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Carnival vs Norwegian Cruise Line: revenue, profit, margins and growth compared
Carnival brought in $26.6B of revenue in fiscal 2025, Norwegian Cruise Line $9.8B in fiscal 2025. Revenue changed by +6.4% at Carnival and +3.7% at Norwegian Cruise Line on the year before, so Carnival grew faster. Carnival kept 10.4% of its revenue as net profit, Norwegian Cruise Line 4.3%. Free cash flow was $2.6B at Carnival and -$1.2B at Norwegian Cruise Line.
Side by side, latest fiscal year
| CCL | NCLH | |
|---|---|---|
| Fiscal year ended | FY2025 (November 30, 2025) | FY2025 (December 31, 2025) |
| Revenue | $26.6B | $9.8B |
| Revenue growth | +6.4% | +3.7% |
| Net income | $2.8B | $423.2M |
| Net margin | 10.4% | 4.3% |
| Free cash flow | $2.6B | -$1.2B |
| Free cash flow margin | 9.8% | -11.9% |
| Earnings per share (diluted) | $2.02 | $0.92 |
| Cash | $1.9B | $209.9M |
| Debt | $27.4B | $14.6B |
| Price to earnings | 11.0 | 15.9 |
| Market value | $30.5B | $6.7B |
| Dividend yield | n/a | n/a |
| Rank by revenue in sector | #42 of 778 · Consumer discretionary | #122 of 778 · Consumer discretionary |
Over the years
Questions about Carnival and Norwegian Cruise Line
Which is bigger by revenue, Carnival or Norwegian Cruise Line?
Carnival is bigger by revenue: $26.6B in fiscal 2025, against $9.8B for Norwegian Cruise Line in fiscal 2025.
Which keeps more of its revenue as profit, Carnival or Norwegian Cruise Line?
Carnival had a net margin of 10.4% in fiscal 2025; Norwegian Cruise Line had 4.3% in fiscal 2025.
Which grew revenue faster, Carnival or Norwegian Cruise Line?
In their latest fiscal years revenue changed by +6.4% at Carnival and +3.7% at Norwegian Cruise Line.
Where do these numbers come from?
From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.