vs
嘉年华集团（CCL）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
嘉年华集团的季度营收约是皇家加勒比集团的1.5倍（$6.3B vs $4.3B），皇家加勒比集团净利率更高（17.7% vs 6.6%，领先11.0%），皇家加勒比集团同比增速更快（13.3% vs 6.6%），皇家加勒比集团自由现金流更多（$116.0M vs $12.0M），过去两年嘉年华集团的营收复合增速更高（8.2% vs 6.9%）
嘉年华集团是全球规模最大的休闲旅游集团，核心业务为邮轮运营，旗下拥有多个全球知名邮轮品牌，每年服务数百万乘客，提供覆盖住宿、餐饮、娱乐、岸上观光的一站式度假体验，航线遍布全球热门目的地。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
CCL vs RCL — 直观对比
营收规模更大
CCL
是对方的1.5倍
$4.3B
营收增速更快
RCL
高出6.7%
6.6%
净利率更高
RCL
高出11.0%
6.6%
自由现金流更多
RCL
多$104.0M
$12.0M
两年增速更快
CCL
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $4.3B |
| 净利润 | $421.0M | $753.0M |
| 毛利率 | — | 47.4% |
| 营业利润率 | 11.6% | 21.9% |
| 净利率 | 6.6% | 17.7% |
| 营收同比 | 6.6% | 13.3% |
| 净利润同比 | 38.9% | 36.4% |
| 每股收益（稀释后） | $0.33 | $2.76 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CCLRCL
| Q4 25 | $6.3B | $4.3B | ||
| Q3 25 | $8.2B | $5.1B | ||
| Q2 25 | $6.3B | $4.5B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $5.9B | $3.8B | ||
| Q3 24 | $7.9B | $4.9B | ||
| Q2 24 | $5.8B | $4.1B | ||
| Q1 24 | $5.4B | $3.7B |
净利润CCLRCL
| Q4 25 | $421.0M | $753.0M | ||
| Q3 25 | $1.9B | $1.6B | ||
| Q2 25 | $565.0M | $1.2B | ||
| Q1 25 | $-78.0M | $730.0M | ||
| Q4 24 | $303.0M | $552.0M | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $92.0M | $854.0M | ||
| Q1 24 | $-214.0M | $360.0M |
毛利率CCLRCL
| Q4 25 | — | 47.4% | ||
| Q3 25 | 46.2% | 51.8% | ||
| Q2 25 | 38.6% | 49.7% | ||
| Q1 25 | 35.2% | 48.0% | ||
| Q4 24 | 35.5% | 45.4% | ||
| Q3 24 | 45.5% | 51.1% | ||
| Q2 24 | 34.3% | 47.6% | ||
| Q1 24 | 31.5% | 44.8% |
营业利润率CCLRCL
| Q4 25 | 11.6% | 21.9% | ||
| Q3 25 | 27.9% | 33.1% | ||
| Q2 25 | 14.8% | 29.3% | ||
| Q1 25 | 9.3% | 23.6% | ||
| Q4 24 | 9.4% | 16.6% | ||
| Q3 24 | 27.6% | 33.4% | ||
| Q2 24 | 9.7% | 26.7% | ||
| Q1 24 | 5.1% | 20.1% |
净利率CCLRCL
| Q4 25 | 6.6% | 17.7% | ||
| Q3 25 | 22.7% | 30.6% | ||
| Q2 25 | 8.9% | 26.7% | ||
| Q1 25 | -1.3% | 18.3% | ||
| Q4 24 | 5.1% | 14.7% | ||
| Q3 24 | 22.0% | 22.7% | ||
| Q2 24 | 1.6% | 20.8% | ||
| Q1 24 | -4.0% | 9.7% |
每股收益（稀释后）CCLRCL
| Q4 25 | $0.33 | $2.76 | ||
| Q3 25 | $1.33 | $5.74 | ||
| Q2 25 | $0.42 | $4.41 | ||
| Q1 25 | $-0.06 | $2.70 | ||
| Q4 24 | $0.28 | $2.27 | ||
| Q3 24 | $1.26 | $4.21 | ||
| Q2 24 | $0.07 | $3.11 | ||
| Q1 24 | $-0.17 | $1.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.9B | $825.0M |
| 总债务越低越好 | $27.4B | $18.2B |
| 股东权益账面价值 | $12.3B | $10.0B |
| 总资产 | $51.7B | $41.6B |
| 负债/权益比越低杠杆越低 | 2.23× | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资CCLRCL
| Q4 25 | $1.9B | $825.0M | ||
| Q3 25 | $1.8B | $432.0M | ||
| Q2 25 | $2.1B | $735.0M | ||
| Q1 25 | $833.0M | $386.0M | ||
| Q4 24 | $1.2B | $388.0M | ||
| Q3 24 | $1.5B | $418.0M | ||
| Q2 24 | $1.6B | $391.0M | ||
| Q1 24 | $2.2B | $437.0M |
