← Screener

CCLCarnival Corporation

Consumer discretionary · Cruise Lines & Shipping · NYSE

Compare with peers → Embed

FY2025 at a glance

Sales up 6.4%, free cash flow up to $2.6B

XBRL, from each 10-K

RevenueStatements ↓

$26.6B

from $25.0B in FY2024

FY2016FY2025

Net incomeStatements ↓

$2.8B

from $1.9B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$2.6B

from $1.3B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$2.02

from $1.44 in FY2024

FY2016FY2025

Operating marginStatements ↓

16.8%

from 14.3% in FY2024

FY2016FY2025

Total debtStatements ↓

$27.4B

from $28.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	2.27	Sales (ttm)	27.6B	Net income (ttm)	3.1B	Sales growth	+6.4%	EPS growth	+40.3%	Sales Q/Q	+3.5%
Free cash flow	3.2B	Gross margin	-	Oper. margin	16.0%	Net margin	11.4%	FCF margin	11.5%	ROE	22.1%
ROA	6.2%	R&D / sales	-	Dividend	-	Debt/Eq	1.73	Curr. ratio	0.27	Cash	1.2B
Op. cash flow (ttm)	6.8B	EBITDA	7.3B	EBITDA margin	27.3%	Net debt	23.3B	Quick ratio	0.23	Interest cover	3.32
ROIC	11.5%	Tax rate	0.4%	Stock pay / sales	0.4%	Shares out.	1.3B	Shares Y/Y	+0.3%	Book / share	10.55
Cash / share	0.91	Sales / share	20.52	Asset turnover	0.54	Days sales out.	9	Sales 3Y CAGR	+29.8%	Sales 5Y CAGR	+36.6%
Employees	101,000	Sales / employee	273K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow rose 101%$1.3B → $2.6B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth slowed to +6.4%+15.9% → +6.4% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 16.8%14.3% → 16.8% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

CCL against Consumer discretionary peers

Ten years, side by side → · All 47 →

CCLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth

+6.4%23rd of 47 · median +5.4%

Net margin

11.4%21st of 47 · median 10.8%

Return on equity

22.1%22nd of 34 · median 32.5%

Free cash flow margin

11.5%18th of 45 · median 9.4%

Debt / equity (less is better)

1.7320th of 28 · median 0.73

CCL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CCL Carnival Corporation	$27.6B	+6.4%	-	11.4%	22.1%	11.5%	1.73
BKNG Booking Holdings	$28.1B	+13.4%	-	25.5%	-	32.8%	-
MCD McDonald's	$27.8B	+3.7%	-	32.4%	-	27.0%	-
CVNA Carvana	$27.5B	+48.6%	19.0%	6.2%	39.2%	4.1%	1.19
MAR Marriott International	$27.4B	+4.3%	-	9.7%	-	12.7%	-
GPC Genuine Parts Company	$25.3B	+3.5%	37.1%	0.1%	0.7%	3.0%	1.10

Where each dollar goes

From $25.0B of sales to $1.9B of profit

FY2024, from the 10-K income statement

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

2 of 3

✓
Net margin above the peer median11.4% vs 10.8%
✓
Return on equity above 15%22.1%
!
A profit in 6 of 10 years

Net margin, FY2016 to FY2025: 17.0% → 10.4%

Balance sheet

0 of 4

!
Interest covered less than 5 timesOperating income is 3.3× interest expense
!
Debt larger than equityDebt / equity 1.73 on the latest balance sheet (peer median 0.73)
!
Current ratio below 1Current ratio 0.27
!
Net debt over 3 years of free cash flow$23.3B net debt, 7.3 years

Debt / equity at each year end, FY2016 to FY2025: 0.42 → 2.23

What the debt is made of ↓

Cash and shareholders

1 of 3

!
Free cash flow positive in 7 of 10 years$2.6B last year
!
Share count up over 5 years+80.9%
✓
Cash from operations above net income$6.2B vs $2.8B

Free cash flow, FY2016 to FY2025: 2.1B → 2.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$13.0B of principal due, schedule of Aug 31, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 26.6B Net income 2.8B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

CCL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue26.6B

Net income2.8B

Free cash flow2.6B

EPS (diluted)2.02

Dividend per share1.95

Diluted shares1.4B

The segments changed

10-K filed 2026-01-27

Compared with the 10-K of Jan 27, 2025: new segment North America; no longer reported: NAA.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Nov 30, 2025

	Revenue	Share	vs year before
North America	17.6B	66.1%	+4.8%
Europe Segment	8.5B	31.8%	+9.8%
Cruise Support	309.0M	1.2%	+21.2%
Tour and Other	241.0M	0.9%	-5.5%

10-K 0000815097-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Nov 30, 2025

	Revenue	Share	vs year before
Passenger ticket	17.4B	65.4%	+5.8%
Onboard and other	9.2B	34.6%	+7.5%

10-K 0000815097-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Nov 30, 2025

	Revenue	Share	vs year before
United States	14.8B	55.8%	+5.6%
Other	5.4B	20.2%	+4.2%
Germany	3.3B	12.6%	+9.3%
United Kingdom	3.1B	11.5%	+11.5%

