Carnival
CCL NYSE Hotels, Resorts & Cruise Lines Financials FY2016–FY2025
Carnival's revenue rose 6.4% to $26.6 billion in fiscal 2025. Its operating margin was 16.8%, up from 14.3% a year earlier. Free cash flow was $2.6 billion, up 101.0%. The diluted share count rose 0.3%.
About these figures. Carnival reports operating costs rather than a cost of sales. Its 2025 filing stopped tagging them as cost of revenue, so gross margin for 2025 is left blank.
What Carnival does
Carnival Corporation & plc runs cruise vacations. It says it is the largest global cruise company, with eight cruise lines: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. It had 94 ships and about 272,000 passenger berths at the end of November 2025. The company says it carries over 13.5 million guests each year. It has seven more ships under contract, due through 2033.
It reports its business in segments. North America covers Carnival Cruise Line, Princess Cruises, Holland America Line and Seabourn, and makes up about two-thirds of its capacity. Europe covers AIDA, Costa, P&O Cruises and Cunard. A Cruise Support segment holds its port destinations and exclusive islands, such as Celebration Key in The Bahamas, which opened in July 2025. A Tour and Other segment covers Holland America Princess Alaska Tours, which owns hotels, lodges and railcars in Alaska and the Yukon.
The company says it competes with land vacations such as resorts and theme parks. It says it and its three principal cruise competitors, Royal Caribbean Group, Norwegian Cruise Line Holdings and MSC Cruises, represent about 80% of cruise industry capacity. Carnival Corporation and Carnival plc are two separately listed companies run as one. They have proposed merging into a single company listed in New York and moving its legal home from Panama to Bermuda.
- Legal name
- Carnival Corp Ltd.
- Fiscal year ends
- November 30, 2025
- Latest annual report
- 10-K · Jan 27, 2026
- Accession · CIK
- 0000815097-26-000007
0000815097
Revenue and margins
Carnival had $26.6B of revenue in fiscal 2025, up 6.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −6.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.6B in fiscal 2025, 9.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Carnival returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.3%.
Value Carnival yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$25.5B and divides by 1,402.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 11.4x · peers 15.3x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Carnival can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.4B | $8.6B | $5.4B | $1.2B | $1.9B |
| Debt incl. finance leases | $36.0B | $35.8B | $31.3B | $28.2B | $27.4B |
| Net debt / EBITDA | — | — | 6.0x | 4.4x | 3.5x |
| Debt / equity | 3.0x | 5.1x | 4.6x | 3.1x | 2.2x |
| Interest coverage | −4.4x | −2.7x | 1.0x | 2.0x | 3.3x |
| Current ratio | 1.0x | 0.7x | 0.5x | 0.3x | 0.3x |
| Quick ratio | 0.9x | 0.7x | 0.4x | 0.3x | 0.3x |
| Total assets | $53.3B | $51.7B | $49.1B | $49.1B | $51.7B |
| Total liabilities | $41.2B | $44.6B | $42.2B | $39.8B | $39.4B |
| Shareholders' equity | $12.1B | $7.1B | $6.9B | $9.3B | $12.3B |
