← Filings of CCL
Table 1 after “For the transition period from ______________ to ________________”
| Commission file number: 001-9610 | | Commission file number: 001-15136 | | | |
| Carnival Corporation | | Carnival plc | | | |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | | | | |
| Republic of Panama | England and Wales | | | | |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | | | | |
| 59-1562976 | 98-0357772 | | | | |
| (I.R.S. Employer Identification No.) | (I.R.S. Employer Identification No.) | | | | |
| 3655 N.W. 87th Avenue | Carnival House, 100 Harbour Parade, | | | | |
First 8 of 10 rows. The download has all of them.
Table 2 after “For the transition period from ______________ to ________________”
| (305) | 599-2600 | | 011 | 44 23 8065 5000 |
| (Registrant’s telephone number, including area code) | | (Registrant’s telephone number, including area code) | | |
Table 3 after “Securities registered pursuant to Section 12(b) of the Act:”
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock ($0.01 par value) | CCL | New York Stock Exchange, Inc. |
| Ordinary Shares each represented by American Depositary Shares ($1.66 par value), Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust | CUK | New York Stock Exchange, Inc. |
| 1.000% Senior Notes due 2029 | CUK29 | New York Stock Exchange LLC |
Table 4 after “TABLE OF CONTENTS”
| PART I | | |
| Item 1. | Business | 4 |
| A. Overview | 4 |
| B. Global Cruise Industry | 5 |
| C. Our Global Cruise Business | 6 |
| D. Website Access to Carnival Corporation & plc SEC Reports | 21 |
| E. Industry and Market Data | 21 |
| Item 1A. | Risk Factors | 22 |
First 8 of 32 rows. The download has all of them.
Table 5 after “Passenger Capacity by Ocean Going Vessels”
| Passenger Capacity as of December 31 (a) | | |
| Calendar Year | Global Cruise Industry (b) | Carnival Corporation & plc | |
| 2023 | 701,110 | | 263,300 |
| 2024 | 733,010 | | 269,970 |
| 2025 | 764,310 | | 272,460 |
Table 6 after “Segment and Brand Information”
| November 30, 2025 | | | | |
| Passenger Capacity | | Percentage of Total Capacity | Number of Cruise Ships | |
| North America Segment | | | | | |
| Carnival Cruise Line | 94,340 | | 35% | | 29 |
| Princess Cruises | 54,890 | | 20% | | 17 |
| Holland America Line | 23,030 | | 8% | | 11 |
| Seabourn | 2,640 | (a) | 1% | | 6 |
| 174,910 | | 64% | | 63 |
First 8 of 15 rows. The download has all of them.
Table 7 after “As of November 30, 2025, we have a total of seven cruise ships expected to be delivered through 2033. Our ship construction contracts are wi”
| Expected Delivery Date | Passenger Capacity Lower Berth |
| AIDA | | |
| Newbuild (a) | February 2030 | 4,280 |
| Newbuild (a) | December 2031 | 4,280 |
| Carnival Cruise Line | | |
| Carnival Festivale | April 2027 | 5,360 |
| Carnival Tropicale | March 2028 | 5,360 |
| Newbuild | July 2029 | 6,160 |
First 8 of 10 rows. The download has all of them.
Table 8 after “Passengers Carried by Principal Source Geographic Areas”
| Carnival Corporation & plc Passengers Carried | | | |
| (in thousands) | 2025 | 2024 | 2023 | Brands’ Main Source Markets |
| United States and Canada | 8,092 | 7,938 | 7,410 | Carnival Cruise Line, Cunard, Holland America Line, Princess Cruises and Seabourn |
| Continental Europe | 2,754 | 2,702 | 2,590 | AIDA and Costa |
| United Kingdom | 1,108 | 1,087 | 970 | Cunard and P&O Cruises |
| Australia and New Zealand | 944 | 1,027 | 940 | Carnival Cruise Line and Princess Cruises |
| Other | 729 | 754 | 550 | |
| Total | 13,627 | 13,509 | 12,460 | |
Table 9 after “Cruise Programs”
| Carnival Corporation & plc Percentage of Passenger Capacity by Itinerary | | | | |
| 2026 | 2025 | | 2024 | |
| Caribbean | 35% | | 34% | | 34% |
| Europe without Mediterranean | 17 | | 16 | | 17 |
| Mediterranean | 14 | | 14 | | 13 |
| Alaska | 7 | | 6 | | 6 |
| Australia and New Zealand | 5 | | 6 | | 7 |
| Other | 22 | | 24 | | 23 |
First 8 of 9 rows. The download has all of them.
