Carnival Corporation & plc (CCL) financials

NYSE · Consumer Cyclical · Travel Services · 160,000 employees · CEO Joshua Ian Weinstein

Price: $28.83 -0.03%
Market cap: $38.8B
Enterprise value: $62.7B
Last report: Q3 '26 filed 2026-09-29
Next report: 2026-12-18 EPS est. $0.22

Revenue (TTM)$27.6B+5.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)16.0%-0.4 pp vs a year agoOperating income $4.41B

Net income (TTM)$3.14B+18.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.18B+9.0% vs a year agoCapex $3.65B

Diluted EPS (TTM)$2.29+23.1% vs a year agoSum of the last 4 quarters

Net cash-$23.9B+8.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $38.8B
Revenue: $27.6B
Revenue growth: +4%
Profit margin: 11.4%
P/E: 12.5×
P/S: 1.4×
EV / EBITDA: 8.6×
Free cash flow: $3.18B
Net income: $3.14B
Revenue estimate: $27.7B
Earnings: 2026-12-18
Dividend: $0.45

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-29): revenue beat by 0.6%, EPS beat by 5.9%Revenue $8.44B vs $8.39B expected (+0.6%); EPS $1.43 vs $1.35 (+5.9%).
Revenue growth slowing: 3.5% year on yearQ3 '26 revenue $8.44B, against an average of 5.3% over the four quarters before.
Operating margin 16.0% (TTM), -0.4 pp on a year agoOperating income grew 2.4% while revenue grew 5.2%.
38.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.18B vs operating income $4.41B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 13.2% of revenue (a year ago 10.3%)$3.65B invested in the last 4 quarters (+35.2% on a year earlier). Free cash flow $3.18B = 101.2% of net income.
Returned $1.17B to shareholders = 36.7% of free cash flowBuybacks $548M (a year earlier $0), dividends $618M, stock-based pay $101M (TTM).
Diluted share count down 2.4% in a year1.37B diluted shares in Q3 '26, 1.4B a year earlier.
Net debt $23.9BCash + short-term investments $1.22B, debt incl. leases $25.2B; a year ago net debt $26.1B.

Last quarter: Q3 '26

Quarter ended 2026-08-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$8.44B	$8.15B	+3.5%
Gross margin	45.1%	46.2%	-1.1 pp
Operating income	$2.22B	$2.27B	-2.3%
Operating margin	26.3%	27.9%	-1.5 pp
Net income	$1.92B	$1.85B	+3.7%
Diluted EPS	$1.40	$1.33	+5.3%
Operating cash flow	$1.41B	$1.38B	+2.0%
Capex	$698M	$647M	+7.9%
Free cash flow	$712M	$736M	-3.3%
R&D	$0	$0	–
Stock-based compensation	$23M	$25M	-8.0%

Reported vs consensus

2026-09-29

	Actual	Consensus	vs consensus
Revenue	$8.44B	$8.39B	+0.6%
EPS (as estimated)	$1.43	$1.35	+5.9%

From the report of 2026-09-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Tour And Other	$5.53B	+1.8%	65.5%	$17.9B	+3.8%
Cruise	$2.91B	+6.7%	34.5%	$9.72B	+7.8%

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Europe Australia And Asia Cruise Brands	$2.61B	-0.1%	100.0%	$9.07B	+10.9%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
North American Segment	–	–	–	–	–	28.3%	–
North America And Australia	–	–	–	–	–	–	–
Europe Segment	$2.61B	+2.2%	–	–	–	31.8%	–
Tour And Other	$191M	+6.7%	–	–	–	39.7%	–
Cruise	$96M	+29.7%	–	–	–	-168.9%	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.82B
Capex: -$3.65B
Buybacks: -$548M
Dividends: -$618M
Acquisitions: $11M
Net debt issued: -$1.69B
Stock-based compensation: $101M
Free cash flow: $3.18B
Returned to shareholders / FCF: 36.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	12.5×	14.7× 2 of 5 years	12.3× – 17.0×
EV / EBITDA	8.6×	9.8× 3 of 5 years	8.7× – 11.1×
EV / Sales	2.3×	6.9×	2.2× – 23.8×
Price / FCF	12.2×	19.0× 3 of 5 years	13.0× – 25.0×
Price / Book	2.8×	2.5×	1.6× – 3.5×
FCF yield	8.2%	-15.7%	-56.4% – 7.7%
Return on invested capital	10.8%	0.0%	-14.8% – 10.8%
Return on equity	23.9%	-24.5%	-86.3% – 22.5%

