What is Carnival Corporation Ltd.'s earnings per share (EPS)?

Carnival Corporation Ltd. (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 Corporation Ltd. (CCL) Financials

CCL

Trailing 12 months to August 31, 2026

Revenue $27.6B +5.2% YoY

Net Income $3.1B +18.7% YoY

EPS (Diluted) $2.29 +19.3% YoY

Free Cash Flow $3.2B +9.0% YoY

Market Cap $34.4B as of Oct 5, 2026

Price / Sales 1.2x on $27.6B revenue, trailing 12 months to August 31, 2026

Price / Earnings 11.0x on $3.1B net income, trailing 12 months to August 31, 2026

Price / Book 2.4x on $14.2B equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Aug 31, 2026 Reported Sep 29, 2026 Currency USD FYE November

Newest figures come from the 10-Q for Q3 FY2026, filed Sep 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CCL SEC filings page.

Carnival Corporation Ltd. (CCL) reported $27.6B in revenue over the twelve months to Aug 31, 2026, up 5.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CCL FY2025 2026-09-29

Carnival’s recovery is now converting higher revenue into profits and cash, while debt declines but short-term obligations remain heavy.

The expansion in operating margin through FY2025 coincided with operating cash flow of $6.2B exceeding net income of $2.8B. That combination indicates accounting earnings are being converted into cash, while depreciation and working-capital movements add meaningfully to reported cash generation.

In FY2025, revenue reached $26.6B while operating income reached $4.5B, so the latest growth is producing more than proportional operating profit rather than merely restoring sales volume. Free cash flow of $2.6B remained below operating cash flow because capital expenditures consumed $3.6B, showing that this is a capital-intensive operating model.

Debt-to-equity fell from 4.1x in FY2023 to 2.0x in FY2025, reflecting improved equity support relative to debt. Yet the FY2025 current ratio was 0.3x, meaning current liabilities materially exceed current assets and the financing structure still depends on steady operating cash generation.

Financial Health Signals

Financial Health Score 42/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Carnival Corporation Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Carnival Corporation Ltd. 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 Corporation Ltd.'s revenue grew 6.4% year-over-year to $26.6B, a solid pace of expansion. This earns a growth score of 67/100.

Leverage

Carnival Corporation Ltd. has elevated debt relative to equity (D/E of 1.96), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 21/100, reflecting increased financial risk.

Liquidity

Carnival Corporation Ltd.'s current ratio of 0.32 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Carnival Corporation Ltd. has a free cash flow margin of 9.8%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Carnival Corporation Ltd.'s ROE of 22.5% shows moderate profitability relative to equity, earning a score of 46/100. This is up from 20.7% the prior year.

Altman Z-Score Distress

1.25

Carnival Corporation Ltd. scores 1.25, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

7/8

Carnival Corporation Ltd. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 Corporation Ltd. 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

3.32x

Carnival Corporation Ltd. earns $3.32 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

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Earnings & Revenue

Revenue

$8.4B

YoY+3.5%

QoQ+26.6%

5Y CAGR+72.9%

10Y CAGR+5.2%

Carnival Corporation Ltd. generated $8.4B in revenue in Q3 2026. This represents an increase of 3.5% from the same quarter a year earlier. Against the prior quarter it is up 26.6%.

EBITDA

$3.0B

YoY-0.5%

QoQ+88.9%

10Y CAGR+4.0%

Carnival Corporation Ltd.'s EBITDA was $3.0B in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is up 88.9%.

Net Income

$1.9B

YoY+3.7%

QoQ+257.5%

10Y CAGR+3.0%

Carnival Corporation Ltd. reported $1.9B in net income in Q3 2026. This represents an increase of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 257.5%.

EPS (Diluted)

$1.40

YoY+5.3%

QoQ+259.0%

10Y CAGR-3.2%

Carnival Corporation Ltd. earned $1.40 per diluted share (EPS) in Q3 2026. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 259.0%.

Cash & Balance Sheet

Free Cash Flow

$712.0M

YoY-3.3%

QoQ-59.4%

10Y CAGR-3.1%

Carnival Corporation Ltd. generated $712.0M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 3.3% from the same quarter a year earlier. Against the prior quarter it is down 59.4%.

