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Carnival Corporation

CCL Consumer Cyclical Travel Services

Carnival Corporation’s revenue for fiscal 2025 (year ended November 2025) was $26.6 billion, up 6.40% from fiscal 2024.

Revenue
+3.46%
EPS
0.00%
Free cash flow
−3.26%
Total debt
−9.70%

Quarter to August 2026, against a year earlier

29.59 1.73 −5.52%
Market cap
$39.8B
P/E
12.8×
Fwd P/E
13.1×
Dividend yield
2.03%
F-score
8/9
Altman Z
1.24
Beneish M
−2.69
Dividend safety
56/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • North America Segment
  • Europe Segment
  • Cruise Support
  • Tour And Other

Every year since 2014 →

Insider Decisions last twelve months

Sold, $m 14.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 — 2 — — — — 1 —
Insider Ownership 8.29%

Capital & Financial Ratios $m

Size
Market Cap 39,790.00
Revenue ttm 27,594.00
Net income ttm 3,137.00
Free cash flow ttm 3,190.00
Net debt Q 22,692.00
Valuation
P/E 12.81
Forward P/E 13.10
Price / sales 1.46
Forward P/S Powerpack
Price / FCF 12.64
Price / book 2.84
Financial health
Current ratio Q 0.27 (below 1: weak)
Debt / equity Q 1.68
Interest coverage Q 7.79
Growth
Revenue growth Q +3.46% (above 0%: growing)
Operating income growth Q −2.33% (below 0%: shrinking)
EPS, this year +0.36%
EPS, next year A +14.19%
Revenue, next year A +4.13%
EPS, past 5 yrs —
EPS, next 5 yrs A +10.74%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 2.6×; over the ten years it ranged from 0.9× in 2020 to 340× in 2021.
P/E against its own 10 years 33.18%
10-year low 10-year high
P/S against its own 10 years 42.50%
10-year low 10-year high
P/B against its own 10 years 79.13%
10-year low 10-year high
EV/Sales against its own 10 years 29.59%
10-year low 10-year high
EV/FCF against its own 10 years 17.56%
10-year low 10-year high

Dividends

Yield
2.03%
Annual rate
0.60
Payout ratio
26.2%
Growth, 2018–26
−13.7%/yr
  1. 1.95 ’18
  2. 2.00 ’19 +3
  3. 0.50 ’20 −75
  4. 0.00 ’21 −100
  5. 0.00 ’22
  6. 0.00 ’23
  7. 0.00 ’24
  8. 0.00 ’25
  9. 0.60 ’26
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,415 1,210 1,928 1,220
Receivables 556 590 678 670
Inventory 528 507 505 528
Other — — — —
5,266 3,378 4,219 3,421
2023 2024 2025 Q'26
Payables 1,168 1,133 1,245 1,159
ST’ Debt 2,089 1,538 2,603 2,036
Other 6,072 6,425 6,831 7,129
11,481 11,617 13,092 12,475

Compound Annual Growth %

10y 5y 3y
Sales 5.41% 36.61% 29.82%
Cash Flow 3.18% 0.00% 0.00%
Earnings 4.62% 0.00% 0.00%
Book Value (6.39%) (9.78%) 20.25%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.36 Actual 1.43

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.25 0.34 Beat by 0.09
Q1 FY26 0.18 0.20 Beat by 0.02
Q2 FY26 0.35 0.41 Beat by 0.06
Q3 FY26 1.36 1.43 Beat by 0.07
Q4 FY26 0.22 — Reports 18 December 2026

EPS $

Feb May Aug Nov Year
’26 0.19 0.39 1.40 — —
’25 (0.06) 0.42 1.33 0.31 2.02
’24 (0.17) 0.07 1.26 0.23 1.44
’23 (0.55) (0.32) 0.79 (0.04) (0.06)
’22 (1.66) (1.61) (0.65) (1.27) (5.16)
’21 (1.80) (1.83) (2.50) (2.31) (8.46)
’20 (1.14) (6.07) (3.69) (2.41) (13.20)
Fiscal quarters ending in the months shown.

Revenue $m

Feb May Aug Nov Year
’26 6,165 6,663 8,435 — —
’25 5,810 6,328 8,153 6,331 26,622
’24 5,406 5,781 7,896 5,938 25,021
’23 4,432 4,911 6,854 5,396 21,593
’22 1,623 2,401 4,305 3,839 12,168
’21 26 50 546 1,286 1,908
’20 4,789 740 31 35 5,595
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Feb May Aug Nov Year
’26 1,263 2,630 1,410 — —
’25 925 2,392 1,383 1,518 6,218
’24 1,768 2,039 1,205 911 5,923
’23 388 1,137 1,834 922 4,281
’22 (1,212) 3 (344) (117) (1,670)
’21 (1,503) (1,359) (879) (368) (4,109)
’20 916 (2,720) (2,845) (1,652) (6,301)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Feb May Aug Nov Year
’26 700 1,755 712 — —
’25 329 1,842 736 23 2,930
’24 (370) 720 644 361 1,355
’23 (664) 672 1,002 327 1,337
’22 (3,924) (451) (882) (1,283) (6,540)
’21 (3,268) (1,427) (1,815) (855) (7,365)
’20 (184) (3,052) (3,041) (3,310) (9,587)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.1% a year for ten years. It grew −0.3% a year over the last ten.

