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Stocks / United States / CCL · Water Transportation · NYSE

Carnival Corp. Ltd. (CCL)

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Carnival Corp. Ltd. (CCL) reported revenue of $6.7 billion for Q2 FY2026, the quarter ended 31 May 2026, up 5.3% on the same quarter a year earlier. Net income was $537 million, down 5.0% on the year, and diluted earnings per share $0.39. The figures are the company's own, from the 10-Q it filed with the SEC on 26 June 2026.

Revenue$6.7 billionup 5.3%
Net income$537 milliondown 5.0%
Diluted EPS$0.39
QuarterQ2 FY2026ended 31 May 2026

Ratios

From the filings

ROE23.7%
ROCE11.6%
Operating margin16.3%
Net margin11.2%
FCF margin11.7%
Interest cover3.70
Debt to equity1.97
Cash conversion2.21
Share count, 1 year17.3%
Sales CAGR, 3 years29.8%
Profit CAGR, 3 yearsn/a
EPS, TTM$2.24

At the close of 21 September 2026

Price$22.31
Market cap$30.6 billion
Stock P/E9.96
Price to book2.36
EV / EBITDA7.35
Dividend yield8.7%
Market cap / sales1.12
52-week high$33.99
52-week low$21.84
Price, 1 year-26.9%
Price CAGR, 3 years16.7%
Price CAGR, 5 years-1.1%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on the total debt Carnival Corp. Ltd. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CCL

