Carnival Corporation Ltd. (CCL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.34	$0.41	+20.6%	—	—	—
Q3 26	$0.18	$0.2	+11.1%	—	—	—
Q2 26	$0.25	$0.34	+36.0%	—	—	—
Q1 26	$1.32	$1.43	+8.3%	—	—	—
Q4 25	$0.24	$0.35	+45.8%	—	—	—
Q3 25	$0.02	$0.13	+550.0%	—	—	—
Q2 25	$0.07	$0.14	+100.0%	—	—	—
Q1 25	$1.15	$1.27	+10.4%	—	—	—
Q4 24	-$0.02	$0.11	+650.0%	—	—	—
Q3 24	-$0.18	-$0.14	+22.2%	—	—	—
Q2 24	-$0.13	-$0.07	+46.2%	—	—	—
Q1 24	$0.74	$0.86	+16.2%	—	—	—
Q4 23	-$0.34	-$0.31	+8.8%	—	—	—
Q3 23	-$0.6	-$0.55	+8.3%	—	—	—
Q2 23	-$0.89	-$0.85	+4.5%	—	—	—
Q1 23	-$0.14	-$0.58	-314.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.1	—	—	$26.6B	—
FY24	—	$1.5	—	—	$25B	—
FY23	—	-$0.06	—	—	$21.6B	—
FY22	—	-$5.16	—	—	$12.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$16.4B	$17.5B	$18.9B	$20.8B	$5.6B	$1.9B	$12.2B	$21.6B	$25B	$26.6B
YoY change	+4.3%	+6.84%	+7.82%	+10.3%	-73.1%	-65.9%	+537.8%	+77.4%	+15.9%	+6.39%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	16.4B	17.5B	18.9B	20.8B	5.6B	1.9B	12.2B	21.6B	25B	26.6B
Cost of revenue	9.4B	10.5B	11.1B	12.9B	8.2B	4.7B	11.8B	14.3B	15.6B	15.9B
Gross profit	7B	7B	7.8B	7.9B	-2.7B	-2.7B	412M	7.3B	9.4B	10.7B
Gross margin	42.7%	40%	41.3%	38%	-47.4%	-144%	3.39%	33.7%	37.5%	40.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.2B	2.3B	2.5B	2.5B	1.9B	1.9B	2.5B	3B	3.3B	3.4B
Operating expenses	2.2B	2.3B	2.5B	2.5B	1.9B	1.9B	2.5B	3B	3.3B	3.4B
Operating income	3.1B	2.9B	3.3B	3.3B	-6.8B	-6.9B	-4.4B	2B	3.6B	4.5B
Operating margin	18.7%	16.6%	17.6%	15.7%	-121%	-359.8%	-36%	9.06%	14.3%	16.8%
Non-operating income, net	-26M	-43M	62M	-32M	-2.6B	-1.1B	-166M	-186M	4M	-413M
Pretax income	2.8B	2.7B	3.2B	3.1B	-10.3B	-9.5B	-6.1B	-62M	1.9B	2.8B
Income tax	49M	60M	54M	71M	-17M	-21M	14M	13M	-1M	12M
Net income	2.8B	2.6B	3.2B	3B	-10.2B	-9.5B	-6.1B	-75M	1.9B	2.8B
Net margin	17%	14.9%	16.7%	14.4%	-183%	-498%	-50.1%	-0.35%	7.66%	10.4%
EBITDA	4.8B	4.8B	5.4B	5.4B	-4.6B	-4.8B	-2.2B	4.5B	6.3B	7.3B
EPS	3.73	3.61	4.45	4.34	-13.2	-8.46	-5.16	-0.06	1.5	2.1
Diluted EPS	3.72	3.59	4.44	4.32	-13.2	-8.46	-5.16	-0.06	1.44	2.02

