Carnival Corp Ltd. CCL

Industrials SIC 4400 - Water Transportation NAICS Transportation and Warehousing › Water Transportation derived NYSE

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.

Last close 26.11 2026-10-23
Market cap $35.76B 2026-05-31 share count
52-week range 21.45 - 34.03

Valuation FY2025 figures against the last close

P/S1.3x
P/E12.9x
P/FCF13.7x
EV/EBITDA13.5x
Dividend yield—
Diluted EPS2.02

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Other
  • Germany
  • United Kingdom
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 14.8B (55.8%) 56% United States Other, FY2025: 5.4B (20.2%) 20% Other Germany, FY2025: 3.3B (12.6%) 13% Germany United Kingdom, FY2025: 3.1B (11.5%) 11% United Kingdom FY2024 United States, FY2024: 14.1B (56.2%) 56% Other, FY2024: 5.2B (20.6%) 21% Germany, FY2024: 3.1B (12.2%) 12% United Kingdom, FY2024: 2.7B (11.0%) 11% FY2023 United States, FY2023: 12.3B (56.7%) 57% Other, FY2023: 4.4B (20.4%) 20% Germany, FY2023: 2.7B (12.3%) 12% United Kingdom, FY2023: 2.3B (10.6%) 11%
Region FY2025FY2024FY2023
United States $14.85B $14.06B $12.25B
Other $5.37B $5.16B $4.41B
Germany $3.35B $3.06B $2.65B
United Kingdom $3.05B $2.74B $2.28B

As the company reported it, from the “Segment Information - Revenue by Country, Based on Where Guests are Sourced (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.101.50-0.06-5.16-8.46-13.204.344.453.613.73
EPS, diluted 2.021.44-0.06-5.16-8.46-13.204.324.443.593.72
Shares, diluted (wtd. avg.) 1.40B1.40B1.26B1.18B1.12B775.0M692.0M710.0M725.0M747.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20B -10B 0 10B 20B 30B Revenue, FY2016: 16.4B Gross profit, FY2016: 7B Net income, FY2016: 2.8B Revenue, FY2017: 17.5B Gross profit, FY2017: 7B Net income, FY2017: 2.6B Revenue, FY2018: 18.9B Gross profit, FY2018: 7.8B Net income, FY2018: 3.2B Revenue, FY2019: 20.8B Gross profit, FY2019: 7.9B Net income, FY2019: 3B Revenue, FY2020: 5.6B Net income, FY2020: -10.2B Revenue, FY2021: 1.9B Gross profit, FY2021: -2.7B Net income, FY2021: -9.5B Revenue, FY2022: 12.2B Gross profit, FY2022: 411M Net income, FY2022: -6.1B Revenue, FY2023: 21.6B Gross profit, FY2023: 7.3B Net income, FY2023: -74M Revenue, FY2024: 25B Gross profit, FY2024: 9.4B Net income, FY2024: 1.9B Revenue, FY2025: 26.6B Net income, FY2025: 2.8B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $16.39B $17.51B $18.88B $20.82B $5.59B $1.91B $12.17B $21.59B $25.02B $26.62B
Gross profit $7.01B $7.01B $7.79B $7.92B — -$2.75B $411.0M $7.28B $9.38B —
Net income $2.78B $2.61B $3.15B $2.99B -$10.24B -$9.50B -$6.09B -$74.0M $1.92B $2.76B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Change of control Control of the company has changed hands. Item 5.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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