Carnival Corporation & plc (CCL)
Carnival is the world's largest cruise operator, running multiple cruise brands on itineraries worldwide.
CCL vs RCL: how the two businesses compare
- Bigger business: CCL, with $26.6B of yearly revenue, about 1.5× RCL's $17.9B.
- More profitable: RCL keeps 24 cents of each sales dollar as profit, against 10 cents at CCL.
- More cash from each sale: RCL turns 36 cents of each sales dollar into operating cash flow, against 23 cents at CCL.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Carnival (CCL) is the larger business by reported revenue: $26.6B in its fiscal year ended Nov 2025, about 1.5× RCL's $17.9B (fiscal year ended Dec 2025). CCL's net margin was 10.4% and RCL's 23.8%. Both file with the SEC under the same industry code, SIC 4400 (Water Transportation).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Water Transportation
- Same classification
- Different
- CCL November 30 · RCL December 31
- Feb 11, 2026
CCL vs RCL: quick comparison
| Company fact | CCL | RCL |
|---|---|---|
| Company | Carnival Corporation & plc | Royal Caribbean Cruises Ltd. |
| Exchange | NYSE | NYSE |
| SEC industry | Water Transportation | Water Transportation |
| Fiscal year-end | November 30 | December 31 |
| Latest annual filing | 10-K · 2026-01-27 | 10-K · 2026-02-11 |
CCL vs RCL: audited financials
- Scale: CCL's $26.6B of revenue is about 1.5× RCL's $17.9B.
- Net margin: RCL kept 23.8% of revenue as net income versus 10.4% at CCL.
- Cash conversion: operating cash flow equalled CCL 23.4% of revenue, or 2.25× net income; RCL 36.0% of revenue, or 1.51× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2025-11-30 for CCL, 2025-12-31 for RCL), so each figure reflects somewhat different demand and cost conditions.
| Metric | CCL | RCL |
|---|---|---|
| Revenue | $26.6B2024-12-01 to 2025-11-30 · SEC filing | $17.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $2.8B2024-12-01 to 2025-11-30 · SEC filing | $4.3B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $6.2B2024-12-01 to 2025-11-30 · SEC filing | $6.5B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $2.022024-12-01 to 2025-11-30 · SEC filing | $15.612025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 10.4%2024-12-01 to 2025-11-30 · SEC filing | 23.8%2025-01-01 to 2025-12-31 · SEC filing |
CCL: FY ending 2025-11-30 · RCL: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CCL and RCL overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 4400, Water Transportation.
- Shared research theme: International markets.
Differences
- Offset fiscal calendars: CCL's year ends November 30 and RCL's December 31, about 1 month apart.
- Profitability: net margin of 10.4% for CCL versus 23.8% for RCL.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Royal Caribbean Cruises Ltd. (RCL)
Royal Caribbean operates cruise lines offering vacation voyages across global itineraries.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CCL
We have not yet published a company-specific driver list for CCL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-27.
What moves RCL
We have not yet published a company-specific driver list for RCL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
The investment question
You now know CCL reports about 1.5× RCL's revenue, and RCL keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. CCL's fiscal year ends November 30, while RCL's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 7 matched transaction rows for CCL and 6 matched transaction rows for RCL. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CCL primary filings
RCL primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
CCL vs RCL FAQs
Are CCL and RCL direct competitors?
Carnival and Royal Caribbean Cruises share the SEC industry classification “Water Transportation.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is CCL or RCL the bigger company by revenue?
Carnival (CCL) is the larger business by reported revenue: $26.6B in its fiscal year ended Nov 2025, about 1.5× RCL's $17.9B (fiscal year ended Dec 2025). CCL's net margin was 10.4% and RCL's 23.8%. Both file with the SEC under the same industry code, SIC 4400 (Water Transportation). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CCL or RCL?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CCL vs RCL comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Carnival Corporation & plc and Royal Caribbean Cruises Ltd. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CCL vs RCL compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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