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.9B	5.4B	5.4B	5.8B	7.9B	5.9B	5.8B	6.3B	8.2B	6.3B	6.2B	6.7B
Cost of revenue	3.9B	3.6B	3.7B	3.8B	4.3B	3.8B	3.8B	3.9B	4.4B	3.9B	3.9B	4.2B
Gross profit	2.9B	1.8B	1.7B	2B	3.6B	2.1B	2B	2.4B	3.8B	2.4B	2.2B	2.4B
Gross margin	42.8%	32.7%	31.5%	34.3%	45.5%	35.4%	35.2%	38.6%	46.2%	38.2%	36.1%	36.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	713M	788M	813M	789M	763M	886M	848M	816M	779M	960M	924M	863M
Operating expenses	713M	788M	813M	789M	763M	886M	848M	816M	779M	960M	924M	863M
Operating income	1.6B	383M	276M	560M	2.2B	560M	542M	934M	2.3B	735M	606M	852M
Operating margin	23.7%	7.1%	5.1%	9.69%	27.6%	9.43%	9.33%	14.8%	27.9%	11.6%	9.83%	12.8%
Non-operating income, net	-100M	-7M	-51M	-40M	-23M	117M	-244M	-24M	-113M	-33M	-47M	-23M
Pretax income	1.1B	-39M	-214M	96M	1.7B	289M	-71M	582M	1.9B	404M	280M	555M
Income tax	-9M	10M	0	5M	8M	-14M	7M	17M	6M	-18M	17M	17M
Net income	1.1B	-49M	-214M	91M	1.7B	303M	-78M	565M	1.9B	422M	263M	538M
Net margin	15.7%	-0.91%	-3.96%	1.57%	22%	5.1%	-1.34%	8.93%	22.7%	6.67%	4.27%	8.07%
EBITDA	2.3B	1B	903M	1.2B	2.8B	1.4B	1.2B	1.6B	3B	1.5B	1.3B	1.6B
EPS	0.85	-0.04	-0.17	0.07	1.37	0.23	-0.06	0.43	1.41	0.32	0.19	0.39
Diluted EPS	0.79	-0.04	-0.17	0.07	1.26	0.23	-0.06	0.42	1.33	0.31	0.19	0.39

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	38.3B	47.5B	42.7B	31.1B	—	—	11.7B	19B	32.4B	33.8B	30.3B
Enterprise value	47.1B	56.3B	52.1B	42.1B	—	—	43.6B	48.5B	60.1B	59.9B	54.4B
Shares outstanding	745M	723M	709M	690M	775M	1.1B	1.2B	1.3B	1.3B	1.3B	1.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.8	18.2	13.6	10.4	—	—	—	—	16.9	12.3	10
P/S	2.34	2.71	2.26	1.49	—	—	0.96	0.88	1.29	1.27	1.12
P/B	1.69	1.96	1.75	1.23	—	—	1.66	2.76	3.5	2.75	2.35
EV/EBITDA	9.74	11.8	9.72	7.76	—	—	-19.8	10.8	9.52	8.18	7.45
EV/Sales	2.87	3.21	2.76	2.02	—	—	3.58	2.25	2.4	2.25	1.99
Earnings yield	7.26%	5.49%	7.38%	9.61%	—	—	—	—	5.91%	8.16%	9.98%
FCF yield	5.41%	5.01%	4.21%	0.15%	—	—	-56.4%	5.25%	4%	7.71%	6.26%
PEG	—	—	—	—	—	—	—	—	—	—	-1.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.7%	40%	41.3%	38%	-47.4%	-144%	3.39%	33.7%	37.5%	40.1%	36.6%
Operating margin	18.7%	16.6%	17.6%	15.7%	-121%	-359.8%	-36%	9.06%	14.3%	16.8%	12.8%
Net margin	17%	14.9%	16.7%	14.4%	-183%	-498%	-50.1%	-0.35%	7.66%	10.4%	11.2%
ROE	12.3%	10.8%	12.9%	11.8%	-49.8%	-78.2%	-86.3%	-1.09%	20.7%	22.5%	26.7%
ROA	7.15%	6.39%	7.44%	6.63%	-19.1%	-17.8%	-11.8%	-0.15%	3.91%	5.34%	5.37%
ROIC	9.61%	8.58%	9.67%	8.8%	-17.2%	-18.3%	-11.2%	5.38%	9.68%	11.6%	12%
Return on tangible assets	9.11%	8.03%	9.22%	8.1%	-20.6%	-19.1%	-12.6%	-0.16%	4.2%	5.73%	6.31%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.24	0.18	0.24	0.23	1.22	0.97	0.71	0.46	0.29	0.32	0.33
Quick ratio	0.19	0.14	0.19	0.18	1.18	0.94	0.67	0.41	0.25	0.28	0.29
Debt / equity	0.42	0.38	0.42	0.45	1.38	2.85	5.08	4.63	3.12	2.28	2.02
Debt / assets	0.24	0.23	0.24	0.26	0.53	0.65	0.69	0.65	0.59	0.54	0.5
Net debt / EBITDA	1.82	1.85	1.74	2.02	-4.14	-5.31	-14.5	6.57	4.39	3.56	3.27
Interest coverage	13.7	14.5	17.5	15.9	-10.5	-4.95	-2.78	0.97	2.09	3.05	3.56
Effective tax rate	1.73%	2.25%	1.68%	2.32%	0%	0%	0%	0%	0%	0.43%	0.71%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	22	24.2	26.6	30.2	7.22	1.7	10.3	17.1	19.6	20.3	20.3
EPS (basic)	3.73	3.61	4.45	4.34	-13.2	-8.46	-5.16	-0.06	1.5	2.1	2.1
EPS (diluted)	3.72	3.59	4.44	4.32	-13.2	-8.46	-5.16	-0.06	1.44	2.02	2.22
Book value per share	30.3	33.5	34.5	36.8	26.5	10.8	5.99	5.45	7.26	9.36	9.45
FCF per share	2.78	3.29	2.54	0.07	-12.8	-6.87	-5.6	0.79	1.02	1.99	2.31
Cash per share	0.81	0.55	1.39	0.75	12.3	8.14	3.41	1.91	0.95	1.47	1.64
Capex per share	4.08	4.07	4.74	7.83	4.24	2.9	4.13	2.33	3.59	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	18.5%	16.8%	17.8%	25.9%	58.7%	170.6%	40%	13.6%	18.3%	—	—
Capex / operating cash flow	59.8%	59.1%	59.8%	95.8%	-31.8%	-61.9%	-297.1%	79.7%	84.9%	—	—
Payout ratio	35.2%	41.7%	43%	46.4%	-6.73%	0%	0%	—	—	—	13.5%
Dividend yield	2.55%	2.29%	3.17%	4.46%	—	—	0%	—	—	—	2.71%