Table 10 after “In 2025, we elected to change the comparative industry peer group from the Dow Jones Recreational Index to the Dow Jones U.S. Travel and Lei”
| Assumes $100 Invested on November 30, 2020 Assumes Dividends Reinvested Years Ended November 30, | | | | | | | | | | |
| | 2020 | 2021 | | 2022 | 2023 | 2024 | | 2025 | | |
| Carnival Corporation Common Stock | | $100 | | $88 | | $50 | | $75 | | $127 | $129 |
| Dow Jones Recreational Index | | $100 | | $103 | | $80 | | $103 | | $186 | $197 |
| Dow Jones U.S. Travel & Leisure | | $100 | | $108 | | $101 | | $118 | | $156 | $155 |
| FTSE 100 Index | | $100 | | $117 | | $130 | | $133 | | $154 | $187 |
| S&P 500 Index | | $100 | | $128 | | $116 | | $132 | | $177 | $204 |
Table 11 after “The following graph compares the price performance of $100 invested in Carnival plc ADSs, each representing one ordinary share of Carnival p”
| Assumes $100 Invested on November 30, 2020 Assumes Dividends Reinvested Years Ended November 30, | | | | | | | | | |
| 2020 | 2021 | | 2022 | 2023 | 2024 | | 2025 | | |
| Carnival plc ADS | $100 | | $92 | | $51 | | $76 | | $130 | $135 |
| Dow Jones Recreational Index | $100 | | $103 | | $80 | | $103 | | $186 | $197 |
| Dow Jones U.S. Travel & Leisure | $100 | | $108 | | $101 | | $118 | | $156 | $155 |
| FTSE 100 Index | $100 | | $117 | | $130 | | $133 | | $154 | $187 |
| S&P 500 Index | $100 | | $128 | | $116 | | $132 | | $177 | $204 |
Table 12 after “Statistical Information”
| Years Ended November 30, | | | | |
| 2025 | 2024 | | 2023 | |
| Passenger Cruise Days (“PCDs”) (in millions) (a) | 101.7 | | 100.5 | | 91.4 |
| Available Lower Berth Days (“ALBDs”) (in millions) (b) (c) | 96.5 | | 95.6 | | 91.3 |
| Occupancy percentage (d) | 105% | | 105% | | 100% |
| Passengers carried (in millions) | 13.6 | | 13.5 | | 12.5 |
| Fuel consumption in metric tons (in millions) | 2.8 | | 2.9 | | 2.9 |
| Fuel consumption in metric tons per thousand ALBDs | 29.2 | | 30.9 | | 32.1 |
First 8 of 14 rows. The download has all of them.
