Carnival Corp Financials

CCL

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE November

This page shows Carnival Corp (CCL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$26.6B

YoY+6.4%

5Y CAGR+36.6%

10Y CAGR+5.4%

Carnival Corp generated $26.6B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.

EBITDA

$7.3B

YoY+18.6%

10Y CAGR+5.6%

Carnival Corp's EBITDA was $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.6% from the prior year.

Free Cash Flow

$2.6B

YoY+101.0%

10Y CAGR+1.5%

Carnival Corp generated $2.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 101.0% from the prior year.

Net Income

$2.8B

YoY+44.1%

10Y CAGR+4.6%

Carnival Corp reported $2.8B in net income in fiscal year 2025. This represents an increase of 44.1% from the prior year.

EPS (Diluted)

$2.02

YoY+40.3%

10Y CAGR-1.1%

Carnival Corp earned $2.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 40.3% from the prior year.

Cash & Debt

$1.9B

YoY+59.3%

5Y CAGR-27.3%

10Y CAGR+3.3%

Carnival Corp held $1.9B in cash against $24.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.24B

YoY+6.2%

5Y CAGR-73.4%

10Y CAGR+7.9%

Carnival Corp had 1.24B shares outstanding in fiscal year 2025. This represents an increase of 6.2% from the prior year.

Gross Margin

N/A

Operating Margin

16.8%

YoY+2.6pp

5Y CAGR+175.3pp

10Y CAGR+0.5pp

Carnival Corp's operating margin was 16.8% in fiscal year 2025, reflecting core business profitability. This is up 2.6 percentage points from the prior year.

Net Margin

10.4%

YoY+2.7pp

5Y CAGR+193.3pp

10Y CAGR-0.8pp

Carnival Corp's net profit margin was 10.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.

Return on Equity

22.5%

YoY+1.8pp

10Y CAGR+15.1pp

Carnival Corp's ROE was 22.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.8 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$3.6B

YoY-21.9%

5Y CAGR-0.0%

10Y CAGR+4.6%

Carnival Corp invested $3.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.9% from the prior year.

CCL Income Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Revenue	$26.6B+6.4%	$25.0B+15.9%	$21.6B+77.5%	$12.2B+537.7%	$1.9B-65.9%	$5.6B
Cost of Revenue	N/A	$15.6B+9.2%	$14.3B+21.8%	$11.8B+152.6%	$4.7B	N/A
Gross Profit	N/A	$9.4B+29.0%	$7.3B+1670.3%	$411.0M+115.0%	-$2.7B	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.4B+4.6%	$3.3B+10.2%	$3.0B+17.3%	$2.5B+33.4%	$1.9B+0.4%	$1.9B
Operating Income	$4.5B+25.4%	$3.6B+82.7%	$2.0B+144.7%	-$4.4B+38.2%	-$7.1B+20.0%	-$8.9B
Interest Expense	$1.3B-23.1%	$1.8B-15.1%	$2.1B+28.4%	$1.6B+0.5%	$1.6B+78.9%	$895.0M
Income Tax	$12.0M+1300.0%	-$1.0M-107.7%	$13.0M-7.1%	$14.0M+166.7%	-$21.0M-23.5%	-$17.0M
Net Income	$2.8B+44.1%	$1.9B+2689.2%	-$74.0M+98.8%	-$6.1B+35.9%	-$9.5B+7.2%	-$10.2B
EPS (Diluted)	$2.02+40.3%	$1.44+2500.0%	$-0.06+98.8%	$-5.16+39.0%	$-8.46+35.9%	$-13.20

