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Carnival vs Teekay Tankers: revenue, profit, margins and growth compared

Carnival brought in $26.6B of revenue in fiscal 2025, Teekay Tankers $951.8M in fiscal 2025. Revenue changed by +6.4% at Carnival and -22.6% at Teekay Tankers on the year before, so Carnival grew faster. Carnival kept 10.4% of its revenue as net profit, Teekay Tankers 36.9%. Free cash flow was $2.6B at Carnival and $115.6M at Teekay Tankers.

Side by side, latest fiscal year

CCLTNK
Fiscal year endedFY2025 (November 30, 2025)FY2025 (December 31, 2025)
Revenue$26.6B$951.8M
Revenue growth+6.4%-22.6%
Net income$2.8B$351.2M
Net margin10.4%36.9%
Free cash flow$2.6B$115.6M
Free cash flow margin9.8%12.1%
Earnings per share (diluted)$2.02$10.10
Cash$1.9B$830.6M
Debt$27.4Bn/a
Price to earnings11.0n/a
Market value$30.5B$3.3B
Dividend yieldn/an/a
Rank by revenue in sector#42 of 778 · Consumer discretionary#471 of 778 · Consumer discretionary

Over the years

Revenue
CCL FY2018: $18.9BCCL FY2019: $20.8BCCL FY2020: $5.6BCCL FY2021: $1.9BCCL FY2022: $12.2BCCL FY2023: $21.6BCCL FY2024: $25BCCL FY2025: $26.6BTNK FY2018: $776.5MTNK FY2019: $943.9MTNK FY2020: $886.4MTNK FY2021: $542.4MTNK FY2022: $1.2BTNK FY2023: $1.5BTNK FY2024: $1.2BTNK FY2025: $951.8MFY18FY19FY20FY21FY22FY23FY24FY25
CCL $26.6BTNK $951.8M
Net income
CCL FY2018: $3.2BCCL FY2019: $3BCCL FY2020: -$10.2BCCL FY2021: -$9.5BCCL FY2022: -$6.1BCCL FY2023: -$74MCCL FY2024: $1.9BCCL FY2025: $2.8BTNK FY2018: -$52.5MTNK FY2019: $41.4MTNK FY2020: $87.3MTNK FY2021: -$242.4MTNK FY2022: $235.4MTNK FY2023: $519.9MTNK FY2024: $403.7MTNK FY2025: $351.2MFY18FY19FY20FY21FY22FY23FY24FY25
CCL $2.8BTNK $351.2M
Net margin
CCL FY2018: 16.7%CCL FY2019: 14.4%CCL FY2020: -182.9%CCL FY2021: -498.0%CCL FY2022: -50.1%CCL FY2023: -0.3%CCL FY2024: 7.7%CCL FY2025: 10.4%TNK FY2018: -6.8%TNK FY2019: 4.4%TNK FY2020: 9.9%TNK FY2021: -44.7%TNK FY2022: 20.0%TNK FY2023: 35.3%TNK FY2024: 32.8%TNK FY2025: 36.9%FY18FY19FY20FY21FY22FY23FY24FY25
CCL 10.4%TNK 36.9%
Revenue growth
CCL FY2019: +10.3%CCL FY2020: -73.1%CCL FY2021: -65.9%CCL FY2022: +537.7%CCL FY2023: +77.5%CCL FY2024: +15.9%CCL FY2025: +6.4%TNK FY2019: +21.6%TNK FY2020: -6.1%TNK FY2021: -38.8%TNK FY2022: +117.2%TNK FY2023: +25.1%TNK FY2024: -16.6%TNK FY2025: -22.6%FY19FY20FY21FY22FY23FY24FY25
CCL +6.4%TNK -22.6%
Free cash flow
CCL FY2018: $1.8BCCL FY2019: $46MCCL FY2020: -$9.9BCCL FY2021: -$7.7BCCL FY2022: -$6.6BCCL FY2023: $997MCCL FY2024: $1.3BCCL FY2025: $2.6BTNK FY2018: -$13.1MTNK FY2019: $106MTNK FY2020: $331.9MTNK FY2021: -$128.8MTNK FY2022: $199.7MTNK FY2023: $631.2MTNK FY2024: $401.4MTNK FY2025: $115.6MFY18FY19FY20FY21FY22FY23FY24FY25
CCL $2.6BTNK $115.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Carnival and Teekay Tankers

Which is bigger by revenue, Carnival or Teekay Tankers?

Carnival is bigger by revenue: $26.6B in fiscal 2025, against $951.8M for Teekay Tankers in fiscal 2025.

Which keeps more of its revenue as profit, Carnival or Teekay Tankers?

Carnival had a net margin of 10.4% in fiscal 2025; Teekay Tankers had 36.9% in fiscal 2025.

Which grew revenue faster, Carnival or Teekay Tankers?

In their latest fiscal years revenue changed by +6.4% at Carnival and -22.6% at Teekay Tankers.

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.

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