Carnival
CCL NYSE· Hotels, Resorts & Cruise Lines
Last close · Oct 27, 2026
$27.74
KIRA · Stoqly’s AI analyst, in plain words
- Carnival had $26.6B of revenue in fiscal 2025, up 6.4% on the year before. Over five years, revenue changed +36.6% a year on average.
- Its operating margin was 16.8%, up 2.6 pts: of every 100 in sales, about 17 is left after running the business.
- Carnival made $2.8B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew −6.6% a year.
- Free cash flow was $2.6B in fiscal 2025, 9.8% of revenue.
- Carnival returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.3%.
- Carnival owes $25.5B more than it holds in cash, about 3.5 years of operating profit.
Market cap
$37.9B
P/E
12.1x
Revenue
$26.6B
Net income
$2.8B
Free cash flow
$2.6B
Operating margin
16.8%
Carnival in 30 seconds · fiscal 2025
Are sales growing?
+6.4%
Yes. Sales grew 6.4% last year.
Does it make a profit?
10.4%
Yes. It keeps 10.4% of every sale as profit.
Does profit turn into cash?
9.8%
Partly. 9.8% of sales ends up as free cash.
Is debt under control?
3.5x
Heavy. Repaying its debt would take 3.5 years of operating profit.
How healthy are the accounts?
7 / 8
Solid. It passes 7 of 8 health tests.
How is the share priced?
12.1x
One share costs 12.1 times its yearly profit per share. Typical for its sector: 17.9x.
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.
Biggest risks, in its own words
- Events that make people less willing or able to travel, such as war, pandemics, inflation and higher interest rates.
- Incidents involving its ships or the cruise industry that hurt its reputation and guest satisfaction.
- Fuel costs and fuel supply, which affect its itineraries and profits.
- Its debt, which takes a lot of cash to service.
- Fiscal year ends
- November 30, 2025
- Latest annual report
- 10-K · Jan 27, 2026
- Legal name
- Carnival Corp Ltd.
- CIK
- 0000815097
Carnival · CCL
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $1.9B | $12.2B | $21.6B | $25.0B | $26.6B |
| Revenue growth | −65.9% | 537.7% | 77.5% | 15.9% | 6.4% |
| Gross margin | −144.0% | 3.4% | 33.7% | 37.5% | — |
| Operating margin | −371.5% | −36.0% | 9.1% | 14.3% | 16.8% |
| Net income | −$9.5B | −$6.1B | −$74.0M | $1.9B | $2.8B |
| Net margin | −498.0% | −50.1% | −0.3% | 7.7% | 10.4% |
| Diluted EPS | −$8.46 | −$5.16 | −$0.06 | $1.44 | $2.02 |
| Cash | |||||
| Cash from operations | −$4.1B | −$1.7B | $4.3B | $5.9B | $6.2B |
| Capital expenditure | $3.6B | $4.9B | $3.3B | $4.6B | $3.6B |
| Free cash flow | −$7.7B | −$6.6B | $997M | $1.3B | $2.6B |
| FCF margin | −404.4% | −54.3% | 4.6% | 5.2% | 9.8% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 44.9% | 5.1% | 7.0% | 10.8% | 0.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $12.1B | $7.1B | $6.9B | $9.3B | $12.3B |
| Net debt / EBITDA | — | — | 6.0x | 4.4x | 3.5x |
| Current ratio | 1.0x | 0.7x | 0.5x | 0.3x | 0.3x |
| Interest coverage | −4.4x | −2.7x | 1.0x | 2.0x | 3.3x |
| Returns and quality | |||||
| Return on capital | −14.0% | −9.5% | 4.6% | 10.4% | 12.1% |
| Return on equity | −58.1% | −63.4% | −1.1% | 23.8% | 25.6% |
| Piotroski F-score | 2 | 4 | 6 | 7 | 7 |
| Altman Z'' | −0.2 | −0.8 | −0.4 | −0.2 | 0.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$13.5M
4 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Carnival · CCL
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $37.9B | 6.4% | 16.8% | 9.8% | 12.1% | 12.1x | 7 |
| MGM Resorts MGM | $7.2B | 1.7% | 5.7% | 8.3% | 12.8% | 17.3x | 6 |
| Delta Air Lines DAL | $53.7B | 2.8% | 9.2% | 6.1% | 16.0% | 16.3x | 7 |
| United Airlines UAL | $34.3B | 3.5% | 8.0% | 4.3% | 15.3% | 9.6x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $27.74 a share, the company is worth $37.9B: 12.1 times its earnings of the last four quarters.
Carnival grew sales faster than 3 of its 3 similar companies. Its P/E is higher than 1 of 3.
Source: SEC EDGAR XBRL filings (CIK 0000815097). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.