Yield

2.71%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.15

ex-dividend Aug 7, 2026

Payout ratio

14%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$0.15
May 18, 2026	$0.15
Feb 13, 2026	$0.15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.9B	$5.4B	$5.4B	$5.8B	$7.9B	$5.9B	$5.8B	$6.3B	$8.2B	$6.3B	$6.2B	$6.7B
YoY change	+59.2%	+40.6%	+22%	+17.7%	+15.2%	+10%	+7.45%	+9.46%	+3.25%	+6.6%	+6.11%	+5.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	603M	395M	982M	518M	9.5B	9.1B	4B	2.4B	1.2B	1.9B
Receivables	298M	312M	358M	444M	273M	246M	395M	556M	590M	678M
Inventory	322M	387M	450M	427M	335M	356M	428M	528M	507M	505M
Total current assets	1.7B	1.6B	2.2B	2.1B	10.6B	10.1B	7.5B	5.3B	3.4B	4.2B
Property, plant & equipment	33.5B	34.4B	35.3B	38.1B	39.4B	39.4B	40B	41.4B	43.2B	44.8B
Goodwill & intangibles	8.4B	8.3B	8.2B	8.2B	4B	3.5B	3.5B	3.5B	3.5B	3.5B
Total assets	38.9B	40.8B	42.4B	45.1B	53.6B	53.3B	51.7B	49.1B	49.1B	51.7B
Accounts payable	713M	762M	730M	756M	624M	797M	1.1B	1.2B	1.1B	1.2B
Short-term debt	1.1B	2.2B	2.4B	1.8B	5B	4.9B	2.7B	2.2B	1.7B	2.8B
Total current liabilities	7.1B	8.8B	9.2B	9.1B	8.7B	10.4B	10.6B	11.5B	11.6B	13.1B
Long-term debt	8.3B	7B	7.9B	9.7B	23.4B	29.7B	33.1B	29.7B	27.2B	25.2B
Total liabilities	16.3B	16.6B	18B	19.7B	33B	41.2B	44.6B	42.2B	39.8B	39.4B
Shareholders' equity	22.6B	24.2B	24.4B	25.4B	20.6B	12.1B	7.1B	6.9B	9.3B	12.3B
Total debt	9.4B	9.2B	10.3B	11.5B	28.4B	34.6B	35.9B	31.9B	28.9B	28B
Net debt	8.8B	8.8B	9.3B	11B	18.9B	25.7B	31.9B	29.5B	27.7B	26.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.8B	—	—	—	—	—	—	—	1.8B	1.9B	1.4B	2.2B
Receivables	485M	—	—	—	—	—	—	—	651M	678M	663M	633M
Inventory	483M	—	—	—	—	—	—	—	475M	505M	510M	552M
Total current assets	4.7B	—	—	—	—	—	—	—	3.9B	4.2B	3.7B	4.5B
Property, plant & equipment	41.2B	—	—	—	—	—	—	—	44.2B	44.8B	45B	44.9B
Goodwill & intangibles	3.5B	579M	579M	—	579M	—	579M	—	3.5B	3.5B	3.5B	3.5B
Total assets	49.8B	—	—	—	—	—	—	—	50.8B	51.7B	51.6B	52.2B
Accounts payable	1.1B	—	—	—	—	—	—	—	1.2B	1.2B	1.2B	1.2B
Short-term debt	1.9B	—	—	—	—	—	—	—	1.6B	2.8B	1.7B	1.6B
Total current liabilities	11B	—	—	—	—	—	—	—	11.4B	13.1B	12.4B	13.4B
Long-term debt	30.7B	—	—	—	—	—	—	—	26.3B	25.2B	24.9B	24.5B