Analysts

Consensus target $33.16 (+15.0%)
range $28.70 – $42.00 · rating Buy

Strong buy0

Buy30

Hold17

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$27.7B	+4.1%	$2.26	+11.8%	12.8×	14
FY2027	$28.6B	+3.2%	$2.58	+14.2%	11.2×	18
FY2028	$29.8B	+4.1%	$3.06	+18.5%	9.4×	9
FY2029	$31B	+4.0%	$3.57	+16.8%	8.1×	7
FY2030	$31.8B	+2.6%	$3.67	+2.8%	7.9×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 157 figures Carnival Corporation & plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$1.16B	$1.17B	-1.2%	$1.25B	$1.13B	+9.9%
Accrued Liabilities, Current	$1.98B	$1.98B	+0.3%	$2.24B	$2.36B	-5.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$24B2025-11-30	$22.1B	+8.5%	$24B	$22.1B	+8.5%
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$44M2025-11-30	$45M	-2.2%	$44M	$45M	-2.2%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	-$1.82B2025-11-30	-$1.96B	+7.0%	-$1.82B	-$1.96B	+7.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.71B	-$1.72B	+0.1%	-$1.81B	-$1.98B	+8.4%
Additional Paid in Capital	$15.7B	$17.2B	-9.1%	$17.3B	$17.2B	+0.7%
Advertising Expense	–	–	–	$972M	$925M	+5.1%
Amortization of Debt Issuance Costs and Discounts	$27M	$28M	-3.6%	$116M	$141M	-17.7%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	02026-05-31	0	–	0	0	–
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax	$52M2025-11-30	$26M	+100.0%	$52M	$26M	+100.0%
Asset Impairment Charges	–	–	–	$02024-11-30	$21M	-100.0%
Assets	$51B	$50.8B	+0.3%	$51.7B	$49.1B	+5.4%
Assets, Current	$3.42B	$3.87B	-11.6%	$4.22B	$3.38B	+24.9%
Cash and Cash Equivalents, at Carrying Value	$1.22B	$1.76B	-30.8%	$1.93B	$1.21B	+59.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.24B	$1.79B	-30.8%	$1.96B	$1.23B	+59.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$1.02B	-$380M	-168.7%	$727M	-$1.2B	+160.4%
Common Stock, Dividends, Per Share, Declared	$0.15	–	–	$1.952018-11-30	$1.60	+21.9%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$3M	$2M	+50.0%	–	–	–
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.95B	$1.89B	+3.0%	$2.93B	$1.88B	+55.7%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.95B	$1.89B	+3.0%	–	–	–
Construction in Progress, Gross	$464M2025-11-30	$535M	-13.3%	$464M	$535M	-13.3%
Contract with Customer, Asset, after Allowance for Credit Loss	$394M	$339M	+16.2%	$363M	$336M	+8.0%
Contract with Customer, Liability	$7.6B	$7.1B	+7.0%	$7.2B	$6.8B	+5.9%
Contract with Customer, Liability, Current	$7.13B	$6.69B	+6.5%	$6.83B	$6.43B	+6.3%
Contract with Customer, Liability, Revenue Recognized	$300M2025-11-30	$400M	-25.0%	$6.1B	$5.5B	+10.9%
Cost of Revenue	$4.39B2025-08-31	$4.3B	+1.9%	$15.6B2024-11-30	$14.3B	+9.2%
Debt Issuance Costs, Net	$647M	$707M	-8.5%	$744M	$738M	+0.8%
Debt, Long-term and Short-term, Combined Amount	$24.6B	$27.2B	-9.7%	$27.4B	$28.2B	-2.9%
