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嘉年华集团（CCL）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是嘉年华集团的1.8倍（$11.2B vs $6.3B），维萨净利率更高（53.4% vs 6.6%，领先46.8%），维萨同比增速更快（17.0% vs 6.6%），过去两年维萨的营收复合增速更高（12.3% vs 8.2%）
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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
CCL vs V — 直观对比
营收规模更大
V
是对方的1.8倍
$6.3B
营收增速更快
V
高出10.4%
6.6%
净利率更高
V
高出46.8%
6.6%
两年增速更快
V
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $11.2B |
| 净利润 | $421.0M | $6.0B |
| 毛利率 | — | — |
| 营业利润率 | 11.6% | 64.4% |
| 净利率 | 6.6% | 53.4% |
| 营收同比 | 6.6% | 17.0% |
| 净利润同比 | 38.9% | 32.0% |
| 每股收益（稀释后） | $0.33 | — |
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CCLV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $6.3B | $10.9B | ||
| Q3 25 | $8.2B | $10.7B | ||
| Q2 25 | $6.3B | $10.2B | ||
| Q1 25 | $5.8B | $9.6B | ||
| Q4 24 | $5.9B | $9.5B | ||
| Q3 24 | $7.9B | $9.6B | ||
| Q2 24 | $5.8B | $8.9B |
净利润CCLV
| Q2 26 | — | $6.0B | ||
| Q4 25 | $421.0M | $5.9B | ||
| Q3 25 | $1.9B | $5.1B | ||
| Q2 25 | $565.0M | $5.3B | ||
| Q1 25 | $-78.0M | $4.6B | ||
| Q4 24 | $303.0M | $5.1B | ||
| Q3 24 | $1.7B | $5.3B | ||
| Q2 24 | $92.0M | $4.9B |
毛利率CCLV
| Q2 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 46.2% | — | ||
| Q2 25 | 38.6% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 45.5% | — | ||
| Q2 24 | 34.3% | — |
营业利润率CCLV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 11.6% | 61.8% | ||
| Q3 25 | 27.9% | 57.3% | ||
| Q2 25 | 14.8% | 60.7% | ||
| Q1 25 | 9.3% | 56.6% | ||
| Q4 24 | 9.4% | 65.6% | ||
| Q3 24 | 27.6% | 66.0% | ||
| Q2 24 | 9.7% | 66.7% |
净利率CCLV
| Q2 26 | — | 53.4% | ||
| Q4 25 | 6.6% | 53.7% | ||
| Q3 25 | 22.7% | 47.5% | ||
| Q2 25 | 8.9% | 51.8% | ||
| Q1 25 | -1.3% | 47.7% | ||
| Q4 24 | 5.1% | 53.8% | ||
| Q3 24 | 22.0% | 55.3% | ||
| Q2 24 | 1.6% | 54.7% |
每股收益（稀释后）CCLV
| Q2 26 | — | — | ||
| Q4 25 | $0.33 | — | ||
| Q3 25 | $1.33 | — | ||
| Q2 25 | $0.42 | — | ||
| Q1 25 | $-0.06 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $1.26 | — | ||
| Q2 24 | $0.07 | — |
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 | $12.4B |
| 总债务越低越好 | $27.4B | $22.4B |
| 股东权益账面价值 | $12.3B | $35.7B |
| 总资产 | $51.7B | $95.0B |
| 负债/权益比越低杠杆越低 | 2.23× | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资CCLV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $1.9B | $14.8B | ||
| Q3 25 | $1.8B | $17.2B | ||
| Q2 25 | $2.1B | $17.1B | ||
| Q1 25 | $833.0M | $11.7B | ||
| Q4 24 | $1.2B | $12.4B | ||