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$6.3B-22.3%	$8.2B+28.8%	$6.3B+8.9%	$5.8B-2.2%	$5.9B-24.8%	$7.9B+36.6%	$5.8B+6.9%	$5.4B
Cost of Revenue	N/A	$4.4B+12.8%	$3.9B+3.2%	$3.8B-1.7%	$3.8B-10.9%	$4.3B+13.3%	$3.8B+2.5%	$3.7B
Gross Profit	N/A	$3.8B+54.3%	$2.4B+19.5%	$2.0B-2.9%	$2.1B-41.4%	$3.6B+81.2%	$2.0B+16.6%	$1.7B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$959.0M+23.1%	$779.0M-4.5%	$816.0M-3.8%	$848.0M-4.4%	$887.0M+16.3%	$763.0M-3.3%	$789.0M-3.0%	$813.0M
Operating Income	$735.0M-67.6%	$2.3B+143.1%	$934.0M+72.0%	$543.0M-3.0%	$560.0M-74.3%	$2.2B+288.9%	$560.0M+102.9%	$276.0M
Interest Expense	$314.0M-0.9%	$317.0M-7.0%	$341.0M-9.5%	$377.0M-6.5%	$403.0M-6.5%	$431.0M-4.2%	$450.0M-4.5%	$471.0M
Income Tax	-$18.0M-400.0%	$6.0M-64.7%	$17.0M+142.9%	$7.0M+150.0%	-$14.0M-275.0%	$8.0M+60.0%	$5.0M	$0
Net Income	$421.0M-77.3%	$1.9B+227.8%	$565.0M+824.4%	-$78.0M-125.7%	$303.0M-82.5%	$1.7B+1785.9%	$92.0M+143.0%	-$214.0M
EPS (Diluted)	$0.33-75.2%	$1.33+216.7%	$0.42+800.0%	$-0.06-121.4%	$0.28-77.8%	$1.26+1700.0%	$0.07+141.2%	$-0.17

CCL Balance Sheet

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Total Assets	$51.7B+5.4%	$49.1B-0.1%	$49.1B-5.0%	$51.7B-3.1%	$53.3B-0.5%	$53.6B
Current Assets	$4.2B+24.9%	$3.4B-35.9%	$5.3B-29.7%	$7.5B-26.1%	$10.1B-4.1%	$10.6B
Cash & Equivalents	$1.9B+59.3%	$1.2B-49.9%	$2.4B-40.1%	$4.0B-54.9%	$8.9B-6.0%	$9.5B
Inventory	$505.0M-0.4%	$507.0M-4.0%	$528.0M+23.4%	$428.0M+20.2%	$356.0M+6.3%	$335.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M-28.3%	$807.0M
Total Liabilities	$39.4B-1.0%	$39.8B-5.8%	$42.2B-5.4%	$44.6B+8.3%	$41.2B+24.7%	$33.0B
Current Liabilities	$13.1B+12.7%	$11.6B+1.2%	$11.5B+8.3%	$10.6B+1.9%	$10.4B+19.8%	$8.7B
Long-Term Debt	$24.0B-7.3%	$25.9B-8.9%	$28.5B-10.9%	$32.0B+12.1%	$28.5B+28.8%	$22.1B
Total Equity	$12.3B+32.8%	$9.3B+34.4%	$6.9B-2.6%	$7.1B-41.8%	$12.1B-40.9%	$20.6B
Retained Earnings	$4.8B+129.3%	$2.1B+1035.7%	$185.0M-31.2%	$269.0M-95.8%	$6.4B-59.9%	$16.1B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$51.7B+1.7%	$50.8B-0.7%	$51.2B+5.4%	$48.5B-1.1%	$49.1B-1.5%	$49.8B+0.4%	$49.6B-0.3%	$49.8B
Current Assets	$4.2B+9.1%	$3.9B-11.1%	$4.3B+46.1%	$3.0B-11.9%	$3.4B-6.8%	$3.6B-3.8%	$3.8B-16.0%	$4.5B
Cash & Equivalents	$1.9B+9.4%	$1.8B-17.8%	$2.1B+157.6%	$833.0M-31.2%	$1.2B-20.5%	$1.5B-7.5%	$1.6B-26.6%	$2.2B
Inventory	$505.0M+6.3%	$475.0M-0.2%	$476.0M-8.1%	$518.0M+2.2%	$507.0M+3.0%	$492.0M-3.3%	$509.0M-4.1%	$531.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M
Total Liabilities	$39.4B+1.3%	$38.9B-5.5%	$41.2B+4.6%	$39.4B-1.1%	$39.8B-3.4%	$41.2B-3.7%	$42.8B-0.7%	$43.1B
Current Liabilities	$13.1B+14.5%	$11.4B-11.5%	$12.9B+11.6%	$11.6B-0.3%	$11.6B-5.3%	$12.3B-8.4%	$13.4B+8.0%	$12.4B
Long-Term Debt	$24.0B-4.1%	$25.1B-3.1%	$25.9B+1.5%	$25.5B-1.7%	$25.9B-2.6%	$26.6B-1.9%	$27.2B-4.9%	$28.5B
Total Equity	$12.3B+3.0%	$11.9B+19.2%	$10.0B+9.0%	$9.2B-0.7%	$9.3B+7.6%	$8.6B+26.2%	$6.8B+2.0%	$6.7B
Retained Earnings	$4.8B+9.6%	$4.4B+72.8%	$2.5B+27.7%	$2.0B-5.2%	$2.1B+16.9%	$1.8B+2800.0%	$62.0M+313.8%	-$29.0M