Total liabilities	42.8B	—	—	—	—	—	—	—	38.9B	39.4B	38.5B	39.2B
Shareholders' equity	7B	—	—	—	—	—	—	—	11.9B	12.3B	13B	13B
Total debt	32.6B	—	—	—	—	—	—	—	27.9B	28B	26.6B	26.2B
Net debt	29.8B	—	—	—	—	—	—	—	26.1B	26.1B	25.2B	23.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.8B	2.6B	3.2B	3B	-10.2B	-9.5B	-6.1B	-74M	1.9B	2.8B
Depreciation & amortization	1.7B	1.8B	2B	2.2B	2.2B	2.2B	2.3B	2.4B	2.6B	2.8B
Stock-based compensation	55M	63M	65M	46M	105M	121M	101M	53M	62M	98M
Change in working capital	433M	412M	390M	386M	-2.7B	1.4B	1.7B	981M	441M	287M
Operating cash flow	5.1B	5B	5.6B	5.6B	-10.3B	-5.3B	-1.6B	3.7B	5.4B	6.2B
Capital expenditure	-3B	-2.9B	-3.4B	-5.4B	-3.3B	-3.3B	-4.9B	-2.9B	-4.6B	—
Investing cash flow	-3.3B	-3.1B	-3.7B	-5.1B	-3.2B	-3.5B	-4.8B	-2.8B	-4.5B	-33M
Dividends paid	-977M	-1.1B	-1.4B	-1.4B	-689M	0	0	—	—	—
Share repurchases	-2.3B	-552M	-1.5B	-603M	-12M	0	0	—	—	—
Financing cash flow	-2.6B	-2.5B	-1.5B	-655M	18.6B	6.6B	979M	-5.3B	-2.6B	-2.2B
Net change in cash	-838M	-596M	502M	-162M	5.1B	-2.2B	-5.4B	-4.4B	-1.7B	4B
Free cash flow	2.1B	2.4B	1.8B	46M	-9.9B	-7.7B	-6.6B	997M	1.3B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.1B	-48M	-214M	91M	1.7B	303M	-78M	561M	1.8B	422M	263M	538M
Depreciation & amortization	595M	596M	613M	634M	651M	659M	654M	692M	718M	726M	696M	723M
Stock-based compensation	12M	10M	11M	19M	17M	15M	18M	27M	25M	28M	28M	22M
Change in working capital	-959M	-5M	495M	1.5B	-1.6B	111M	488M	1.2B	-1.5B	129M	566M	1.1B
Operating cash flow	847M	643M	990M	2.3B	874M	1.2B	1.2B	2.6B	1.4B	1.5B	1.3B	2.6B
Capital expenditure	-832M	-595M	-2.1B	-1.3B	-561M	-550M	-596M	-550M	—	—	—	—
Investing cash flow	-813M	-488M	-2.2B	-1.2B	-577M	-574M	-605M	-586M	113M	-101M	-34M	-9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	-208M	-206M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-2.7B	-860M	237M	-1.4B	-771M	-630M	-690M	-521M	-1.1B	166M	-1.2B	-557M
Net change in cash	-2.7B	-705M	-936M	-313M	-474M	-18M	-114M	1.5B	352M	1.6B	63M	2.1B
Free cash flow	997M	247M	-370M	720M	628M	319M	318M	1.5B	736M	12M	697M	1.8B

Date	Ratio
Jun 15, 1998	2:1
Dec 15, 1994	2:1

Carnival Corporation Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history