FirmAtlas
Company handbook · CCL · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
CCL · CIK 815097 · LATEST FILING: 10-Q AUG '26 · FILED SEP 29, 2026
Carnival Corporation
$25.90
−0.56 (−2.12%)
Close, Oct 16, 2026 · 52-week $21–34
Last fiscal year
Carnival Corporation reported revenue of $26.6B for the year ended Nov 30, 2025 (FY25), up 6.4% from FY24. Net income was $2.8B, operating cash flow $6.2B and free cash flow $2.6B. Source: 10-K filed Jan 27, 2026.
Market cap
$36.3B
P/E
11.6
EV/EBITDA
8.8x
P/B
2.6
Div yield
1.74%
ROIC
11.4%
Revenue 1Y
6.4%/yr
EPS 1Y
40.3%/yr
Shares 1Y
+0.3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJosh Weinstein
HQMiami, FL
AuditorDeloitte & Touche LLP
Year endsNovember
Revenue by segment · FY25
North America Cruise Brands67%
Europe Australia And Asia Cruise Brands32%
Cruise1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−5.6%
1.8%
28.0%
−8.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$8.2B deployed
Capex
$8.2B
100.0%
Operating cash flow over the period: $12.1B. Total debt changed by +$235M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Nov 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY20).
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
25,021
26,622+6.4%
27,594
YoY
+6.4%
Gross profit
9,383
—
—
Gross margin
37.5%
—
—
Operating income
3,574
4,483+25.4%
4,413
Operating margin
14.3%
16.8%+2.6 pp
—
EBITDA
6,131
7,273+18.6%
—
EBITDA margin
24.5%
27.3%+2.8 pp
—
Interest expense
1,755
1,349−23.1%
—
Interest coverage
3.49x
5.39x+1.90x
—
Net income
1,916
2,760+44.1%
3,136
YoY
+44.1%
Net margin
7.7%
10.4%+2.7 pp
—
EPS (diluted, $)
1.44
2.02+40.3%
2.28
YoY
+40.3%
Balance sheet
Total assets
49,057
51,687+5.4%
50,971
Cash & short-term investments
1,231
1,958+59.1%
—
Accounts receivable
590
678+14.9%
—
Inventory
507
505−0.4%
—
Net PP&E
41,795
43,494+4.1%
—
Other assets
4,934
5,052+2.4%
—
Total liabilities
39,806
39,403−1.0%
36,783
Accounts payable
1,133
1,245+9.9%
—
Total debt
29,751
29,986+0.8%
26,595
Other liabilities
8,922
8,172−8.4%
—
Shareholders’ equity
9,251
12,284+32.8%
14,188
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,923
6,218+5.0%
6,821
Net income
1,916
2,760+44.1%
—
Depreciation & amortization
2,557
2,790+9.1%
—
Stock-based compensation
62
98+58.1%
—
Working capital & other
1,388
570−58.9%
—
Cash from investing
(4,535)
(3,321)n/m
—
Capex
(4,626)
(3,611)n/m
—
PP&E sold
58
323+456.9%
—
Investments bought
0
—
—
Other investing
33
(33)−200.0%
—
Cash from financing
(2,584)
(2,189)n/m
—
Shares issued
0
—
—
Other financing
(2,584)
(2,189)n/m
—
Net change in cash
(1,204)
727n/m
—
Free cash flow (OCF − capex)
1,297
2,607+101.0%
3,176
Where the cash went
Operating cash flow
5,923
6,218+5.0%
6,821
Reinvested in the business
4,626
3,611−21.9%
—
% of operating cash flow
78.1%
58.1%
Capex
4,626
3,611−21.9%
3,645
Free cash flow
1,297
2,607+101.0%
3,176
YoY
+101.0%
Change in total debt
—
235
—
Cash left over
—
2,842
—
FCF conversion (FCF ÷ net income)
67.7%
94.5%+26.8 pp
—
Owner earnings
—
1,965
—
Owner earnings margin
—
7.4%
—
Returns & ratios
ROIC (all capital)
9.5%
11.4%+2.0 pp
—
ROIC (operating)
8.6%
10.5%+1.9 pp
—
Net debt / EBITDA
4.65x
3.85x−0.80x
—
Debt / equity
3.22x
2.44x−0.77x
—
ROE
20.7%
22.5%+1.8 pp
—
ROA
3.9%
5.3%+1.4 pp
—
ROCE
9.5%
11.6%+2.1 pp
—
NOPAT
3,574
4,464+24.9%
—
Invested capital (operating)
41,759
43,432+4.0%
—
Invested capital (all)
37,771
40,312+6.7%
—
Reinvestment rate
—
37.5%
—
Net debt is 3.9x EBITDA (FY25).
Income
Nov '25
Feb '26
May '26
Aug '26
Revenue
6,331
6,165
6,663
8,435
vs year-ago quarter
Operating income
735
607
851
2,220
Net income
421
258
537
1,920
vs year-ago quarter
Net margin
6.6%
4.2%
8.1%
22.8%
EPS (diluted, $)
0.30
0.19
0.39
1.40
vs year-ago quarter
Balance sheet
Nov '25
Feb '26
May '26
Aug '26
Total assets
51,687
51,567
52,228
50,971
Cash & equivalents
1,958
1,457
2,260
1,240
Total debt
29,986
27,506
27,041
26,595
Shareholders’ equity
12,284
13,031
12,968
14,188
Cash flow
Nov '25
Feb '26
May '26
Aug '26
Operating cash flow
1,518
1,263
2,630
1,410
Capex
1,506
566
875
698
Free cash flow
12
697
1,755
712
vs year-ago quarter