Cash & Debt

$1.2B

YoY-30.8%

QoQ-45.6%

5Y CAGR-29.8%

10Y CAGR+10.2%

Carnival Corporation Ltd. held $1.2B in cash against $21.9B in long-term debt as of Q3 2026.

Dividends Per Share

$0.15

QoQ0.0%

Carnival Corporation Ltd. paid $0.15 per share in dividends in Q3 2026. It is unchanged from the prior quarter.

Shares Outstanding

1.34B

YoY+15.2%

QoQ-1.8%

5Y CAGR+6.5%

10Y CAGR+9.6%

Carnival Corporation Ltd. had 1.34B shares outstanding in Q3 2026. This represents an increase of 15.2% from the same quarter a year earlier. Against the prior quarter it is down 1.8%.

Margins & Returns

Operating Margin

26.3%

YoY-1.5pp

QoQ+13.5pp

10Y change-4.3pp

Carnival Corporation Ltd.'s operating margin was 26.3% in Q3 2026, reflecting core business profitability. This is down 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 13.5 percentage points.

Net Margin

22.8%

YoY0.0pp

QoQ+14.7pp

10Y change-5.2pp

Carnival Corporation Ltd.'s net profit margin was 22.8% in Q3 2026, showing the share of revenue converted to profit. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 14.7 percentage points.

Return on Equity

13.5%

YoY-2.0pp

QoQ+9.4pp

5Y change+32.6pp

10Y change+7.3pp

Carnival Corporation Ltd.'s ROE was 13.5% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is down 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.4 percentage points.

Gross Margin

Not reported for Q3 2026.

Capital Allocation

Share Buybacks

$548.0M

Carnival Corporation Ltd. spent $548.0M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$698.0M

YoY+7.9%

QoQ-20.2%

5Y CAGR-6.2%

10Y CAGR+4.5%

Carnival Corporation Ltd. invested $698.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 7.9% from the same quarter a year earlier. Against the prior quarter it is down 20.2%.

R&D Spending

Not reported for Q3 2026.

