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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) Debt to equity

Alert me on Debt to equity

Carnival Corporation's debt to equity at the end of the quarter to 31 August 2026 was 1.7×, down 0.5× from fiscal 2025 (2.2×). Over the past ten years it has ranged from 0.4× (fiscal 2017) to 4.9× (fiscal 2022); the current reading is higher than 64% of that period. That is above the Travel Services industry median of 0.2× and above the Consumer Cyclical sector median of 0.2×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 2.2× (26.97%)
FY2024 3.0× (33.15%)
FY2023 4.4× (8.62%)
FY2022 4.9× 93.97%
FY2021 2.5× 115.80%
FY2020 1.2× 161.34%
FY2019 0.4× 14.65%
FY2018 0.4× 7.76%
FY2017 0.4× (9.10%)
FY2016 0.4× 7.41%

Quarterly newest first

Period Debt to equity Change
Aug 2026 1.7× (12.20%)
May 2026 1.9× (1.09%)
Feb 2026 1.9× (10.63%)
Nov 2025 2.2× (2.32%)
43 more quarters

Against its own ten years

Low 0.4× High 4.9×
Ten-year median 1.2×
Current reading's percentile 64

Debt to equity against peers

Company Debt to equity
MMYT MakeMyTrip Limited compare −24.2×
BKNG Booking Holdings Inc. compare −1.9×
TCOM Trip.com Group Limited Sponsored ADR compare 0.2×
ABNB Airbnb, Inc. compare 0.3×
CCL Carnival Corporation 1.7×
RCL Royal Caribbean Cruises Ltd. compare 2.2×
EXPE Expedia Group, Inc. compare 2.2×
VIK Viking Holdings Ltd. compare 3.7×
NCLH Norwegian Cruise Line Holdings Ltd. compare 5.8×
Travel Services industry median 0.2×
Consumer Cyclical sector median 0.2×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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