Implied
6.1%
10 years, reported
−0.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Aug ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16,389 17,510 18,881 20,825 5,595 1,908 12,168 21,593 25,021 26,622 27,594 +5.5% 27,721 28,596 29,770 +3.8%
Gross margin, % 42.75 40.03 41.35 38.14 (12.21) (112.95) 6.99 33.70 37.50 40.10 39.47 (2.6) pt
EBT 2,828 2,666 3,207 3,060 (10,253) (9,522) (6,080) (62) 1,915 2,772 3,169 (0.2%)
EBT margin, % 17.26 15.23 16.99 14.69 (183.25) (499.06) (49.97) (0.29) 7.65 10.41 11.48 (6.9) pt
Net income 2,779 2,606 3,152 2,990 (10,236) (9,501) (6,093) (74) 1,916 2,760 3,137 (0.1%)
Per share, $
Per share, $ Revenue 22.00 24.25 26.63 30.18 7.22 1.70 10.31 17.11 19.64 20.29 20.25 (0.9%)
Earnings 3.73 3.61 4.45 4.34 (13.20) (8.46) (5.16) (0.06) 1.50 2.10 2.31 (6.2%)
Cash flow 6.89 7.37 7.83 7.93 (8.13) (3.66) (1.42) 3.39 4.65 4.74 5.00 (4.1%)
Capex (4.08) (4.08) (4.74) (7.83) (4.24) (2.90) (4.13) (2.33) (3.59) (2.51) (2.66) (5.3%)
Free cash flow 2.82 3.29 3.09 0.10 (12.37) (6.56) (5.54) 1.06 1.06 2.23 2.34 (2.5%)
Book value 30.33 33.54 34.48 36.76 26.52 10.81 5.99 5.45 7.26 9.36 10.42 (12.2%)
Shares, m 745 722 709 690 775 1,123 1,180 1,262 1,274 1,312 1,359 +6.5%
Valuation, ×
Valuation, × P/E 13.67 18.23 13.52 10.27 0.00 0.00 0.00 0.00 17.33 12.35 12.81 8.5
P/S 2.34 2.71 2.26 1.47 2.77 10.37 0.96 0.88 1.32 1.28 1.46 2.6
P/B 1.69 1.96 1.75 1.21 0.75 1.63 1.66 2.76 3.58 2.77 2.84 2.0
EV/Sales 2.85 3.18 2.71 1.99 5.33 21.53 3.29 2.18 2.37 2.21 2.28 4.8
EV/FCF 22.23 23.43 23.41 575.71 (3.11) (5.58) (6.12) 35.28 43.82 20.05 19.76 72.9
Cash, $m
Cash, $m Operating cash flow 5,134 5,322 5,549 5,475 (6,301) (4,109) (1,670) 4,281 5,923 6,218 6,821 +2.2%
Capex (3,036) (2,944) (3,360) (5,403) (3,286) (3,256) (4,870) (2,944) (4,568) (3,288) (3,631) +0.9%
Free cash flow 2,098 2,378 2,189 72 (9,587) (7,365) (6,540) 1,337 1,355 2,930 3,190 +3.8%
Balance, $m
Balance, $m Working capital (5,383) (7,204) (6,979) (7,068) 1,877 (275) (3,113) (6,215) (8,239) (8,873) (9,054) +5.7%
Net debt 8,339 8,315 8,493 10,753 14,359 21,283 28,329 28,157 26,264 24,712 22,692 +12.8%
Shareholders’ equity 22,597 24,216 24,443 25,365 20,555 12,144 7,065 6,882 9,251 12,284 14,207 (6.5%)
Returns, %
Returns, % ROA 7.11 6.54 7.58 6.84 (20.75) (17.77) (11.60) (0.15) 3.90 5.48 6.16 (1.6) pt
ROIC 6.20 5.40 6.31 5.67 (15.87) (13.26) (7.73) 3.49 6.29 7.57 7.47 +1.4 pt
ROE 11.99 11.13 12.96 12.01 (44.58) (58.11) (63.44) (1.06) 23.75 25.63 24.00 +13.6 pt
People
People Employees 97,200 99,200 102,000 92,000 58,000 30,000 75,000 92,000 100,000 101,000 — +0.4%
Revenue/emp, $m 0.17 0.18 0.19 0.23 0.10 0.06 0.16 0.23 0.25 0.26 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Carnival Corporation is a cruise-vacation company led by Chief Executive Officer Josh Weinstein. It operates eight cruise lines: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. The brands are designed for different vacation preferences, from contemporary voyages aimed at a broad family market to premium and luxury experiences with different itineraries, accommodation and service levels.

