CCL vs RCL
Carnival Corp. Ltd. and Royal Caribbean Cruises Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | CCL | RCL |
|---|---|---|
| Revenue | $26.6B | $17.9B |
| Net income | $2.8B | $4.3B |
| Gross margin | — | 49.4% |
| Net margin | 10.4% | 23.9% |
| Return on equity | 25.6% | 48.5% |
| Diluted EPS | $2.02 | $15.61 |
| Dividend / share | — | $3.50 |
| Payout ratio | — | 19.3% |
| Free cash flow | $2.6B | $1.2B |
| Equity | $12.3B | $10.0B |
| Net debt / equity | 2.01× | 2.04× |
| Current ratio | 0.32× | 0.18× |
| Revenue CAGR 5y | 36.6% | 52.0% |
| Profit CAGR 5y | — | — |
CCL bills 1.5× the revenue of RCL, and RCL keeps more of each dollar of revenue as profit (23.9% against 10.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
10 years side by side
| Fiscal year | CCL | RCL |
|---|---|---|
| FY2025 | $26.6B | $17.9B |
| FY2024 | $25.0B | $16.5B |
| FY2023 | $21.6B | $13.9B |
| FY2022 | $12.2B | $8.8B |
| FY2021 | $1.9B | $1.5B |
| FY2020 | $5.6B | $2.2B |
| FY2019 | $20.8B | $11.0B |
| FY2018 | $18.9B | $9.5B |
| FY2017 | $17.5B | $8.8B |
| FY2016 | $16.4B | $8.5B |
Net income by year
Bottom line
| Fiscal year | CCL | RCL |
|---|---|---|
| FY2025 | $2.8B | $4.3B |
| FY2024 | $1.9B | $2.9B |
| FY2023 | $-74.0M | $1.7B |
| FY2022 | $-6.1B | $-2.2B |
| FY2021 | $-9.5B | $-5.3B |
| FY2020 | $-10.2B | $-5.8B |
| FY2019 | $3.0B | $1.9B |
| FY2018 | $3.2B | $1.8B |
| FY2017 | $2.6B | $1.6B |
| FY2016 | $2.8B | $1.3B |