CCL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CCL quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$27.6B	$26.6B+6.4%	$25.0B+15.9%	$21.6B+77.5%	$12.2B+537.7%	$1.9B-65.9%	$5.6B-73.1%	$20.8B+10.3%	$18.9B+7.8%	$17.5B+6.8%	$16.4B+4.3%	$15.7B-1.1%	$15.9B	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	$15.6B+9.2%	$14.3B+21.8%	$11.8B+152.6%	$4.7B	N/A	$12.9B+16.4%	$11.1B+5.6%	$10.5B+11.9%	$9.4B-0.7%	$9.4B-9.3%	$10.4B-2.1%	$10.6B+3.1%	$10.3B+0.2%	$10.3B
Gross Profit	N/A	N/A	$9.4B+29.0%	$7.3B+1670.3%	$411.0M+115.0%	-$2.7B	N/A	$7.9B+1.6%	$7.8B+11.2%	$7.0B0.0%	$7.0B+11.8%	$6.3B+14.7%	$5.5B	N/A	N/A	N/A
SG&A Expenses	$3.6B	$3.4B+4.6%	$3.3B+10.2%	$3.0B+17.3%	$2.5B+33.4%	$1.9B+0.4%	$1.9B-24.3%	$2.5B+1.2%	$2.5B+8.2%	$2.3B+3.1%	$2.2B+6.3%	$2.1B+0.6%	$2.1B+9.3%	$1.9B+9.2%	$1.7B+0.2%	$1.7B
Operating Income	$4.4B	$4.5B+25.4%	$3.6B+82.7%	$2.0B+144.7%	-$4.4B+38.2%	-$7.1B+20.0%	-$8.9B-370.6%	$3.3B-1.5%	$3.3B+18.4%	$2.8B-8.5%	$3.1B+19.3%	$2.6B+45.3%	$1.8B+33.3%	$1.3B-19.1%	$1.6B-27.2%	$2.3B
EBITDA	N/A	$7.3B+18.6%	$6.1B+41.7%	$4.3B+305.6%	-$2.1B+56.7%	-$4.9B+26.7%	-$6.6B-221.9%	$5.4B+1.8%	$5.3B+14.8%	$4.7B-3.2%	$4.8B+14.5%	$4.2B+23.2%	$3.4B+16.8%	$2.9B-7.9%	$3.2B-16.1%	$3.8B
Interest Expense	$1.2B	$1.3B-23.1%	$1.8B-15.1%	$2.1B+28.4%	$1.6B+0.5%	$1.6B+78.9%	$895.0M+334.5%	$206.0M+6.2%	$194.0M-2.0%	$198.0M-11.2%	$223.0M+2.8%	$217.0M-24.7%	$288.0M-9.7%	$319.0M-5.1%	$336.0M-7.9%	$365.0M
Income Tax	$32.0M	$12.0M+1300.0%	-$1.0M-107.7%	$13.0M-7.1%	$14.0M+166.7%	-$21.0M-23.5%	-$17.0M-123.9%	$71.0M+31.5%	$54.0M-10.0%	$60.0M+222.4%	-$49.0M-216.7%	$42.0M+366.7%	$9.0M+250.0%	-$6.0M-250.0%	$4.0M	$0
Net Income	$3.1B	$2.8B+44.1%	$1.9B+2689.2%	-$74.0M+98.8%	-$6.1B+35.9%	-$9.5B+7.2%	-$10.2B-442.3%	$3.0B-5.1%	$3.2B+21.0%	$2.6B-6.2%	$2.8B+58.2%	$1.8B+44.5%	$1.2B+15.3%	$1.1B-18.7%	$1.3B-32.1%	$1.9B
EPS (Basic)	N/A	$2.10+40.0%	$1.50+2600.0%	-$0.06+98.8%	-$5.16+39.0%	-$8.46-63990.9%	-$0.01-100.3%	$4.34-2.5%	$4.45+23.3%	$3.61-3.2%	$3.73+65.0%	$2.26+43.9%	$1.57+15.4%	$1.36-18.6%	$1.67-31.3%	$2.43
EPS (Diluted)	$2.29	$2.02+40.3%	$1.44+2500.0%	-$0.06+98.8%	-$5.16+39.0%	-$8.46	-$13.20-405.6%	$4.32-2.7%	$4.44+23.7%	$3.59-3.5%	$3.72+64.6%	$2.26+44.9%	$1.56+14.7%	$1.36-18.6%	$1.67-31.0%	$2.42
Diluted Shares (Avg)	N/A	1.40B+0.3%	1.40B+10.8%	1.26B+6.9%	1.18B+5.1%	1.12B	775M+12.0%	692M-2.5%	710M-2.1%	725M-2.9%	747M-4.1%	779M+0.1%	778M+0.1%	777M-0.3%	779M-1.3%	789M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$8.4B+3.5%	$6.7B+5.3%	$6.2B+6.1%	$6.3B+6.6%	$8.2B+3.3%	$6.3B+9.5%	$5.8B+7.5%	$5.9B+10.0%
Cost of Revenue	N/A	N/A	N/A	N/A	$4.4B+1.9%	$3.9B+2.3%	$3.8B+1.6%	$3.8B+5.6%
Gross Profit	N/A	N/A	N/A	N/A	$3.8B+4.9%	$2.4B+23.1%	$2.0B+20.2%	$2.1B+19.1%
SG&A Expenses	$834.0M+7.1%	$863.0M+5.8%	$924.0M+9.0%	$959.0M+8.1%	$779.0M+2.1%	$816.0M+3.4%	$848.0M+4.3%	$887.0M+12.4%
Operating Income	$2.2B-2.2%	$851.0M-8.9%	$607.0M+11.8%	$735.0M+31.3%	$2.3B+4.3%	$934.0M+66.8%	$543.0M+96.7%	$560.0M+45.8%
EBITDA	$3.0B-0.5%	$1.6B-3.2%	$1.3B+8.9%	$1.5B+19.9%	$3.0B+5.6%	$1.6B+36.2%	$1.2B+34.6%	$1.2B+24.5%
Interest Expense	$285.0M-10.1%	$285.0M-16.4%	$291.0M-22.8%	$314.0M-22.1%	$317.0M-26.5%	$341.0M-24.2%	$377.0M-20.0%	$403.0M-13.7%
Income Tax	$16.0M+166.7%	$17.0M0.0%	$17.0M+142.9%	-$18.0M-28.6%	$6.0M-25.0%	$17.0M+240.0%	$7.0M	-$14.0M-240.0%
Net Income	$1.9B+3.7%	$537.0M-5.0%	$258.0M+430.8%	$421.0M+38.9%	$1.9B+6.7%	$565.0M+514.1%	-$78.0M+63.6%	$303.0M+731.3%
EPS (Basic)	$1.410.0%	$0.39-9.3%	$0.19+416.7%	$0.32+39.1%	$1.41+2.9%	$0.43+514.3%	-$0.06+64.7%	$0.23+675.0%
EPS (Diluted)	$1.40+5.3%	$0.39-7.1%	$0.19+416.7%	$0.31+34.8%	$1.33+5.6%	$0.42+500.0%	-$0.06+64.7%	$0.23+675.0%
Diluted Shares (Avg)	1.37B-2.4%	1.39B-0.9%	1.39B+6.3%	N/A	1.40B+0.2%	1.40B+10.1%	1.31B+3.6%	N/A

