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Screener / SEC EDGAR /CIK 0000815097 /10-K filed Jan 27, 2026, compared with Jan 27, 2025 /Numbers from the XBRL of the 10-Ks
Consumer discretionary peers:
GPCBKNGCVNACCLMARMCD
NYSE Consumer discretionary · Cruise Lines & Shipping

Carnival Corporation CCL

CCL quote by TradingView

Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. 10-K, Item 1

Employees
101,000
Headquarters
Miami, FL
CEO
joshua ian weinstein
Next results
around Dec 18, 2026
Compare with peers Embed

Where each dollar of revenue went, FY2024

Revenue of $25.0B through the costs to a net profit of $1.9B · income statement of the 10-K

14% operating margin
Revenue to Gross profit: $9.4BRevenue to Cost of revenue: $15.6BGross profit to Operating profit: $3.6BGross profit to Operating expenses: $5.8BOperating profit to Net profit: $1.9BOperating profit to Interest, tax, other: $1.7B Revenue: $25.0B REVENUE $25.0B +16% Y/Y Gross profit: $9.4B · 38% margin GROSS PROFIT $9.4B 38% margin Cost of revenue: $15.6B · 62% of revenue COST OF REVENUE $15.6B 62% of revenue Operating profit: $3.6B · 14% margin OPERATING PROFIT $3.6B 14% margin · +83% Y/Y Operating expenses: $5.8B · 23% of revenue OPERATING EXPENSES $5.8B 23% of revenue Net profit: $1.9B · 8% margin NET PROFIT $1.9B 8% margin Interest, tax, other: $1.7B · 7% of revenue INTEREST, TAX, OTHER $1.7B 7% of revenue
Gross profit $9.4B 38% margin
Operating profit $3.6B 14% margin · +83% Y/Y
Net profit $1.9B 8% margin
The full income statement, year by year

CCL among Consumer discretionary peers

Six ratios from the latest 10-K. Each corner is the share of 46 peers the company is above, not a score.

Compare
Revenue growth: 6.4%, above 52% of 46 peers (their median 5.2%) REVENUE GROWTH 6.4% · above 52% Operating margin: 16.0%, above 51% of 39 peers (their median 15.8%) OPERATING MARGIN 16.0% · above 51% Net margin: 11.4%, above 57% of 46 peers (their median 10.8%) NET MARGIN 11.4% · above 57% FCF margin: 11.5%, above 61% of 44 peers (their median 9.2%) FCF MARGIN 11.5% · above 61% Return on capital: 11.5%, above 25% of 24 peers (their median 22.8%) RETURN ON CAPITAL 11.5% · above 25%
CCL Peer median Below the median

What changed

7 new risk paragraphs. 10-K filed Jan 27, 2026 against Jan 27, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
1 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +14.9% vs revenue +6.4% (+8.5 pts)
  • Cash from operations $6.2B vs net income $2.8B (FY ending Nov 30, 2025)
  • Inventory -0.4% vs revenue +6.4% (-6.8 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: Deloitte & Touche LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Debt
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Jan 27, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Jan 27, 2025 10-K, ITEM 1A
    k. Our investments in port destinations and exclusive islands may expose us to additional risks. We continue to invest in expanding and enhancing our portfolio of port destinations and exclusive islands, which could increase our exposure to certain risks. These risks include susceptibility to weather events, exposure to local…
  2. Item 1A · new paragraph · not in the 10-K filed Jan 27, 2025 10-K, ITEM 1A
    b. Factors associated with sustainability and the impact of GHG and other emissions on the environment could have a material impact on our business and operating results.
  3. Item 1A · new paragraph · not in the 10-K filed Jan 27, 2025 10-K, ITEM 1A
    c. We may not successfully complete the proposed unification of our DLC structure and the migration of Carnival Corporation’s legal incorporation to Bermuda, or, if we do, we may not realize the anticipated benefits and will be subject to Bermuda law, which differs in some respects compared to our current jurisdictions. In December…

New risk paragraphs, against peers

Latest 10-K of each, Consumer discretionary companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$12.2B$21.6B$25.0B$26.6B
Net income−$6.1B−$74.0M$1.9B$2.8B
Operating cash flow−$1.7B$4.3B$5.9B$6.2B
Free cash flow−$6.6B$997.0M$1.3B$2.6B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$26.6B ▲ 6.4% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

1 filing in the last 30 days · SEC EDGAR

All filings

About the company

Carnival Corporation, Miami, FL · from the 10-K filed Jan 27, 2026

Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity.

Headquarters
Miami, FL
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
November 30
Last results
Sep 29, 2026
Incorporated in
Bermuda

Employees, at the top of the page: "In 2025, we had an average of 101,000 employees onboard our ships, excluding employees on leave" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Jan 27, 2026 (open at SEC), compared with the 10-K filed Jan 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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