CCL vs RCL
Carnival Corp. Ltd. and Royal Caribbean Cruises Ltd., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
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. "·" marks a figure not available in our data.
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 |
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 |
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$8,687,000,000 | CCL |
| FY2024 | +$8,537,000,000 | CCL |
| FY2023 | +$7,693,000,000 | CCL |
| FY2022 | +$3,328,000,000 | CCL |
| FY2021 | +$376,000,000 | CCL |
| FY2020 | +$3,386,195,000 | CCL |
| FY2019 | +$9,874,339,000 | CCL |
| FY2018 | +$9,387,151,000 | CCL |
| FY2017 | +$8,732,155,000 | CCL |
| FY2016 | +$7,892,599,000 | CCL |
| FY2015 | +$7,414,926,000 | CCL |
| FY2014 | +$7,810,145,000 | CCL |
| FY2009 | +$7,267,174,000 | CCL |
| FY2008 | +$8,113,475,000 | CCL |
CCL has reported the higher revenue in every one of these 14 fiscal years. The gap has widened since the earliest year compared.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −13.6 pp | RCL |
| FY2024 | −9.9 pp | RCL |
| FY2023 | −12.6 pp | RCL |
| FY2022 | −25.7 pp | RCL |
| FY2021 | −154.6 pp | RCL |
| FY2020 | +78.5 pp | CCL |
| FY2019 | −3.1 pp | RCL |
| FY2018 | −2.4 pp | RCL |
| FY2017 | −3.6 pp | RCL |
| FY2016 | +1.9 pp | CCL |
| FY2015 | +3.2 pp | CCL |
| FY2014 | −1.8 pp | RCL |
| FY2009 | +11.0 pp | CCL |
| FY2008 | +7.1 pp | CCL |
The higher net margin has changed hands between CCL and RCL over this period.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CCL's net margin has been more volatile than RCL's over the 14 comparable fiscal years — 136.2 percentage points of standard deviation against 111.2.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CCL and RCL over these 14 fiscal years — CCL led in 5 and RCL in 9.
14 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
RCL's return on equity has been more volatile than CCL's over the 18 comparable fiscal years — 32.9 percentage points of standard deviation against 25.5.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CCL and RCL over these 18 fiscal years — CCL led in 7 and RCL in 11.
18 of 19 comparable fiscal years — a year missing data on either side is not counted.