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.
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Carnival Corporation (CCL) Free cash flow
Carnival Corporation's free cash flow for fiscal 2025 was $2.9B, up 116.2% from $1.4B in fiscal 2024. Over the twelve months to 31 August 2026 it was $3.2B. Over the past ten years it has ranged from −$9.6B (fiscal 2020) to $2.9B (fiscal 2025) — the current reading is the highest in ten years. Free cash flow has risen for 5 consecutive fiscal years. Carnival Corporation ranks 5th of 18 Travel Services companies by free cash flow.
Free cash flow, annual
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Annual newest first
| Period | Free cash flow | Change |
|---|---|---|
| FY2025 | $2.9B | 116.24% |
| FY2024 | $1.4B | 1.35% |
| FY2023 | $1.3B | — |
| FY2022 | −$6.5B | — |
| FY2021 | −$7.4B | — |
| FY2020 | −$9.6B | — |
| FY2019 | $72.0M | (96.71%) |
| FY2018 | $2.2B | (7.95%) |
| FY2017 | $2.4B | 13.35% |
| FY2016 | $2.1B | (6.80%) |
Quarterly newest first
| Period | Free cash flow | Change |
|---|---|---|
| Aug 2026 | $712.0M | (59.43%) |
| May 2026 | $1.8B | 150.71% |
| Feb 2026 | $700.0M | 2,943.48% |
| Nov 2025 | $23.0M | (96.87%) |
| 43 more quarters | Free account |
Against its own ten years
Free cash flow against peers
| Company | Free cash flow |
|---|---|
| BKNG Booking Holdings Inc. compare | $9.5B |
| TCOM Trip.com Group Limited Sponsored ADR compare | $7.9B |
| ABNB Airbnb, Inc. compare | $4.9B |
| EXPE Expedia Group, Inc. compare | $4.5B |
| CCL Carnival Corporation | $3.2B |
| VIK Viking Holdings Ltd. compare | $1.2B |
| MMYT MakeMyTrip Limited compare | $167.4M |
| RCL Royal Caribbean Cruises Ltd. compare | −$416.0M |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | −$1.2B |
What Free cash flow is
Free Cash Flow tells an investor how much cash a company’s operations generate after paying for its investment in physical and intangible assets.
Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)
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