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Side-by-side financial comparison of Royal Caribbean Group (RCL) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $4.3B, roughly 1.1× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 17.7% vs 4.8%, a 12.8% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 13.3%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $116.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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 ...
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
RCL vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $4.8B |
| Net Profit | $753.0M | $233.0M |
| Gross Margin | 47.4% | — |
| Operating Margin | 21.9% | 9.9% |
| Net Margin | 17.7% | 4.8% |
| Revenue YoY | 13.3% | 31.2% |
| Net Profit YoY | 36.4% | -47.2% |
| EPS (diluted) | $2.76 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $5.1B | $4.8B | ||
| Q2 25 | $4.5B | $3.8B | ||
| Q1 25 | $4.0B | $4.3B | ||
| Q4 24 | $3.8B | $3.7B | ||
| Q3 24 | $4.9B | $4.3B | ||
| Q2 24 | $4.1B | $3.6B | ||
| Q1 24 | $3.7B | $3.2B |
| Q4 25 | $753.0M | $233.0M | ||
| Q3 25 | $1.6B | $652.0M | ||
| Q2 25 | $1.2B | $327.0M | ||
| Q1 25 | $730.0M | $-268.0M | ||
| Q4 24 | $552.0M | $441.0M | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $854.0M | $365.0M | ||
| Q1 24 | $360.0M | $-35.0M |
| 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% | 9.9% | ||
| Q3 25 | 33.1% | 21.7% | ||
| Q2 25 | 29.3% | 13.7% | ||
| Q1 25 | 23.6% | -2.8% | ||
| Q4 24 | 16.6% | 16.4% | ||
| Q3 24 | 33.4% | 59.6% | ||
| Q2 24 | 26.7% | 22.5% | ||
| Q1 24 | 20.1% | 2.7% |
| Q4 25 | 17.7% | 4.8% | ||
| Q3 25 | 30.6% | 13.6% | ||
| Q2 25 | 26.7% | 8.7% | ||
| Q1 25 | 18.3% | -6.3% | ||
| Q4 24 | 14.7% | 12.0% | ||
| Q3 24 | 22.7% | 43.5% | ||
| Q2 24 | 20.8% | 10.1% | ||
| Q1 24 | 9.7% | -1.1% |
| Q4 25 | $2.76 | $0.55 | ||
| Q3 25 | $5.74 | $1.75 | ||
| Q2 25 | $4.41 | $0.81 | ||
| Q1 25 | $2.70 | $-0.93 | ||
| Q4 24 | $2.27 | $1.09 | ||
| Q3 24 | $4.21 | $5.25 | ||
| Q2 24 | $3.11 | $0.90 | ||
| Q1 24 | $1.35 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | $18.2B | $15.8B |
| Stockholders' EquityBook value | $10.0B | $5.1B |
| Total Assets | $41.6B | $41.5B |
| Debt / EquityLower = less leverage | 1.81× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.0M | $785.0M | ||
| Q3 25 | $432.0M | $602.0M | ||
| Q2 25 | $735.0M | $458.0M | ||
| Q1 25 | $386.0M | $561.0M | ||
| Q4 24 | $388.0M | $1.2B | ||
| Q3 24 | $418.0M | $905.0M | ||
| Q2 24 | $391.0M | $1.6B | ||
| Q1 24 | $437.0M | $1.1B |
| Q4 25 | $18.2B | $15.8B | ||
| Q3 25 | $17.2B | $15.8B | ||
| Q2 25 | $17.6B | $15.5B | ||
| Q1 25 | $18.0B | $15.4B | ||
| Q4 24 | $18.5B | $15.4B | ||
| Q3 24 | $19.0B | $13.9B | ||
| Q2 24 | $19.8B | $13.9B | ||
| Q1 24 | $18.9B | $14.7B |
| Q4 25 | $10.0B | $5.1B | ||
| Q3 25 | $10.1B | $5.2B | ||
| Q2 25 | $9.2B | $4.8B | ||
| Q1 25 | $8.0B | $4.8B | ||
| Q4 24 | $7.6B | $5.6B | ||
| Q3 24 | $7.0B | $5.4B | ||
| Q2 24 | $6.0B | $5.6B | ||
| Q1 24 | $5.2B | $5.7B |
| Q4 25 | $41.6B | $41.5B | ||
| Q3 25 | $40.1B | $38.0B | ||
| Q2 25 | $38.5B | $38.1B | ||
| Q1 25 | $37.5B | $38.2B | ||
| Q4 24 | $37.1B | $37.8B | ||
| Q3 24 | $37.1B | $37.9B | ||
| Q2 24 | $37.0B | $39.1B | ||
| Q1 24 | $35.2B | $38.2B |
| Q4 25 | 1.81× | 3.11× | ||
| Q3 25 | 1.70× | 3.02× | ||
| Q2 25 | 1.92× | 3.22× | ||
| Q1 25 | 2.26× | 3.20× | ||
| Q4 24 | 2.44× | 2.77× | ||
| Q3 24 | 2.69× | 2.56× | ||
| Q2 24 | 3.29× | 2.49× | ||
| Q1 24 | 3.66× | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $116.0M | $596.0M |
| FCF MarginFCF / Revenue | 2.7% | 12.4% |
| Capex IntensityCapex / Revenue | 35.4% | 17.4% |
| Cash ConversionOCF / Net Profit | 2.16× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $1.5B | $1.5B | ||
| Q2 25 | $1.7B | $572.0M | ||
| Q1 25 | $1.6B | $599.0M | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $897.0M | $1.7B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.3B | $312.0M |
| Q4 25 | $116.0M | $596.0M | ||
| Q3 25 | $-989.0M | $1.0B | ||
| Q2 25 | $910.0M | $-118.0M | ||
| Q1 25 | $1.2B | $-169.0M | ||
| Q4 24 | $915.0M | $923.0M | ||
| Q3 24 | $563.0M | $1.0B | ||
| Q2 24 | $-567.0M | $698.0M | ||
| Q1 24 | $1.1B | $-153.0M |
| Q4 25 | 2.7% | 12.4% | ||
| Q3 25 | -19.2% | 21.1% | ||
| Q2 25 | 20.1% | -3.1% | ||
| Q1 25 | 30.0% | -4.0% | ||
| Q4 24 | 24.3% | 25.2% | ||
| Q3 24 | 11.5% | 23.4% | ||
| Q2 24 | -13.8% | 19.4% | ||
| Q1 24 | 29.1% | -4.8% |
| Q4 25 | 35.4% | 17.4% | ||
| Q3 25 | 47.8% | 9.6% | ||
| Q2 25 | 18.4% | 18.4% | ||
| Q1 25 | 10.7% | 18.1% | ||
| Q4 24 | 14.7% | 11.7% | ||
| Q3 24 | 6.8% | 15.8% | ||
| Q2 24 | 52.1% | 13.8% | ||
| Q1 24 | 6.5% | 14.7% |
| Q4 25 | 2.16× | 6.15× | ||
| Q3 25 | 0.93× | 2.25× | ||
| Q2 25 | 1.44× | 1.75× | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.66× | 3.07× | ||
| Q3 24 | 0.81× | 0.90× | ||
| Q2 24 | 1.84× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
