Carnival (CCL) FY2019 results: revenue $20.8 billion, up 10.3% on the year
Carnival Corp. Ltd. (CCL) reported revenue of $20.8 billion for fiscal 2019, the year ended 30 November 2019, up 10.3% on the year before. Net income was $3.0 billion, down 5.1%, and diluted earnings per share $4.32. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2020.
Revenue
$20.8 billion
+10.3% on the year
FY2008FY2019
Operating margin
15.7%
17.6% a year earlier
FY2008FY2019
Net income
$3.0 billion
-5.1% on the year
FY2008FY2019
Diluted EPS
$4.32
-2.7% on the year
FY2008FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
20,825
18,881
17,510
+10.3%
Cost of revenue
12,909
11,089
10,501
+16.4%
Gross profit
7,916
7,792
7,009
+1.6%
Gross margin
38.0%
41.3%
40.0%
Selling, general and administrative
2,480
2,450
2,265
+1.2%
Operating income
3,276
3,325
2,809
-1.5%
Operating margin
15.7%
17.6%
16.0%
Interest expense
206
194
198
+6.2%
Pre-tax income
3,060
3,207
2,666
-4.6%
Income tax
71.0
54.0
60.0
+31.5%
Effective tax rate
2.3%
1.7%
2.3%
Net income
2,990
3,152
2,606
-5.1%
Net margin
14.4%
16.7%
14.9%
Diluted EPS
$4.32
$4.44
$3.59
-2.7%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
5,475
5,549
5,322
-1.3%
Capital expenditure
5,429
3,749
2,944
+44.8%
Free cash flow
46.0
1,800
2,378
-97.4%
Free cash flow margin
0.2%
9.5%
13.6%
Cash from investing
-5,277
-3,514
-3,122
Cash from financing
-655
-1,460
-2,452
Depreciation and amortisation
2,160
2,017
1,846
+7.1%
Share-based compensation
46.0
65.0
63.0
-29.2%
Buybacks
603
1,468
552
-58.9%
Dividends paid
1,387
1,355
1,087
+2.4%
Dividend per share
n/a
$1.95
$1.60
Diluted shares, weighted
692m
710m
725m
-2.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
25,365
24,443
24,216
+3.8%
Debt
11,634
10,394
9,246
+11.9%
Other liabilities
8,059
7,564
7,316
+6.5%
Total liabilities and equity
45,058
42,401
40,778
+6.3%
Fixed assets
38,131
35,336
34,430
+7.9%
Goodwill
2,912
2,925
2,967
-0.4%
Intangible assets
1,174
1,176
1,200
-0.2%
Cash and equivalents
518
982
395
-47.3%
Receivables
444
358
312
+24.0%
Inventory
427
450
387
-5.1%
Other assets
1,452
1,174
1,087
+23.7%
Total assets
45,058
42,401
40,778
+6.3%
10-K for the year ended 30 November 2019, filed 28 January 2020: the filing.