Not reported in any period shown, so not listed: R&D Expenses.

CCL Balance Sheet

CCL quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$51.7B+5.4%	$49.1B-0.1%	$49.1B-5.0%	$51.7B-3.1%	$53.3B-0.5%	$53.6B+18.9%	$45.1B+6.3%	$42.4B+4.0%	$40.8B+4.9%	$38.9B-0.9%	$39.2B-0.5%	$39.4B-1.5%	$40.0B+2.2%	$39.2B+1.4%	$38.6B
Current Assets	$4.2B+24.9%	$3.4B-35.9%	$5.3B-29.7%	$7.5B-26.1%	$10.1B-4.1%	$10.6B+413.0%	$2.1B-7.5%	$2.2B+39.4%	$1.6B-5.5%	$1.7B-31.1%	$2.5B+64.7%	$1.5B-23.2%	$1.9B+6.4%	$1.8B+38.8%	$1.3B
Cash & Equivalents	$1.9B+59.3%	$1.2B-49.9%	$2.4B-40.1%	$4.0B-54.9%	$8.9B-6.0%	$9.5B+1736.5%	$518.0M-47.3%	$982.0M+148.6%	$395.0M-34.5%	$603.0M-56.8%	$1.4B+321.5%	$331.0M-28.4%	$462.0M-0.6%	$465.0M+3.3%	$450.0M
Short-Term Investments	$0	$0	$0	$0-100.0%	$200.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$505.0M-0.4%	$507.0M-4.0%	$528.0M+23.4%	$428.0M+20.2%	$356.0M+6.3%	$335.0M-21.5%	$427.0M-5.1%	$450.0M+16.3%	$387.0M+20.2%	$322.0M-2.4%	$330.0M-5.4%	$349.0M-6.7%	$374.0M-4.1%	$390.0M+4.3%	$374.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M-28.3%	$807.0M-72.3%	$2.9B-0.4%	$2.9B-1.4%	$3.0B+2.0%	$2.9B-3.3%	$3.0B-3.7%	$3.1B-2.6%	$3.2B+1.1%	$3.2B-4.5%	$3.3B
Total Liabilities	$39.4B-1.0%	$39.8B-5.8%	$42.2B-5.4%	$44.6B+8.3%	$41.2B+24.7%	$33.0B+67.8%	$19.7B+9.7%	$18.0B+8.4%	$16.6B+1.7%	$16.3B+5.3%	$15.5B+1.5%	$15.2B-2.0%	$15.6B+1.8%	$15.3B+3.2%	$14.8B
Current Liabilities	$13.1B+12.7%	$11.6B+1.2%	$11.5B+8.3%	$10.6B+1.9%	$10.4B+19.8%	$8.7B-4.8%	$9.1B-0.8%	$9.2B+4.6%	$8.8B+24.4%	$7.1B+1.7%	$7.0B+0.5%	$6.9B+3.0%	$6.7B-8.4%	$7.3B+20.2%	$6.1B
Non-Current Liabilities	$26.3B-6.6%	$28.2B-8.3%	$30.8B-9.6%	$34.0B+10.5%	$30.8B+26.4%	$24.4B+130.5%	$10.6B+20.7%	$8.8B+12.8%	$7.8B-15.7%	$9.2B+8.2%	$8.5B+2.2%	$8.3B-5.7%	$8.8B+11.3%	$7.9B-8.8%	$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+128.7%	$9.7B+22.5%	$7.9B+12.9%	$7.0B-15.8%	$8.3B+12.0%	$7.4B+0.7%	$7.4B-9.0%	$8.1B+12.9%	$7.2B-11.0%	$8.1B
Total Equity	$12.3B+32.6%	$9.3B+34.4%	$6.9B-2.6%	$7.1B-41.8%	$12.1B-40.9%	$20.6B-19.0%	$25.4B+3.8%	$24.4B+0.9%	$24.2B+7.2%	$22.6B-4.9%	$23.8B-1.8%	$24.2B-1.2%	$24.5B+2.5%	$23.9B+0.2%	$23.8B
Retained Earnings	$4.8B+129.3%	$2.1B+1035.7%	$185.0M-31.2%	$269.0M-95.8%	$6.4B-59.9%	$16.1B-39.7%	$26.7B+6.3%	$25.1B+7.6%	$23.3B+6.6%	$21.8B+8.9%	$20.1B+4.7%	$19.2B+2.0%	$18.8B+1.6%	$18.5B+0.7%	$18.3B