总债务CCLRCL
| Q4 25 | $27.4B | $18.2B | ||
| Q3 25 | $27.2B | $17.2B | ||
| Q2 25 | $28.0B | $17.6B | ||
| Q1 25 | $27.7B | $18.0B | ||
| Q4 24 | $28.2B | $18.5B | ||
| Q3 24 | $29.6B | $19.0B | ||
| Q2 24 | $30.2B | $19.8B | ||
| Q1 24 | $31.6B | $18.9B |
股东权益CCLRCL
| Q4 25 | $12.3B | $10.0B | ||
| Q3 25 | $11.9B | $10.1B | ||
| Q2 25 | $10.0B | $9.2B | ||
| Q1 25 | $9.2B | $8.0B | ||
| Q4 24 | $9.3B | $7.6B | ||
| Q3 24 | $8.6B | $7.0B | ||
| Q2 24 | $6.8B | $6.0B | ||
| Q1 24 | $6.7B | $5.2B |
总资产CCLRCL
| Q4 25 | $51.7B | $41.6B | ||
| Q3 25 | $50.8B | $40.1B | ||
| Q2 25 | $51.2B | $38.5B | ||
| Q1 25 | $48.5B | $37.5B | ||
| Q4 24 | $49.1B | $37.1B | ||
| Q3 24 | $49.8B | $37.1B | ||
| Q2 24 | $49.6B | $37.0B | ||
| Q1 24 | $49.8B | $35.2B |
负债/权益比CCLRCL
| Q4 25 | 2.23× | 1.81× | ||
| Q3 25 | 2.28× | 1.70× | ||
| Q2 25 | 2.79× | 1.92× | ||
| Q1 25 | 3.02× | 2.26× | ||
| Q4 24 | 3.05× | 2.44× | ||
| Q3 24 | 3.45× | 2.69× | ||
| Q2 24 | 4.43× | 3.29× | ||
| Q1 24 | 4.72× | 3.66× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.5B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $12.0M | $116.0M |
| 自由现金流率自由现金流/营收 | 0.2% | 2.7% |
| 资本支出强度资本支出/营收 | 23.8% | 35.4% |
| 现金转化率经营现金流/净利润 | 3.61× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $2.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流CCLRCL
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $925.0M | $1.6B | ||
| Q4 24 | $911.0M | $1.5B | ||
| Q3 24 | $1.2B | $897.0M | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.8B | $1.3B |
自由现金流CCLRCL
| Q4 25 | $12.0M | $116.0M | ||
| Q3 25 | $736.0M | $-989.0M | ||
| Q2 25 | $1.5B | $910.0M | ||
| Q1 25 | $318.0M | $1.2B | ||
| Q4 24 | $319.0M | $915.0M | ||
| Q3 24 | $628.0M | $563.0M | ||
| Q2 24 | $720.0M | $-567.0M | ||
| Q1 24 | $-370.0M | $1.1B |
自由现金流率CCLRCL
| Q4 25 | 0.2% | 2.7% | ||
| Q3 25 | 9.0% | -19.2% | ||
| Q2 25 | 24.4% | 20.1% | ||
| Q1 25 | 5.5% | 30.0% | ||
| Q4 24 | 5.4% | 24.3% | ||
| Q3 24 | 8.0% | 11.5% | ||
| Q2 24 | 12.5% | -13.8% | ||
| Q1 24 | -6.8% | 29.1% |
资本支出强度CCLRCL
| Q4 25 | 23.8% | 35.4% | ||
| Q3 25 | 7.9% | 47.8% | ||
| Q2 25 | 13.4% | 18.4% | ||
| Q1 25 | 10.4% | 10.7% | ||
| Q4 24 | 10.0% | 14.7% | ||
| Q3 24 | 7.3% | 6.8% | ||
| Q2 24 | 22.8% | 52.1% | ||
| Q1 24 | 39.5% | 6.5% |
现金转化率CCLRCL
| Q4 25 | 3.61× | 2.16× | ||
| Q3 25 | 0.75× | 0.93× | ||
| Q2 25 | 4.23× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 3.01× | 2.66× | ||
| Q3 24 | 0.69× | 0.81× | ||
| Q2 24 | 22.16× | 1.84× | ||
| Q1 24 | — | 3.69× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CCL
| Cruise Passenger Ticket | $4.1B | 64% |
| Other | $2.2B | 34% |
| Cruise | $90.0M | 1% |
| Tour And Other | $29.0M | 0% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
