Saturday 17 October 2026 Export CCL’s income statement to Excel — free account

Carnival Corporation

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%

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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

Delisting notice May 7, 2026 Share dilution Jun 26, 2026

All filings →

Insider Decisions trades per month

Total sells 13.54

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	1	—	2	—	—	—	—	—

Insider Ownership 8.29%

Capital & Financial Ratios $m

Market Cap 35,580.00

Revenue 27,594.00

Net Income 3,137.00

Free Cash Flow 3,190.00

Net Debt 22,692.00

Current Ratio 0.27

Debt/Equity 1.68

P/E ratio 11.20

Fwd P/E 12.30

P/S ratio 1.28

P/B ratio 2.48

Past 5Y EPS Growth —

This Y EPS Growth 0.20%

Next Y EPS Growth 14.31%

Next Y revenue growth 4.20%

Next 5Y EPS Growth 10.74%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 16.84%

10-year low 10-year high

P/S against its own 10 years 31.51%

10-year low 10-year high

P/B against its own 10 years 71.29%

10-year low 10-year high

EV/Sales against its own 10 years 15.33%

10-year low 10-year high

EV/FCF against its own 10 years 8.79%

10-year low 10-year high

Dividends

Payout Ratio 0.20

Annual Dividend Rate 0.45

Annual Dividend Yield 1.74%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.60	0.15 0.15 0.15
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	0.50	0.50
2019	2.00	0.50 0.50 0.50 0.50
2018	1.95	0.45 0.50 0.50 0.50
2017	1.60	0.35 0.40 0.40 0.45
2016	1.35	0.30 0.35 0.35 0.35

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,415	1,210	1,928	1,220
Receivables	556	590	678	670
Inventory	528	507	505	528
Other	—	—	—	—
	5,266	3,378	4,219	3,421

	2023	2024	2025	Q'26
Payables	1,168	1,133	1,245	1,159
ST’ Debt	2,089	1,538	2,603	2,036
Other	6,072	6,425	6,831	7,129
	11,481	11,617	13,092	12,475

Compound Annual Growth %

	10y	5y	3y
Sales	5.41%	36.61%	29.82%
Cash Flow	3.18%	0.00%	0.00%
Earnings	4.62%	0.00%	0.00%
Book Value	(6.39%)	(9.78%)	20.25%

Revenue $m

	Feb	May	Aug	Nov	Year
’26	6,165	6,663	8,435	—	—
’25	5,810	6,328	8,153	6,331	26,622
’24	5,406	5,781	7,896	5,938	25,021
’23	4,432	4,911	6,854	5,396	21,593
’22	1,623	2,401	4,305	3,839	12,168
’21	26	50	546	1,286	1,908
’20	4,789	740	31	35	5,595

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Feb	May	Aug	Nov	Year
’26	1,263	2,630	1,410	—	—
’25	925	2,392	1,383	1,518	6,218
’24	1,768	2,039	1,205	911	5,923
’23	388	1,137	1,834	922	4,281
’22	(1,212)	3	(344)	(117)	(1,670)
’21	(1,503)	(1,359)	(879)	(368)	(4,109)
’20	916	(2,720)	(2,845)	(1,652)	(6,301)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Feb	May	Aug	Nov	Year
’26	700	1,755	712	—	—
’25	329	1,842	736	23	2,930
’24	(370)	720	644	361	1,355
’23	(664)	672	1,002	327	1,337
’22	(3,924)	(451)	(882)	(1,283)	(6,540)
’21	(3,268)	(1,427)	(1,815)	(855)	(7,365)
’20	(184)	(3,052)	(3,041)	(3,310)	(9,587)

Fiscal quarters ending in the months shown.

