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) Operating margin
Carnival Corporation's operating margin over the twelve months to 31 August 2026 was 16.0%, down 0.9 percentage points from fiscal 2025 (16.8%). Over the past ten years it has ranged from −371.6% (fiscal 2021) to 18.7% (fiscal 2016); the current reading is higher than 82% of that period. That is above the Travel Services industry median of 15.1% and above the Consumer Cyclical sector median of 3.57%.
Operating margin, annual
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Annual newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| FY2025 | 16.8% | 2.56 |
| FY2024 | 14.3% | 5.22 |
| FY2023 | 9.06% | 45.05 |
| FY2022 | −36.0% | 335.60 |
| FY2021 | −371.6% | (213.14) |
| FY2020 | −158.5% | (174.19) |
| FY2019 | 15.7% | (1.86) |
| FY2018 | 17.6% | 1.56 |
| FY2017 | 16.0% | (2.70) |
| FY2016 | 18.7% | 2.36 |
Quarterly newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| Aug 2026 | 26.3% | 13.52 |
| May 2026 | 12.8% | 2.96 |
| Feb 2026 | 9.83% | (1.78) |
| Nov 2025 | 11.6% | (16.26) |
| 43 more quarters | Free account |
Against its own ten years
Operating margin against peers
| Company | Operating margin |
|---|---|
| BKNG Booking Holdings Inc. compare | 32.9% |
| RCL Royal Caribbean Cruises Ltd. compare | 27.3% |
| VIK Viking Holdings Ltd. compare | 23.3% |
| ABNB Airbnb, Inc. compare | 20.8% |
| TCOM Trip.com Group Limited Sponsored ADR compare | 16.1% |
| CCL Carnival Corporation | 16.0% |
| EXPE Expedia Group, Inc. compare | 16.0% |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | 15.1% |
| MMYT MakeMyTrip Limited compare | 15.0% |
| Travel Services industry median | 15.1% |
| Consumer Cyclical sector median | 3.57% |
| Market median | 0.00% |
What Operating margin is
EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.
EBIT ÷ Revenue
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