| Q3 24 | $1.5B | $12.0B | ||
| Q2 24 | $1.6B | $12.9B |
总债务CCLV
| Q2 26 | — | $22.4B | ||
| Q4 25 | $27.4B | — | ||
| Q3 25 | $27.2B | — | ||
| Q2 25 | $28.0B | — | ||
| Q1 25 | $27.7B | — | ||
| Q4 24 | $28.2B | — | ||
| Q3 24 | $29.6B | — | ||
| Q2 24 | $30.2B | — |
股东权益CCLV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $12.3B | $38.8B | ||
| Q3 25 | $11.9B | $37.9B | ||
| Q2 25 | $10.0B | $38.7B | ||
| Q1 25 | $9.2B | $38.0B | ||
| Q4 24 | $9.3B | $38.3B | ||
| Q3 24 | $8.6B | $39.1B | ||
| Q2 24 | $6.8B | $39.7B |
总资产CCLV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $51.7B | $96.8B | ||
| Q3 25 | $50.8B | $99.6B | ||
| Q2 25 | $51.2B | $100.0B | ||
| Q1 25 | $48.5B | $92.9B | ||
| Q4 24 | $49.1B | $91.9B | ||
| Q3 24 | $49.8B | $94.5B | ||
| Q2 24 | $49.6B | $91.0B |
负债/权益比CCLV
| Q2 26 | — | 0.63× | ||
| Q4 25 | 2.23× | — | ||
| Q3 25 | 2.28× | — | ||
| Q2 25 | 2.79× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.05× | — | ||
| Q3 24 | 3.45× | — | ||
| Q2 24 | 4.43× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $12.0M | — |
| 自由现金流率自由现金流/营收 | 0.2% | — |
| 资本支出强度资本支出/营收 | 23.8% | — |
| 现金转化率经营现金流/净利润 | 3.61× | — |
| 过去12个月自由现金流最近4个季度 | $2.6B | — |
8季度趋势，按日历期对齐
经营现金流CCLV
| Q2 26 | — | — | ||
| Q4 25 | $1.5B | $6.8B | ||
| Q3 25 | $1.4B | $6.2B | ||
| Q2 25 | $2.4B | $6.7B | ||
| Q1 25 | $925.0M | $4.7B | ||
| Q4 24 | $911.0M | $5.4B | ||
| Q3 24 | $1.2B | $6.7B | ||
| Q2 24 | $2.0B | $5.1B |
自由现金流CCLV
| Q2 26 | — | — | ||
| Q4 25 | $12.0M | $6.4B | ||
| Q3 25 | $736.0M | $5.8B | ||
| Q2 25 | $1.5B | $6.3B | ||
| Q1 25 | $318.0M | $4.4B | ||
| Q4 24 | $319.0M | $5.1B | ||
| Q3 24 | $628.0M | $6.4B | ||
| Q2 24 | $720.0M | $4.7B |
自由现金流率CCLV
| Q2 26 | — | — | ||
| Q4 25 | 0.2% | 58.7% | ||
| Q3 25 | 9.0% | 54.5% | ||
| Q2 25 | 24.4% | 62.0% | ||
| Q1 25 | 5.5% | 45.5% | ||
| Q4 24 | 5.4% | 53.1% | ||
| Q3 24 | 8.0% | 66.1% | ||
| Q2 24 | 12.5% | 53.2% |
资本支出强度CCLV
| Q2 26 | — | — | ||
| Q4 25 | 23.8% | 3.5% | ||
| Q3 25 | 7.9% | 3.6% | ||
| Q2 25 | 13.4% | 4.1% | ||
| Q1 25 | 10.4% | 3.4% | ||
| Q4 24 | 10.0% | 3.6% | ||
| Q3 24 | 7.3% | 3.2% | ||
| Q2 24 | 22.8% | 4.5% |
现金转化率CCLV
| Q2 26 | — | — | ||
| Q4 25 | 3.61× | 1.16× | ||
| Q3 25 | 0.75× | 1.23× | ||
| Q2 25 | 4.23× | 1.28× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | 3.01× | 1.05× | ||
| Q3 24 | 0.69× | 1.25× | ||
| Q2 24 | 22.16× | 1.05× |
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% |
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
