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Stocks · Industrials · Water Transportation

Carnival Corporation

CCL Clue Score57
United States Fiscal year ends November CIK 0000815097
$26.35 +0.84% Close, 9 Oct 2026
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Price $26.35 +10.34% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue16.39Operating income3.07Net income2.78EPS, diluted3.72Fiscal year 2017Revenue17.51 +6.8%Operating income2.81Net income2.61 −6.2%EPS, diluted3.59 −3.5%Fiscal year 2018Revenue18.88 +7.8%Operating income3.33Net income3.15 +21.0%EPS, diluted4.44 +23.7%Fiscal year 2019Revenue20.83 +10.3%Operating income3.28Net income2.99 −5.1%EPS, diluted4.32 −2.7%Fiscal year 2020Revenue5.60 −73.1%Operating income−8.87Net income−10.24 −442.3%EPS, diluted−13.20 −405.6%Fiscal year 2021Revenue1.91 −65.9%Operating income−7.09Net income−9.50EPS, diluted−8.46Fiscal year 2022Revenue12.17 +537.7%Operating income−4.38Net income−6.09EPS, diluted−5.16Fiscal year 2023Revenue21.59 +77.5%Operating income1.96Net income−0.07EPS, diluted−0.06Fiscal year 2024Revenue25.02 +15.9%Operating income3.57Net income1.92EPS, diluted1.44Fiscal year 2025Revenue26.62 +6.4%Operating income4.48Net income2.76 +44.1%EPS, diluted2.02 +40.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 16.39 17.51 18.88 20.83 5.60 1.91 12.17 21.59 25.02 26.62
Growth +6.8% +7.8% +10.3% −73.1% −65.9% +537.7% +77.5% +15.9% +6.4%
Operating income 3.07 2.81 3.33 3.28 −8.87 −7.09 −4.38 1.96 3.57 4.48
Net income 2.78 2.61 3.15 2.99 −10.24 −9.50 −6.09 −0.07 1.92 2.76
Growth −6.2% +21.0% −5.1% −442.3% +44.1%
EPS, diluted 3.72 3.59 4.44 4.32 −13.20 −8.46 −5.16 −0.06 1.44 2.02
Growth −3.5% +23.7% −2.7% −405.6% +40.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin18.7%Net margin17.0%Free cash flow margin12.6%Fiscal year 2017Operating margin16.0%Net margin14.9%Free cash flow margin13.6%Fiscal year 2018Operating margin17.6%Net margin16.7%Free cash flow margin9.5%Fiscal year 2019Operating margin15.7%Net margin14.4%Free cash flow margin0.2%Fiscal year 2020Operating margin−158.4%Net margin−182.9%Free cash flow margin−177.3%Fiscal year 2021Operating margin−371.5%Net margin−498.0%Free cash flow margin−404.4%Fiscal year 2022Operating margin−36.0%Net margin−50.1%Free cash flow margin−54.3%Fiscal year 2023Operating margin9.1%Net margin−0.3%Free cash flow margin4.6%Fiscal year 2024Operating margin14.3%Net margin7.7%Free cash flow margin5.2%Fiscal year 2025Operating margin16.8%Net margin10.4%Free cash flow margin9.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 18.7% 16.0% 17.6% 15.7% −158.4% −371.5% −36.0% 9.1% 14.3% 16.8%
Net margin 17.0% 14.9% 16.7% 14.4% −182.9% −498.0% −50.1% −0.3% 7.7% 10.4%
Free cash flow margin 12.6% 13.6% 9.5% 0.2% −177.3% −404.4% −54.3% 4.6% 5.2% 9.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow5.13Capital expenditure−3.06Free cash flow2.07Buybacks−2.34Dividends paid−0.98Fiscal year 2017Operating cash flow5.32Capital expenditure−2.94Free cash flow2.38 +14.8%Buybacks−0.55Dividends paid−1.09Fiscal year 2018Operating cash flow5.55Capital expenditure−3.75Free cash flow1.80 −24.3%Buybacks−1.47Dividends paid−1.36Fiscal year 2019Operating cash flow5.48Capital expenditure−5.43Free cash flow0.05 −97.4%Buybacks−0.60Dividends paid−1.39Fiscal year 2020Operating cash flow−6.30Capital expenditure−3.62Free cash flow−9.92 −21,667.4%Buybacks−0.01Dividends paid−0.69Fiscal year 2021Operating cash flow−4.11Capital expenditure−3.61Free cash flow−7.72Buybacks0.00Dividends paid0.00Fiscal year 2022Operating cash flow−1.67Capital expenditure−4.94Free cash flow−6.61Buybacks0.00Dividends paid0.00Fiscal year 2023Operating cash flow4.28Capital expenditure−3.28Free cash flow1.00Fiscal year 2024Operating cash flow5.92Capital expenditure−4.63Free cash flow1.30 +30.1%Fiscal year 2025Operating cash flow6.22Capital expenditure−3.61Free cash flow2.61 +101.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.13 5.32 5.55 5.48 −6.30 −4.11 −1.67 4.28 5.92 6.22
Capital expenditure −3.06 −2.94 −3.75 −5.43 −3.62 −3.61 −4.94 −3.28 −4.63 −3.61
Free cash flow 2.07 2.38 1.80 0.05 −9.92 −7.72 −6.61 1.00 1.30 2.61
Growth +14.8% −24.3% −97.4% −21,667.4% +30.1% +101.0%
Buybacks −2.34 −0.55 −1.47 −0.60 −0.01 0.00 0.00 n/a n/a n/a
Dividends paid −0.98 −1.09 −1.36 −1.39 −0.69 0.00 0.00 n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.60Total debt8.94Net cash (debt)−8.34Shareholders’ equity22.60Debt to equity0.40Fiscal year 2017Cash0.40Total debt8.71Net cash (debt)−8.32Shareholders’ equity24.22Debt to equity0.36Fiscal year 2018Cash0.98Total debt9.48Net cash (debt)−8.49Shareholders’ equity24.44Debt to equity0.39Fiscal year 2019Cash0.52Total debt11.27Net cash (debt)−10.75Shareholders’ equity25.37Debt to equity0.44Fiscal year 2020Cash9.51Total debt23.87Net cash (debt)−14.36Shareholders’ equity20.56Debt to equity1.16Fiscal year 2021Cash8.94Total debt30.44Net cash (debt)−21.50Shareholders’ equity12.14Debt to equity2.51Fiscal year 2022Cash4.03Total debt34.35Net cash (debt)−30.32Shareholders’ equity7.07Debt to equity4.86Fiscal year 2023Cash2.42Total debt30.57Net cash (debt)−28.16Shareholders’ equity6.88Debt to equity4.44Fiscal year 2024Cash1.21Total debt27.47Net cash (debt)−26.26Shareholders’ equity9.25Debt to equity2.97Fiscal year 2025Cash1.93Total debt26.64Net cash (debt)−24.71Shareholders’ equity12.28Debt to equity2.17
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.60 0.40 0.98 0.52 9.51 8.94 4.03 2.42 1.21 1.93
Total debt 8.94 8.71 9.48 11.27 23.87 30.44 34.35 30.57 27.47 26.64
Net cash (debt) −8.34 −8.32 −8.49 −10.75 −14.36 −21.50 −30.32 −28.16 −26.26 −24.71
Shareholders’ equity 22.60 24.22 24.44 25.37 20.56 12.14 7.07 6.88 9.25 12.28
Debt to equity 0.40 0.36 0.39 0.44 1.16 2.51 4.86 4.44 2.97 2.17

