NYSE : CUK
Carnival Corporation & plc — Financial statements
Consumer Discretionary · Travel Services · United States
Last price 27.47 USD (At close: May 6, 2026) · Market cap 37.24B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Carnival Corporation & plc (CUK) reported revenue of 27.59B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 27.59B | 26.62B | 25.02B | 21.59B | 12.17B | 1.91B |
| Other Revenue | 1.00M | |||||
| Revenue | 27.59B | 26.62B | 25.02B | 21.59B | 12.17B | 1.91B |
| Cost of Revenue | 12.31B | 11.83B | 11.63B | 10.78B | 8.36B | 2.72B |
| Gross Profit | 15.28B | 14.79B | 13.39B | 10.82B | 3.81B | -809.00M |
| Selling, General & Admin | 3.80B | 3.62B | 3.48B | 3.08B | 2.52B | 1.90B |
| Other Operating Expenses | 4.19B | 4.02B | 3.84B | 3.51B | 2.96B | 1.35B |
| Operating Expenses | 10.89B | 10.43B | 9.88B | 8.96B | 7.76B | 5.47B |
| Operating Income | 4.39B | 4.36B | 3.52B | 1.86B | -3.95B | -6.28B |
| Interest Expense | -1.18B | -1.35B | -1.75B | -2.07B | -1.61B | -1.60B |
| Interest & Investment Income | 58.00M | 51.00M | 93.00M | 233.00M | 74.00M | 12.00M |
| Other Non Operating Income (Expenses) | -47.00M | 8.00M | 96.00M | -61.00M | -127.00M | -145.00M |
| EBT Excluding Unusual Items | 3.23B | 3.07B | 1.95B | -38.00M | -5.62B | -8.02B |
| Merger & Restructuring Charges | -3.00M | |||||
| Impairment of Goodwill | -226.00M | |||||
| Gain (Loss) on Sale of Investments | -30.00M | -17.00M | ||||
| Gain (Loss) on Sale of Assets | 7.00M | 112.00M | 41.00M | 88.00M | 7.00M | |
| Asset Writedown | 2.00M | -440.00M | -591.00M | |||
| Other Unusual Items | -66.00M | -409.00M | -79.00M | -111.00M | -1.00M | -670.00M |
| Pretax Income | 3.17B | 2.77B | 1.92B | -61.00M | -6.08B | -9.52B |
| Income Tax Expense | 32.00M | 12.00M | -1.00M | 13.00M | 14.00M | -21.00M |
| Net Income | 3.14B | 2.76B | 1.92B | -74.00M | -6.09B | -9.50B |
| Net Income to Common | 3.14B | 2.76B | 1.92B | -74.00M | -6.09B | -9.50B |
| Shares Outstanding (Basic) | 1.36B | 1.31B | 1.27B | 1.26B | 1.18B | 1.12B |
| Shares Outstanding (Diluted) | 1.39B | 1.40B | 1.40B | 1.26B | 1.18B | 1.12B |
| EPS (Basic) | 2.31 | 2.10 | 1.50 | -0.06 | -5.16 | -8.46 |
| EPS (Diluted) | 2.27 | 2.02 | 1.44 | -0.06 | -5.16 | -8.46 |
| Free Cash Flow | 3.18B | 2.61B | 1.30B | 997.00M | -6.61B | -7.72B |
| Free Cash Flow Per Share | 2.29 | 1.86 | 0.93 | 0.79 | -5.60 | -6.87 |
| Dividend Per Share | 0.45 | |||||
| Gross Margin | 55.38% | 55.55% | 53.53% | 50.10% | 31.31% | -42.40% |
| Operating Margin | 15.92% | 16.37% | 14.06% | 8.60% | -32.48% | -329.35% |
| Profit Margin | 11.37% | 10.37% | 7.66% | -0.34% | -50.07% | -497.96% |
| Free Cash Flow Margin | 11.51% | 9.79% | 5.18% | 4.62% | -54.32% | -404.40% |
| EBITDA | 7.29B | 7.15B | 6.08B | 4.23B | -1.68B | -4.05B |
| EBITDA Margin | 26.43% | 26.85% | 24.28% | 19.57% | -13.79% | -212.32% |
| D&A For EBITDA | 2.90B | 2.79B | 2.56B | 2.37B | 2.27B | 2.23B |
| EBIT | 4.39B | 4.36B | 3.52B | 1.86B | -3.95B | -6.28B |
