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Carnival vs Royal Caribbean Cruises: CCL and RCL compared
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $5.6B for Royal Caribbean Cruises (Q3 2026). Royal Caribbean Cruises is growing faster (+9% against +4% a year earlier). Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 26.3%.
Where the money goes: CCL and RCL
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.
Royal Caribbean Cruises (RCL) · Q3 2026
Royal Caribbean Cruises, Q3 2026: revenue $5.6B (+9% year over year), operating margin 33.5%, net earnings $1.7B, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Carnival (CCL) | Royal Caribbean Cruises (RCL) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $8.4B | $5.6B |
| Revenue growth, Y/Y | +4% | +9% |
| Operating margin | 26.3% | 33.5% |
| Net earnings | $1.9B | $1.7B |
| Net margin | 22.8% | 30.9% |
| Operating cash flow | $1.4B | $1.6B |
| Free cash flow | $712M | $937M |
| Market value | $40.5B | $86.5B |
| P/E | 12.8× | 19.1× |
| Analysts’ mean target | $33.49 | $353.50 |
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%)
Royal Caribbean Cruises
- Passenger ticket revenues: $3.9B (69%)
- Onboard and other revenues: $1.7B (31%)
Questions
Which is bigger, Carnival or Royal Caribbean Cruises?
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $5.6B for Royal Caribbean Cruises (Q3 2026).
Is Carnival or Royal Caribbean Cruises growing faster?
Royal Caribbean Cruises is growing faster (+9% against +4% a year earlier).
Which is more profitable, Carnival or Royal Caribbean Cruises?
Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 26.3%.
More: Carnival earnings · how Carnival makes money · Royal Caribbean Cruises earnings · how Royal Caribbean Cruises makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 29, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.