CCL Cash Flow Statement

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Operating Cash Flow	$6.2B+5.0%	$5.9B+38.4%	$4.3B+356.3%	-$1.7B+59.4%	-$4.1B+34.8%	-$6.3B
Capital Expenditures	$3.6B-21.9%	$4.6B+40.9%	$3.3B-33.5%	$4.9B+37.0%	$3.6B-0.4%	$3.6B
Free Cash Flow	$2.6B+101.0%	$1.3B+30.1%	$997.0M+115.1%	-$6.6B+14.3%	-$7.7B+22.2%	-$9.9B
Investing Cash Flow	-$3.3B+26.8%	-$4.5B-61.4%	-$2.8B+41.1%	-$4.8B-34.5%	-$3.5B-9.4%	-$3.2B
Financing Cash Flow	-$2.2B+15.3%	-$2.6B+49.2%	-$5.1B-242.3%	$3.6B-48.5%	$6.9B-62.7%	$18.6B
Dividends Paid	N/A	N/A	N/A	$0	$0-100.0%	$689.0M
Share Buybacks	N/A	N/A	N/A	$0	$0-100.0%	$12.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	N/A	N/A	N/A	$925.0M	N/A	N/A	N/A	$1.8B
Capital Expenditures	N/A	N/A	N/A	$607.0M	N/A	N/A	N/A	$2.1B
Free Cash Flow	N/A	N/A	N/A	$318.0M	N/A	N/A	N/A	-$370.0M
Investing Cash Flow	N/A	N/A	N/A	-$605.0M	N/A	N/A	N/A	-$2.2B
Financing Cash Flow	N/A	N/A	N/A	-$690.0M	N/A	N/A	N/A	$237.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CCL Financial Ratios

Metric	FY25	FY25	FY25	FY24	FY23	FY22
Gross Margin	N/A	37.5%+3.8pp	33.7%+30.3pp	3.4%+147.3pp	-144.0%	N/A
Operating Margin	16.8%+2.6pp	14.3%+5.2pp	9.1%+45.1pp	-36.0%+335.5pp	-371.5%-213.1pp	-158.4%
Net Margin	10.4%+2.7pp	7.7%+8.0pp	-0.3%+49.7pp	-50.1%+447.9pp	-498.0%-315.0pp	-182.9%
Return on Equity	22.5%+1.8pp	20.7%	N/A	N/A	N/A	N/A
Return on Assets	5.3%+1.4pp	3.9%+4.1pp	-0.1%+11.6pp	-11.8%+6.0pp	-17.8%+1.3pp	-19.1%
Current Ratio	0.32+0.0	0.29-0.2	0.46-0.2	0.71-0.3	0.97-0.2	1.22
Debt-to-Equity	1.96-0.8	2.80-1.3	4.14-0.4	4.52+2.2	2.35+1.3	1.08
FCF Margin	9.8%+4.6pp	5.2%+0.6pp	4.6%+58.9pp	-54.3%+350.1pp	-404.4%-227.1pp	-177.3%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	46.2%+7.6pp	38.6%+3.4pp	35.2%-0.3pp	35.5%-10.0pp	45.5%+11.2pp	34.3%+2.8pp	31.5%
Operating Margin	11.6%-16.2pp	27.9%+13.1pp	14.8%+5.4pp	9.3%-0.1pp	9.4%-18.1pp	27.6%+17.9pp	9.7%+4.6pp	5.1%
Net Margin	6.7%-16.1pp	22.7%+13.8pp	8.9%+10.3pp	-1.3%-6.4pp	5.1%-16.9pp	22.0%+20.4pp	1.6%+5.6pp	-4.0%
Return on Equity	3.4%-12.1pp	15.5%+9.9pp	5.7%	N/A	3.3%-16.9pp	20.2%+18.8pp	1.4%	N/A
Return on Assets	0.8%-2.8pp	3.6%+2.5pp	1.1%+1.3pp	-0.2%-0.8pp	0.6%-2.9pp	3.5%+3.3pp	0.2%+0.6pp	-0.4%
Current Ratio	0.32-0.0	0.340.0	0.34+0.1	0.26-0.0	0.290.0	0.30+0.0	0.28-0.1	0.36
Debt-to-Equity	1.96-0.1	2.10-0.5	2.58-0.2	2.78-0.0	2.80-0.3	3.10-0.9	3.98-0.3	4.27
FCF Margin	N/A	N/A	N/A	5.5%	N/A	N/A	N/A	-6.8%