Defined Benefit Plan, Plan Assets, Amount	$163M2025-11-30	$168M	-3.0%	$163M	$168M	-3.0%
Defined Contribution Plan, Cost	–	–	–	$54M	$47M	+14.9%
Depreciation, Depletion and Amortization, Nonproduction	$754M	$717M	+5.2%	$2.79B	$2.56B	+9.1%
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$02025-08-31	$3M	-100.0%	$2M2024-11-30	$22M	-90.9%
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	$02025-08-31	$19M	-100.0%	$4M2024-11-30	$28M	-85.7%
Dividends, Common Stock, Cash	$204M	–	–	$342M2020-11-30	$1.38B	-75.2%
Earnings Per Share, Basic	$1.41	$1.41	0.0%	$2.10	$1.50	+40.0%
Earnings Per Share, Diluted	$1.40	$1.33	+5.3%	$2.02	$1.44	+40.3%
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$0	$6M	-100.0%	$19M	-$8M	+337.5%
Gain (Loss) on Extinguishment of Debt	-$23M	-$105M	+78.1%	-$401M	-$76M	-427.6%
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost	-$23M	-$111M	+79.3%	-$409M	-$79M	-417.7%
Goodwill	$579M	$579M	0.0%	$579M	$579M	0.0%
Goodwill and Intangible Asset Impairment	–	–	–	$02023-11-30	$0	–
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$1.86B2025-08-31	$1.74B	+6.5%	$1.92B2024-11-30	-$62M	+3,188.7%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$1.94B	$1.86B	+4.2%	$2.77B	$1.92B	+44.8%
Income (Loss) from Equity Method Investments	$8M2025-08-31	$10M	-20.0%	$9M2024-11-30	-$13M	+169.2%
Income Tax Expense (Benefit)	$16M	$6M	+166.7%	$12M	-$1M	+1,300.0%
Increase (Decrease) in Accounts Payable	-$11M	$25M	-144.0%	$61M	-$26M	+334.6%
Increase (Decrease) in Contract with Customer, Liability	-$1.34B	-$1.43B	+5.8%	$308M	$507M	-39.3%
Increase (Decrease) in Inventories	-$22M	-$2M	-1,000.0%	-$2M	-$9M	+77.8%
Increase (Decrease) in Other Operating Assets	-$9M	-$71M	+87.3%	$214M	-$352M	+160.8%
Increase (Decrease) in Other Operating Liabilities	-$97M	$22M	-540.9%	-$218M	$167M	-230.5%
Increase (Decrease) in Receivables	-$25M2026-05-31	$11M	-327.3%	$84M	$49M	+71.4%
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	84M	-100.0%	84M	119M	-29.4%
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements	5M	5M	0.0%	5M	5M	0.0%
Indefinite-lived Intangible Assets (Excluding Goodwill)	$1.18B	$1.18B	0.0%	$1.18B	$1.16B	+1.3%
Indefinite-lived Intangible Assets, Translation and Purchase Accounting Adjustments	$0	$3M	-100.0%	$15M	-$4M	+475.0%
Intangible Assets, Net (Excluding Goodwill)	$1.18B	$1.18B	0.0%	$1.18B	$1.16B	+1.2%
Interest Costs Capitalized	–	–	–	$75M	$61M	+23.0%
Interest on Convertible Debt, Net of Tax	$0	$18M	-100.0%	$11M2010-11-30	$12M	-8.3%
Interest Paid, Excluding Capitalized Interest, Operating Activities	–	–	–	$1.2B	$1.6B	-25.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-31, 10-Q 2026-05-31, 10-Q 2026-02-28, 10-K 2025-11-30, 10-Q 2025-08-31, 10-Q 2025-05-31, 10-Q 2025-02-28, 10-K 2024-11-30, 10-Q 2024-08-31

Data as of 2026-11-02