Carnival Corp. Ltd. (CCL)
Carnival runs cruise lines, eight of them: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. The corporate structure has two halves. Carnival Corporation was incorporated in Panama in 1974 and Carnival plc in England and Wales in 2000, and the two are run as a dual listed company: a single economic enterprise with one executive management team and identical boards, but two separate legal identities, two stock exchange listings and two sets of shareholders. The financial year ends on 30 November. During 2025 the P&O Cruises (Australia) brand was sunset and its Australian operations folded into Carnival Cruise Line.
Compare with another name What $10,000 in Carnival became Open in your desk ↗
Latest results
this quarterthe same quarter a year earlierHover a bar for its figure.
this yearthe year beforeHover a bar for its figure.
The years before, in words
Carnival (CCL) reported revenue of $26.6 billion for fiscal 2025, the year ended 30 November 2025, up 6.4% on the year before. Net income was $2.8 billion and diluted earnings per share $2.02. Revenue was $25.0 billion in fiscal 2024, $21.6 billion in fiscal 2023, $12.2 billion in fiscal 2022 and $1.9 billion in fiscal 2021. Net income in the same years was $1.9 billion, a loss of $74 million, a loss of $6.1 billion and a loss of $9.5 billion. Over the twelve months to 31 August 2026, Carnival reported revenue of $27.6 billion and net income of $3.1 billion. Revenue grew 36.6% a year, compounded, over the five years to fiscal 2025. Carnival had 1.34 billion shares outstanding at the latest filed count. At 31 August 2026 it carried $24.6 billion of debt and $1.2 billion of cash. At the close of 6 November 2026 the market cap of Carnival was $39.8 billion, 12.9 times its earnings over the last twelve months.Ratios
From the filings
ROE22.1%
ROCE11.4%
Operating margin16.0%
Net margin11.4%
FCF margin11.5%
Interest cover3.8x
Debt to equity1.73x
Cash conversion2.18x
Share count, last 12 months15.2%
Sales CAGR, 3 years29.8%
Profit CAGR, 3 yearsn/a
EPS, TTM$2.29
At the close of 6 November 2026
Price$29.59
Market cap$39.8 billion
Stock P/E12.9x
Price to book2.8x
EV / EBITDA8.6x
Dividend yieldn/a
Market cap / sales1.4x
52-week high$33.99
52-week low$21.79
Price, 1 year12.2%
Price CAGR, 3 years33.1%
Price CAGR, 5 years3.6%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
Read more
The priced ones use the latest price, the last regular-hours trade on IEX. 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.CCLgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read more
Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. 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. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,286 | 1,623 | 2,401 | 4,305 | 3,839 | 4,432 | 4,911 | 6,854 | 5,396 | 5,406 | 5,781 | 7,896 | 5,938 | 5,810 | 6,328 | 8,153 | 6,331 | 6,165 | 6,663 | 8,435 |
| Cost of revenue | 1,823 | 2,030 | 2,683 | 3,379 | 3,665 | 3,311 | 3,457 | 3,921 | 3,628 | 3,705 | 3,798 | 4,303 | 3,832 | 3,766 | 3,886 | 4,385 | n/a | n/a | n/a | n/a |
| Gross profit | -537 | -407 | -282 | 926 | 174 | 1,121 | 1,454 | 2,933 | 1,768 | 1,701 | 1,983 | 3,593 | 2,106 | 2,044 | 2,442 | 3,768 | n/a | n/a | n/a | n/a |
| Gross margin | -42% | -25% | -12% | 22% | 5% | 25% | 30% | 43% | 33% | 31% | 34% | 46% | 35% | 35% | 39% | 46% | n/a | n/a | n/a | n/a |
