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Matson vs Royal Caribbean Cruises: revenue, profit, margins and growth compared

Matson brought in $3.3B of revenue in fiscal 2025, Royal Caribbean Cruises $17.9B in fiscal 2025. Revenue changed by -2.3% at Matson and +8.8% at Royal Caribbean Cruises on the year before, so Royal Caribbean Cruises grew faster. Matson kept 13.3% of its revenue as net profit, Royal Caribbean Cruises 23.8%. Free cash flow was $153.7M at Matson and $1.2B at Royal Caribbean Cruises.

Side by side, latest fiscal year

MATXRCL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.3B$17.9B
Revenue growth-2.3%+8.8%
Net income$444.8M$4.3B
Net margin13.3%23.8%
Free cash flow$153.7M$1.2B
Free cash flow margin4.6%6.9%
Earnings per share (diluted)$13.81$15.61
Cash$141.9M$825M
Debt$361.2M$21.3B
Price to earnings16.315.6
Market value$6.7B$64.9B
Dividend yield0.62%1.44%
Rank by revenue in sector#272 of 778 · Consumer discretionary#67 of 778 · Consumer discretionary

Over the years

Revenue
MATX FY2018: $2.2BMATX FY2019: $2.2BMATX FY2020: $2.4BMATX FY2021: $3.9BMATX FY2022: $4.3BMATX FY2023: $3.1BMATX FY2024: $3.4BMATX FY2025: $3.3BRCL FY2018: $9.5BRCL FY2019: $11BRCL FY2020: $2.2BRCL FY2021: $1.5BRCL FY2022: $8.8BRCL FY2023: $13.9BRCL FY2024: $16.5BRCL FY2025: $17.9BFY18FY19FY20FY21FY22FY23FY24FY25
MATX $3.3BRCL $17.9B
Net income
MATX FY2018: $109MMATX FY2019: $82.7MMATX FY2020: $193.1MMATX FY2021: $927.4MMATX FY2022: $1.1BMATX FY2023: $297.1MMATX FY2024: $476.4MMATX FY2025: $444.8MRCL FY2018: $1.8BRCL FY2019: $1.9BRCL FY2020: -$5.8BRCL FY2021: -$5.3BRCL FY2022: -$2.2BRCL FY2023: $1.7BRCL FY2024: $2.9BRCL FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
MATX $444.8MRCL $4.3B
Net margin
MATX FY2018: 4.9%MATX FY2019: 3.8%MATX FY2020: 8.1%MATX FY2021: 23.6%MATX FY2022: 24.5%MATX FY2023: 9.6%MATX FY2024: 13.9%MATX FY2025: 13.3%RCL FY2018: 19.1%RCL FY2019: 17.2%RCL FY2020: -262.5%RCL FY2021: -343.3%RCL FY2022: -24.4%RCL FY2023: 12.2%RCL FY2024: 17.5%RCL FY2025: 23.8%FY18FY19FY20FY21FY22FY23FY24FY25
MATX 13.3%RCL 23.8%
Revenue growth
MATX FY2019: -0.9%MATX FY2020: +8.2%MATX FY2021: +64.7%MATX FY2022: +10.6%MATX FY2023: -28.7%MATX FY2024: +10.6%MATX FY2025: -2.3%RCL FY2019: +15.3%RCL FY2020: -79.8%RCL FY2021: -30.6%RCL FY2022: +477.0%RCL FY2023: +57.2%RCL FY2024: +18.6%RCL FY2025: +8.8%FY19FY20FY21FY22FY23FY24FY25
MATX -2.3%RCL +8.8%
Free cash flow
MATX FY2022: $1.1BMATX FY2023: $262.1MMATX FY2024: $457.7MMATX FY2025: $153.7MRCL FY2018: -$180.9MRCL FY2019: $691.7MRCL FY2020: -$5.7BRCL FY2021: -$4.1BRCL FY2022: -$2.2BRCL FY2023: $580MRCL FY2024: $2BRCL FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
MATX $153.7MRCL $1.2B

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

Questions about Matson and Royal Caribbean Cruises

Which is bigger by revenue, Matson or Royal Caribbean Cruises?

Royal Caribbean Cruises is bigger by revenue: $17.9B in fiscal 2025, against $3.3B for Matson in fiscal 2025.

Which keeps more of its revenue as profit, Matson or Royal Caribbean Cruises?

Matson had a net margin of 13.3% in fiscal 2025; Royal Caribbean Cruises had 23.8% in fiscal 2025.

Which grew revenue faster, Matson or Royal Caribbean Cruises?

In their latest fiscal years revenue changed by -2.3% at Matson and +8.8% at Royal Caribbean Cruises.

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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