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.

Carnival Corp Financials

CCL

Source SEC Filings (10-K/10-Q) Updated Mar 27, 2026 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).

Financial Health Signals

Financial Profile 46/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Carnival Corp has an operating margin of 16.8%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is up from 14.3% the prior year.

Growth

Carnival Corp's revenue grew 6.4% year-over-year to $26.6B, a solid pace of expansion. This earns a growth score of 44/100.

Leverage

Carnival Corp has a moderate D/E ratio of 1.96. This balance of debt and equity financing earns a leverage score of 62/100.

Liquidity

Carnival Corp's current ratio of 0.32 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow

Carnival Corp has a free cash flow margin of 9.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Carnival Corp's ROE of 22.5% shows moderate profitability relative to equity, earning a score of 61/100. This is up from 20.7% the prior year.

Altman Z-Score Distress

1.23

Carnival Corp scores 1.23, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong

7/9

Carnival Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.25x

For every $1 of reported earnings, Carnival Corp generates $2.25 in operating cash flow ($6.2B OCF vs $2.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

3.3x

Carnival Corp earns $3.3 in operating income for every $1 of interest expense ($4.5B vs $1.3B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

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.

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%

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 & Balance Sheet

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.

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%

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

Margins & Returns

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

5Y CAGR+72.3pp

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.

Capital Allocation

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	FY24	FY23	FY22	FY21	FY20
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	$-13.20

Metric	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$4.0B-36.5%	$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
Cost of Revenue	N/A	N/A	$4.4B+12.8%	$3.9B+3.2%	$3.8B-1.7%	$3.8B-10.9%	$4.3B+13.3%	$3.8B
Gross Profit	N/A	N/A	$3.8B+54.3%	$2.4B+19.5%	$2.0B-2.9%	$2.1B-41.4%	$3.6B+81.2%	$2.0B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$924.0M-3.6%	$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
Operating Income	$607.0M-17.4%	$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
Interest Expense	$291.0M-7.3%	$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
Income Tax	$17.0M+194.4%	-$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
Net Income	$258.0M-38.7%	$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
EPS (Diluted)	$0.19	N/A	$1.33+216.7%	$0.42+800.0%	$-0.06	N/A	$1.26+1700.0%	$0.07

CCL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$51.6B-0.2%	$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
Current Assets	$3.7B-11.9%	$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
Cash & Equivalents	$1.4B-26.1%	$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
Inventory	$510.0M+1.0%	$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
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	$38.5B-2.2%	$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
Current Liabilities	$12.4B-5.1%	$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
Long-Term Debt	$23.8B-1.0%	$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
Total Equity	$13.0B+6.1%	$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
Retained Earnings	$4.7B-1.7%	$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

CCL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$1.3B-16.8%	$1.5B+9.8%	$1.4B-42.2%	$2.4B+158.6%	$925.0M+1.5%	$911.0M-24.4%	$1.2B-40.9%	$2.0B
Capital Expenditures	$566.0M-62.4%	$1.5B+132.8%	$647.0M-24.0%	$851.0M+40.2%	$607.0M+2.5%	$592.0M+2.6%	$577.0M-56.3%	$1.3B
Free Cash Flow	$697.0M+5708.3%	$12.0M-98.4%	$736.0M-52.2%	$1.5B+384.6%	$318.0M-0.3%	$319.0M-49.2%	$628.0M-12.8%	$720.0M
Investing Cash Flow	-$597.0M+60.4%	-$1.5B-141.3%	-$624.0M-6.5%	-$586.0M+3.1%	-$605.0M-5.4%	-$574.0M+0.5%	-$577.0M+52.7%	-$1.2B
Financing Cash Flow	-$1.2B-802.4%	$166.0M+114.5%	-$1.1B-119.6%	-$521.0M+24.5%	-$690.0M-9.4%	-$631.0M+18.1%	-$770.0M+45.8%	-$1.4B
Dividends Paid	$208.0M	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	FY24	FY23	FY22	FY21	FY20
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%+21.8pp	-1.1%+85.2pp	-86.2%-8.0pp	-78.2%-28.4pp	-49.8%
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	Q2'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	46.2%+7.6pp	38.6%+3.4pp	35.2%-0.3pp	35.5%-10.0pp	45.5%+11.2pp	34.3%
Operating Margin	15.1%+3.5pp	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%
Net Margin	6.4%-0.2pp	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%
Return on Equity	2.0%-1.4pp	3.4%-12.1pp	15.5%+9.9pp	5.7%+6.5pp	-0.9%-4.1pp	3.3%-16.9pp	20.2%+18.8pp	1.4%
Return on Assets	0.5%-0.3pp	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%
Current Ratio	0.30-0.0	0.32-0.0	0.340.0	0.34+0.1	0.26-0.0	0.290.0	0.30+0.0	0.28
Debt-to-Equity	1.83-0.1	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
FCF Margin	17.3%+17.1pp	0.2%-8.8pp	9.0%-15.3pp	24.3%+18.9pp	5.5%+0.1pp	5.4%-2.6pp	8.0%-4.5pp	12.4%

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

Similar Companies

Carnival Plc CUK

$33.1B

Tripcom Group Ltd TCOM

$32.1B

VIKING HOLDINGS LTD VIK

$30.5B

Royal Caribbean Group RCL

$70.7B

Expedia Group EXPE

$27.8B

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 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 1.23, 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. Learn more in our complete guide to financial health indicators.

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. Learn more in our complete guide to financial health indicators.

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. Learn more in our complete guide to financial health indicators.

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. Learn more in our complete guide to financial health indicators.

How financially healthy is Carnival Corp?

Carnival Corp (CCL) scores 46 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. Learn more in our complete guide to financial health indicators.