Table 13 after “Material Cash Requirements”
| Payments Due by | | | | | | | | | | |
| (in millions) | 2026 | 2027 | | 2028 | 2029 | 2030 | | Thereafter | Total | | |
| Debt (a) | $3,066 | (b) | $3,537 | | $4,889 | | $4,883 | | $3,493 | $12,320 | $32,188 |
| Newbuild capital expenditures (c) | 501 | | 1,586 | | 1,474 | | 1,823 | | 1,661 | 4,769 | 11,814 |
| Total | $3,567 | | $5,123 | | $6,363 | | $6,706 | | $5,154 | $17,089 | $44,002 |
Table 14 after “We plan to use existing liquidity and future cash flows from operations to fund our cash requirements including capital expenditures not fun”
| (in billions) | 2026 | 2027 | | 2028 | 2029 | 2030 | | Thereafter | | |
| Future export credit facilities at November 30, 2025 | $— | | $1.3 | | $1.3 | | $1.7 | | $— | $3.4 |
Table 15 after “The foreign currency exchange rates were as follows:”
| November 30, | | |
| USD to 1: | 2025 | 2024 | |
| AUD | $0.65 | | $0.65 |
| CAD | $0.72 | | $0.71 |
| EUR | $1.16 | | $1.06 |
| GBP | $1.32 | | $1.27 |
Table 16 after “The composition of our debt was as follows:”
| November 30, 2025 |
| Fixed rate | 54% |
| EUR fixed rate | 31% |
| Floating rate | 5% |
| EUR floating rate | 10% |
Table 17 after “TABLE OF CONTENTS”
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | 45 |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | 46 |
| CONSOLIDATED BALANCE SHEETS | 47 |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | 48 |
| CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY | 49 |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 50 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 34) | 78 |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 238) | 81 |
Table 18 after “(in millions, except per share data)”
| Years Ended November 30, | | | | |
| 2025 | 2024 | | 2023 | |
| Passenger ticket | $17,419 | | $16,463 | | $14,067 |
| Onboard and other | 9,202 | | 8,558 | | 7,526 |
| Total Revenues | 26,622 | | 25,021 | | 21,593 |
| Cruise and tour operating expenses: | | | | | |
| Commissions, transportation and other | 3,331 | | 3,232 | | 2,761 |
| Onboard and other | 2,816 | | 2,678 | | 2,375 |
First 8 of 26 rows. The download has all of them.
Table 19 after “(in millions)”
| Years Ended November 30, | | | | |
| 2025 | 2024 | | 2023 | |
| Net Income (Loss) | $2,760 | | $1,916 | | $(74) |
| Items Included in Other Comprehensive Income (Loss) | | | | | |
| Change in foreign currency translation adjustment | 137 | | (3) | | 52 |
| Other | 27 | | (34) | | (8) |
| Other Comprehensive Income (Loss) | 165 | | (36) | | 44 |
| Total Comprehensive Income (Loss) | $2,925 | | $1,879 | | $(30) |
Table 20 after “(in millions, except par values)”
| November 30, | | |
| 2025 | 2024 | |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $1,928 | | $1,210 |
| Trade and other receivables, net | 678 | | 590 |
| Inventories | 505 | | 507 |
| Prepaid expenses and other | 1,108 | | 1,070 |
First 8 of 36 rows. The download has all of them.
Table 21 after “(in millions)”
| Years Ended November 30, | | | | |
| 2025 | 2024 | | 2023 | |
| OPERATING ACTIVITIES | | | | | |
| Net income (loss) | $2,760 | | $1,916 | | $(74) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | | | | | |
| Depreciation and amortization | 2,790 | | 2,557 | | 2,370 |
| Loss on debt extinguishment | 401 | | 76 | | 98 |
| Share-based compensation | 98 | | 62 | | 53 |
First 8 of 40 rows. The download has all of them.
Table 22 after “(in millions)”
| Common stock | Ordinary shares | | Additional paid-in capital | Retained earnings | AOCI | | Treasury stock | Total shareholders’ equity | | |
| At November 30, 2022 | $12 | | $361 | | $16,872 | | $269 | | $(1,982) | $(8,468) | $7,065 |
| Change in accounting principle (a) | — | | — | | (229) | | (10) | | — | — | (239) |
| Net income (loss) | — | | — | | — | | (74) | | — | — | (74) |
| Other comprehensive income (loss) | — | | — | | — | | — | | 44 | — | 44 |
| Issuances of common stock, net | — | | — | | 5 | | — | | — | — | 5 |
| Conversion of Convertible Notes | — | | — | | 3 | | — | | — | — | 3 |
| Purchases and issuances under the Stock Swap Program, net | — | | — | | 22 | | — | | — | (20) | 2 |
First 8 of 22 rows. The download has all of them.
