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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

29.54 0.10 +0.34%

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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

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Carnival Corporation (CCL) Debt to equity

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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×.

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<iframe src="https://stockrow.com/embed/CCL/debt-to-equity" width="100%" height="360" style="border:0" loading="lazy" title="Carnival Corporation debt to equity, 10 years"></iframe>
<p style="font-size:12px">Source: <a href="https://stockrow.com/CCL/metrics/debt-to-equity">Carnival Corporation (CCL) debt to equity — stockrow.com</a></p>

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%

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	Free account

Against its own ten years

Low 0.4× High 4.9×

Ten-year median 1.2×

Current reading's percentile 64

Company	Debt to equity
MMYT MakeMyTrip Limited compare	−18.1×
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×
EXPE Expedia Group, Inc. compare	1.9×
RCL Royal Caribbean Cruises Ltd. compare	1.9×
VIK Viking Holdings Ltd. compare	3.7×
NCLH Norwegian Cruise Line Holdings Ltd. compare	4.8×
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 →

Carnival Corporation (CCL) Debt to equity

Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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Debt to equity, annual

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Against its own ten years

Debt to equity against peers

What Debt to equity is

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