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending November, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 30 Nov 2016 FY2017 30 Nov 2017 FY2018 30 Nov 2018 FY2019 30 Nov 2019 FY2020 30 Nov 2020 FY2021 30 Nov 2021 FY2022 30 Nov 2022 FY2023 30 Nov 2023 FY2024 30 Nov 2024 FY2025 30 Nov 2025
Revenue and profit
16.39 17.51 18.88 20.83 5.60 1.91 12.17 21.59 25.02 26.62
Growth +6.8% +7.8% +10.3% −73.1% −65.9% +537.7% +77.5% +15.9% +6.4%
9.38 10.50 11.09 12.91 n/a 4.66 11.76 14.32 15.64 n/a
2.20 2.27 2.45 2.48 1.88 1.89 2.52 2.95 3.25 3.40
3.07 2.81 3.33 3.28 −8.87 −7.09 −4.38 1.96 3.57 4.48
Growth −8.5% +18.4% −1.5% −370.6% +82.7% +25.4%
2.83 2.67 3.21 3.06 −10.25 −9.52 −6.08 −0.06 1.92 2.77
−0.05 0.06 0.05 0.07 −0.02 −0.02 0.01 0.01 −0.00 0.01
2.78 2.61 3.15 2.99 −10.24 −9.50 −6.09 −0.07 1.92 2.76
Growth −6.2% +21.0% −5.1% −442.3% +44.1%
Per share
3.73 3.61 4.45 4.34 −13.20 −8.46 −5.16 −0.06 1.50 2.10
3.72 3.59 4.44 4.32 −13.20 −8.46 −5.16 −0.06 1.44 2.02
Growth −3.5% +23.7% −2.7% −405.6% +40.3%
745.0 722.0 709.0 690.0 775.0 1,123 1,180 1,262 1,274 1,312
747.0 725.0 710.0 692.0 775.0 1,123 1,180 1,262 1,398 1,402
Growth −2.9% −2.1% −2.5% +12.0% +44.9% +5.1% +6.9% +10.8% +0.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 36.6% a year over five years.
  • The diluted share count rose 80.9% in five years, which is dilution.
  • Operating margin is up 175.3 points on five years ago, at 16.8%.
  • A net loss in 4 of 10 years on file.