Table 23 after “Depreciation is computed using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage o”
| Years | Residual Values |
| Ships | 30 | 15% |
| Ship improvements | 3-30 | 0% |
| Buildings and improvements | 10-40 | 0% |
| Computer hardware and software | 2-12 | 0% |
| Transportation equipment and other | 3-20 | 0% |
| Leasehold improvements, including port facilities | Shorter of the remaining lease term or related asset life (3-30) | 0% |
Table 24 after “Property and Equipment”
| November 30, | | |
| (in millions) | 2025 | 2024 | |
| Ships and ship improvements | $61,683 | | $58,649 |
| Ships under construction | 464 | | 535 |
| Other property and equipment | 5,315 | | 4,705 |
| Total property and equipment | 67,462 | | 63,889 |
| Less accumulated depreciation | (23,968) | | (22,094) |
| $43,494 | | $41,795 |
| | November 30, | | | | |
| (in millions) | Maturity | Rate (a) | | 2025 | 2024 | |
| Secured Subsidiary Guaranteed | | | | | | |
| Notes | | | | | | |
| Notes | Jun 2027 | 7.88% | | $192 | | $192 |
| Notes | Aug 2028 | 4.00% | | 2,406 | | 2,406 |
| Notes | Aug 2029 | 7.00% | | 500 | | 500 |
| Loans | | | | | | |
First 8 of 44 rows. The download has all of them.
| Total Debt, net of unamortized debt issuance costs and discounts | 26,640 | 27,475 |
| Less: current portion of long-term debt | (2,603) | (1,538) |
| Long-Term Debt | $24,037 | $25,936 |
Table 27 after “As of November 30, 2025, the scheduled maturities of our debt are as follows:”
| (in millions) | |
| Year | Principal Payments |
| 2026 (a) | $2,615 |
| 2027 | 2,518 |
| 2028 | 3,962 |
| 2029 | 4,133 |
| 2030 | 2,886 |
| Thereafter | 11,268 |
First 8 of 9 rows. The download has all of them.
Table 28 after “The net carrying value of our convertible notes was as follows:”
| November 30, | | |
| (in millions) | 2025 | 2024 | |
| Principal | $1,131 | | $1,131 |
| Less: Unamortized debt discount and debt issue costs | (13) | | (19) |
| $1,118 | | $1,112 |
Table 29 after “The interest expense recognized related to our convertible notes was as follows:”
| November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| Contractual interest expense | $65 | | $86 | | $91 |
| Amortization of debt discount and debt issue costs | 6 | | 8 | | 9 |
| $71 | | $94 | | $100 |
Table 30 after “Accumulated Other Comprehensive Income (Loss)”
| November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| Cumulative foreign currency translation adjustments, net | $(1,818) | | $(1,955) | | $(1,952) |
| Unrecognized pension expenses | (44) | | (45) | | (34) |
| Net gains on cash flow derivative hedges and other | 52 | | 26 | | 48 |
| $(1,810) | | $(1,975) | | $(1,939) |
Table 31 after “Financial Instruments that are not Measured at Fair Value on a Recurring Basis”
| November 30, 2025 | | November 30, 2024 | | | | | | | | | | | |
| Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | | | |
| (in millions) | | Level 1 | | Level 2 | | Level 3 | | Level 1 | Level 2 | Level 3 | | | | |
| Liabilities | | | | | | | | | | | | | | |
| Fixed rate debt (a) | $23,229 | | | $— | | | $24,167 | | $— | | $22,449 | $— | $23,241 | $— |
| Floating rate debt (a) | 4,154 | | | — | | | 4,142 | | — | | 5,764 | — | 5,685 | — |
| Total | $27,383 | | | $— | | | $28,308 | | $— | | $28,213 | $— | $28,927 | $— |
Table 32 after “million.”
| Trademarks | | | | |
| (in millions) | North America Segment | Europe Segment | | Total | |
| At November 30, 2023 | $927 | | $237 | | $1,164 |
| Exchange movements | — | | (4) | | (4) |
| At November 30, 2024 | 927 | | 234 | | 1,161 |
| Exchange movements | — | | 15 | | 15 |
| At November 30, 2025 | $927 | | $249 | | $1,176 |
Table 33 after “The components of expense were as follows:”
| November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| Operating lease expense | $233 | | $215 | | $213 |
| Variable lease expense (a) | $209 | | $211 | | $116 |
Table 34 after “Weighted average of the remaining lease terms and weighted average discount rates are as follows:”
| November 30, 2025 | November 30, 2024 | |
| Weighted average remaining lease term - operating leases (in years) | 11 | 12 | |
| Weighted average discount rate - operating leases | 5.4% | | 5.9% |
Table 35 after “As of November 30, 2025, maturities of operating lease liabilities were as follows:”
| (in millions)Year | |
| 2026 | $233 |
| 2027 | 227 |
| 2028 | 212 |
| 2029 | 167 |
| 2030 | 133 |
| Thereafter | 843 |
| Total lease payments | 1,816 |
First 8 of 10 rows. The download has all of them.