A cruise ticket generally combines accommodation, most meals, onboard amenities and entertainment, childcare programs, and visits to several ports. Guests can also buy packages or individual extras before sailing or while onboard. These include beverages, internet access, shore excursions, restaurants, retail items, photography, transport and onboard credits.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
North America Segment 17,604 66.13%
Europe Segment 8,467 31.80%
Cruise Support 309 1.16%
Tour And Other 241 0.91%
Gross margin 40.10%
Operating margin 16.84%
Pre-tax margin 10.41%

Revenue by segment since 2014

Carnival Corporation vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BKNG Booking Holdings Inc. $125.5B 18.0× 14.1× −1.28% (below 0%: shrinking) +6.73% (above 0%: growing) −22.03% (below 0%: shrinking) 100.00% 38.43% Compare
ABNB Airbnb, Inc. $101.9B 31.5× 30.9× +18.90% (above 0%: growing) +42.67% (above 0%: growing) +11.21% (above 0%: growing) 86.63% 41.51% Compare
RCL Royal Caribbean Cruises Ltd. $86.3B 19.0× 17.4× +8.80% (above 0%: growing) +11.57% (above 0%: growing) +194.74% (above 0%: growing) 51.49% 33.45% Compare
CCL Carnival Corporation $39.8B 12.8× 13.1× +3.46% (above 0%: growing) 0.00% −3.26% (below 0%: shrinking) 45.13% 26.31%
VIK Viking Holdings Ltd. $38.5B 28.6× 27.2× +16.49% (above 0%: growing) +33.33% (above 0%: growing) −75.64% (below 0%: shrinking) 45.50% 29.40% Compare
EXPE Expedia Group, Inc. $32.7B 15.6× 15.2× +11.92% (above 0%: growing) +10.70% (above 0%: growing) −103.94% (below 0%: shrinking) 91.51% 26.85% Compare
TCOM Trip.com Group Limited Sponsored ADR $28.5B 8.2× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.2B 9.8× 11.1× +0.29% (above 0%: growing) +15.05% (above 0%: growing) +85.50% (above 0%: growing) 43.41% 21.19% Compare
MMYT MakeMyTrip Limited $4.8B 120× 123× +2.54% (above 0%: growing) n/m +3.81% (above 0%: growing) 82.57% 15.59% Compare
Median of peers $35.6B 18.5× 20.9× +10.10% +13.31% +7.51% 81.19% 28.13%

All 17 Travel Services stocks →

From the latest earnings call

Updated

  • Josh Weinstein said Carnival expects record yields in the second half of 2026 as its booked position began the third quarter ahead of the prior year.
  • David Bernstein said Carnival’s full-year EPS guidance is $2.22, one cent above its previous guidance, reflecting accretion from second-quarter share repurchases.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Freedom Broker Oct 2, 2026 Target raised — 36.00
Morgan Stanley Sep 30, 2026 Target raised Outperform 31.00 → 32.50

Pay and ownership Proxy statement filed 27 February 2026

Ownership

Directors and executive officers, together 7.00% of the votes
Vanguard Group 8.20% of the votes
Micky Arison 6.80% of the votes
Richard L. Kohan Two Alhambra Plaza Suite 6.80% of the votes
KLR, LLC Two Alhambra Plaza Suite 6.00% of the votes
MA 5.80% of the votes
Nickel 5.80% of the votes
BlackRock, Inc. 5.20% of the votes
Barclays PLC less than 1% of the votes
Norges Bank Bankplassen less than 1% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Carnival Corporation (CCL) Latest News

29 Oct

Impact 4 · · Trefis
Impact 3 · · Simply Wall St.
Impact 3 · · TIKR
Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks
Impact 3 · · Trefis

27 Oct

Impact 4 · · PR Newswire

26 Oct

Impact 4 · · Zacks

23 Oct

Impact 4 · · Trefis
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · CNW Group
Impact 4 · · PR Newswire
Impact 3 · · PR Newswire

21 Oct

Impact 4 · · Trefis
Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · CNW Group

20 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 4 · · Zacks

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 4 · · CNW Group
Impact 4 · · PR Newswire
Impact 3 · · Trefis
Impact 3 · · Zacks

15 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · CNW Group

14 Oct

Impact 4 · · Trefis
Impact 3 · · PR Newswire

13 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

CCL metrics, ten years each

stockrow.com/CCL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com