| Net debt (− = net cash) | $26.6B | $27.2B | $25.9B | $27.0B | $25.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$13.5M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 28, 2026 | bettina alejandra deynesChief Human Resources Officer | Sold | 43,058 | $28.10 | $1.2M | Form 4 |
| May 11, 2026 | Stuart SubotnickDirector | Sold | 0 | $25.22 | $0.0M | Form 4 |
| Apr 1, 2026 | Sir Jonathon BandDirector | Sold | 11,988 | $26.19 | $0.3M | Form 4 |
| Mar 31, 2026 | Sir Jonathon BandDirector | Sold | 12 | $24.98 | $0.0M | Form 4 |
| Feb 10, 2026 | David BernsteinCFO & CAO | Sold | 361,790 | $33.22 | $12.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 7 / 9 | 7 / 8 |
| Accruals ratio | −8.6% | −8.2% | −6.9% |
| Altman Z'' | −0.38 | −0.23 | 0.09 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Carnival CCL | $35.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.4x | 7 | |
| MGM Resorts MGM | $7.2B | 1.7% | 5.7% | 8.3% | 12.8% | 17.3x | 6 | Compare → |
| Delta Air Lines DAL | $50.6B | 2.8% | 9.2% | 6.1% | 16.0% | 15.3x | 7 | Compare → |
| United Airlines UAL | $32.1B | 3.5% | 8.0% | 4.3% | 15.3% | 9.0x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $16.4B | $17.5B | $18.9B | $20.8B | $5.6B | $1.9B | $12.2B | $21.6B | $25.0B | $26.6B |
| Gross profit | $7.0B | $7.0B | $7.8B | $7.9B | — | −$2.7B | $411M | $7.3B | $9.4B | — |
| Operating income | $3.1B | $2.8B | $3.3B | $3.3B | −$8.9B | −$7.1B | −$4.4B | $2.0B | $3.6B | $4.5B |
| Interest expense | $223M | $198M | $194M | $206M | $895M | $1.6B | $1.6B | $2.1B | $1.8B | $1.3B |
| Pretax income | $2.8B | $2.7B | $3.2B | $3.1B | −$10.3B | −$9.5B | −$6.1B | −$62.0M | $1.9B | $2.8B |
| Income tax | −$49.0M | $60.0M | $54.0M | $71.0M | −$17.0M | −$21.0M | $14.0M | $13.0M | −$1.0M | $12.0M |
| Net income | $2.8B | $2.6B | $3.2B | $3.0B | −$10.2B | −$9.5B | −$6.1B | −$74.0M | $1.9B | $2.8B |
| Diluted EPS | $3.72 | $3.59 | $4.44 | $4.32 | −$13.20 | −$8.46 | −$5.16 | −$0.06 | $1.44 | $2.02 |
| Diluted shares | 0.75B | 0.73B | 0.71B | 0.69B | 0.78B | 1.12B | 1.18B | 1.26B | 1.40B | 1.40B |
| Cash flow | ||||||||||
| Cash from operations | $5.1B | $5.3B | $5.5B | $5.5B | −$6.3B | −$4.1B | −$1.7B | $4.3B | $5.9B | $6.2B |
| Capital expenditure | $3.1B | $2.9B | $3.7B | $5.4B | $3.6B | $3.6B | $4.9B | $3.3B | $4.6B | $3.6B |
| Free cash flow | $2.1B | $2.4B | $1.8B | $46.0M | −$9.9B | −$7.7B | −$6.6B | $997M | $1.3B | $2.6B |
| Depreciation and amortization | $1.7B | $1.8B | $2.0B | $2.2B | $2.2B | $2.2B | $2.3B | $2.4B | $2.6B | $2.8B |
| Stock-based compensation | $55.0M | $63.0M | $65.0M | $46.0M | $105M | $121M | $101M | $53.0M | $62.0M | $98.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $2.3B | $552M | $1.5B | $603M | $12.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $977M | $1.1B | $1.4B | $1.4B | $689M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $3.3B | $1.6B | $2.8B | $2.0B | $701M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $603M | $395M | $982M | $518M | $9.5B | $9.4B | $8.6B | $5.4B | $1.2B | $1.9B |
| Total debt | $9.9B | $9.7B | $11.2B | $11.7B | $30.0B | $36.0B | $35.8B | $31.3B | $28.2B | $27.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.7B | $1.6B | $2.2B | $2.1B | $10.6B | $10.1B | $7.5B | $5.3B | $3.4B | $4.2B |
