 0.81× | 2.18× | ||
| Q2 24 | 1.84× | 2.63× | ||
| 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% |
VIK
Segment breakdown not available.