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$51.0B+0.3%	$52.2B+2.1%	$51.6B+6.2%	$51.7B+5.4%	$50.8B+2.1%	$51.2B+3.1%	$48.5B-2.5%	$49.1B-0.1%
Current Assets	$3.4B-11.6%	$4.5B+3.3%	$3.7B+24.8%	$4.2B+24.9%	$3.9B+6.7%	$4.3B+15.4%	$3.0B-33.6%	$3.4B-35.9%
Cash & Equivalents	$1.2B-30.8%	$2.2B+4.5%	$1.4B+70.9%	$1.9B+59.3%	$1.8B+15.8%	$2.1B+30.4%	$833.0M-62.8%	$1.2B-49.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$528.0M+11.2%	$552.0M+16.0%	$510.0M-1.5%	$505.0M-0.4%	$475.0M-3.5%	$476.0M-6.5%	$518.0M-2.4%	$507.0M-4.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%	$579.0M0.0%
Total Liabilities	$36.8B-5.4%	$39.3B-4.6%	$38.5B-2.1%	$39.4B-1.0%	$38.9B-5.6%	$41.2B-3.8%	$39.4B-8.6%	$39.8B-5.8%
Current Liabilities	$12.5B+9.1%	$13.4B+4.0%	$12.4B+7.3%	$13.1B+12.7%	$11.4B-6.8%	$12.9B-3.5%	$11.6B-6.6%	$11.6B+1.2%
Non-Current Liabilities	$24.3B-11.5%	$25.8B-8.5%	$26.1B-6.0%	$26.3B-6.6%	$27.5B-5.1%	$28.2B-4.0%	$27.8B-9.5%	$28.2B-8.3%
Long-Term Debt	$21.9B-12.7%	$23.4B-9.5%	$23.8B-6.7%	$24.0B-7.3%	$25.1B-5.9%	$25.9B-4.8%	$25.5B-10.7%	$25.9B-8.9%
Total Equity	$14.2B+18.9%	$13.0B+29.6%	$13.0B+41.9%	$12.3B+32.6%	$11.9B+38.7%	$10.0B+46.9%	$9.2B+37.4%	$9.3B+34.4%
Retained Earnings	$6.7B+52.7%	$5.0B+96.5%	$4.7B+137.7%	$4.8B+129.3%	$4.4B+144.4%	$2.5B+4001.6%	$2.0B+6965.5%	$2.1B+1035.7%

Not reported in any period shown, so not listed: Accounts Receivable.

