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

Royal Caribbean Cruises brought in $17.9B of revenue in fiscal 2025, Tidewater $1.4B in fiscal 2025. Revenue changed by +8.8% at Royal Caribbean Cruises and +0.5% at Tidewater on the year before, so Royal Caribbean Cruises grew faster. Royal Caribbean Cruises kept 23.8% of its revenue as net profit, Tidewater 24.7%. Free cash flow was $1.2B at Royal Caribbean Cruises and $353.3M at Tidewater.

Side by side, latest fiscal year

RCLTDW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17.9B$1.4B
Revenue growth+8.8%+0.5%
Net income$4.3B$334.7M
Net margin23.8%24.7%
Free cash flow$1.2B$353.3M
Free cash flow margin6.9%26.1%
Earnings per share (diluted)$15.61$6.64
Cash$825M$578.8M
Debt$21.3B$670.1M
Price to earnings15.512.5
Market value$64.9B$4.1B
Dividend yield1.44%n/a
Rank by revenue in sector#71 of 1065 · Consumer discretionary#435 of 1065 · Consumer discretionary

Over the years

Revenue
RCL FY2018: $9.5BRCL FY2019: $11BRCL FY2020: $2.2BRCL FY2021: $1.5BRCL FY2022: $8.8BRCL FY2023: $13.9BRCL FY2024: $16.5BRCL FY2025: $17.9BTDW FY2018: $406.5MTDW FY2019: $486.5MTDW FY2020: $397MTDW FY2021: $371MTDW FY2022: $647.7MTDW FY2023: $1BTDW FY2024: $1.3BTDW FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
RCL $17.9BTDW $1.4B
Net income
RCL FY2018: $1.8BRCL FY2019: $1.9BRCL FY2020: -$5.8BRCL FY2021: -$5.3BRCL FY2022: -$2.2BRCL FY2023: $1.7BRCL FY2024: $2.9BRCL FY2025: $4.3BTDW FY2018: -$171.5MTDW FY2019: -$141.7MTDW FY2020: -$196.2MTDW FY2021: -$129MTDW FY2022: -$21.7MTDW FY2023: $97.2MTDW FY2024: $180.7MTDW FY2025: $334.7MFY18FY19FY20FY21FY22FY23FY24FY25
RCL $4.3BTDW $334.7M
Net margin
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%TDW FY2018: -42.2%TDW FY2019: -29.1%TDW FY2020: -49.4%TDW FY2021: -34.8%TDW FY2022: -3.4%TDW FY2023: 9.6%TDW FY2024: 13.4%TDW FY2025: 24.7%FY18FY19FY20FY21FY22FY23FY24FY25
RCL 23.8%TDW 24.7%
Revenue growth
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%TDW FY2019: +19.7%TDW FY2020: -18.4%TDW FY2021: -6.5%TDW FY2022: +74.6%TDW FY2023: +55.9%TDW FY2024: +33.3%TDW FY2025: +0.5%FY19FY20FY21FY22FY23FY24FY25
RCL +8.8%TDW +0.5%
Free cash flow
RCL FY2018: -$180.9MRCL FY2019: $691.7MRCL FY2020: -$5.7BRCL FY2021: -$4.1BRCL FY2022: -$2.2BRCL FY2023: $580MRCL FY2024: $2BRCL FY2025: $1.2BTDW FY2018: -$17.5MTDW FY2019: -$49.4MTDW FY2020: -$10.9MTDW FY2021: $6.1MTDW FY2022: $23.6MTDW FY2023: $72.6MTDW FY2024: $254.9MTDW FY2025: $353.3MFY18FY19FY20FY21FY22FY23FY24FY25
RCL $1.2BTDW $353.3M

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

Questions about Royal Caribbean Cruises and Tidewater

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

Royal Caribbean Cruises is bigger by revenue: $17.9B in fiscal 2025, against $1.4B for Tidewater in fiscal 2025.

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

Royal Caribbean Cruises had a net margin of 23.8% in fiscal 2025; Tidewater had 24.7% in fiscal 2025.

Which grew revenue faster, Royal Caribbean Cruises or Tidewater?

In their latest fiscal years revenue changed by +8.8% at Royal Caribbean Cruises and +0.5% at Tidewater.

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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