EPS $

	Feb	May	Aug	Nov	Year
’26	0.19	0.39	1.41	—	—
’25	(0.06)	0.42	1.33	0.31	2.02
’24	(0.17)	0.07	1.26	0.23	1.44
’23	(0.55)	(0.32)	0.79	(0.04)	(0.06)
’22	(1.66)	(1.61)	(0.65)	(1.27)	(5.16)
’21	(1.80)	(1.83)	(2.50)	(2.31)	(8.46)
’20	(1.14)	(6.07)	(3.69)	(2.41)	(13.20)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	40.52	51.74	45.64	39.92	7.80	16.32	6.11	7.92	13.78	15.07	Analyst estimates 2026–2028 Powerpack
	High	54.90	69.89	72.70	59.24	51.94	31.52	23.86	19.74	27.17	32.89
People
People	Employees	97,200	99,200	102,000	92,000	58,000	30,000	75,000	92,000	100,000	101,000
	Revenue/emp, $m	0.17	0.18	0.19	0.23	0.10	0.06	0.16	0.23	0.25	0.26
Income, $m
Income, $m	Revenue	16,389	17,510	18,881	20,825	5,595	1,908	12,168	21,593	25,021	26,622
	Gross margin, %	42.75	40.03	41.35	38.14	(12.21)	(112.95)	6.99	33.70	37.50	40.10
	EBT	2,828	2,666	3,207	3,060	(10,253)	(9,522)	(6,080)	(62)	1,915	2,772
	EBT margin, %	17.26	15.23	16.99	14.69	(183.25)	(499.06)	(49.97)	(0.29)	7.65	10.41
	Net income	2,779	2,606	3,152	2,990	(10,236)	(9,501)	(6,093)	(74)	1,916	2,760
	Depreciation	1,738	1,846	2,017	2,182	2,360	2,405	2,446	2,531	2,698	2,906
Per share, $
Per share, $	Revenue	22.00	24.25	26.63	30.18	7.22	1.70	10.31	17.11	19.64	20.29
	Earnings	3.73	3.61	4.45	4.34	(13.20)	(8.46)	(5.16)	(0.06)	1.50	2.10
	Cash flow	6.89	7.37	7.83	7.93	(8.13)	(3.66)	(1.42)	3.39	4.65	4.74
	Capex	(4.08)	(4.08)	(4.74)	(7.83)	(4.24)	(2.90)	(4.13)	(2.33)	(3.59)	(2.51)
	Free cash flow	2.82	3.29	3.09	0.10	(12.37)	(6.56)	(5.54)	1.06	1.06	2.23
	Book value	30.33	33.54	34.48	36.76	26.52	10.81	5.99	5.45	7.26	9.36
	Shares, m	745	722	709	690	775	1,123	1,180	1,262	1,274	1,312
Valuation, ×
Valuation, ×	P/E	13.67	18.23	13.52	10.27	0.00	0.00	0.00	0.00	17.33	12.35
	P/S	2.34	2.71	2.26	1.47	2.77	10.37	0.96	0.88	1.32	1.28
	P/B	1.69	1.96	1.75	1.21	0.75	1.63	1.66	2.76	3.58	2.77
	EV/Sales	2.85	3.18	2.71	1.99	5.33	21.53	3.29	2.18	2.37	2.21
	EV/FCF	22.23	23.43	23.41	575.71	(3.11)	(5.58)	(6.12)	35.28	43.82	20.05
Cash, $m
Cash, $m	Operating cash flow	5,134	5,322	5,549	5,475	(6,301)	(4,109)	(1,670)	4,281	5,923	6,218
	Capex	(3,036)	(2,944)	(3,360)	(5,403)	(3,286)	(3,256)	(4,870)	(2,944)	(4,568)	(3,288)
	Free cash flow	2,098	2,378	2,189	72	(9,587)	(7,365)	(6,540)	1,337	1,355	2,930
Balance, $m
Balance, $m	Working capital	(5,383)	(7,204)	(6,979)	(7,068)	1,877	(275)	(3,113)	(6,215)	(8,239)	(8,873)
	Total debt	8,942	8,710	9,475	11,271	23,872	30,436	34,346	30,572	27,474	26,640
	Net debt	8,339	8,315	8,493	10,753	14,359	21,283	28,329	28,157	26,264	24,712
	Shareholders’ equity	22,597	24,216	24,443	25,365	20,555	12,144	7,065	6,882	9,251	12,284
Returns, %
Returns, %	ROA	7.11	6.54	7.58	6.84	(20.75)	(17.77)	(11.60)	(0.15)	3.90	5.48
	ROIC	6.20	5.40	6.31	5.67	(15.87)	(13.26)	(7.73)	3.49	6.29	7.57
	ROE	11.99	11.13	12.96	12.01	(44.58)	(58.11)	(63.44)	(1.06)	23.75	25.63

Negative figures in brackets.