| SG&A | 581 | 530 | 619 | 625 | 741 | 712 | 736 | 713 | 789 | 813 | 789 | 763 | 887 | 848 | 816 | 779 | 959 | 924 | 863 | 834 |
| Operating income | -1,892 | -1,491 | -1,473 | -279 | -1,136 | -172 | 120 | 1,624 | 384 | 276 | 560 | 2,178 | 560 | 543 | 934 | 2,271 | 735 | 607 | 851 | 2,220 |
| Operating margin | -147% | -92% | -61% | -6% | -30% | -4% | 2% | 24% | 7% | 5% | 10% | 28% | 9% | 9% | 15% | 28% | 12% | 10% | 13% | 26% |
| Interest expense | 348 | 368 | 370 | 422 | 449 | 539 | 542 | 518 | 467 | 471 | 450 | 431 | 403 | 377 | 341 | 317 | 314 | 291 | 285 | 285 |
| Pre-tax income | -2,624 | -1,888 | -1,831 | -759 | -1,602 | -686 | -402 | 1,065 | -39.0 | -214 | 96.0 | 1,743 | 290 | -68.0 | 585 | 1,860 | 395 | 280 | 555 | 1,939 |
| Tax rate | n/a | n/a | n/a | n/a | n/a | n/a | n/a | -1% | n/a | n/a | 5% | 0% | -5% | n/a | 3% | 0% | -5% | 6% | 3% | 1% |
| Net income | -2,620 | -1,891 | -1,834 | -770 | -1,598 | -693 | -407 | 1,074 | -48.0 | -214 | 92.0 | 1,735 | 303 | -78.0 | 565 | 1,852 | 421 | 258 | 537 | 1,920 |
| Net margin | -204% | -117% | -76% | -18% | -42% | -16% | -8% | 16% | -1% | -4% | 2% | 22% | 5% | -1% | 9% | 23% | 7% | 4% | 8% | 23% |
| Diluted EPS | -$2.33 | -$1.66 | -$1.61 | -$0.65 | -$1.27 | -$0.55 | -$0.32 | $0.79 | -$0.04 | -$0.17 | $0.07 | $1.26 | $0.23 | -$0.06 | $0.42 | $1.33 | $0.31 | $0.19 | $0.39 | $1.40 |
| Operating cash flow | -368 | -1,212 | 3.0 | -344 | -117 | 388 | 1,137 | 1,834 | 922 | 1,768 | 2,039 | 1,205 | 911 | 925 | 2,392 | 1,383 | 1,518 | 1,263 | 2,630 | 1,410 |
| Capital expenditure | 487 | 2,730 | 491 | 538 | 1,181 | 1,075 | 697 | 837 | 675 | 2,138 | 1,319 | 577 | 592 | 607 | 851 | 647 | 1,506 | 566 | 875 | 698 |
| Free cash flow | -855 | -3,942 | -488 | -882 | -1,298 | -687 | 440 | 997 | 247 | -370 | 720 | 628 | 319 | 318 | 1,541 | 736 | 12.0 | 697 | 1,755 | 712 |
| Buybacks | -94.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | n/a | n/a | n/a | 548 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 0.0 | 0.0 | n/a | 208 | 206 | 204 |
| Shares outstanding | 986m | 990m | 995m | 1,113m | 1,113m | 1,116m | 1,119m | 1,119m | 1,119m | 1,122m | 1,122m | 1,154m | 1,164m | 1,167m | 1,167m | 1,168m | 1,237m | 1,239m | 1,370m | 1,345m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
Read more
* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
Read more
Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 63 peers in Transportation (10.8% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 46 peers in Transportation (20.1). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2007 † | FY2008 † | FY2009 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13,033 | 14,646 | 13,157 | 15,884 | 15,714 | 16,389 | 17,510 | 18,881 | 20,825 | 5,595 | 1,908 | 12,168 | 21,593 | 25,021 | 26,622 | 27,594 |
| Cost of revenue | 7,628 | 9,340 | 8,407 | 10,403 | 9,447 | 9,383 | 10,501 | 11,089 | 12,909 | n/a | 4,655 | 11,757 | 14,317 | 15,638 | n/a | n/a |
| Gross profit | 5,405 | 5,306 | 4,750 | 5,481 | 6,267 | 7,006 | 7,009 | 7,792 | 7,916 | n/a | -2,747 | 411 | 7,276 | 9,383 | n/a | n/a |
| Gross margin | 41.5% | 36.2% | 36.1% | 34.5% | 39.9% | 42.7% | 40.0% | 41.3% | 38.0% | n/a | -144.0% | 3.4% | 33.7% | 37.5% | n/a | n/a |
| Selling, general and administrative | 1,579 | 1,629 | 1,590 | 2,054 | 2,067 | 2,197 | 2,265 | 2,450 | 2,480 | 1,878 | 1,885 | 2,515 | 2,950 | 3,252 | 3,402 | 3,580 |
| Operating income | 2,725 | 2,729 | 2,154 | 1,772 | 2,574 | 3,071 | 2,809 | 3,325 | 3,276 | -8,865 | -7,089 | -4,379 | 1,956 | 3,574 | 4,483 | 4,413 |
