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Carnival vs Viking: revenue, profit, margins and growth compared

Carnival brought in $26.6B of revenue in fiscal 2025, Viking $6.5B in fiscal 2025. Revenue changed by +6.4% at Carnival and +21.9% at Viking on the year before, so Viking grew faster. Carnival kept 10.4% of its revenue as net profit, Viking 17.7%.

Side by side, latest fiscal year

CCLVIK
Fiscal year endedFY2025 (November 30, 2025)FY2025 (December 31, 2025)
Revenue$26.6B$6.5B
Revenue growth+6.4%+21.9%
Net income$2.8B$1.1B
Net margin10.4%17.7%
Free cash flow$2.6Bn/a
Free cash flow margin9.8%n/a
Earnings per share (diluted)$2.02$2.57
Cash$1.9B$3.8B
Debt$27.4B$5.7B
Price to earnings11.0n/a
Market value$30.5B$35.8B
Dividend yieldn/an/a
Rank by revenue in sector#42 of 778 · Consumer discretionary#165 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: $26.6BVIK FY2022: $3.2BVIK FY2024: $4.7BVIK FY2024: $5.3BVIK FY2025: $6.5BFY18FY19FY20FY21FY22FY23FY24FY25
CCL $26.6BVIK $6.5B
Net income
CCL FY2018: $3.2BCCL FY2019: $3BCCL FY2020: -$10.2BCCL FY2021: -$9.5BCCL FY2022: -$6.1BCCL FY2023: -$74MCCL FY2024: $1.9BCCL FY2025: $2.8BVIK FY2022: $414.7MVIK FY2024: -$1.9BVIK FY2024: $152.3MVIK FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
CCL $2.8BVIK $1.1B
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%VIK FY2022: 13.1%VIK FY2024: -39.3%VIK FY2024: 2.9%VIK FY2025: 17.7%FY18FY19FY20FY21FY22FY23FY24FY25
CCL 10.4%VIK 17.7%
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%VIK FY2024: +48.3%VIK FY2024: +13.2%VIK FY2025: +21.9%FY19FY20FY21FY22FY23FY24FY25
CCL +6.4%VIK +21.9%
Free cash flow
CCL FY2018: $1.8BCCL FY2019: $46MCCL FY2020: -$9.9BCCL FY2021: -$7.7BCCL FY2022: -$6.6BCCL FY2023: $997MCCL FY2024: $1.3BCCL FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
CCL $2.6BVIK

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

Questions about Carnival and Viking

Which is bigger by revenue, Carnival or Viking?

Carnival is bigger by revenue: $26.6B in fiscal 2025, against $6.5B for Viking in fiscal 2025.

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

Carnival had a net margin of 10.4% in fiscal 2025; Viking had 17.7% in fiscal 2025.

Which grew revenue faster, Carnival or Viking?

In their latest fiscal years revenue changed by +6.4% at Carnival and +21.9% at Viking.

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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