Carnival vs Royal Caribbean Cruises (CCL vs RCL)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Carnival is the larger company by revenue ($26.6B vs $17.9B). Royal Caribbean Cruises carries the larger market value ($77.2B vs $35.7B). Carnival has grown revenue faster over the last 4 fiscal years (+1295.3% cumulative vs +1070.7%). Royal Caribbean Cruises runs the higher operating margin (27.4% vs 16.8%). Carnival trades at the lower trailing P/E (11.3x vs 17.0x).
About Carnival
Carnival Corporation Ltd. operates as a global cruise company with a portfolio of cruise brands including AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. The company offers a range of cruise experiences from contemporary to luxury, serving diverse travelers worldwide. It also owns Holland America Princess Alaska Tours, providing complementary land-based tours and accommodations in Alaska and the Canadian Yukon.
About Royal Caribbean Cruises
Royal Caribbean Cruises Ltd operates a global cruise vacation business with three main brands: Royal Caribbean, Celebrity Cruises, and Silversea. The company offers a variety of cruise itineraries to destinations worldwide, serving different market segments from family-friendly to ultra-luxury travel. It also holds a 50% joint venture in TUI Cruises, which targets the German cruise market.
Head to head (CCL FY2025 vs RCL FY2025)
| Metric | CCLFY2025 | RCLFY2025 |
|---|---|---|
| Revenue | $26.62B | $17.93B |
| Revenue growth (YoY) | 6.4% | 8.8% |
| Gross margin | — | 49.4% |
| Operating margin | 16.8% | 27.4% |
| Net margin | 10.4% | 23.8% |
| Net income | $2.76B | $4.27B |
| Diluted EPS | $2.02 | $15.61 |
| FCF margin | 9.8% | 6.9% |
| ROE | 22.5% | 41.7% |
| Long-term debt / equity | 1.96× | 1.77× |
| Market cap | $35.74B | $77.23B |
| P/E | 11.3× | 17.0× |
Fundamentals are from each company’s SEC filings (CCL FY2025, RCL FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| CCL | $1.91B | $12.17B | $21.59B | $25.02B | $26.62B |
| RCL | $1.53B | $8.84B | $13.90B | $16.48B | $17.93B |
Peer standing
Where each company ranks among the 403 Consumer Discretionary companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | CCL | RCL |
|---|---|---|
| Operating margin | 16.8%88th percentile of 347 | 27.4%97th percentile of 347 |
| Net margin | 10.4%83rd percentile of 376 | 23.8%98th percentile of 376 |
| FCF margin | 9.8%81st percentile of 350 | 6.9%68th percentile of 350 |
| Revenue growth (YoY) | +6.4%64th percentile of 394 | +8.8%73rd percentile of 394 |
| ROE | 22.5%79th percentile of 343 | 41.7%91st percentile of 343 |
| P/E | 11.3×22nd percentile of 247 | 17.0×47th percentile of 247 |
| Long-term debt / equity | 1.96×87th percentile of 235 | 1.77×85th percentile of 235 |
| Short interest (days to cover) | 2.45d25th percentile of 401 | 4.94d55th percentile of 401 |
Short interest
| FINRA settlement data | CCL | RCL |
|---|---|---|
| Shares sold short | 48.2M | 10.2M |
| Change vs prior settlement | +12.2% | -7.3% |
| Days to cover | 2.45 | 4.94 |
| As of settlement | 2026-09-15 | 2026-09-15 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | CCL | RCL |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 0 | 1 ($4.0M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.