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Carnival vs Matson: CCL and MATX compared
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $1.1B for Matson (Q3 2026). Matson is growing faster (+26% against +4% a year earlier). Carnival is more profitable, with an operating margin of 26.3% against 22.9%.
Where the money goes: CCL and MATX
Carnival (CCL) · Q3 FY26
Carnival, Q3 FY26: revenue $8.4B (+4% year over year), operating margin 26.3%, net earnings $1.9B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
Matson (MATX) · Q3 2026
Matson, Q3 2026: revenue $1.1B (+26% year over year), operating margin 22.9%, net earnings $209M, operating cash flow $229M. The chart follows the revenue to costs, profit and cash.
| Carnival (CCL) | Matson (MATX) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $8.4B | $1.1B |
| Revenue growth, Y/Y | +4% | +26% |
| Operating margin | 26.3% | 22.9% |
| Net earnings | $1.9B | $209M |
| Net margin | 22.8% | 18.8% |
| Operating cash flow | $1.4B | $229M |
| Free cash flow | $712M | $176M |
| Market value | $40.5B | $6.4B |
| P/E | 12.8× | 11.8× |
| Analysts’ mean target | $33.49 | $292.50 |
Where the revenue comes from
Carnival
- North America Segment: $5.5B (66%)
- Europe Segment: $2.6B (31%)
- Tour and Other: $191M (2%)
- Cruise Support: $96.0M (1%)
Matson
- Ocean Transportation: $891M (80%)
- Logistics: $222M (20%)
Questions
Which is bigger, Carnival or Matson?
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $1.1B for Matson (Q3 2026).
Is Carnival or Matson growing faster?
Matson is growing faster (+26% against +4% a year earlier).
Which is more profitable, Carnival or Matson?
Carnival is more profitable, with an operating margin of 26.3% against 22.9%.
More: Carnival earnings · how Carnival makes money · Matson earnings · how Matson makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 29, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.