Table 36 after “The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adju”
| As of and for the year ended November 30, 2025 | | | | | | | |
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | | | |
| Total Revenues | $17,604 | | $8,467 | $309 | | | $241 | $26,622 |
| Cruise and tour operating expenses: | | | | | | | | |
| Commissions, transportation and other | 2,104 | | 1,326 | (99) | | (e) | — | |
| Onboard and other | 2,215 | | 549 | 52 | | | — | |
| Payroll and related | 1,438 | | 1,001 | 149 | | | — | |
| Fuel | 1,207 | | 600 | 2 | | | — | |
First 8 of 24 rows. The download has all of them.
Table 37 after “Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which elim”
| As of and for the year ended November 30, 2024 | | | | | | | |
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | | | |
| Total Revenues | $16,802 | | $7,710 | $255 | | | $255 | $25,021 |
| Cruise and tour operating expenses: | | | | | | | | |
| Commissions, transportation and other | 2,072 | | 1,245 | (86) | | (d) | — | |
| Onboard and other | 2,151 | | 479 | 48 | | | — | |
| Payroll and related | 1,419 | | 924 | 121 | | | — | |
| Fuel | 1,371 | | 634 | 2 | | | — | |
First 8 of 23 rows. The download has all of them.
| As of and for the year ended November 30, 2023 | | | | | | | |
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | | | |
| Total Revenues | $14,588 | | $6,535 | $206 | | | $265 | $21,593 |
| Cruise and tour operating expenses: | | | | | | | | |
| Commissions, transportation and other | 1,773 | | 1,059 | (71) | | (d) | — | |
| Onboard and other | 1,919 | | 411 | 45 | | | — | |
| Payroll and related | 1,350 | | 923 | 99 | | | — | |
| Fuel | 1,397 | | 648 | 2 | | | — | |
First 8 of 23 rows. The download has all of them.
Table 39 after “Revenue by country, which are based on where our guests are sourced, were as follows:”
| Years Ended November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| United States | $14,847 | | $14,061 | | $12,253 |
| Germany | 3,348 | | 3,063 | | 2,651 |
| United Kingdom | 3,054 | | 2,740 | | 2,284 |
| Other (a) | 5,374 | | 5,157 | | 4,406 |
| $26,622 | | $25,021 | | $21,593 |
Table 40 after “period, subject to earlier vesting under certain conditions.”
| Shares | Weighted-Average Grant Date Fair Value | |
| Outstanding at November 30, 2024 | 11,922,246 | | $12.48 |
| Granted | 6,025,742 | | $17.76 |
| Vested | (4,295,161) | | $13.89 |
| Forfeited | (1,088,724) | | $14.38 |
| Outstanding at November 30, 2025 | 12,564,103 | | $14.37 |
Table 41 after “We maintain several single-employer defined benefit pension plans, which cover certain shipboard and shoreside employees. The U.S. and UK sh”
| UK Plan (a) | All Other Plans | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | |
| Change in projected benefit obligation: | | | | | | |
| Projected benefit obligation as of December 1 | $159 | | $181 | | $250 | $226 |
| Past service cost | 1 | | 1 | | 20 | 18 |
| Interest cost | 8 | | 8 | | 12 | 12 |
| Benefits paid | (6) | | (7) | | (19) | (17) |
| Actuarial (gain) loss on plans’ liabilities | (9) | | (3) | | (4) | 12 |
First 8 of 23 rows. The download has all of them.