| Current liabilities | $7.1B | $8.8B | $9.2B | $9.1B | $8.7B | $10.4B | $10.6B | $11.5B | $11.6B | $13.1B |
| Inventory | $322M | $387M | $450M | $427M | $335M | $356M | $428M | $528M | $507M | $505M |
| Property and equipment, net | $32.4B | $34.4B | $35.3B | $38.1B | $38.1B | $38.1B | $38.7B | $40.1B | $41.8B | $43.5B |
| Total assets | $38.9B | $40.8B | $42.4B | $45.1B | $53.6B | $53.3B | $51.7B | $49.1B | $49.1B | $51.7B |
| Total liabilities | $16.3B | $16.6B | $18.0B | $19.7B | $33.0B | $41.2B | $44.6B | $42.2B | $39.8B | $39.4B |
| Shareholders' equity | $22.6B | $24.2B | $24.4B | $25.4B | $20.6B | $12.1B | $7.1B | $6.9B | $9.3B | $12.3B |
| Margins | ||||||||||
| Gross margin | 42.8% | 40.0% | 41.3% | 38.0% | — | −144.0% | 3.4% | 33.7% | 37.5% | — |
| Operating margin | 18.7% | 16.0% | 17.6% | 15.7% | −158.5% | −371.5% | −36.0% | 9.1% | 14.3% | 16.8% |
| EBITDA margin | 29.3% | 26.6% | 28.3% | 26.1% | −118.4% | −254.5% | −17.3% | 20.0% | 24.5% | 27.3% |
| Net margin | 17.0% | 14.9% | 16.7% | 14.4% | −183.0% | −498.0% | −50.1% | −0.3% | 7.7% | 10.4% |
| FCF margin | 12.6% | 13.6% | 9.5% | 0.2% | −177.3% | −404.4% | −54.3% | 4.6% | 5.2% | 9.8% |
| Returns | ||||||||||
| Return on capital | 9.8% | 8.4% | 9.6% | 9.0% | −18.0% | −14.0% | −9.5% | 4.6% | 10.4% | 12.1% |
| Return on capital employed | 9.6% | 8.8% | 10.2% | 9.5% | −21.9% | −16.1% | −10.4% | 5.0% | 9.5% | 11.8% |
| Return on equity | 12.0% | 11.1% | 13.0% | 12.0% | −44.6% | −58.1% | −63.4% | −1.1% | 23.8% | 25.6% |
| Return on assets | 7.1% | 6.5% | 7.6% | 6.8% | −20.8% | −17.8% | −11.6% | −0.2% | 3.9% | 5.5% |
| Growth | ||||||||||
| Revenue growth | 4.3% | 6.8% | 7.8% | 10.3% | −73.1% | −65.9% | 537.7% | 77.5% | 15.9% | 6.4% |
| Net income growth | 58.2% | −6.2% | 21.0% | −5.1% | −442.3% | — | — | — | — | 44.1% |
| EPS growth | 64.6% | −3.5% | 23.7% | −2.7% | −405.6% | — | — | — | — | 40.3% |
| FCF growth | −8.0% | 14.8% | −24.3% | −97.4% | −21,667.4% | — | — | — | 30.1% | 101.0% |
| Share count change | −4.1% | −3.0% | −2.1% | −2.5% | 12.0% | 44.9% | 5.1% | 7.0% | 10.8% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.9x | 2.0x | 1.9x | 2.1x | — | — | — | 6.0x | 4.4x | 3.5x |
| Debt / equity | 0.4x | 0.4x | 0.5x | 0.5x | 1.5x | 3.0x | 5.1x | 4.6x | 3.1x | 2.2x |
| Interest coverage | 13.8x | 14.2x | 17.1x | 15.9x | −9.9x | −4.4x | −2.7x | 1.0x | 2.0x | 3.3x |
| Current ratio | 0.2x | 0.2x | 0.2x | 0.2x | 1.2x | 1.0x | 0.7x | 0.5x | 0.3x | 0.3x |
| Quick ratio | 0.2x | 0.1x | 0.2x | 0.2x | 1.2x | 0.9x | 0.7x | 0.4x | 0.3x | 0.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 18.7% | 16.8% | 19.9% | 26.1% | 64.7% | 189.1% | 40.6% | 15.2% | 18.5% | 13.6% |
| Stock comp / revenue | 0.3% | 0.4% | 0.3% | 0.2% | 1.9% | 6.3% | 0.8% | 0.3% | 0.3% | 0.4% |
| Payouts / FCF | 160.1% | 68.9% | 156.8% | 4,326.1% | — | — | — | 0.0% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 6.0 | 8.0 | 6.0 | 2.0 | 2.0 | 4.0 | 6.0 | 7.0 | 7.0 |
| Altman Z'' | 2.9 | 2.7 | 2.8 | 2.7 | 0.8 | −0.2 | −0.8 | −0.4 | −0.2 | 0.1 |
| Accruals ratio | −6.0% | −6.8% | −5.8% | −5.7% | −8.0% | −10.1% | −8.4% | −8.6% | −8.2% | −6.9% |
Source: SEC EDGAR XBRL filings (CIK 0000815097). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.