Carnival Corporation & plc

CCL · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$33,853	$34,123	$19,672	$12,897	$20,541	$15,544	$31,105	$42,746	$47,458	$38,300	$39,262	$32,895	$27,985	$30,077	$26,128	$32,552	$25,208	$15,398	$35,780	$39,175	$43,845	$42,546	$25,395	$16,569	$15,302	$13,598	$26,974	$20,599	$15,116	$9,171	$7,540	$6,110	$6,794	$4,549	$3,251	$1,805	$2,674	$1,901	$1,213	$1,711
Enterprise value	$59,932	$61,789	$49,148	$44,749	$46,009	$34,411	$42,089	$52,087	$56,258	$47,096	$46,654	$41,652	$37,083	$38,514	$35,031	$41,487	$34,717	$24,091	$43,689	$45,859	$50,019	$49,839	$31,728	$19,032	$16,821	$15,756	$27,527	$22,857	$16,042	$10,430	$8,659	$7,232	$7,856	$5,309	$4,129	$2,963	$3,564	$1,634	$967	$1,870
P/E (TTM) at period end	11.96×	16.99×	–	–	–	–	10.40×	13.56×	18.21×	13.78×	22.35×	27.05×	26.53×	23.17×	13.67×	16.37×	13.99×	6.51×	14.86×	17.19×	19.46×	22.95×	21.39×	16.31×	16.53×	14.09×	26.26×	24.64×	22.70×	16.20×	16.72×	16.00×	21.35×	16.45×	38.25×	8.76×	13.81×	9.68×	7.94×	17.51×
P/S (TTM) at period end	1.27×	1.36×	0.91×	1.06×	10.77×	2.78×	1.49×	2.26×	2.71×	2.34×	2.50×	2.07×	1.81×	1.96×	1.65×	2.25×	1.92×	1.05×	2.75×	3.31×	3.95×	4.37×	3.78×	3.78×	3.36×	3.59×	7.69×	6.84×	6.18×	4.15×	3.77×	3.38×	4.36×	3.09×	2.31×	1.30×	2.33×	3.17×	2.15×	4.07×
P/B at period end	2.76×	3.69×	2.86×	1.83×	1.69×	0.76×	1.23×	1.75×	1.96×	1.69×	1.65×	1.36×	1.14×	1.26×	1.10×	1.41×	1.14×	0.80×	1.79×	2.15×	2.58×	2.70×	1.84×	2.23×	2.32×	2.32×	4.55×	4.81×	4.19×	3.03×	3.22×	3.17×	4.18×	3.29×	2.78×	1.74×	2.99×	2.53×	1.91×	8.23×
EV / EBITDA (TTM)	8.24×	10.08×	11.36×	–	–	–	7.74×	9.75×	12.09×	9.79×	11.11×	12.22×	12.70×	12.15×	9.27×	11.03×	10.03×	6.06×	11.42×	12.74×	14.13×	16.70×	16.18×	13.41×	13.31×	12.40×	21.78×	20.83×	18.20×	14.05×	14.00×	13.05×	30.88×	22.49×	17.90×	–	–	–	–	–
EV / Sales (TTM)	2.25×	2.47×	2.28×	3.68×	24.11×	6.15×	2.02×	2.76×	3.21×	2.87×	2.97×	2.62×	2.40×	2.50×	2.22×	2.87×	2.64×	1.64×	3.35×	3.87×	4.51×	5.12×	4.72×	4.34×	3.70×	4.16×	7.84×	7.60×	6.55×	4.71×	4.33×	4.00×	5.05×	3.60×	2.94×	2.13×	3.11×	2.72×	1.71×	4.44×
Returns
Return on equity	23.1%	21.7%	(1.1%)	(86.2%)	(78.2%)	(49.8%)	11.8%	12.9%	10.8%	12.3%	7.4%	5.0%	4.3%	5.4%	8.0%	8.6%	8.2%	12.4%	12.1%	12.5%	13.3%	11.8%	8.6%	13.7%	14.0%	16.4%	17.3%	19.5%	18.5%	18.7%	19.2%	19.8%	19.6%	20.0%	7.3%	19.9%	21.7%	26.1%	24.0%	47.0%
Return on invested capital	11.6%	9.7%	5.4%	(11.3%)	(18.7%)	(22.5%)	8.8%	9.7%	8.3%	9.8%	8.1%	5.3%	4.0%	5.1%	6.9%	7.3%	6.8%	9.6%	9.7%	10.3%	11.0%	9.2%	6.7%	10.5%	10.9%	12.2%	15.7%	13.6%	15.6%	13.7%	13.7%	13.8%	12.7%	14.7%	14.9%	12.0%	13.1%	32.5%	39.0%	27.6%
Dividend yield	–	–	–	–	–	4.4%	4.5%	3.2%	2.3%	2.6%	2.1%	2.4%	4.2%	2.6%	2.6%	0.7%	1.2%	8.2%	2.8%	2.0%	1.3%	0.9%	1.1%	1.5%	1.6%	1.9%	0.8%	0.9%	0.9%	1.1%	1.1%	1.3%	1.2%	1.7%	2.0%	–	–	–	–	–
Financial health
Current ratio	0.32×	0.29×	0.46×	0.71×	0.97×	1.22×	0.23×	0.24×	0.18×	0.24×	0.35×	0.21×	0.29×	0.25×	0.21×	0.22×	0.31×	0.29×	0.27×	0.37×	0.41×	0.34×	0.64×	0.70×	1.32×	0.32×	0.56×	0.33×	0.43×	0.44×	0.43×	0.43×	0.46×	0.66×	0.66×	0.39×	0.42×	1.79×	1.74×	0.61×
Debt / equity	2.17×	2.97×	4.44×	4.86×	2.51×	1.16×	0.44×	0.39×	0.36×	0.40×	0.37×	0.35×	0.39×	0.37×	0.38×	0.37×	0.45×	0.46×	0.44×	0.43×	0.43×	0.50×	0.54×	0.43×	0.45×	0.40×	0.18×	0.53×	0.30×	0.46×	0.52×	0.65×	0.69×	0.63×	0.94×	1.24×	1.12×	0.12×	0.16×	1.05×
Effective tax rate	0.4%	(0.1%)	(21.0%)	(0.2%)	0.2%	0.2%	2.3%	1.7%	2.3%	(1.7%)	2.3%	0.7%	(0.6%)	0.3%	–	0.1%	0.9%	2.0%	0.7%	1.7%	3.1%	2.5%	2.4%	(5.9%)	(1.3%)	0.1%	0.3%	0.5%	0.9%	1.6%	2.0%	2.6%	1.7%	3.1%	3.4%	2.1%	3.2%	–	–	–
Share count
Diluted shares outstanding	1,402	1,398	1,262	1,180	1,123	775	692	710	725	747	779	778	777	779	789	805	804	816	828	823	834	828	733	605	590	603	619	597	580	580	580	565	565	564	562	545	545	538	539	434