| Operating margin | 20.9% | 18.6% | 16.4% | 11.2% | 16.4% | 18.7% | 16.0% | 17.6% | 15.7% | -158.4% | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% | 16.0% |
| Interest expense | 367 | 420 | 380 | 288 | 217 | 223 | 198 | 194 | 206 | 895 | 1,601 | 1,609 | 2,066 | 1,755 | 1,349 | 1,175 |
| Pre-tax income | 2,424 | 2,371 | 1,806 | 1,225 | 1,799 | 2,828 | 2,666 | 3,207 | 3,060 | -10,253 | -9,522 | -6,080 | -62.0 | 1,915 | 2,772 | 3,169 |
| Income tax | 16.0 | 47.0 | 16.0 | 9.0 | 42.0 | -49.0 | 60.0 | 54.0 | 71.0 | -17.0 | -21.0 | 14.0 | 13.0 | -1.0 | 12.0 | 32.0 |
| Effective tax rate | 0.7% | 2.0% | 0.9% | 0.7% | 2.3% | -1.7% | 2.3% | 1.7% | 2.3% | n/a | n/a | n/a | n/a | -0.1% | 0.4% | 1.0% |
| Net income | 2,408 | 2,324 | 1,790 | 1,216 | 1,757 | 2,779 | 2,606 | 3,152 | 2,990 | -10,236 | -9,501 | -6,093 | -74.0 | 1,916 | 2,760 | 3,136 |
| Net margin | 18.5% | 15.9% | 13.6% | 7.7% | 11.2% | 17.0% | 14.9% | 16.7% | 14.4% | -182.9% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% | 11.4% |
| Diluted EPS | $2.95 | $2.90 | $2.24 | $1.56 | $2.26 | $3.72 | $3.59 | $4.44 | $4.32 | -$13.20 | -$8.46 | -$5.16 | -$0.06 | $1.44 | $2.02 | $2.29 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
Read more
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.Revenue by segment FY2014 to FY2025
| FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America Segment | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 14,588 | 16,802 | 17,604 | 66.1% |
| Europe Segment | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 712 | 3,531 | 6,535 | 7,710 | 8,467 | 31.8% |
| Cruise Support | 90 | 119 | 131 | 129 | 129 | 173 | 68 | 42 | 171 | 206 | 255 | 309 | 1.2% |
| Tour And Other | 215 | 226 | 231 | 236 | 272 | 390 | 110 | 46 | 185 | 265 | 255 | 241 | 0.9% |
| EA Segment | 6,148 | 5,636 | 5,464 | 5,703 | 6,243 | 6,650 | 1,790 | n/a | n/a | n/a | n/a | n/a | n/a |
| NAA Segment | 9,559 | 9,866 | 10,563 | 11,442 | 12,236 | 13,612 | 3,627 | n/a | n/a | n/a | n/a | n/a | n/a |
| North America And Australia | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,108 | 8,281 | n/a | n/a | n/a | n/a |
| Intersegment elimination | -128 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
North America Segment FY2023 to FY2025Europe Segment FY2021 to FY2025Cruise SupportTour And OtherNorth America And Australia FY2021 to FY2022NAA Segment FY2014 to FY2020EA Segment FY2014 to FY2020
$ billion; hover a block for its figure and share; the figure over a bar is its parts, before the lines named below; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in. Intersegment elimination is the company's own eliminations and corporate items, which take the parts to revenue: shown as filed, with no share and no block in the chart.Profit by segment FY2023 to FY2025
The adjusted operating income each segment reports. Costs Carnival does not charge to a segment are left out, so the segments can add up to more than the company's own adjusted operating income.
| FY2023 | FY2024 | FY2025 | Margin FY2025 | |
|---|---|---|---|---|
| North America Segment | 1,712 | 2,605 | 3,233 | 18.4% |
| Europe Segment | 556 | 1,347 | 1,610 | 19.0% |
| Cruise Support | -392 | -414 | -468 | -151.5% |
| Tour And Other | 11 | 18 | 22 | 9.1% |
North America SegmentEurope SegmentCruise SupportTour And Other
$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.