Filings22 in twelve months: 12 current reports (8-K), about 6 regulation fd disclosure; 4 results of operations; 3 material agreement; 2 change to security holders' rights; 1 termination of a material agreement
Planned insider sales3 Form 144 notices in twelve months, $13.1 million; latest 28 May 2026
Options tapeput/call 1.08 by open interest on 23 September 2026; the straddle prices a 3.6% move to 25 September 2026
Holders10 of the followed funds hold it; largest Geode Capital Management; 3 Schedule 13D or 13G filings in twelve months
Insider trading5 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest43.0 million shares short, 2.29 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue6,8545,3965,4065,7817,8965,9385,8106,3288,1536,3316,1656,663
Cost of revenue3,9213,6283,7053,7984,3033,8323,7663,8864,385n/an/an/a
Gross profit2,9331,7681,7011,9833,5932,1062,0442,4423,768n/an/an/a
Gross margin43%33%31%34%46%35%35%39%46%n/an/an/a
SG&A713789813789763887848816779959924863
Operating income1,6243842765602,1785605439342,271735607851
Operating margin24%7%5%10%28%9%9%15%28%12%10%13%
Interest expense518467471450431403377341317314291285
Pre-tax income1,065-39.0-21496.01,743290-68.05851,857n/a280555
Tax rate-1%n/an/a5%0%-5%n/a3%0%n/a6%3%
Net income1,074-48.0-21492.01,735303-78.05651,852421258537
Net margin16%-1%-4%2%22%5%-1%9%23%7%4%8%
Diluted EPS$0.79$0.02-$0.17$0.07$1.26$0.28-$0.06$0.42$1.33$0.33$0.19$0.39
Operating cash flow1,8349221,7682,0391,2059119252,3921,3831,5181,2632,630
Capital expenditure8376752,1381,3195775926078516471,506566875
Free cash flow997247-3707206283193181,54173612.06971,755
Dividends paidn/an/an/an/an/an/a0.00.0n/an/a208206
Shares outstanding1,119m1,119m1,122m1,122m1,154m1,164m1,167m1,167m1,168m1,237m1,239m1,370m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue15,88415,71416,38917,51018,88120,8255,5951,90812,16821,59325,02126,62227,312
Cost of revenue10,4039,4479,38310,50111,08912,909n/a4,65511,75714,31715,638n/an/a
Gross profit5,4816,2677,0067,0097,7927,916n/a-2,7474117,2769,383n/an/a
Gross margin34.5%39.9%42.7%40.0%41.3%38.0%n/a-144.0%3.4%33.7%37.5%n/an/a
Selling, general and administrative2,0542,0672,1972,2652,4502,4801,8781,8852,5152,9503,2523,4023,525
Operating income1,7722,5743,0712,8093,3253,276-8,865-7,089-4,3791,9563,5744,4834,464
Operating margin11.2%16.4%18.7%16.0%17.6%15.7%-158.4%-371.5%-36.0%9.1%14.3%16.8%16.3%
Interest expense2882172231981942068951,6011,6092,0661,7551,3491,207
Pre-tax income1,2251,7992,8282,6663,2073,060-10,253-9,522-6,080-62.01,9152,772n/a
Income tax9.042.0-49.060.054.071.0-17.0-21.014.013.0-1.012.022.0
Effective tax rate0.7%2.3%-1.7%2.3%1.7%2.3%n/an/an/an/a-0.1%0.4%n/a
Net income1,2161,7572,7792,6063,1522,990-10,236-9,501-6,093-74.01,9162,7603,068
Net margin7.7%11.2%17.0%14.9%16.7%14.4%-182.9%-498.0%-50.1%-0.3%7.7%10.4%11.2%
Diluted EPS$1.59$2.26$3.72$3.59$4.44$4.32-$13.20-$8.46-$5.16-$0.06$1.44$2.02$2.24
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow3,4304,5455,1345,3225,5495,475-6,301-4,109-1,6704,2815,9236,2186,794
Capital expenditure2,5832,2943,0622,9443,7495,4293,6203,6074,9403,2844,6263,6113,594
Free cash flow8472,2512,0722,3781,80046.0-9,921-7,716-6,6109971,2972,6073,200
Free cash flow margin5.3%14.3%12.6%13.6%9.5%0.2%-177.3%-404.4%-54.3%4.6%5.2%9.8%11.7%
Depreciation and amortisation1,6351,6261,7381,8462,0172,1602,2412,2332,2752,3702,5572,7902,863
Share-based compensation52.055.055.063.065.046.010512110153.062.098.0103
Buybacks0.05332,3405521,46860312.00.00.0n/an/an/an/a
Dividends paid7768169771,0871,3551,3876890.00.0n/an/an/an/a
Dividend per share$1.00$1.10$1.35$1.60$1.95n/an/an/an/an/an/an/an/a
Diluted shares, weighted778m779m747m725m710m692m775m1,123m1,180m1,262m1,398m1,402m1,388m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a1,370m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015FY2016 FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets39,44839,23738,93640,77842,40145,05853,59353,34451,70349,12049,05751,68752,228
Cash and equivalents3311,3956033959825189,5138,9394,0292,4151,2101,9282,243
Receivables332303298312358444273246395556590678633
Inventory349330322387450427335356428528507505552
Goodwill3,1273,0102,9102,9672,9252,912807579579579579579579
Total debt, as filed9,0888,7879,4549,24610,39411,63427,58133,97035,61531,33928,21327,38325,570
Long-term debt7,3637,4138,3026,9937,8979,67522,13028,50935,61531,33928,21327,38325,570
Borrowings, as the company tags themn/an/an/an/an/an/an/an/an/an/a211n/an/a
Operating lease liabilitiesn/an/an/an/an/an/a1,2731,2391,1891,1701,2391,1781,113
Shareholders' equity24,20423,77122,59724,21624,44325,36520,55512,1447,0656,8829,25112,28412,968
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.4%36.6%29.8%5.2%
Profit growth, compounded4.6%n/an/a21.5%
Return on equity, average-12.4%-24.5%14.0%22.5%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Water Transportation

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Royal Caribbean Cruises Ltd. RCL$66.9 billion15.4743.0%27.3%8.7%2.232.0%
Carnival Corp. Ltd. CCL$30.6 billion9.9623.7%16.3%5.2%1.978.7%
Norwegian Cruise Line Holdings Ltd. NCLH$6.5 billion8.9029.6%15.1%6.2%5.40n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q31 May 202626 June 2026EDGAR
10-Q28 February 202627 March 2026EDGAR
10-K30 November 202527 January 2026EDGAR
10-Q31 August 202529 September 2025EDGAR
10-Q31 May 202526 June 2025EDGAR
10-Q28 February 202525 March 2025EDGAR
10-K30 November 202427 January 2025EDGAR
10-Q31 August 202430 September 2024EDGAR
10-Q31 May 202427 June 2024EDGAR
10-Q29 February 202427 March 2024EDGAR

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