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Royal Caribbean Cruises vs Matson: RCL and MATX compared
Royal Caribbean Cruises is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $1.1B for Matson (Q3 2026). Matson is growing faster (+26% against +9% a year earlier). Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 22.9%.
Where the money goes: RCL and MATX
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.
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.
| Royal Caribbean Cruises (RCL) | Matson (MATX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $5.6B | $1.1B |
| Revenue growth, Y/Y | +9% | +26% |
| Operating margin | 33.5% | 22.9% |
| Net earnings | $1.7B | $209M |
| Net margin | 30.9% | 18.8% |
| Operating cash flow | $1.6B | $229M |
| Free cash flow | $937M | $176M |
| Market value | $86.5B | $6.4B |
| P/E | 19.1× | 11.8× |
| Analysts’ mean target | $353.50 | $292.50 |
Where the revenue comes from
Royal Caribbean Cruises
- Passenger ticket revenues: $3.9B (69%)
- Onboard and other revenues: $1.7B (31%)
Matson
- Ocean Transportation: $891M (80%)
- Logistics: $222M (20%)
Questions
Which is bigger, Royal Caribbean Cruises or Matson?
Royal Caribbean Cruises is the larger company: $5.6B of revenue in its latest quarter (Q3 2026) against $1.1B for Matson (Q3 2026).
Is Royal Caribbean Cruises or Matson growing faster?
Matson is growing faster (+26% against +9% a year earlier).
Which is more profitable, Royal Caribbean Cruises or Matson?
Royal Caribbean Cruises is more profitable, with an operating margin of 33.5% against 22.9%.
More: Royal Caribbean Cruises earnings · how Royal Caribbean Cruises makes money · Matson earnings · how Matson makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.