CCL Cash Flow Statement

CCL quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$6.8B	$6.2B+5.0%	$5.9B+38.4%	$4.3B+356.3%	-$1.7B+59.4%	-$4.1B+34.8%	-$6.3B-215.1%	$5.5B-1.3%	$5.5B+4.3%	$5.3B+3.7%	$5.1B+13.0%	$4.5B+32.5%	$3.4B+21.0%	$2.8B-5.5%	$3.0B-20.4%	$3.8B
Depreciation & Amortization	N/A	$2.8B+9.1%	$2.6B+7.9%	$2.4B+4.2%	$2.3B+1.9%	$2.2B-0.4%	$2.2B+3.8%	$2.2B+7.1%	$2.0B+9.3%	$1.8B+6.2%	$1.7B+6.9%	$1.6B-0.7%	$1.6B+3.0%	$1.6B+4.1%	$1.5B+0.3%	$1.5B
Stock-Based Compensation	N/A	$98.0M+58.1%	$62.0M+17.0%	$53.0M-47.5%	$101.0M-16.5%	$121.0M+15.2%	$105.0M+128.3%	$46.0M-29.2%	$65.0M+3.2%	$63.0M+14.5%	$55.0M0.0%	$55.0M+5.8%	$52.0M+23.8%	$42.0M+7.7%	$39.0M-15.2%	$46.0M
Capital Expenditures	$3.6B	$3.6B-21.9%	$4.6B+40.9%	$3.3B-33.5%	$4.9B+37.0%	$3.6B-0.4%	$3.6B-33.3%	$5.4B+44.8%	$3.7B+27.3%	$2.9B-3.9%	$3.1B+33.5%	$2.3B-11.2%	$2.6B+20.2%	$2.1B-7.8%	$2.3B-13.5%	$2.7B
Free Cash Flow	$3.2B	$2.6B+101.0%	$1.3B+30.1%	$997.0M+115.1%	-$6.6B+14.3%	-$7.7B+22.2%	-$9.9B-21667.4%	$46.0M-97.4%	$1.8B-24.3%	$2.4B+14.8%	$2.1B-8.0%	$2.3B+165.8%	$847.0M+23.6%	$685.0M+2.7%	$667.0M-37.7%	$1.1B
Investing Cash Flow	-$3.7B	-$3.3B+26.8%	-$4.5B-61.4%	-$2.8B+41.1%	-$4.8B-34.5%	-$3.5B-9.4%	-$3.2B+38.6%	-$5.3B-50.2%	-$3.5B-12.6%	-$3.1B+6.0%	-$3.3B-34.1%	-$2.5B+1.2%	-$2.5B-21.9%	-$2.1B-16.0%	-$1.8B+33.0%	-$2.6B
Financing Cash Flow	-$3.7B	-$2.2B+15.3%	-$2.6B+49.2%	-$5.1B-242.3%	$3.6B-48.5%	$6.9B-62.7%	$18.6B+2947.3%	-$655.0M+55.1%	-$1.5B+40.5%	-$2.5B+5.4%	-$2.6B-175.1%	-$942.0M+8.4%	-$1.0B-31.8%	-$780.0M+34.5%	-$1.2B-8.9%	-$1.1B
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0-100.0%	$689.0M-50.3%	$1.4B+2.4%	$1.4B+24.7%	$1.1B+11.3%	$977.0M+19.7%	$816.0M+5.2%	$776.0M-33.3%	$1.2B+49.4%	$779.0M+16.1%	$671.0M
Share Buybacks	N/A	N/A	N/A	N/A	$0	$0-100.0%	$12.0M-98.0%	$603.0M-58.9%	$1.5B+165.9%	$552.0M-76.4%	$2.3B+339.0%	$533.0M	$0-100.0%	$138.0M+53.3%	$90.0M-80.2%	$454.0M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	$1.4B+2.0%	$2.6B+9.9%	$1.3B+36.5%	$1.5B+66.6%	$1.4B+14.8%	$2.4B+17.3%	$925.0M-47.7%	$911.0M-1.2%
Depreciation & Amortization	$754.0M+5.2%	$723.0M+4.5%	$696.0M+6.4%	$726.0M+10.2%	$717.0M+10.1%	$692.0M+9.1%	$654.0M+6.7%	$659.0M+10.6%
Stock-Based Compensation	N/A	N/A	$28.0M+55.6%	N/A	N/A	N/A	$18.0M+63.6%	N/A
Capital Expenditures	$698.0M+7.9%	$875.0M+2.8%	$566.0M-6.8%	$1.5B+154.4%	$647.0M+12.1%	$851.0M-35.5%	$607.0M-71.6%	$592.0M-12.3%
Free Cash Flow	$712.0M-3.3%	$1.8B+13.9%	$697.0M+119.2%	$12.0M-96.2%	$736.0M+17.2%	$1.5B+114.0%	$318.0M+185.9%	$319.0M+29.1%
Investing Cash Flow	-$702.0M-12.5%	-$884.0M-50.9%	-$597.0M+1.3%	-$1.5B-162.4%	-$624.0M-8.1%	-$586.0M+52.0%	-$605.0M+72.0%	-$574.0M-17.6%
Financing Cash Flow	-$1.7B-51.0%	-$938.0M-80.0%	-$1.2B-69.0%	$166.0M+126.3%	-$1.1B-48.6%	-$521.0M+63.3%	-$690.0M-391.1%	-$631.0M+26.6%
Dividends Paid	$204.0M	$206.0M	$208.0M	N/A	$0	$0	$0	N/A
Share Buybacks	$548.0M	N/A	N/A	N/A	$0	N/A	N/A	N/A