FY2025Share of salesShare of profit
North America Segment66%66%
Europe Segment32%33%
Cruise Support1%a loss
Tour And Other1%under 1%
Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an adjusted operating income figure. A margin is a segment's adjusted operating income over its own sales.Revenue by product or service FY2016 to FY2025
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Passenger ticket | 12,090 | 12,944 | 13,930 | 14,104 | 3,684 | 1,000 | 7,022 | 14,067 | 16,463 | 17,419 | 65.4% |
| Onboard and other | 4,068 | 4,330 | 4,950 | 6,721 | 1,910 | 908 | 5,147 | 7,526 | 8,558 | 9,202 | 34.6% |
| Tour and other | 231 | 236 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Passenger ticketOnboard and otherTour and other FY2016 to FY2017
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Revenue by region FY2014 to FY2025
| FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 12,253 | 14,061 | 14,847 | 55.8% |
| Other | 349 | 310 | 302 | 297 | 327 | 373 | 180 | 31 | 132 | 4,406 | 5,157 | 5,374 | 20.2% |
| Germany | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,651 | 3,063 | 3,348 | 12.6% |
| United Kingdom | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,284 | 2,740 | 3,054 | 11.5% |
| Australia | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0 | 252 | n/a | n/a | n/a | n/a |
| Australia and Asia | 2,097 | 2,256 | 2,506 | 2,604 | 2,530 | 2,632 | 687 | n/a | n/a | n/a | n/a | n/a | n/a |
| Europe | 5,676 | 5,133 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Europe Segment | n/a | n/a | 5,254 | 5,414 | 5,957 | 6,318 | 1,643 | 811 | 3,918 | n/a | n/a | n/a | n/a |
| North America | 7,762 | 8,015 | 8,327 | 9,195 | 10,066 | 11,502 | 3,084 | 1,066 | 7,866 | n/a | n/a | n/a | n/a |
United States FY2023 to FY2025OtherGermany FY2023 to FY2025United Kingdom FY2023 to FY2025North America FY2014 to FY2022Europe Segment FY2016 to FY2022Australia FY2022Australia and Asia FY2014 to FY2020Europe FY2014 to FY2015
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
Read more
Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
Read more
The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 63 peers in Transportation (10.8% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2007 † | FY2008 † | FY2009 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 4,069 | 3,391 | 3,342 | 3,430 | 4,545 | 5,134 | 5,322 | 5,549 | 5,475 | -6,301 | -4,109 | -1,670 | 4,281 | 5,923 | 6,218 | 6,821 |
| Capital expenditure | 3,312 | 3,353 | 3,380 | 2,583 | 2,294 | 3,062 | 2,944 | 3,749 | 5,429 | 3,620 | 3,607 | 4,940 | 3,284 | 4,626 | 3,611 | 3,645 |
| Free cash flow | 757 | 38.0 | -38.0 | 847 | 2,251 | 2,072 | 2,378 | 1,800 | 46.0 | -9,921 | -7,716 | -6,610 | 997 | 1,297 | 2,607 | 3,176 |
| Free cash flow margin | 5.8% | 0.3% | -0.3% | 5.3% | 14.3% | 12.6% | 13.6% | 9.5% | 0.2% | -177.3% | -404.4% | -54.3% | 4.6% | 5.2% | 9.8% | 11.5% |
| Cash from investing | -3,746 | -3,255 | -3,384 | -2,507 | -2,478 | -3,323 | -3,122 | -3,514 | -5,277 | -3,240 | -3,543 | -4,767 | -2,810 | -4,535 | -3,321 | -3,689 |
| Cash from financing | -604 | -315 | -93.0 | -1,028 | -942 | -2,591 | -2,452 | -1,460 | -655 | 18,650 | 6,949 | 3,577 | -5,089 | -2,584 | -2,189 | -3,666 |
| Depreciation and amortisation | 1,101 | 1,249 | 1,309 | 1,635 | 1,626 | 1,738 | 1,846 | 2,017 | 2,160 | 2,241 | 2,233 | 2,275 | 2,370 | 2,557 | 2,790 | 2,900 |
| Share-based compensation | 64.0 | 50.0 | 50.0 | 52.0 | 55.0 | 55.0 | 63.0 | 65.0 | 46.0 | 105 | 121 | 101 | 53.0 | 62.0 | 98.0 | 101 |
| Buybacks | 326 | 98.0 | 188 | 0.0 | 533 | 2,340 | 552 | 1,468 | 603 | 12.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a |
| Dividends paid | 990 | 1,261 | 314 | 776 | 816 | 977 | 1,087 | 1,355 | 1,387 | 689 | 0.0 | 0.0 | n/a | n/a | n/a | n/a |
