Carnival
CCL · NYSEWater Transportation · Fiscal year ends Nov 30
Carnival reported revenue of $26.6B in the fiscal year ended Nov 2025, up 6.4% from the year before. Operating income was $4.5B, an operating margin of 16.8%, and net income was $2.8B. Operating cash flow of $6.2B less capital expenditure of $3.6B left free cash flow of $2.6B. Net debt was $24.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $12.2B | $21.6B | $25B | $26.6B |
| Cost of revenue | $4.7B | $11.8B | $14.3B | $15.6B | – |
| Gross profit | −$2.7B | $411M | $7.3B | $9.4B | – |
| Selling, general & admin | $1.9B | $2.5B | $3B | $3.3B | $3.4B |
| Operating income | −$7.1B | −$4.4B | $2B | $3.6B | $4.5B |
| Interest expense | $1.6B | $1.6B | $2.1B | $1.8B | $1.3B |
| Pre-tax income | −$9.5B | −$6.1B | −$62M | $1.9B | $2.8B |
| Income tax | −$21M | $14M | $13M | −$1M | $12M |
| Net income | −$9.5B | −$6.1B | −$74M | $1.9B | $2.8B |
| Diluted EPS | −8.46 | −5.16 | −0.06 | 1.44 | 2.02 |
| Diluted shares | 1,123M | 1,180M | 1,262M | 1,398M | 1,402M |
Balance sheet
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.9B | $4B | $2.4B | $1.2B | $1.9B |
| Receivables | $246M | $395M | $556M | $590M | $678M |
| Inventory | $356M | $428M | $528M | $507M | $505M |
| Current assets | $10.1B | $7.5B | $5.3B | $3.4B | $4.2B |
| Net PP&E | $38.1B | $38.7B | $40.1B | $41.8B | $43.5B |
| Goodwill | $579M | $579M | $579M | $579M | $579M |
| Total assets | $53.3B | $51.7B | $49.1B | $49.1B | $51.7B |
| Payables | $797M | $1.1B | $1.2B | $1.1B | $1.2B |
| Deferred revenue | $3.1B | $4.9B | $6.1B | $6.4B | $6.8B |
| Current liabilities | $10.4B | $10.6B | $11.5B | $11.6B | $13.1B |
| Short-term debt | $1.9B | $2.4B | $2.1B | $1.5B | $2.6B |
| Long-term debt | $28.5B | $32B | $28.5B | $25.9B | $24B |
| Shareholders' equity | $12.1B | $7.1B | $6.9B | $9.3B | $12.3B |
Cash flow
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$4.1B | −$1.7B | $4.3B | $5.9B | $6.2B |
| Capital expenditure | $3.6B | $4.9B | $3.3B | $4.6B | $3.6B |
| Free cash flow | −$7.7B | −$6.6B | $997M | $1.3B | $2.6B |
| Depreciation & amortisation | $2.2B | $2.3B | $2.4B | $2.6B | $2.8B |
| Stock-based compensation | $121M | $101M | $53M | $62M | $98M |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $0 | $0 | – | – | – |
Key ratios
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 537.7% | 77.5% | 15.9% | 6.4% |
| Operating income growth (YoY) | – | – | – | 82.7% | 25.4% |
| EPS growth (YoY) | – | – | – | – | 40.3% |
| Gross margin | −144.0% | 3.4% | 33.7% | 37.5% | – |
| Operating margin | −371.5% | −36.0% | 9.1% | 14.3% | 16.8% |
| Net margin | −498.0% | −50.1% | −0.3% | 7.7% | 10.4% |
| Return on equityBlank when equity is negative | −78.2% | −86.2% | −1.1% | 20.7% | 22.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −16.5% | −10.7% | 5.2% | 9.5% | 11.6% |
| Free cash flow margin | −404.4% | −54.3% | 4.6% | 5.2% | 9.8% |
| Cash conversion (CFO ÷ net income) | 0.43x | 0.27x | −57.9x | 3.09x | 2.25x |
| Receivable days | 47 | 12 | 9 | 9 | 9 |
| Inventory days | 28 | 13 | 13 | 12 | – |
| Payable days | 62 | 33 | 30 | 26 | – |
| Interest cover | −4.43x | −2.72x | 0.95x | 2.04x | 3.32x |
| Debt ÷ equity | 2.51x | 4.86x | 4.44x | 2.97x | 2.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $21.5B | $30.3B | $28.2B | $26.3B | $24.7B |
| Current ratio | 0.97x | 0.71x | 0.46x | 0.29x | 0.32x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.