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$27,593	$26,622	$25,021	$21,593	$12,168	$1,908	$5,595	$20,825	$18,881	$17,510	$16,389	$15,714	$15,884	$15,456	$15,382	$15,793	$14,469	$13,157	$14,646	$13,033	$11,839	$11,094	$9,727	$6,718	$4,383	$4,549	$3,791	$3,509	$3,009	$2,447	$2,213	$1,998	$1,806	$1,557	$1,474	$1,405	$1,391	$1,148	$600	$564	$421
Cost of revenue	($18,152)	($18,737)	($15,638)	($14,317)	($11,757)	($4,655)	($8,245)	($12,909)	($11,089)	($10,501)	($9,383)	($9,447)	($10,421)	($10,645)	($10,320)	($10,299)	($9,092)	($8,407)	($9,340)	($7,628)	($6,791)	($6,218)	($5,457)	($3,818)	($2,330)	($2,482)	($2,808)	($2,489)	($1,619)	($1,323)	($1,241)	($1,131)	($1,028)	($908)	($866)	($810)	($815)	($660)	($327)	($305)	($232)
Gross profit	$9,441	$7,885	$9,383	$7,276	$411	($2,747)	($2,651)	$7,916	$7,792	$7,009	$7,006	$6,267	$5,463	$4,811	$5,062	$5,494	$5,377	$4,750	$5,306	$5,405	$5,048	$4,876	$4,270	$2,900	$2,053	$2,067	$983	$1,020	$1,390	$1,125	$971	$867	$778	$649	$608	$594	$576	$488	$273	$259	$188
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,581)	($3,402)	($3,252)	($2,950)	($2,515)	($1,885)	($1,878)	($2,480)	($2,450)	($2,265)	($2,197)	($2,067)	($2,054)	($1,879)	($1,720)	($1,717)	($1,614)	($1,590)	($1,629)	($1,579)	($1,447)	($1,335)	($1,285)	($932)	($609)	($619)	($487)	($447)	($369)	($297)	($275)	($249)	($223)	($208)	($194)	($193)	($217)	($180)	($87)	($82)	($70)
Total operating expenses	($5,028)	($3,402)	($5,809)	($5,320)	($4,790)	($4,342)	($6,214)	($4,640)	($4,467)	($4,200)	($3,935)	($3,693)	($3,691)	($3,482)	($3,420)	($3,239)	($3,030)	($2,596)	($2,577)	($2,680)	($2,435)	($2,237)	($2,097)	($1,524)	($1,016)	($1,175)	–	–	($493)	($411)	($374)	($377)	($334)	($301)	($283)	($278)	($307)	($247)	($115)	($107)	($87)
Total costs and expenses	($23,180)	($22,139)	($21,447)	($19,637)	($16,547)	($8,997)	($14,460)	($17,549)	($15,556)	($14,701)	($13,318)	($13,140)	($14,112)	($14,127)	($13,740)	($13,538)	($12,122)	($11,003)	($11,917)	($10,308)	($9,226)	($8,455)	($7,554)	($5,342)	($3,346)	($3,657)	($2,808)	($2,489)	($2,113)	($1,733)	($1,615)	($1,508)	($1,362)	($1,209)	($1,149)	($1,089)	($1,122)	($907)	($442)	($412)	($320)
Operating income	$4,413	$4,483	$3,574	$1,956	($4,379)	($7,089)	($8,865)	$3,276	$3,325	$2,809	$3,071	$2,574	$1,772	$1,329	$1,642	$2,255	$2,347	$2,154	$2,729	$2,725	$2,613	$2,639	$2,173	$1,376	$1,037	$892	$983	$1,020	$897	$714	$597	$490	$444	$348	$325	$316	$270	$241	$158	$152	$101
Earnings
EBITDA	$7,312	$7,273	$6,131	$4,326	($2,104)	($4,856)	($6,624)	$5,436	$5,342	$4,655	$4,809	$4,200	$3,409	$2,919	$3,169	$3,777	$3,763	$3,463	$3,978	$3,826	$3,601	$3,541	$2,985	$1,961	$1,419	$1,264	$1,271	$1,264	$1,097	$881	$742	$618	$554	$254	$236	$231	–	–	–	–	–