| Dividend per share | $1.38 | $1.60 | $0.00 | $1.00 | $1.10 | $1.35 | $1.60 | $1.95 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Diluted shares, weighted | n/a | 816m | 804m | 778m | 779m | 747m | 725m | 710m | 692m | 775m | 1,123m | 1,180m | 1,262m | 1,398m | 1,402m | 1,368m |
| Shares outstanding at period end | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,345m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
Read more
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
| FY2007 † | FY2008 † | FY2009 † | FY2014 † | FY2015 † | FY2016 † | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | ||||||||||||||||
| Shareholders' equity | 20,023 | 19,137 | 22,035 | 24,204 | 23,771 | 22,597 | 24,216 | 24,443 | 25,365 | 20,555 | 12,144 | 7,065 | 6,882 | 9,251 | 12,284 | 14,188 |
| Non-controlling interest | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 14.0 | 19.0 |
| Short-term borrowings | n/a | 256 | 135 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Debt | n/a | 8,816 | 10,047 | 9,088 | 8,787 | 9,454 | 9,246 | 10,394 | 11,634 | 27,581 | 33,970 | 35,615 | 31,339 | 28,213 | 27,383 | 24,559 |
| Operating lease liabilities | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 1,273 | 1,239 | 1,189 | 1,170 | 1,239 | 1,178 | 1,082 |
| Other liabilities | n/a | 5,191 | 4,618 | 6,156 | 6,679 | 6,885 | 7,316 | 7,564 | 8,059 | 4,184 | 5,991 | 7,834 | 9,729 | 10,354 | 10,828 | 11,123 |
| Total liabilities and equity | n/a | 33,400 | 36,835 | 39,448 | 39,237 | 38,936 | 40,778 | 42,401 | 45,058 | 53,593 | 53,344 | 51,703 | 49,120 | 49,057 | 51,687 | 50,971 |
| Owned | ||||||||||||||||
| Fixed assets | n/a | 26,457 | 29,870 | 32,773 | 31,818 | 32,429 | 34,430 | 35,336 | 38,131 | 38,073 | 38,107 | 38,687 | 40,116 | 41,795 | 43,494 | 43,397 |
| Goodwill | n/a | 3,266 | 3,451 | 3,127 | 3,010 | 2,910 | 2,967 | 2,925 | 2,912 | 807 | 579 | 579 | 579 | 579 | 579 | 579 |
| Intangible assets | n/a | n/a | 1,346 | 1,270 | 1,308 | 1,275 | 1,200 | 1,176 | 1,174 | 1,186 | 1,181 | 1,156 | 1,169 | 1,163 | 1,177 | 1,181 |
| Investments | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 0.0 | 200 | 0.0 | n/a | n/a | n/a | n/a |
| Cash and equivalents | 943 | 650 | 538 | 331 | 1,395 | 603 | 395 | 982 | 518 | 9,513 | 8,939 | 4,029 | 2,415 | 1,210 | 1,928 | 1,220 |
| Receivables | n/a | 418 | 362 | 332 | 303 | 298 | 312 | 358 | 444 | 273 | 246 | 395 | 556 | 590 | 678 | 670 |
| Inventory | n/a | 315 | 320 | 349 | 330 | 322 | 387 | 450 | 427 | 335 | 356 | 428 | 528 | 507 | 505 | 528 |
| Other assets | n/a | 2,294 | 948 | 1,266 | 1,073 | 1,099 | 1,087 | 1,174 | 1,452 | 3,406 | 3,736 | 6,429 | 3,757 | 3,213 | 3,326 | 3,396 |
| Total assets | n/a | 33,400 | 36,835 | 39,448 | 39,237 | 38,936 | 40,778 | 42,401 | 45,058 | 53,593 | 53,344 | 51,703 | 49,120 | 49,057 | 51,687 | 50,971 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
Read more
Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 5.4% | 36.6% | 29.8% | 5.2% |
| Profit growth, compounded | 4.6% | n/a | n/a | 18.7% |
| Return on equity, average | -12.4% | -24.5% | 14.0% | 22.5% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read more
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.Questions
What was Carnival's revenue in fiscal 2025?
Carnival (CCL) reported revenue of $26.6 billion for fiscal 2025, the year ended 30 November 2025, up 6.4% on the year before.
How much did Carnival earn in fiscal 2025?
Net income was $2.8 billion for fiscal 2025, and diluted earnings per share $2.02.
What is Carnival's P/E ratio?
At the close of 6 November 2026, Carnival traded at 12.9 times its earnings over the twelve months to 31 August 2026.
What is Carnival's market cap?
The market cap of Carnival was $39.8 billion at the close of 6 November 2026.
How much debt does Carnival have?
At 31 August 2026 Carnival carried $24.6 billion of debt and $1.2 billion of cash.