Table 42 after “The amounts recognized in the Consolidated Balance Sheets for these plans were as follows:”
| UK Plan | All Other Plans | | | | |
| November 30, | November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2025 | 2024 | |
| Other assets | $5 | | $9 | | $— | $— |
| Accrued liabilities and other | $— | | $— | | $30 | $32 |
| Other long-term liabilities | $— | | $— | | $221 | $210 |
Table 43 after “Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:”
| November 30, | | |
| (in millions) | 2025 | 2024 | |
| Projected benefit obligation | $259 | | $250 |
| Accumulated benefit obligation | $252 | | $244 |
| Fair value of plan assets | $8 | | $8 |
Table 44 after “The net periodic pension cost recognized in the Consolidated Statements of Income (Loss) were as follows:”
| UK Plan | All Other Plans | | | | | | | | |
| November 30, | November 30, | | | | | | | | |
| (in millions) | 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | | |
| Service cost | $1 | | $1 | | $1 | | $20 | | $18 | $18 |
| Interest cost | 8 | | 8 | | 8 | | 12 | | 12 | 11 |
| Expected return on plan assets | (10) | | (9) | | (8) | | — | | — | — |
| Amortization of net loss (gain) | 2 | | 2 | | — | | — | | — | — |
| Settlement loss recognized | — | | — | | — | | — | | — | 1 |
First 8 of 9 rows. The download has all of them.
Table 45 after “Weighted average assumptions used to determine the projected benefit obligation are as follows:”
| UK Plan | All Other Plans | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Discount rate | 5.5% | | 5.2% | | 5.1% | 5.2% |
| Rate of compensation increase | 2.7% | | 2.9% | | 3.0% | 3.0% |
Table 46 after “Weighted average assumptions used to determine net pension income are as follows:”
| UK Plan | All Other Plans | | | | | | | | |
| 2025 | 2024 | | 2023 | 2025 | 2024 | | 2023 | | |
| Discount rate | 5.2% | | 5.2% | | 4.3% | | 5.2% | | 5.6% | 5.4% |
| Expected return on assets | 5.7% | | 5.6% | | 4.3% | | 3.8% | | 6.0% | 3.5% |
| Rate of compensation increase | 2.9% | | 2.9% | | 2.9% | | 3.0% | | 3.0% | 3.0% |
Table 47 after “Amounts recognized in AOCI are as follows:”
| UK Plan | All Other Plans | | | | |
| November 30, | November 30, | | | | |
| 2025 | 2024 | | 2025 | 2024 | |
| Actuarial losses (gains) recognized in the current year | $5 | | $2 | | $(4) | $12 |
| Amortization and settlements included in net periodic pension cost | $(2) | | $(2) | | $(1) | $(1) |
Table 48 after “Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate during the succeeding five fisca”
| (in millions) | UK Plan | All Other Plans | |
| 2026 | $8 | | $31 |
| 2027 | 8 | | 25 |
| 2028 | 8 | | 28 |
| 2029 | 9 | | 27 |
| 2030 | 9 | | 28 |
| 2031-2035 | 53 | | 153 |
| $95 | | $293 |
Table 49 after “The fair values of the plan assets of the UK Plan by investment class are as follows:”
| November 30, | | |
| 2025 | 2024 | |
| Equities | $12 | | $11 |
| UK government fixed interest bonds (gilts) | 151 | | 157 |
| $163 | | $168 |
Table 50 after “Earnings Per Share”
| Years Ended November 30, | | | | |
| (in millions, except per share data) | 2025 | 2024 | | 2023 | |
| Net income (loss) | $2,760 | | $1,916 | | $(74) |
| Interest expense on dilutive Convertible Notes | 71 | | 94 | | — |
| Net income (loss) for diluted earnings per share | $2,831 | | $2,009 | | $(74) |
| Weighted-average shares outstanding | 1,312 | | 1,274 | | 1,262 |
| Dilutive effect of equity awards | 5 | | 5 | | — |
| Dilutive effect of Convertible Notes | 84 | | 119 | | — |
First 8 of 11 rows. The download has all of them.