10-K 0000815097-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16.4B	17.5B	18.9B	20.8B	5.6B	1.9B	12.2B	21.6B	25.0B	26.6B
Cost of revenue	9.4B	10.5B	11.1B	12.9B	-	4.7B	11.8B	14.3B	15.6B	-
SG&A	2.2B	2.3B	2.5B	2.5B	1.9B	1.9B	2.5B	3.0B	3.3B	3.4B
Operating income	3.1B	2.8B	3.3B	3.3B	-8.9B	-7.1B	-4.4B	2.0B	3.6B	4.5B
Interest expense	223.0M	198.0M	194.0M	206.0M	895.0M	1.6B	1.6B	2.1B	1.8B	1.3B
Pretax income	2.8B	2.7B	3.2B	3.1B	-10.3B	-9.5B	-6.1B	-62.0M	1.9B	2.8B
Income tax	-49.0M	60.0M	54.0M	71.0M	-17.0M	-21.0M	14.0M	13.0M	-1.0M	12.0M
Net income	2.8B	2.6B	3.2B	3.0B	-10.2B	-9.5B	-6.1B	-74.0M	1.9B	2.8B
EPS (diluted)	3.72	3.59	4.44	4.32	-13.20	-8.46	-5.16	-0.06	1.44	2.02
Diluted shares	747.0M	725.0M	710.0M	692.0M	775.0M	1.1B	1.2B	1.3B	1.4B	1.4B
Depreciation & amortization	1.7B	1.8B	2.0B	2.2B	2.2B	2.2B	2.3B	2.4B	2.6B	2.8B
EBITDA	4.8B	4.7B	5.3B	5.4B	-6.6B	-4.9B	-2.1B	4.3B	6.1B	7.3B
Operating margin	18.7%	16.0%	17.6%	15.7%	-158.4%	-371.5%	-36.0%	9.1%	14.3%	16.8%
Net margin	17.0%	14.9%	16.7%	14.4%	-182.9%	-498.0%	-50.1%	-0.3%	7.7%	10.4%
Revenue growth	-	+6.8%	+7.8%	+10.3%	-73.1%	-65.9%	+538%	+77.5%	+15.9%	+6.4%
EPS growth	-	-3.5%	+23.7%	-2.7%	-406%	-	-	-	-	+40.3%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	603.0M	395.0M	982.0M	518.0M	9.5B	8.9B	4.0B	2.4B	1.2B	1.9B
Short-term investments	-	-	-	-	0	200.0M	0	-	-	-
Receivables	298.0M	312.0M	358.0M	444.0M	273.0M	246.0M	395.0M	556.0M	590.0M	678.0M
Inventory	322.0M	387.0M	450.0M	427.0M	335.0M	356.0M	428.0M	528.0M	507.0M	505.0M
Current assets	1.7B	1.6B	2.2B	2.1B	10.6B	10.1B	7.5B	5.3B	3.4B	4.2B
Property & equipment	32.4B	34.4B	35.3B	38.1B	38.1B	38.1B	38.7B	40.1B	41.8B	43.5B
Goodwill	2.9B	3.0B	2.9B	2.9B	807.0M	579.0M	579.0M	579.0M	579.0M	579.0M
Total assets	38.9B	40.8B	42.4B	45.1B	53.6B	53.3B	51.7B	49.1B	49.1B	51.7B
Accounts payable	713.0M	762.0M	730.0M	756.0M	624.0M	797.0M	1.1B	1.2B	1.1B	1.2B
Current liabilities	7.1B	8.8B	9.2B	9.1B	8.7B	10.4B	10.6B	11.5B	11.6B	13.1B
Total debt	9.4B	9.2B	10.3B	11.5B	27.0B	33.2B	35.8B	31.3B	28.2B	27.4B
Shareholders' equity	22.6B	24.2B	24.4B	25.4B	20.6B	12.1B	7.1B	6.9B	9.3B	12.3B
Retained earnings	21.8B	23.3B	25.1B	26.7B	16.1B	6.4B	269.0M	185.0M	2.1B	4.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	5.1B	5.3B	5.5B	5.5B	-6.3B	-4.1B	-1.7B	4.3B	5.9B	6.2B
Capital spending	3.1B	2.9B	3.7B	5.4B	3.6B	3.6B	4.9B	3.3B	4.6B	3.6B
Free cash flow	2.1B	2.4B	1.8B	46.0M	-9.9B	-7.7B	-6.6B	997.0M	1.3B	2.6B
Stock-based pay (added back)	55.0M	63.0M	65.0M	46.0M	105.0M	121.0M	101.0M	53.0M	62.0M	98.0M
Dividends paid	977.0M	1.1B	1.4B	1.4B	689.0M	0	0	-	-	-
Buybacks	2.3B	552.0M	1.5B	603.0M	12.0M	0	0	-	-	-
Investing cash flow	-3.3B	-3.1B	-3.5B	-5.3B	-3.2B	-3.5B	-4.8B	-2.8B	-4.5B	-3.3B
Financing cash flow	-2.6B	-2.5B	-1.5B	-655.0M	18.6B	6.9B	3.6B	-5.1B	-2.6B	-2.2B
Dividend per share	1.35	1.60	1.95	-	-	-	-	-	-	-

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	55.0M	63.0M	65.0M	46.0M	105.0M	121.0M	101.0M	53.0M	62.0M	98.0M
Stock-based pay / revenue	0.3%	0.4%	0.3%	0.2%	1.9%	6.3%	0.8%	0.2%	0.2%	0.4%
Operating lease cost	-	-	-	-	203.0M	203.0M	192.0M	213.0M	215.0M	233.0M
Right-of-use assets	-	-	-	-	1.4B	1.3B	1.3B	1.3B	1.4B	1.3B
Operating lease liabilities	-	-	-	-	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Next Peers in numbers →