| EBIT Margin | 15.92% | 16.37% | 14.06% | 8.60% | -32.48% | |
| Effective Tax Rate | 1.01% | 0.43% | ||||
| Revenue as Reported | 27.59B | 26.62B | 25.02B | 21.59B | 12.17B | 1.91B |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.22B | 1.93B | 1.21B | 2.42B | 4.03B | 8.94B |
| Short-Term Investments | 200.00M | |||||
| Trading Asset Securities | 1.00M | 1.00M | ||||
| Cash & Short-Term Investments | 1.22B | 1.93B | 1.21B | 2.42B | 4.03B | 9.14B |
| Receivables | 670.00M | 678.00M | 590.00M | 556.00M | 613.00M | 301.00M |
| Inventory | 528.00M | 505.00M | 507.00M | 528.00M | 428.00M | 356.00M |
| Prepaid Expenses | 610.00M | 745.00M | 734.00M | 1.75B | 433.00M | 323.00M |
| Restricted Cash | 11.00M | 1.99B | 14.00M | |||
| Other Current Assets | 393.00M | 363.00M | 337.00M | |||
| Total Current Assets | 3.42B | 4.22B | 3.38B | 5.27B | 7.49B | 10.13B |
| Property, Plant & Equipment | 44.62B | 44.82B | 43.16B | 41.38B | 39.96B | 39.44B |
| Long-Term Investments | 221.00M | 184.00M | 139.00M | 164.00M | 242.00M | |
| Goodwill | 579.00M | 579.00M | 579.00M | 579.00M | 579.00M | 579.00M |
| Other Intangible Assets | 1.18B | 1.18B | 1.16B | 1.17B | 1.16B | 1.18B |
| Other Long-Term Assets | 1.17B | 669.00M | 590.00M | 586.00M | 2.35B | 1.77B |
| Total Assets | 50.97B | 51.69B | 49.06B | 49.12B | 51.70B | 53.34B |
| Accounts Payable | 1.16B | 1.25B | 1.13B | 1.17B | 1.05B | 797.00M |
| Accrued Expenses | 1.98B | 2.24B | 2.36B | 2.00B | 1.94B | 1.64B |
| Short-Term Debt | 200.00M | 2.79B | ||||
| Current Portion of Long-Term Debt | 2.04B | 2.60B | 1.54B | 2.09B | 2.39B | 1.93B |
| Current Portion of Leases | 168.00M | 175.00M | 163.00M | 149.00M | 146.00M | 142.00M |
| Current Unearned Revenue | 6.07B | 4.87B | 3.11B | |||
| Other Current Liabilities | 7.13B | 6.83B | 6.42B | -1.00M | ||
| Total Current Liabilities | 12.47B | 13.09B | 11.62B | 11.48B | 10.61B | 10.41B |
| Long-Term Debt | 21.88B | 24.04B | 25.94B | 28.50B | 31.95B | 28.51B |
| Long-Term Leases | 1.08B | 1.18B | 1.24B | 1.17B | 1.19B | 1.24B |
| Pension & Post-Retirement Benefits | 221.00M | 210.00M | 188.00M | 188.00M | 227.00M | |
| Other Long-Term Liabilities | 1.33B | 875.00M | 804.00M | 900.00M | 703.00M | 815.00M |
| Total Liabilities | 36.76B | 39.40B | 39.81B | 42.24B | 44.64B | 41.20B |
| Common Stock | 15.00M | 374.00M | 374.00M | 373.00M | 373.00M | 372.00M |
| Additional Paid-In Capital | 15.66B | 17.27B | 17.16B | 16.71B | 16.87B | 15.29B |
| Retained Earnings | 6.71B | 4.82B | 2.10B | 185.00M | 269.00M | 6.45B |
| Treasury Stock | -6.49B | -8.36B | -8.40B | -8.45B | -8.47B | -8.47B |
| Comprehensive Income & Other | -1.71B | -1.81B | -1.98B | -1.94B | -1.98B | -1.50B |
| Shareholders' Equity | 14.21B | 12.28B | 9.25B | 6.88B | 7.07B | 12.14B |
| Total Liabilities & Equity | 50.97B | 51.69B | 49.06B | 49.12B | 51.70B | 53.34B |
| Total Debt | 25.16B | 27.99B | 28.88B | 31.91B | 35.88B | 34.61B |
| Net Cash (Debt) | -23.94B | -26.07B | -27.67B | -29.49B | -31.85B | -25.47B |
