Booking vs Carnival
Booking reported revenue of $26.9 billion in fiscal 2025, about the same as Carnival's $26.6 billion in fiscal 2025. Booking's revenue grew 13.4% in its latest year, and Carnival's grew 6.4%. Booking had an operating margin of 32.8%, against 16.8% at Carnival. Free cash flow was $9.1 billion at Booking and $2.6 billion at Carnival. Their fiscal years end in different months (December 31 and November 30), so the periods don't line up exactly.
Side by side
| Booking | Carnival | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Nov 30, 2025 |
| Revenue | $26.9B | $26.6B |
| Revenue growth | 13.4% | 6.4% |
| Revenue growth a year, last 5 years | 31.7% | 36.6% |
| Gross margin | — | — |
| Operating margin | 32.8% | 16.8% |
| Net margin | 20.1% | 10.4% |
| Free cash flow | $9.1B | $2.6B |
| Free cash flow margin | 33.8% | 9.8% |
| Return on capital | — | 12.1% |
| Net debt to EBITDA | 0.2x | 3.5x |
| Dividends and buybacks | $7.7B | $0M |
| Change in diluted share count | −4.2% | 0.3% |
| Last close | $153.14 | $26.86 |
| P/E at the last close | 23.1× | 11.7× |
| Insider trades, last 12 months | sold $55.8 million | sold $13.5 million |
| Piotroski F-score | 5 of 8 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BookingCarnival
Operating margin
Percent of revenue
BookingCarnival
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BookingCarnival