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 1 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BKNG Booking Holdings Inc.	$124.6B	18.0×	15.9×	+8.15% (above 0%: growing)	+130.57% (above 0%: growing)	+16.13% (above 0%: growing)	100.00%	34.00%	Compare
ABNB Airbnb, Inc.	$104.4B	38.9×	26.3×	+16.54% (above 0%: growing)	+32.69% (above 0%: growing)	+30.26% (above 0%: growing)	82.46%	21.01%	Compare
RCL Royal Caribbean Cruises Ltd.	$74.9B	17.1×	16.3×	+6.48% (above 0%: growing)	−5.39% (below 0%: shrinking)	−196.37% (below 0%: shrinking)	47.29%	27.07%	Compare
VIK Viking Holdings Ltd.	$37.5B	27.5×	27.3×	+16.49% (above 0%: growing)	+33.33% (above 0%: growing)	−75.64% (below 0%: shrinking)	45.50%	29.40%	Compare
CCL Carnival Corporation	$35.6B	11.2×	12.3×	+3.46% (above 0%: growing)	+0.06% (above 0%: growing)	−3.26% (below 0%: shrinking)	45.13%	26.31%
EXPE Expedia Group, Inc.	$35.0B	17.3×	14.4×	+13.97% (above 0%: growing)	+179.69% (above 0%: growing)	+38.87% (above 0%: growing)	90.66%	18.54%	Compare
TCOM Trip.com Group Limited Sponsored ADR	$25.9B	7.7×	12.8×	+11.39% (above 0%: growing)	n/m	+531.82% (above 0%: growing)	79.81%	(9.36%)	Compare
NCLH Norwegian Cruise Line Holdings Ltd.	$7.1B	9.0×	12.6×	+4.89% (above 0%: growing)	+585.71% (above 0%: growing)	−61.99% (below 0%: shrinking)	39.91%	13.76%	Compare
MMYT MakeMyTrip Limited	$4.4B	133×	82.6×	+6.22% (above 0%: growing)	−60.87% (below 0%: shrinking)	−36.17% (below 0%: shrinking)	74.55%	15.30%	Compare
Median of peers	$36.3B	17.7×	16.1×	+9.77%	+33.33%	−10.02%	77.18%	19.78%

All 18 Travel Services stocks →

Carnival Corporation (CCL) key facts

Strength: Carnival Corporation’s revenue for fiscal 2025 (year ended November 2025) was $26.6 billion, up 6.40% from fiscal 2024.
Carnival Corporation (CCL) is a Travel Services company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 16, 2026, CCL traded at $25.89, a market capitalization of $35.6 billion.
Carnival Corporation pays an annual dividend of $0.45 per share, a yield of 1.74%, with a payout ratio of 19.6%.
Return on equity was 25.6% and debt-to-equity 1.68.
Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 1.24 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 1, 2026.

Financial Analysis (summary)

Updated 1 October 2026

Carnival generated $26.6 billion of revenue and $2.8 billion of net income in FY2025, with diluted EPS of $2.02 in FY2025. In Q3 FY2026, revenue was $8.4 billion, net income was $1.9 billion, and diluted EPS was $1.41. Revenue over the TTM to Q3 FY2026 was $27.6 billion, while net income was $3.1 billion.

Total debt was $26.6 billion in FY2025 and net debt was $22.7 billion in Q3 FY2026. Operating cash flow reached $6.2 billion and free cash flow was $2.9 billion in FY2025. As of September 30, 2026, market capitalisation was $33.4 billion and the P/E was 10.6×.

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