| Net Cash Per Share | -17.25 | -18.59 | -19.79 | -23.37 | -26.99 | -22.68 |
| Filing Date Shares Outstanding | 1.34B | 1.38B | 1.31B | 1.27B | 1.26B | 1.14B |
| Total Common Shares Outstanding | 1.35B | 1.31B | 1.31B | 1.26B | 1.26B | 1.14B |
| Working Capital | -9.05B | -8.87B | -8.24B | -6.21B | -3.11B | -275.00M |
| Book Value Per Share | 10.49 | 9.36 | 7.07 | 5.44 | 5.61 | 10.69 |
| Tangible Book Value | 12.43B | 10.53B | 7.51B | 5.13B | 5.33B | 10.38B |
| Tangible Book Value Per Share | 9.19 | 8.02 | 5.74 | 4.06 | 4.23 | 9.14 |
| Machinery | 61.68B | 58.65B | 55.03B | 52.91B | 50.50B | |
| Construction In Progress | 464.00M | 535.00M | 1.28B | 785.00M | 1.54B |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.14B | 2.76B | 1.92B | -74.00M | -6.09B | -9.50B |
| Depreciation & Amortization | 2.90B | 2.79B | 2.56B | 2.37B | 2.27B | 2.23B |
| Other Amortization | 109.00M | 116.00M | 141.00M | 161.00M | 171.00M | 172.00M |
| Loss (Gain) From Sale of Assets | -7.00M | -112.00M | -41.00M | -88.00M | -7.00M | -11.00M |
| Asset Writedown & Restructuring Costs | 440.00M | 817.00M | ||||
| Loss (Gain) From Sale of Investments | 30.00M | 17.00M | ||||
| Loss (Gain) on Equity Investments | 38.00M | 129.00M | ||||
| Stock-Based Compensation | 101.00M | 98.00M | 62.00M | 53.00M | 101.00M | 121.00M |
| Other Operating Activities | 501.00M | 711.00M | 328.00M | 334.00M | 212.00M | 956.00M |
| Change in Accounts Receivable | -84.00M | -49.00M | -180.00M | -171.00M | -7.00M | |
| Change in Inventory | -59.00M | 2.00M | 9.00M | -85.00M | -95.00M | -63.00M |
| Change in Accounts Payable | 31.00M | 61.00M | -26.00M | 77.00M | 283.00M | 206.00M |
| Change in Unearned Revenue | 1.68B | 1.29B | ||||
| Change in Other Net Operating Assets | 110.00M | -124.00M | 1.03B | 1.71B | -533.00M | -469.00M |
| Operating Cash Flow | 6.82B | 6.22B | 5.92B | 4.28B | -1.67B | -4.11B |
| Capital Expenditures | -3.65B | -3.61B | -4.63B | -3.28B | -4.94B | -3.61B |
| Sale of Property, Plant & Equipment | 14.00M | 323.00M | 58.00M | 340.00M | 70.00M | 351.00M |
| Cash Acquisitions | -90.00M | |||||
| Investment in Securities | -60.00M | -100.00M | -64.00M | -21.00M | 200.00M | -200.00M |
| Other Investing Activities | 2.00M | 67.00M | 97.00M | 155.00M | -97.00M | 3.00M |
| Investing Cash Flow | -3.69B | -3.32B | -4.54B | -2.81B | -4.77B | -3.54B |
| Long-Term Debt Issued | 11.15B | 3.10B | 2.96B | 7.21B | 13.04B | |
| Total Debt Issued | 2.53B | 11.15B | 3.10B | 2.96B | 7.21B | 13.04B |
| Short-Term Debt Repaid | -200.00M | -2.59B | -293.00M | |||
| Long-Term Debt Repaid | -12.94B | -5.44B | -7.66B | -2.08B | -5.96B | |
| Total Debt Repaid | -4.45B | -12.94B | -5.44B | -7.86B | -4.67B | -6.25B |
| Net Debt Issued (Repaid) | -1.91B | -1.78B | -2.34B | -4.90B | 2.54B | 6.79B |
| Issuance of Common Stock | 1.27B | 1.22B | ||||
| Repurchase of Common Stock | -929.00M | -87.00M | -188.00M | |||
| Common Dividends Paid | -618.00M | |||||
