Carnival vs Royal Caribbean
Carnival is the larger business, with $26.62bn of revenue in fiscal 2025 against $17.93bn for Royal Caribbean (1.5 times as much). Royal Caribbean grew faster (8.8% against 6.4%). Royal Caribbean kept more of each dollar of sales as profit: a net margin of 23.8% against 10.4%.
| Latest fiscal year | CarnivalCCL, 2025 | Royal CaribbeanRCL, 2025 |
|---|---|---|
| Revenue | $26.62bn | $17.93bn |
| Revenue growth | 6.4% | 8.8% |
| Net income | $2.76bn | $4.27bn |
| Operating margin | 16.8% | — |
| Net margin | 10.4% | 23.8% |
| Return on equity | 25.6% | 48.5% |
| Free cash flow | $2.61bn | $1.24bn |
| Cash | $1.93bn | $825m |
| Total debt | $27.38bn | $21.34bn |
| Debt to equity | 223.2% | — |
| Dividend per share | — | $3.50 |
| Dividend yield | — | 1.6% |
| Share buybacks | — | $1.16bn |
| Employees | 101,000 | 108,000 |
| Market value | $40.01bn | $84.03bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 53 (Moderate) | 52 (Moderate) |
| Insider trades, 12 months | 0 buys, 6 sales | 0 buys, 125 sales |