Interest income	$58	$51	$93	$233	$74	$12	$18	$23	$14	$9	$6	$8	$8	$11	$10	$11	$12	$14	$35	$67	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,176)	($1,349)	($1,755)	($2,066)	($1,609)	($1,601)	($895)	($206)	($194)	($198)	($223)	($217)	($288)	($319)	($336)	($365)	($378)	($380)	($420)	($367)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,169	$2,772	$1,915	($62)	($6,080)	($9,522)	($10,253)	$3,060	$3,207	$2,666	$2,828	$1,799	$1,225	$1,049	$1,302	$1,912	$1,979	$1,806	$2,371	$2,424	$2,318	$2,325	$1,901	$1,223	$959	$914	$967	$1,030	$840	$672	$575	$460	$392	$324	$291	$263	$211	$200	–	–	–
Income tax expense	($32)	($12)	$1	($13)	($14)	$21	$17	($71)	($54)	($60)	$49	($42)	($9)	$6	($4)	–	($1)	($16)	($47)	($16)	($39)	($72)	($47)	($29)	$57	$12	($1)	($3)	($4)	($6)	($9)	($9)	($10)	($6)	($9)	($9)	($4)	($6)	–	–	–
Net income	$3,137	$2,760	$1,916	($74)	($6,093)	($9,501)	($10,236)	$2,990	$3,152	$2,606	$2,779	$1,757	$1,216	$1,055	$1,298	$1,912	$1,978	$1,790	$2,324	$2,408	$2,279	$2,253	$1,854	$1,187	$1,016	$926	$965	$1,027	$836	$666	$566	$451	$382	$318	$277	$85	$206	$194	$196	$153	$98
Per share
Diluted EPS (GAAP)	$2.29	$2.02	$1.44	($0.06)	($5.16)	($8.46)	($13.20)	$4.32	$4.44	$3.59	$3.72	$2.26	$1.56	$1.36	$1.67	$2.42	$2.47	$2.24	$2.90	$2.95	$2.77	$2.70	$2.24	$1.62	$1.68	$1.57	$1.60	$1.66	$1.40	$1.12	$0.98	$0.80	$0.34	$0.14	$0.12	$0.04	$0.0975	$0.09	$0.0925	$0.0825	$0.0575
Basic EPS (GAAP)	$2.31	$2.10	$1.50	($0.06)	($5.16)	($8.46)	($13.20)	$4.34	$4.45	$3.61	$3.73	$2.26	$1.57	$1.36	$1.67	$2.43	$2.51	$2.27	$2.96	$3.04	$2.85	$2.80	$2.31	$1.65	$1.72	$1.58	$1.61	$1.68	$1.40	$1.12	$0.98	$0.80	$0.34	$0.14	$0.12	$0.04	$0.0975	$0.09	$0.0925	$0.0825	$0.0575
Basic shares outstanding	1,359	1,312	1,274	1,262	1,180	1,123	775	690	709	722	745	777	776	775	778	787	788	787	786	793	800	805	803	719	591	586	599	611	597	580	580	580	565	565	564	562	545	545	538	539	434
Margins
Gross margin	34.2%	29.6%	37.5%	33.7%	3.4%	(144.0%)	(47.4%)	38.0%	41.3%	40.0%	42.7%	39.9%	34.4%	31.1%	32.9%	34.8%	37.2%	36.1%	36.2%	41.5%	42.6%	44.0%	43.9%	43.2%	46.8%	45.4%	25.9%	29.1%	46.2%	46.0%	43.9%	43.4%	43.1%	41.7%	41.3%	42.3%	41.4%	42.5%	45.5%	45.9%	44.7%
Operating margin	16.0%	16.8%	14.3%	9.1%	(36.0%)	(371.5%)	(158.4%)	15.7%	17.6%	16.0%	18.7%	16.4%	11.2%	8.6%	10.7%	14.3%	16.2%	16.4%	18.6%	20.9%	22.1%	23.8%	22.3%	20.5%	23.7%	19.6%	25.9%	29.1%	29.8%	29.2%	27.0%	24.5%	24.6%	22.3%	22.0%	22.5%	19.4%	21.0%	26.3%	27.0%	24.0%
Net margin	11.4%	10.4%	7.7%	(0.3%)	(50.1%)	(498.0%)	(182.9%)	14.4%	16.7%	14.9%	17.0%	11.2%	7.7%	6.8%	8.4%	12.1%	13.7%	13.6%	15.9%	18.5%	19.2%	20.3%	19.1%	17.7%	23.2%	20.4%	25.5%	29.3%	27.8%	27.2%	25.6%	22.6%	21.1%	20.4%	18.8%	6.1%	14.8%	16.9%	32.7%	27.1%	23.2%