Peers: Transportation
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Royal Caribbean Cruises Ltd. RCL | $87.5 billion | 19.37 | 38.8% | 27.6% | 9.7% | 1.91 | 1.7% |
| Delta Air Lines, Inc. DAL | $57.4 billion | 17.40 | 14.6% | 7.4% | 14.1% | 0.62 | 0.8% |
| Mplx LP MPLX | $56.6 billion | 13.06 | n/a | 42.0% | 3.1% | n/a | n/a |
| Carnival Corp. Ltd. CCL | $39.8 billion | 12.92 | 22.1% | 16.0% | 5.2% | 1.73 | n/a |
| United Airlines Holdings, Inc. UAL | $36.6 billion | 10.32 | 20.1% | 7.5% | 12.3% | 1.49 | n/a |
| Old Dominion Freight Line, Inc. ODFL | $34.1 billion | 29.67 | 24.9% | 26.6% | 3.8% | 0.00 | 0.7% |
| Expedia Group, Inc. EXPE | $29.3 billion | 15.13 | 127.5% | 17.2% | 12.9% | 3.31 | 0.7% |
| Norwegian Cruise Line Holdings Ltd. NCLH | $8.2 billion | 9.89 | 26.5% | 13.8% | 4.9% | 4.79 | n/a |
| Kirby Corp. KEX | $6.3 billion | 17.44 | 10.9% | 14.2% | 8.5% | 0.31 | n/a |
| Matson, Inc. MATX | $6.3 billion | 11.99 | 18.4% | 16.8% | 9.2% | 0.11 | 0.7% |
| International Seaways, Inc. INSW | $4.9 billion | 4.64 | 44.5% | 69.9% | 100.5% | 0.30 | 3.0% |
| Tidewater Inc. TDW | $3.5 billion | 14.18 | 17.7% | 18.4% | -1.0% | 0.47 | n/a |
All 68 in Transportation
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Union Pacific Corp. UNP | $172.5 billion | 22.62 | 34.6% | 40.1% | 7.4% | 1.38 | 1.9% |
| Booking Holdings Inc. BKNG | $119.5 billion | 17.37 | n/a | 32.8% | 8.0% | n/a | 0.2% |
| Enbridge Inc. ENB | $104.5 billion | 16.28 | 10.0% | 12.2% | 40.0% | 1.56 | 8.0% |
| United Parcel Service Inc. UPS | $92.3 billion | 20.83 | 29.5% | 7.1% | 2.1% | 1.74 | 6.1% |
| CSX Corp. CSX | $90.5 billion | 25.44 | 24.9% | 36.4% | 5.8% | 1.31 | 1.1% |
| Royal Caribbean Cruises Ltd. RCL | $87.5 billion | 19.37 | 38.8% | 27.6% | 9.7% | 1.91 | 1.7% |
| Canadian Pacific Kansas City Ltd. CP | $80.1 billion | 21.28 | 8.4% | 36.4% | 6.5% | 0.49 | 1.1% |
| FedEx Corp. FDX | $72.2 billion | n/a | n/a | n/a | n/a | 0.50 | 1.8% |
| Norfolk Southern Corp. NSC | $71.9 billion | 26.82 | 16.0% | 31.5% | 6.0% | 0.99 | 1.7% |
| Delta Air Lines, Inc. DAL | $57.4 billion | 17.40 | 14.6% | 7.4% | 14.1% | 0.62 | 0.8% |
| Mplx LP MPLX | $56.6 billion | 13.06 | n/a | 42.0% | 3.1% | n/a | n/a |
| Carnival Corp. Ltd. CCL | $39.8 billion | 12.92 | 22.1% | 16.0% | 5.2% | 1.73 | n/a |
| United Airlines Holdings, Inc. UAL | $36.6 billion | 10.32 | 20.1% | 7.5% | 12.3% | 1.49 | n/a |
| Old Dominion Freight Line, Inc. ODFL | $34.1 billion | 29.67 | 24.9% | 26.6% | 3.8% | 0.00 | 0.7% |
| Expedia Group, Inc. EXPE | $29.3 billion | 15.13 | 127.5% | 17.2% | 12.9% | 3.31 | 0.7% |
| Expeditors International of Washington Inc. EXPD | $23.9 billion | 23.43 | 44.5% | 10.1% | 18.6% | 0.00 | 0.8% |
| Southwest Airlines Co. LUV | $21.8 billion | 21.37 | 14.4% | 4.4% | 14.5% | 0.80 | 1.6% |
| Xpo, Inc. XPO | $20.7 billion | 41.74 | 25.5% | 9.9% | 9.5% | 1.58 | n/a |
| J.B. Hunt Transport Services, Inc. JBHT | $20.3 billion | 30.56 | 18.6% | 7.2% | 10.6% | 0.31 | 0.8% |
| Plains ALL American Pipeline LP PAA | $16.9 billion | n/a | n/a | 3.1% | 12.2% | n/a | n/a |
