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) Return on invested capital
Carnival Corporation's return on invested capital over the twelve months to 31 August 2026 was 7.47%, down 0.1 percentage points from fiscal 2025 (7.57%). Over the past ten years it has ranged from −15.9% (fiscal 2020) to 7.57% (fiscal 2025) — the current reading is the highest in ten years. That is above the Travel Services industry median of 5.08% and above the Consumer Cyclical sector median of 2.95%.
Return on invested capital, annual
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Annual newest first
| Period | Return on invested capital | Change (points) |
|---|---|---|
| FY2025 | 7.57% | 1.28 |
| FY2024 | 6.29% | 2.80 |
| FY2023 | 3.49% | 11.22 |
| FY2022 | −7.73% | 5.53 |
| FY2021 | −13.3% | 2.61 |
| FY2020 | −15.9% | (21.54) |
| FY2019 | 5.67% | (0.64) |
| FY2018 | 6.31% | 0.91 |
| FY2017 | 5.40% | (0.80) |
| FY2016 | 6.20% | 1.03 |
Against its own ten years
Return on invested capital against peers
| Company | Return on invested capital |
|---|---|
| VIK Viking Holdings Ltd. compare | 26.5% |
| MMYT MakeMyTrip Limited compare | 16.6% |
| RCL Royal Caribbean Cruises Ltd. compare | 9.84% |
| CCL Carnival Corporation | 7.47% |
| TCOM Trip.com Group Limited Sponsored ADR compare | 6.10% |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | 5.51% |
| ABNB Airbnb, Inc. compare | 0.00% |
| BKNG Booking Holdings Inc. compare | 0.00% |
| EXPE Expedia Group, Inc. compare | 0.00% |
| Travel Services industry median | 5.08% |
| Consumer Cyclical sector median | 2.95% |
| Market median | 0.00% |
What Return on invested capital is
Return on Invested Capital shows how much after-tax operating profit a company earns on the money its lenders and shareholders have put in.
TTM: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) (latest quarter) + Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter) − Cash & Short Term Investments (latest quarter)); Annual: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) + Long Term Debt (Total) + Current Part of Debt − Cash & Short Term Investments)
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