Analyst consensus

Buy49 analysts

Bearish · 2 · Hold · 17 · Bullish · 30

Earnings history

	EPS	Estimate
Q4 2024	$0.14	$0.06	Beat
Q1 2025	$0.13	$0.03	Beat
Q2 2025	$0.35	$0.25	Beat
Q3 2025	$1.43	$1.32	Beat
Q4 2025	$0.34	$0.25	Beat
Q1 2026	$0.20	$0.18	Beat
Q2 2026	$0.41	$0.34	Beat
Q3 2026	$1.43	$1.35	Beat

Peers

Company overview

IPO dateJul 24, 1987

CEOJoshua Ian Weinstein

Employees160,000

SectorConsumer Cyclical

IndustryTravel Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.carnivalcorp.com

Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. Its extensive fleet of vessels navigates to nearly 700 different ports globally, sailing under a diverse portfolio of acclaimed brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard. Beyond its core cruise operations, the company also provides port services and other related offerings. Its holdings include and it manages hotels, lodges, unique glass-domed railcars, and motor coaches. Customers primarily book their cruises through a network of travel agencies, tour operators, vacation planners, and direct online channels. The corporation maintains a broad international presence, with operations spanning the United States, Canada, continental Europe, the United Kingdom, Australia, New Zealand, Asia, and other global markets. It commands a significant fleet of 87 ships, collectively providing capacity for 223,000 passengers in lower berths. Carnival Corporation & plc was established in 1972 and has its headquarters situated in Miami, Florida.

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