CCL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CCL quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	37.5%+3.8pp	33.7%+30.3pp	3.4%	-144.0%	N/A	38.0%-3.3pp	41.3%+1.2pp	40.0%-2.7pp	42.8%+2.9pp	39.9%+5.5pp	34.4%	N/A	N/A	N/A
Operating Margin	16.8%+2.6pp	14.3%+5.2pp	9.1%+45.1pp	-36.0%	-371.5%	-158.4%	15.7%-1.9pp	17.6%+1.6pp	16.0%-2.7pp	18.7%+2.4pp	16.4%+5.2pp	11.2%	N/A	N/A	N/A
Net Margin	10.4%+2.7pp	7.7%+8.0pp	-0.3%+49.7pp	-50.1%	-498.0%	-182.9%	14.4%-2.3pp	16.7%+1.8pp	14.9%-2.1pp	17.0%+5.8pp	11.2%+3.5pp	7.7%	N/A	N/A	N/A
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%-61.6pp	11.8%-1.1pp	12.9%+2.1pp	10.8%-1.5pp	12.3%+4.9pp	7.4%+2.4pp	5.0%+0.7pp	4.3%-1.1pp	5.4%-2.6pp	8.0%
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%-25.7pp	6.6%-0.8pp	7.4%+1.0pp	6.4%-0.8pp	7.1%+2.7pp	4.5%+1.4pp	3.1%+0.5pp	2.6%-0.7pp	3.3%-1.6pp	5.0%
Current Ratio	0.320.0x	0.29-0.2x	0.46-0.2x	0.71-0.3x	0.97-0.2x	1.22+1.0x	0.230.0x	0.24+0.1x	0.18-0.1x	0.24-0.1x	0.35+0.1x	0.21-0.1x	0.290.0x	0.250.0x	0.21
Debt-to-Equity	1.96-0.8x	2.80-1.3x	4.14-0.4x	4.52+2.2x	2.35+1.3x	1.08+0.7x	0.38+0.1x	0.320.0x	0.29-0.1x	0.37+0.1x	0.310.0x	0.300.0x	0.330.0x	0.300.0x	0.34
Asset Turnover	0.520.0x	0.51+0.1x	0.44+0.2x	0.24+0.2x	0.04-0.1x	0.10-0.4x	0.460.0x	0.450.0x	0.430.0x	0.420.0x	0.400.0x	0.40	N/A	N/A	N/A
FCF Margin	9.8%+4.6pp	5.2%+0.6pp	4.6%+58.9pp	-54.3%	-404.4%	-177.3%	0.2%-9.3pp	9.5%-4.1pp	13.6%+0.9pp	12.6%-1.7pp	14.3%+9.0pp	5.3%	N/A	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	N/A	N/A	N/A	N/A	46.2%+0.7pp	38.6%+4.3pp	35.2%+3.7pp	35.5%+2.7pp
Operating Margin	26.3%-1.5pp	12.8%-2.0pp	9.8%+0.5pp	11.6%+2.2pp	27.9%+0.3pp	14.8%+5.1pp	9.3%+4.2pp	9.4%+2.3pp
Net Margin	22.8%0.0pp	8.1%-0.9pp	4.2%+5.5pp	6.7%+1.6pp	22.7%+0.8pp	8.9%+7.3pp	-1.3%+2.6pp	5.1%+6.0pp
Return on Equity	13.5%-2.0pp	4.1%-1.5pp	2.0%+2.8pp	3.4%+0.1pp	15.5%-4.7pp	5.7%+4.3pp	-0.9%+2.4pp	3.3%+4.0pp
Return on Assets	3.8%+0.1pp	1.0%-0.1pp	0.5%+0.7pp	0.8%+0.2pp	3.6%+0.2pp	1.1%+0.9pp	-0.2%+0.3pp	0.6%+0.7pp
Current Ratio	0.27-0.1x	0.330.0x	0.300.0x	0.320.0x	0.340.0x	0.34+0.1x	0.26-0.1x	0.29-0.2x
Debt-to-Equity	1.54-0.6x	1.81-0.8x	1.83-1.0x	1.96-0.8x	2.10-1.0x	2.58-1.4x	2.78-1.5x	2.80-1.3x
Asset Turnover	0.170.0x	0.130.0x	0.120.0x	0.120.0x	0.160.0x	0.120.0x	0.120.0x	0.120.0x
FCF Margin	8.4%-0.6pp	26.3%+2.0pp	11.3%+5.8pp	0.2%-5.2pp	9.0%+1.1pp	24.3%+11.9pp	5.5%+12.3pp	5.4%+0.8pp

