CCL NYSE Hotels, Resorts & Cruise Lines Financials FY2016βFY2025
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.
Hi! I read Carnivalβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
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?
11.4x
One share costs 11.4 times its yearly profit per share. Typical for its sector: 17.9x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Carnival did it, and the next one. Share prices often move a lot on those days.
Next results
December 18, 2026
Friday Β· in 53 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| Sep 29, 2026 | Q3 '26 | Before the market opens | 8-K β |
| Jun 23, 2026 | Q2 '26 | Before the market opens | 8-K β |
| Mar 27, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Dec 19, 2025 | Q4 '25 | Before the market opens | 8-K β |
| Sep 29, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Jun 24, 2025 | Q2 '25 | Before the market opens | 8-K β |
| Mar 21, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Dec 20, 2024 | Q4 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· 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 2.6Β pts: of every 100 in sales, about 17 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Carnival made $2.8B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew β6.6% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $2.6B in fiscal 2025, 9.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Carnival returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $13.5M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Carnival owes $25.5B more than it holds in cash, about 3.5 years of operating profit.
Cash, debt and the ratios that show how comfortably Carnival can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | β | 6.0x | 4.4x | 3.5x |
| Debt / equity | 3.0x | 5.1x | 4.6x | 3.1x | 2.2x |
| Interest coverage | β4.4x | β2.7x | 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 (β = net cash) | $26.6B | $27.2B | $25.9B | $27.0B | $25.5B |
KIRA Β· Its return on capital was 12.1%: every 100 invested in the business earned about 12 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Carnival passes 7 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 9 | 7 / 9 | 7 / 8 |
| Accruals ratio | β8.6% | β8.2% | β6.9% |
| Altman Z'' | β0.38 | β0.23 | 0.09 |
What does the share cost, and how does it compare?
KIRA Β· At $26.11 a share, the company is worth $35.7B: 11.4 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$25.5B and divides by 1,402.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 11.4x Β· peers 15.3x Β· sector 17.9x.
KIRA Β· Carnival grew sales faster than 3 of its 3 similar companies. Its P/E is higher than 1 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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 β |
| Delta Air Lines DAL | $50.6B | 2.8% | 9.2% | 6.1% | 16.0% | 15.3x | 7 | Compare β |
| United Airlines UAL | $32.1B | 3.5% | 8.0% | 4.3% | 15.3% | 9.0x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β$2.7B | $411M | $7.3B | $9.4B | β |
| Operating income | $3.1B | $2.8B | $3.3B | $3.3B | β$8.9B | β$7.1B | β$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 | β$10.3B | β$9.5B | β$6.1B | β$62.0M | $1.9B | $2.8B |
| Income tax | β$49.0M | $60.0M | $54.0M | $71.0M | β$17.0M | β$21.0M | $14.0M | $13.0M | β$1.0M | $12.0M |
| Net income | $2.8B | $2.6B | $3.2B | $3.0B | β$10.2B | β$9.5B | β$6.1B | β$74.0M | $1.9B | $2.8B |
| Diluted EPS | $3.72 | $3.59 | $4.44 | $4.32 | β$13.20 | β$8.46 | β$5.16 | β$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 | β$6.3B | β$4.1B | β$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 | β$9.9B | β$7.7B | β$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% | β | β144.0% | 3.4% | 33.7% | 37.5% | β |
| Operating margin | 18.7% | 16.0% | 17.6% | 15.7% | β158.5% | β371.5% | β36.0% | 9.1% | 14.3% | 16.8% |
| EBITDA margin | 29.3% | 26.6% | 28.3% | 26.1% | β118.4% | β254.5% | β17.3% | 20.0% | 24.5% | 27.3% |
| Net margin | 17.0% | 14.9% | 16.7% | 14.4% | β183.0% | β498.0% | β50.1% | β0.3% | 7.7% | 10.4% |
| FCF margin | 12.6% | 13.6% | 9.5% | 0.2% | β177.3% | β404.4% | β54.3% | 4.6% | 5.2% | 9.8% |
| Returns | ||||||||||
| Return on capital | 9.8% | 8.4% | 9.6% | 9.0% | β18.0% | β14.0% | β9.5% | 4.6% | 10.4% | 12.1% |
| Return on capital employed | 9.6% | 8.8% | 10.2% | 9.5% | β21.9% | β16.1% | β10.4% | 5.0% | 9.5% | 11.8% |
| Return on equity | 12.0% | 11.1% | 13.0% | 12.0% | β44.6% | β58.1% | β63.4% | β1.1% | 23.8% | 25.6% |
| Return on assets | 7.1% | 6.5% | 7.6% | 6.8% | β20.8% | β17.8% | β11.6% | β0.2% | 3.9% | 5.5% |
| Growth | ||||||||||
| Revenue growth | 4.3% | 6.8% | 7.8% | 10.3% | β73.1% | β65.9% | 537.7% | 77.5% | 15.9% | 6.4% |
| Net income growth | 58.2% | β6.2% | 21.0% | β5.1% | β442.3% | β | β | β | β | 44.1% |
| EPS growth | 64.6% | β3.5% | 23.7% | β2.7% | β405.6% | β | β | β | β | 40.3% |
| FCF growth | β8.0% | 14.8% | β24.3% | β97.4% | β21,667.4% | β | β | β | 30.1% | 101.0% |
| Share count change | β4.1% | β3.0% | β2.1% | β2.5% | 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 | β | β | β | 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 | β9.9x | β4.4x | β2.7x | 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% | β | β | β | 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 | β0.2 | β0.8 | β0.4 | β0.2 | 0.1 |
| Accruals ratio | β6.0% | β6.8% | β5.8% | β5.7% | β8.0% | β10.1% | β8.4% | β8.6% | β8.2% | β6.9% |
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 β not investment advice. Check the original filings before relying on any figure.
