Booking vs Carnival
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The short version
- Booking is the larger business, with $26.9B of revenue in fiscal 2025 against $26.6B for Carnival.
- Booking grew revenue faster (13.4%, against 6.4%).
- Booking kept more of each dollar of sales as operating profit (32.8% operating margin, against 16.8%).
- Booking turned more of its sales into free cash flow (33.8% FCF margin, against 9.8%).
| Latest fiscal year | BKNG · FY25 | CCL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.0B | $35.7B |
| Revenue | $26.9B | $26.6B |
| Free cash flow | $9.1B | $2.6B |
| Net income | $5.4B | $2.8B |
| Growth | ||
| Revenue growth | 13.4% | 6.4% |
| 5-year growth | 31.7% | 36.6% |
| Share count change | −4.2% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 32.8% | 16.8% |
| Net margin | 20.1% | 10.4% |
| FCF margin | 33.8% | 9.8% |
| Return on capital | — | 12.1% |
| Return on equity | — | 25.6% |
| Balance sheet | ||
| Net debt | $1.5B | $25.5B |
| Net debt / EBITDA | 0.2x | 3.5x |
| Dividends and buybacks | $7.7B | $0.0M |
| Valuation & quality | ||
| P/E | — | 11.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BKNG $10.7B
CCL $16.4B
FY17
BKNG $12.7B
CCL $17.5B
FY18
BKNG $14.5B
CCL $18.9B
FY19
BKNG $15.1B
CCL $20.8B
FY20
BKNG $6.8B
CCL $5.6B
FY21
BKNG $11.0B
CCL $1.9B
FY22
BKNG $17.1B
CCL $12.2B
FY23
BKNG $21.4B
CCL $21.6B
FY24
BKNG $23.7B
CCL $25.0B
FY25
BKNG $26.9B
CCL $26.6B
BKNG
CCL
Operating margin
FY16
BKNG 27.1%
CCL 18.7%
FY17
BKNG 35.8%
CCL 16.0%
FY18
BKNG 36.8%
CCL 17.6%
FY19
BKNG 35.5%
CCL 15.7%
FY20
BKNG −9.3%
CCL −158.5%
FY21
BKNG 22.8%
CCL −371.5%
FY22
BKNG 29.9%
CCL −36.0%
FY23
BKNG 27.3%
CCL 9.1%
FY24
BKNG 31.8%
CCL 14.3%
FY25
BKNG 32.8%
CCL 16.8%
BKNG
CCL
Free cash flow
FY16
BKNG $3.8B
CCL $2.1B
FY17
BKNG $4.4B
CCL $2.4B
FY18
BKNG $4.9B
CCL $1.8B
FY19
BKNG $4.5B
CCL $46.0M
FY20
BKNG −$201M
CCL −$9.9B
FY21
BKNG $2.5B
CCL −$7.7B
FY22
BKNG $6.2B
CCL −$6.6B
FY23
BKNG $7.0B
CCL $997M
FY24
BKNG $7.9B
CCL $1.3B
FY25
BKNG $9.1B
CCL $2.6B
BKNG
CCL
Return on capital
FY16
BKNG 19.1%
CCL 9.8%
FY17
BKNG 19.8%
CCL 8.4%
FY18
BKNG 37.1%
CCL 9.6%
FY19
BKNG 50.1%
CCL 9.0%
FY20
BKNG −5.2%
CCL −18.0%
FY21
BKNG 33.6%
CCL −14.0%
FY22
BKNG 89.5%
CCL −9.5%
FY23
BKNG —
CCL 4.6%
FY24
BKNG —
CCL 10.4%
FY25
BKNG —
CCL 12.1%
BKNG
CCL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.