Note: The current ratio is below 1.0 (0.32), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Financial Health Signals

Financial Profile 51/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Based on FY2025 annual data. Scores normalized against common benchmarks.

Altman Z-Score Distress

1.41

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

7/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

2.25x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Adequate

3.3x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Carnival Corp's annual revenue?

Carnival Corp (CCL) reported $26.6B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Carnival Corp's revenue growing?

Carnival Corp (CCL) revenue grew by 6.4% year-over-year, from $25.0B to $26.6B in fiscal year 2025.

Is Carnival Corp profitable?

Yes, Carnival Corp (CCL) reported a net income of $2.8B in fiscal year 2025, with a net profit margin of 10.4%.

What is Carnival Corp's earnings per share (EPS)?

Carnival Corp (CCL) reported diluted earnings per share of $2.02 for fiscal year 2025. This represents a 40.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Carnival Corp's EBITDA?

Carnival Corp (CCL) had EBITDA of $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Carnival Corp have?

As of fiscal year 2025, Carnival Corp (CCL) had $1.9B in cash and equivalents against $24.0B in long-term debt.

What is Carnival Corp's operating margin?

Carnival Corp (CCL) had an operating margin of 16.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Carnival Corp's net profit margin?

Carnival Corp (CCL) had a net profit margin of 10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Carnival Corp's return on equity (ROE)?

Carnival Corp (CCL) has a return on equity of 22.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Carnival Corp's free cash flow?

Carnival Corp (CCL) generated $2.6B in free cash flow during fiscal year 2025. This represents a 101.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Carnival Corp's operating cash flow?

Carnival Corp (CCL) generated $6.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Carnival Corp's total assets?

Carnival Corp (CCL) had $51.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Carnival Corp's capital expenditures?

Carnival Corp (CCL) invested $3.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Carnival Corp have outstanding?

Carnival Corp (CCL) had 1.24B shares outstanding as of fiscal year 2025.

What is Carnival Corp's current ratio?

Carnival Corp (CCL) had a current ratio of 0.32 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Carnival Corp's debt-to-equity ratio?

Carnival Corp (CCL) had a debt-to-equity ratio of 1.96 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Carnival Corp's return on assets (ROA)?

Carnival Corp (CCL) had a return on assets of 5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Carnival Corp's Altman Z-Score?

Carnival Corp (CCL) has an Altman Z-Score of 1.41, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Carnival Corp's Piotroski F-Score?

Carnival Corp (CCL) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Carnival Corp's earnings high quality?

Carnival Corp (CCL) has an earnings quality ratio of 2.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Carnival Corp cover its interest payments?

Carnival Corp (CCL) has an interest coverage ratio of 3.3x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Carnival Corp?

Carnival Corp (CCL) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.