Table 51 after “Antidilutive shares excluded from diluted earnings per share computations were as follows:”
| November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| Equity awards | — | | — | | 4 |
| Convertible Notes | — | | — | | 130 |
| Total antidilutive securities | — | | — | | 134 |
Table 52 after “Supplemental Cash Flow Information”
| November 30, | | | | |
| (in millions) | 2025 | 2024 | | 2023 | |
| Cash and cash equivalents (Consolidated Balance Sheets) | $1,928 | | $1,210 | | $2,415 |
| Restricted cash (included in prepaid expenses and other and other assets) | 30 | | 21 | | 21 |
| Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) | $1,958 | | $1,231 | | $2,436 |
Table 53 after “The table below sets forth the name, age, years of service and title of each of our executive officers as of January 27, 2026. Titles listed”
| Age | Years of Service | Title |
| Micky Arison | 76 | 54 | Chair of the Boards of Directors |
| David Bernstein | 68 | 27 | Chief Financial Officer and Chief Accounting Officer |
| Bettina Deynes | 53 | 7 | Global Chief Human Resources Officer |
| Lars Ljoen | 56 | 10 | Chief Maritime Officer |
| Enrique Miguez | 61 | 28 | General Counsel |
| Josh Weinstein | 51 | 23 | Chief Executive Officer |
Table 54 after “Set forth below is a table that summarizes compensation plans (including individual compensation arrangements) under which Carnival Corporat”
| Plan category | Number of securities to be issued upon exercise of warrants and rights (in millions) | | Weighted-average exercise price of outstanding warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1)) (in millions) | | |
| (1) | | | | | | |
| Equity compensation plans approved by security holders | 9.6 | (a) | — | | | 24.8 | (b) |
| Equity compensation plans not approved by security holders | — | | | — | | | — |
| 9.6 | | — | | | 24.8 | |
Table 55 after “Set forth below is a table that summarizes compensation plans (including individual compensation arrangements) under which Carnival plc equi”
| Plan category | Number of securities to be issued upon exercise of warrants and rights (in millions) | | Weighted-average exercise price of outstanding warrants and rights | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1)) (in millions) | | |
| (1) | | | | | | |
| Equity compensation plans approved by security holders | 2.6 | (a) | — | | | 11.3 | |
| Equity compensation plans not approved by security holders | — | | | — | | | — |
| 2.6 | | — | | | 11.3 | |
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| Articles of incorporation and by-laws | | | | | |
| 3.1 | Third Amended and Restated Articles of Incorporation of Carnival Corporation. | 8-K | 3.1 | 4/17/03 | |
| 3.2 | Third Amended and Restated By-Laws of Carnival Corporation. | 8-K | 3.1 | 4/20/09 | |
| 3.3 | Articles of Association of Carnival plc. | 8-K | 3.3 | 4/20/09 | |
| Instruments defining the rights of security holders, including indenture | | | | | |
First 8 of 16 rows. The download has all of them.
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| 4.9 | SVE Special Voting Deed, dated as of April 17, 2003, between Carnival Corporation, DLS SVC Limited, P&O Princess Cruises plc, The Law Debenture Trust Corporation (Cayman) Limited, as trustee, and The Law Debenture Trust Corporation, P.L.C. | 8-K | 4.3 | 4/17/03 | |
| 4.10 | Form of Amended and Restated Deposit Agreement and holders from time to time of receipts issued thereunder. | Post Amend- ment to Form F-6 | 99-a | 4/15/03 | |
| 4.11 | Specimen Carnival plc Ordinary Share Certificate. | S-3 | 4.1 | 7/2/09 | |
| 4.12 | Description of Equity Securities Registered under Section 12 of the Exchange Act. | 10-K | 4.12 | 1/28/20 | |
| 4.13 | Description of 1.000% Senior Notes Due 2029. | 10-K | 4.15 | 1/28/20 | |
First 8 of 16 rows. The download has all of them.
