Carnival (CCL) FY2024 results: revenue $25.0 billion, up 15.9% on the year

Carnival Corp. Ltd. (CCL) reported revenue of $25.0 billion for fiscal 2024, the year ended 30 November 2024, up 15.9% on the year before. Net income was $1.9 billion, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2025.

Revenue

$25.0 billion

+15.9% on the year

FY2017FY2024

Operating margin

14.3%

9.1% a year earlier

FY2017FY2024

Net income

$1.9 billion

FY2017FY2024

Diluted EPS

$1.44

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	25,021	21,593	12,168	+15.9%
Cost of revenue	15,638	14,317	11,757	+9.2%
Gross profit	9,383	7,276	411	+29.0%
Gross margin	37.5%	33.7%	3.4%
Selling, general and administrative	3,252	2,950	2,515	+10.2%
Operating income	3,574	1,956	-4,379	+82.7%
Operating margin	14.3%	9.1%	-36.0%
Interest expense	1,755	2,066	1,609	-15.1%
Pre-tax income	1,915	-62.0	-6,080
Income tax	-1.0	13.0	14.0
Effective tax rate	-0.1%	n/a	n/a
Net income	1,916	-74.0	-6,093
Net margin	7.7%	-0.3%	-50.1%
Diluted EPS	$1.44	-$0.06	-$5.16

$ million except per share.

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.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	5,923	4,281	-1,670	+38.4%
Capital expenditure	4,626	3,284	4,940	+40.9%
Free cash flow	1,297	997	-6,610	+30.1%
Free cash flow margin	5.2%	4.6%	-54.3%
Cash from investing	-4,535	-2,810	-4,767
Cash from financing	-2,584	-5,089	3,577
Depreciation and amortisation	2,557	2,370	2,275	+7.9%
Share-based compensation	62.0	53.0	101	+17.0%
Buybacks	n/a	n/a	0.0
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	1,398m	1,262m	1,180m	+10.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	9,251	6,882	7,065	+34.4%
Debt	28,213	31,339	35,615	-10.0%
Operating lease liabilities	1,239	1,170	1,189	+5.9%
Other liabilities	10,354	9,729	7,834	+6.4%
Total liabilities and equity	49,057	49,120	51,703	-0.1%
Fixed assets	41,795	40,116	38,687	+4.2%
Goodwill	579	579	579	0.0%
Intangible assets	1,163	1,169	1,156	-0.5%
Investments	n/a	n/a	0.0
Cash and equivalents	1,210	2,415	4,029	-49.9%
Receivables	590	556	395	+6.1%
Inventory	507	528	428	-4.0%
Other assets	3,213	3,757	6,429	-14.5%
Total assets	49,057	49,120	51,703	-0.1%

10-K for the year ended 30 November 2024, filed 27 January 2025: the filing.