CCL vs NCLH
Carnival Corporation Ltd. and Norwegian Cruise Line Holdings Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | CCL | NCLH |
|---|---|---|
| Revenue | $26.6B | $9.8B |
| Net income | $2.8B | $423.2M |
| Gross margin | 37.5% | 42.6% |
| Net margin | 10.4% | 4.3% |
| Return on equity | 25.6% | 23.3% |
| Diluted EPS | $2.02 | $0.92 |
| Dividend / share | $1.95 | — |
| Payout ratio | −0.0% | — |
| Free cash flow | $2.6B | $-1.2B |
| Equity | $12.3B | $2.2B |
| Net debt / equity | 2.01× | 6.12× |
| Current ratio | 0.32× | 0.21× |
| Revenue CAGR 5y | 36.6% | 50.3% |
| Profit CAGR 5y | — | — |
CCL bills 2.7× the revenue of NCLH, and keeps more of each dollar of revenue as profit (10.4% against 4.3%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | CCL | NCLH |
|---|---|---|
| FY2025 | $26.6B | $9.8B |
| FY2024 | $25.0B | $9.5B |
| FY2023 | $21.6B | $8.5B |
| FY2022 | $12.2B | $4.8B |
| FY2021 | $1.9B | $648.0M |
| FY2020 | $5.6B | $1.3B |
| FY2019 | $20.8B | $6.5B |
| FY2018 | $18.9B | $6.1B |
| FY2017 | $17.5B | $5.4B |
| FY2016 | $16.4B | $4.9B |
Net income by year
Bottom line
| Fiscal year | CCL | NCLH |
|---|---|---|
| FY2025 | $2.8B | $423.2M |
| FY2024 | $1.9B | $910.3M |
| FY2023 | $-74.0M | $166.2M |
| FY2022 | $-6.1B | $-2.3B |
| FY2021 | $-9.5B | $-4.5B |
| FY2020 | $-10.2B | $-4.0B |
| FY2019 | $3.0B | $930.2M |
| FY2018 | $3.2B | $954.8M |
| FY2017 | $2.6B | $759.9M |
| FY2016 | $2.8B | $633.1M |
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