Booking vs Royal Caribbean
Booking is the larger business, with $26.92bn of revenue in fiscal 2025 against $17.93bn for Royal Caribbean (1.5 times as much). Booking grew faster (13.4% against 8.8%). Royal Caribbean kept more of each dollar of sales as profit: a net margin of 23.8% against 20.1%.
| Latest fiscal year | BookingBKNG, 2025 | Royal CaribbeanRCL, 2025 |
|---|---|---|
| Revenue | $26.92bn | $17.93bn |
| Revenue growth | 13.4% | 8.8% |
| Net income | $5.40bn | $4.27bn |
| Operating margin | 32.8% | — |
| Net margin | 20.1% | 23.8% |
| Return on equity | — | 48.5% |
| Free cash flow | $9.09bn | $1.24bn |
| Cash | $17.20bn | $825m |
| Total debt | $18.90bn | $21.34bn |
| Debt to equity | — | — |
| Dividend per share | — | $3.50 |
| Dividend yield | 1.1% | 1.6% |
| Share buybacks | $6.44bn | $1.16bn |
| Employees | 24,300 | 108,000 |
| Market value | $118.08bn | $84.03bn |
| Price vs our value range | Below our value range | Above our value range |
| Moat score | 82 (Strong) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 282 sales | 0 buys, 125 sales |