| HF Sinclair Corp. DINO | $16.7 billion | 4.93 | 30.1% | 13.5% | 29.5% | 0.24 | 2.1% |
| ZTO Express (Cayman) Inc. ZTO * | $16.4 billion | 12.37 | 13.7% | 21.3% | 10.9% | n/a | 3.2% |
| C. H. Robinson Worldwide, Inc. CHRW | $14.5 billion | 22.50 | 42.3% | 4.9% | 10.4% | 1.18 | 2.0% |
| Knight-Swift Transportation Holdings Inc. KNX | $9.5 billion | 62.83 | 2.2% | 4.2% | 7.0% | 0.26 | 1.3% |
| Saia Inc. SAIA | $8.9 billion | 31.47 | 10.0% | 10.7% | 9.3% | 0.04 | n/a |
| American Airlines Group Inc. AAL | $8.7 billion | n/a | n/a | 1.6% | 12.3% | n/a | n/a |
| Norwegian Cruise Line Holdings Ltd. NCLH | $8.2 billion | 9.89 | 26.5% | 13.8% | 4.9% | 4.79 | n/a |
| Gatx Corp. GATX | $6.4 billion | 16.97 | 14.0% | 29.9% | 29.7% | 4.29 | 1.4% |
| Kirby Corp. KEX | $6.3 billion | 17.44 | 10.9% | 14.2% | 8.5% | 0.31 | n/a |
| Matson, Inc. MATX | $6.3 billion | 11.99 | 18.4% | 16.8% | 9.2% | 0.11 | 0.7% |
| GXO Logistics, Inc. GXO | $6.2 billion | 46.80 | 4.5% | 2.2% | 7.1% | 0.94 | n/a |
| Plains GP Holdings LP PAGP | $5.1 billion | n/a | n/a | 3.1% | 12.2% | n/a | n/a |
| Schneider National, Inc. SNDR | $4.9 billion | 34.35 | 4.6% | 3.4% | 6.0% | 0.13 | 1.4% |
| International Seaways, Inc. INSW | $4.9 billion | 4.64 | 44.5% | 69.9% | 100.5% | 0.30 | 3.0% |
| Landstar System Inc. LSTR | $4.8 billion | 30.36 | 19.3% | 4.1% | 10.7% | 0.00 | 2.5% |
| Rxo, Inc. RXO | $4.6 billion | n/a | -5.8% | -0.8% | 10.1% | 0.33 | n/a |
| Brinks Co. BCO | $4.5 billion | 28.92 | 53.2% | 10.0% | 7.3% | 13.88 | 0.9% |
| Alaska Air Group, Inc. ALK | $4.3 billion | n/a | -11.2% | -1.9% | 8.2% | 1.74 | n/a |
| Tidewater Inc. TDW | $3.5 billion | 14.18 | 17.7% | 18.4% | -1.0% | 0.47 | n/a |
| Skywest Inc. SKYW | $3.0 billion | 7.68 | 14.7% | 13.9% | 7.0% | 0.84 | n/a |
| Delek Logistics Partners, LP DKL | $3.0 billion | 18.06 | n/a | 14.6% | 35.5% | n/a | n/a |
| Arcbest Corp. ARCB | $2.8 billion | 100.71 | 2.2% | 1.1% | 8.1% | 0.15 | 0.4% |
| Allegiant Travel Co. ALGT | $2.5 billion | 28.20 | 3.1% | 5.5% | 27.8% | 1.66 | 0.0% |
| Lindblad Expeditions Holdings, Inc. LIND | $2.2 billion | n/a | n/a | 7.5% | 16.7% | n/a | n/a |
| Dorian LPG Ltd. LPG | $2.0 billion | 4.14 | 34.0% | 72.3% | 87.1% | 0.34 | 7.2% |
| Frontier Group Holdings, Inc. ULCC | $1.7 billion | n/a | -1,116.2% | -9.5% | 24.0% | 13.14 | n/a |
| Werner Enterprises Inc. WERN | $1.6 billion | n/a | -3.4% | -0.9% | 9.6% | 0.58 | 2.1% |
| Genesis Energy LP GEL | $1.6 billion | 67.63 | n/a | 18.3% | -2.4% | n/a | n/a |
| JetBlue Airways Corp. JBLU | $1.4 billion | n/a | -74.8% | -6.1% | 9.9% | 6.28 | n/a |
| Genco Shipping & Trading Ltd. GNK | $1.1 billion | 14.61 | 8.9% | 19.2% | 54.7% | 0.41 | 6.9% |
| Bristow Group Inc. VTOL | $1.1 billion | 13.95 | 7.3% | 9.5% | 10.1% | 0.68 | n/a |
| Marten Transport Ltd. MRTN | $958 million | 65.17 | 1.7% | 1.9% | -4.8% | 0.00 | 2.0% |
| Covenant Logistics Group, Inc. CVLG | $802 million | 197.38 | 1.3% | 0.3% | 12.5% | 0.67 | 0.9% |
| Heartland Express Inc. HTLD | $780 million | n/a | -1.7% | -1.0% | -17.2% | 0.13 | 0.8% |