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| 10.8* | Form of Earnings Recovery Award Agreement for the Carnival Corporation 2020 Stock Plan for Certain Named Executive Officers. | 10-Q | 10.4 | 3/28/22 | |
| 10.9* | Carnival Corporation Fun Ship Nonqualified Savings Plan restated effective January 1, 2022. | 10-Q | 10.1 | 6/29/22 | |
| 10.10* | Special Performance-Based Restricted Stock Unit Agreement for Josh Weinstein under the Carnival Corporation 2020 Stock Plan. | 10-Q | 10.2 | 9/30/22 | |
| 10.11* | Form of 2022 Performance-Based Restricted Stock Unit Agreement for the Carnival Corporation 2020 Stock Plan. | 10-Q | 10.1 | 3/29/23 | |
| 10.12* | Form of 2022 Management Incentive Plan-Tied Restricted Stock Unit Agreement for the Carnival Corporation 2020 Stock Plan. | 10-Q | 10.3 | 3/29/23 | |
First 8 of 16 rows. The download has all of them.
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| 10.21* | Form of Non-Employee Director Annual Restricted Stock Award Agreement for the Carnival Corporation 2020 Stock Plan. | 10-Q | 10.7 | 6/27/24 | |
| 10.22 | Indenture, dated as of February 7, 2025, among Carnival Corporation, as issuer, Carnival plc, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 6.125% Senior Unsecured Notes due 2033. | 10-Q | 10.3 | 3/25/25 | |
| 10.23 | Indenture, dated as of February 28, 2025, among Carnival Corporation, as issuer, Carnival plc, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 5.750% Senior Unsecured Notes due 2030. | 10-Q | 10.4 | 3/25/25 | |
| 10.24 | Indenture, dated as of May 21, 2025, among Carnival Corporation, as issuer, Carnival plc, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 5.875% Senior Unsecured Notes due 2031. | 10-Q | 10.1 | 6/26/25 | |
| 10.25 | Form of Non-Employee Director Annual Unrestricted Stock Award Agreement for the Carnival Corporation 2020 Stock Plan. | 10-Q | 10.2 | 6/26/25 | |
First 8 of 13 rows. The download has all of them.
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| 10.31* | Service Agreement, dated September 30, 2025, between Carnival plc and Lars Ljoen. | | | | X |
| 10.32 | Indenture, dated as of October 15, 2025, among Carnival Corporation, as issuer, Carnival plc, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the 5.125% Senior Unsecured Notes due 2029. | | | | X |
| Insider Trading Policies and Procedures | | | | | |
| 19 | Carnival Corporation & plc Securities Trading Policy. | 10-K | 19 | 1/27/25 | |
| Subsidiaries of the registrants | | | | | |
First 8 of 18 rows. The download has all of them.
| INDEX TO EXHIBITS | | | | | |
| | Incorporated by Reference | | | |
| Exhibit Number | Exhibit Description | Form | Exhibit | Filing Date | Filed Herewith |
| 31.4 | Certification of Chief Financial Officer and Chief Accounting Officer of Carnival plc pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | | X | |
| Section 1350 certifications | | | | | |
| 32.1** | Certification of Chief Executive Officer of Carnival Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | | X | |
| 32.2** | Certification of Chief Financial Officer and Chief Accounting Officer of Carnival Corporation pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | | X | |
| 32.3** | Certification of Chief Executive Officer of Carnival plc pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | | X | |
First 8 of 19 rows. The download has all of them.
Table 62 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
| CARNIVAL CORPORATION | CARNIVAL PLC |
| /s/ Josh Weinstein | /s/ Josh Weinstein |
| Josh Weinstein | Josh Weinstein |
| Chief Executive Officer and Director | Chief Executive Officer and Director |
| January 27, 2026 | January 27, 2026 |
| /s/ David Bernstein | /s/ David Bernstein |
| David Bernstein | David Bernstein |
| Chief Financial Officer and Chief Accounting Officer | Chief Financial Officer and Chief Accounting Officer |
First 8 of 26 rows. The download has all of them.
| /s/*Helen Deeble | /s/*Helen Deeble |
| Helen Deeble | Helen Deeble |
| Director | Director |
| January 27, 2026 | January 27, 2026 |
| /s/*Jeffrey J. Gearhart | /s/*Jeffrey J. Gearhart |
| Jeffrey J. Gearhart | Jeffrey J. Gearhart |
| Director | Director |
| January 27, 2026 | January 27, 2026 |
First 8 of 28 rows. The download has all of them.