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Saturday 17 October 2026 Export CCL’s income statement to Excel — free account

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. In the quarter to August 2026, revenue grew 3.46%, EPS was flat, free cash flow fell 3.26% and total debt fell 9.70%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years, operating cash flow growth for five.

25.89 0.57 −2.15%
Market cap
$35.6B
P/E
11.2×
Fwd P/E
12.3×
Dividend yield
1.74%
F-score
8/9
Altman Z
1.24
Beneish M
−2.69
Dividend safety
56/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Carnival Corporation (CCL) Financial Analysis

Updated · Covers results through Q3 FY2026 · Sources · How this is made

Snapshot

Carnival reported revenue of $26.6 billion, gross profit of $10.7 billion, operating income of $4.5 billion, and net income of $2.8 billion in FY2025. Diluted EPS was $2.02 in FY2025, while weighted average shares were 1.3 billion shares in FY2025.

In Q3 FY2026, revenue was $8.4 billion, gross profit was $3.8 billion, operating income was $2.2 billion, and net income was $1.9 billion. Diluted EPS was $1.41 in Q3 FY2026, on weighted average shares of 1.4 billion shares in Q3 FY2026. Market capitalisation was $33.4 billion as of September 30, 2026.

Growth

Revenue increased 6.40% in FY2025 against FY2024 to $26.6 billion in FY2025. Revenue compound annual growth was 29.8% in FY2022–FY2025 and 36.6% in FY2020–FY2025. Net income increased 44.1% in FY2025 against FY2024 to $2.8 billion in FY2025, while diluted EPS increased 40.3% in FY2025 against FY2024 to $2.02 in FY2025.

Free cash flow increased 116.2% in FY2025 against FY2024 to $2.9 billion in FY2025. In Q3 FY2026, revenue increased 3.46% against Q3 FY2025 to $8.4 billion, and diluted EPS increased 5.69% against Q3 FY2025 to $1.41. Free cash flow decreased −3.26% in Q3 FY2026 against Q3 FY2025 to $712.0 million in Q3 FY2026.

Profitability

Gross margin was 40.1%, operating margin was 16.8%, pre-tax margin was 10.4%, and net margin was 10.4% in FY2025. Over FY2020–FY2025, gross margin changed by 52.3 percentage points, operating margin changed by 175.3 percentage points, pre-tax margin changed by 193.7 percentage points, and net margin changed by 193.3 percentage points.

Return on equity was 25.6%, return on assets was 5.48%, and return on invested capital was 7.57% in FY2025. In Q3 FY2026, gross margin was 45.1% and operating margin was 26.3%. Gross margin was lower by −1.1 percentage points and operating margin was lower by −1.6 percentage points in Q3 FY2026 against Q3 FY2025.

Balance sheet

Total debt was $26.6 billion, net debt was $24.7 billion, cash and short-term investments were $1.9 billion, and shareholders’ equity was $12.3 billion in FY2025. Working capital was −$8.9 billion in FY2025, while book value per share was $9.36 in FY2025.

Net debt was $22.7 billion in Q3 FY2026, compared with $24.7 billion in Q3 FY2025. The current ratio was 0.3× and debt to equity was 1.7× in Q3 FY2026. Net debt increased by $46.0 million in Q3 FY2026 against Q2 FY2026.

Cash flow & capital return

Operating cash flow was $6.2 billion, capital expenditure was $3.3 billion, and free cash flow was $2.9 billion in FY2025. Free cash flow represented 106.2% of net income in FY2025. Operating cash flow increased 4.98% and free cash flow increased 116.2% in FY2025 against FY2024.

The latest reported dividends paid were $689.0 million in FY2020. Net share repurchases were −$7.0 million in FY2023. Weighted average shares were 1.3 billion shares in FY2025, and the share count changed 69.3% in FY2020–FY2025. Operating cash flow was $6.8 billion and free cash flow was $3.2 billion over the TTM to Q3 FY2026.

Valuation

As of September 30, 2026, Carnival’s P/E was 10.6×, below its 13.5× five-year median for the five fiscal years to FY2025 and below the industry median of 16.8×. Its P/S was 1.2× as of September 30, 2026, below its 1.3× five-year median for the five fiscal years to FY2025, below its 1.9× ten-year median for the ten fiscal years to FY2025, and below the industry median of 2.6×.

P/B was 2.4× as of September 30, 2026, below its 2.8× five-year median for the five fiscal years to FY2025, above its 1.7× ten-year median for the ten fiscal years to FY2025, and below the industry median of 2.5×. EV/Sales was 2.0× as of September 30, 2026, below its 2.4× five-year median, its 2.8× ten-year median, and the industry median of 2.9×.

What changed since last quarter

Revenue increased 26.6% in Q3 FY2026 against Q2 FY2026 to $8.4 billion, while diluted EPS increased 260.4% in Q3 FY2026 against Q2 FY2026 to $1.41. Gross margin increased 8.5 percentage points and operating margin increased 13.5 percentage points in Q3 FY2026 against Q2 FY2026. Free cash flow decreased −59.4% in Q3 FY2026 against Q2 FY2026 to $712.0 million.

Against Q3 FY2025, revenue increased 3.46% in Q3 FY2026, while operating income decreased to $2.2 billion in Q3 FY2026 from $2.3 billion in Q3 FY2025. Management attributes the operating-income change to higher operating, selling and administrative, and depreciation and amortisation expenses, including higher emission allowance costs. Management attributes lower interest expense in Q3 FY2026 against Q3 FY2025 to lower total debt, partly offset by decreased capitalised interest.

Open questions

  • How will fuel prices and potential geopolitical disruptions affect profitability?
  • What are the drivers of the increase in weighted average shares in Q3 FY2026 against Q3 FY2025?
  • How will changes in capacity, occupancy, ticket pricing, and onboard revenue affect revenue mix?
  • What is the expected timing and scale of future dividend payments or share repurchases?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.