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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. 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%
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 Share dilution
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 (below 1: weak)
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
EV/Sales is 2.1×, against a ten-year median of 2.6×; over the ten years it ranged from 0.9× in 2020 to 340× in 2021.
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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
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

Carnival Corporation vs peers in Travel Services (Q) = latest quarter vs a year earlier

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 →

CCL metrics, ten years each

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

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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stockrow.com/CCL · Data as of Oct 1, 2026 · For information only; not investment advice. · © 2026 stockrow.com