| Other Financing Activities | -207.00M | -405.00M | -243.00M | -190.00M | -155.00M | -871.00M |
| Financing Cash Flow | -3.67B | -2.19B | -2.58B | -5.09B | 3.58B | 6.95B |
| Foreign Exchange Rate Adjustments | -16.00M | 19.00M | -8.00M | 17.00M | -79.00M | -13.00M |
| Miscellaneous Cash Flow Adjustments | -2.00M | -1.00M | -1.00M | 1.00M | ||
| Net Cash Flow | -552.00M | 727.00M | -1.21B | -3.60B | -2.94B | -715.00M |
| Free Cash Flow | 3.18B | 2.61B | 1.30B | 997.00M | -6.61B | -7.72B |
| Free Cash Flow Margin | 11.51% | 9.79% | 5.18% | 4.62% | -54.32% | -404.40% |
| Free Cash Flow Per Share | 2.29 | 1.86 | 0.93 | 0.79 | -5.60 | -6.87 |
| Levered Free Cash Flow | 1.81B | 1.55B | 591.50M | 1.16B | -6.02B | -4.11B |
| Unlevered Free Cash Flow | 2.43B | 2.28B | 1.55B | 2.29B | -5.18B | -3.28B |
| Cash Interest Paid | 1.20B | 1.20B | 1.60B | 2.00B | 1.40B | 1.30B |
| Change in Working Capital | 82.00M | -145.00M | 960.00M | 1.52B | 1.16B | 958.00M |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 37.24B | 33.59B | 32.66B | 18.79B | 12.29B | 19.65B |
| Enterprise Value | 62.44B | 59.69B | 61.43B | 48.56B | 40.51B | 44.50B |
| Last Close Price | 27.47 | 23.72 | 22.88 | 13.42 | 8.90 | 16.11 |
| PE Ratio | 12.03 | 12.17 | 17.05 | |||
| PS Ratio | 1.38 | 1.26 | 1.30 | 0.87 | 1.01 | 10.30 |
| PB Ratio | 2.85 | 2.73 | 3.53 | 2.73 | 1.74 | 1.62 |
| P/TBV Ratio | 3.30 | 3.19 | 4.35 | 3.66 | 2.31 | 1.89 |
| P/FCF Ratio | 12.47 | 12.89 | 25.18 | 18.84 | ||
| P/OCF Ratio | 5.68 | 5.40 | 5.51 | 4.39 | ||
| EV/Sales Ratio | 2.31 | 2.24 | 2.46 | 2.25 | 3.33 | 23.32 |
| EV/EBITDA Ratio | 8.61 | 8.35 | 10.11 | 11.49 | ||
| EV/EBIT Ratio | 14.12 | 13.69 | 17.46 | 26.16 | ||
| EV/FCF Ratio | 20.91 | 22.90 | 47.36 | 48.71 | ||
| Debt / Equity Ratio | 1.77 | 2.28 | 3.12 | 4.64 | 5.08 | 2.85 |
| Debt / EBITDA Ratio | 3.25 | 3.69 | 4.44 | 7.00 | ||
| Debt / FCF Ratio | 7.92 | 10.74 | 22.26 | 32.00 | ||
| Net Debt / Equity Ratio | 1.69 | 2.12 | 2.99 | 4.29 | 4.51 | 2.10 |
| Net Debt / EBITDA Ratio | 3.28 | 3.65 | 4.55 | 6.98 | -18.98 | -6.29 |
| Net Debt / FCF Ratio | 7.54 | 10.00 | 21.33 | 29.58 | -4.82 | -3.30 |
| Asset Turnover | 0.54 | 0.53 | 0.51 | 0.43 | 0.23 | 0.04 |
| Inventory Turnover | 24.55 | 23.39 | 22.47 | 22.54 | 21.32 | 7.86 |
| Quick Ratio | 0.15 | 0.20 | 0.15 | 0.26 | 0.44 | 0.91 |
| Current Ratio | 0.27 | 0.32 | 0.29 | 0.46 | 0.71 | 0.97 |
| Return on Equity (ROE) | 24.00% | 25.63% | 23.75% | -1.06% | -63.44% | -58.11% |
| Return on Assets (ROA) | 5.39% | 5.41% | 4.48% | 2.30% | -4.70% | -7.34% |
| Return on Invested Capital (ROIC) | 11.59% | 11.53% | 9.60% | 4.93% | -10.33% | -16.31% |
| Return on Capital Employed (ROCE) | 11.40% | 11.30% | 9.40% | 4.90% | -9.60% | -14.60% |
| Earnings Yield | 8.31% | 8.22% | 5.87% | -0.39% | -49.57% | -48.35% |
| FCF Yield | 8.02% | 7.76% | 3.97% | 5.31% | -53.77% | -39.27% |
| Buyback Yield / Dilution | -0.96% | -0.29% | -10.78% | -6.95% | -5.08% | -44.90% |
| Total Shareholder Return | -0.41% | -0.29% | -10.78% | -6.95% | -5.08% | -44.90% |