| Universal Logistics Holdings, Inc. ULH | $715 million | n/a | n/a | n/a | n/a | 1.23 | 1.5% |
| GMR Solutions Inc. GMRS | $671 million | n/a | n/a | n/a | n/a | 5.60 | n/a |
| Forward Air Corp. FWRD | $562 million | n/a | n/a | -6.7% | -0.1% | n/a | 0.0% |
| Strata Critical Medical, Inc. SRTA | $496 million | n/a | -9.0% | -6.6% | 52.0% | 0.00 | n/a |
| Pangaea Logistics Solutions Ltd. PANL | $496 million | 6.58 | 15.3% | 12.2% | 27.8% | 0.48 | 0.7% |
| Radiant Logistics, Inc. RLGT | $416 million | 22.74 | 7.8% | 2.6% | 3.5% | 0.10 | n/a |
| Ftai Infrastructure Inc. FIP | $410 million | n/a | n/a | -2.9% | 67.7% | n/a | 3.5% |
| Virgin Galactic Holdings, Inc. SPCE | $390 million | n/a | -62.5% | -24,804.5% | -38.9% | 0.55 | n/a |
| Verra Mobility Corp. VRRM | $332 million | 9.10 | 14.3% | 12.7% | 6.5% | 3.90 | n/a |
| Pamt Corp. PAMT | $295 million | n/a | -23.0% | -8.8% | -2.1% | 1.66 | n/a |
| Seacor Marine Holdings Inc. SMHI | $238 million | n/a | -15.0% | 1.5% | -15.0% | 1.28 | n/a |
| Wheels Up Experience Inc. UP | $102 million | n/a | n/a | -26.3% | -7.6% | n/a | n/a |
| Proficient Auto Logistics, Inc. PAL | $85 million | n/a | n/a | n/a | n/a | 0.23 | n/a |
| T. Air Inc. AIRT | $75 million | 1.17 | 97.9% | -6.6% | 25.4% | 3.78 | n/a |
6 companies share its SEC industry code (Water Transportation); the rest are the names nearest in size in its wider industry, Transportation, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read more
By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on CCL
| Dividends | latest dividend in its filings $0.50 a share, in FY2020 |
| Filings | 21 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 material agreement; 2 regulation FD disclosure; 2 change to security holders' rights; 1 new financial obligation |
| Planned insider sales | 5 Form 144 notices in twelve months, $14.5 million; latest 4 November 2026 |
| Options tape | put/call 1.34 by open interest at the 6 November 2026 close; the straddle prices a 5.0% move to 13 November 2026 |
| 13F holders | 1,044 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 7 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 41.6 million shares short, 2.11 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 31 August 2026 | 29 September 2026 | EDGAR |
| 10-Q | 31 May 2026 | 26 June 2026 | EDGAR |
| 10-Q | 28 February 2026 | 27 March 2026 | EDGAR |
| 10-K | 30 November 2025 | 27 January 2026 | EDGAR |
| 10-Q | 31 August 2025 | 29 September 2025 | EDGAR |
| 10-Q | 31 May 2025 | 26 June 2025 | EDGAR |
| 10-Q | 28 February 2025 | 25 March 2025 | EDGAR |
| 10-K | 30 November 2024 | 27 January 2025 | EDGAR |
| 10-Q | 31 August 2024 | 30 September 2024 | EDGAR |
| 10-Q | 31 May 2024 | 27 June 2024 | EDGAR |
Reading about a stock somewhere else? Our free Chrome extension, GreekSoup Stock Ticker Lookup: Earnings, Insider Trades, 13F Holders, shows the latest quarter against a year ago, insider trades and 13F holders when you hover a $ticker such as $AAPL.