Carnival Corp Ltd. CCL
Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation's Articles of Incorporation and By-Laws and Carnival plc's Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity. Carnival Corporation and Carnival plc are both public companies with separate stock exchange listings and their own shareholders. Together with their consolidated subsidiaries, Carnival Corporation and Carnival plc are referred to collectively in this Form 10-K as "Carnival Corporation & plc," "company," "our," "us" and "we." We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. During 2025, we sunset the P&O Cruises (Australia) brand and folded its Australia operations into Carnival Cruise Line.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.62B | $25.02B | $21.59B | $12.17B | $1.91B | $5.59B | $20.82B | $18.88B | $17.51B | $16.39B |
| Cost of revenue | — | $15.64B | $14.32B | $11.76B | $4.66B | — | $12.91B | $11.09B | $10.50B | $9.38B |
| Gross profit | — | $9.38B | $7.28B | $411.0M | -$2.75B | — | $7.92B | $7.79B | $7.01B | $7.01B |
| SG&A | $3.40B | $3.25B | $2.95B | $2.52B | $1.89B | $1.88B | $2.48B | $2.45B | $2.27B | $2.20B |
| Total operating expenses | — | $21.45B | $19.64B | $16.55B | $9.00B | $14.46B | $17.55B | $15.56B | $14.70B | $13.32B |
| Operating income | $4.48B | $3.57B | $1.96B | -$4.38B | -$7.09B | -$8.87B | $3.28B | $3.33B | $2.81B | $3.07B |
| Interest expense | $1.35B | $1.75B | $2.07B | $1.61B | $1.60B | $895.0M | $206.0M | $194.0M | $198.0M | $223.0M |
| Pre-tax income | $2.77B | $1.92B | -$62.0M | -$6.08B | -$9.52B | -$10.25B | $3.06B | $3.21B | $2.67B | $2.83B |
| Income tax | $12.0M | $1.0M | $13.0M | $14.0M | $21.0M | $17.0M | $71.0M | $54.0M | $60.0M | $49.0M |
| Net income | $2.76B | $1.92B | -$74.0M | -$6.09B | -$9.50B | -$10.24B | $2.99B | $3.15B | $2.61B | $2.78B |
| EPS, basic | 2.10 | 1.50 | -0.06 | -5.16 | -8.46 | -13.20 | 4.34 | 4.45 | 3.61 | 3.73 |
| EPS, diluted | 2.02 | 1.44 | -0.06 | -5.16 | -8.46 | -13.20 | 4.32 | 4.44 | 3.59 | 3.72 |
| Shares, diluted (wtd. avg.) | $1.40B | $1.40B | $1.26B | $1.18B | $1.12B | $775.0M | $692.0M | $710.0M | $725.0M | $747.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.93B | $1.21B | $2.42B | $6.04B | $8.98B | $9.69B | $530.0M | $996.0M | $422.0M | $662.0M |
| Short-term investments | — | — | — | $0 | $200.0M | $0 | — | — | — | — |
| Receivables | $678.0M | $590.0M | $556.0M | $395.0M | $246.0M | $273.0M | $444.0M | $358.0M | $312.0M | $298.0M |
| Inventory | $505.0M | $507.0M | $528.0M | $428.0M | $356.0M | $335.0M | $427.0M | $450.0M | $387.0M | $322.0M |
| Total current assets | $4.22B | $3.38B | $5.27B | $7.49B | $10.13B | $10.56B | $2.06B | $2.23B | $1.60B | $1.69B |
| Property, plant and equipment | $43.49B | $41.80B | $40.12B | $38.69B | $38.11B | $38.07B | $38.13B | $35.34B | $34.43B | $32.43B |
| Goodwill | $579.0M | $579.0M | $579.0M | $579.0M | $579.0M | $807.0M | $2.91B | $2.92B | $2.97B | $2.91B |
| Other intangibles | $1.18B | $1.16B | $1.17B | $1.16B | $1.18B | $1.19B | $1.17B | $1.18B | $1.20B | $1.27B |
| Total assets | $51.69B | $49.06B | $49.12B | $51.70B | $53.34B | $53.59B | $45.06B | $42.40B | $40.78B | $38.88B |
| Accounts payable | $1.25B | $1.13B | $1.17B | $1.05B | $797.0M | $624.0M | $756.0M | $730.0M | $762.0M | $713.0M |
| Short-term debt | $2.60B | $1.54B | $2.09B | $2.39B | $1.93B | $1.74B | $1.60B | $1.58B | $1.72B | $640.0M |
| Total current liabilities | $13.09B | $11.62B | $11.48B | $10.61B | $10.41B | $8.69B | $9.13B | $9.20B | $8.80B | $7.07B |
| Long-term debt | $24.04B | $25.94B | $28.48B | $31.95B | $28.51B | $22.13B | $9.68B | $7.90B | $6.99B | $8.30B |
| Retained earnings | $4.82B | $2.10B | $185.0M | $269.0M | $6.45B | $16.07B | $26.65B | $25.07B | $23.29B | $21.84B |
| Total equity | $12.28B | $9.25B | $6.88B | $7.07B | $12.14B | $20.55B | $25.36B | $24.44B | $24.22B | $22.60B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.22B | $5.92B | $4.28B | -$1.67B | -$4.11B | -$6.30B | $5.47B | $5.55B | $5.32B | $5.13B |
| Stock-based compensation | $98.0M | $62.0M | $53.0M | $101.0M | $121.0M | $105.0M | $46.0M | $65.0M | $63.0M | $55.0M |
| Capital expenditure | $3.61B | $4.63B | $3.28B | $4.94B | $3.61B | $3.62B | $5.43B | $3.75B | $2.94B | $3.06B |
| Investing cash flow | -$3.32B | -$4.54B | -$2.81B | -$4.77B | -$3.54B | -$3.24B | -$5.28B | -$3.51B | -$3.12B | -$3.32B |
| Financing cash flow | -$2.19B | -$2.58B | -$5.09B | $3.58B | $6.95B | $18.65B | -$655.0M | -$1.46B | -$2.45B | -$2.59B |
| Dividends paid | — | — | — | $0 | $0 | $689.0M | $1.39B | $1.35B | $1.09B | $977.0M |
| Buybacks | — | — | — | $0 | $0 | $12.0M | $603.0M | $1.47B | $552.0M | $2.34B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000815097-26-000007.
Others in SIC 4400
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| RCL | ROYAL CARIBBEAN CRUISES LTD | $70.93B | 17.0x | 8.8% |
| KEX | KIRBY CORP | $7.43B | 22.2x | 3.0% |
| NCLH | Norwegian Cruise Line Holdings Ltd. | $7.15B | 16.9x | 3.7% |
| MATX | Matson, Inc. | $6.75B | 16.3x | -2.3% |
| INSW | International Seaways, Inc. | $5.18B | 16.8x | -11.4% |
| TDW | TIDEWATER INC | $4.69B | 14.2x | 0.5% |
| OMEX | ODYSSEY MARINE EXPLORATION INC | $47.9M | — | -54.0% |
| GLNG | GOLAR LNG LTD | — | — | 51.1% |