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

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Carnival Corporation Ltd. CCL	FY2025	$26.6B	$2.8B	10.4%	$34.4B	42/100
Trip.com Group Limited TCOM	FY2025	$8.9B	$4.8B	53.4%	$24.0B	74/100
Viking Holdings VIK	FY2025	$6.5B	$1.1B	17.7%	$36.0B	28/100
Royal Caribbean Group RCL	FY2025	$17.9B	$4.3B	23.8%	$74.3B	48/100
Expedia Group, Inc. EXPE	FY2025	$14.7B	$1.3B	8.8%	$31.8B	63/100

Where Carnival Corporation Ltd. Ranks

Frequently Asked Questions

What is Carnival Corporation Ltd.'s annual revenue?

Carnival Corporation Ltd. (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 Corporation Ltd.'s revenue growing?

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

Is Carnival Corporation Ltd. profitable?

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

What is Carnival Corporation Ltd.'s EBITDA?

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

How much debt does Carnival Corporation Ltd. have?

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

What is Carnival Corporation Ltd.'s operating margin?

Carnival Corporation Ltd. (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 Corporation Ltd.'s net profit margin?

Carnival Corporation Ltd. (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 Corporation Ltd.'s return on equity (ROE)?

Carnival Corporation Ltd. (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 Corporation Ltd.'s free cash flow?

Carnival Corporation Ltd. (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 Corporation Ltd.'s operating cash flow?

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

What are Carnival Corporation Ltd.'s total assets?

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

What are Carnival Corporation Ltd.'s capital expenditures?

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

How many shares does Carnival Corporation Ltd. have outstanding?

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

What is Carnival Corporation Ltd.'s current ratio?

Carnival Corporation Ltd. (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 Corporation Ltd.'s debt-to-equity ratio?

Carnival Corporation Ltd. (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 Corporation Ltd.'s return on assets (ROA)?

Carnival Corporation Ltd. (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 Corporation Ltd.'s P/E ratio?

Carnival Corporation Ltd. (CCL) trades at 11.0x earnings, its market capitalization divided by net income of $3.1B net income, trailing 12 months to August 31, 2026. The market capitalization is $34.4B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Carnival Corporation Ltd.'s price-to-sales ratio?

Carnival Corporation Ltd. (CCL) trades at 1.2x sales, its market capitalization divided by revenue of $27.6B revenue, trailing 12 months to August 31, 2026. The market capitalization is $34.4B as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Carnival Corporation Ltd.'s Altman Z-Score?

Carnival Corporation Ltd. (CCL) has an Altman Z-Score of 1.25, 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 Corporation Ltd.'s Piotroski F-Score?

Carnival Corporation Ltd. (CCL) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Carnival Corporation Ltd.'s earnings high quality?

Carnival Corporation Ltd. (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 Corporation Ltd. cover its interest payments?

Carnival Corporation Ltd. (CCL) has an interest coverage ratio of 3.32x, 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 Corporation Ltd.?

Carnival Corporation Ltd. (CCL) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.