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Carnival Corporation (CCL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · Hotels, Resorts & Cruise Lines · DATA UPDATED 2026-09-19

Carnival Corporation (CCL) operates in the Hotels, Resorts & Cruise Lines industry and is headquartered in Miami, United States with about 160,000 employees. Its market capitalization is roughly $30 billion. In the fiscal year ended 2025-11-30, CCL reported $26.6B in revenue and $2.8B in net income.

Carnival Corporation Ltd., a cruise company, provides leisure travel services. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other.

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CCL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-05-31	2025-11-30	2024-11-30	2023-11-30	2022-11-30	2021-11-30	2020-11-30	2019-11-30	2018-11-30	2017-11-30	2016-11-30	2015-11-30	2014-11-30	2013-11-30	2012-11-30	2011-11-30	2010-11-30	2009-11-30	2008-11-30	2007-11-30	2006-11-30
Total Revenue	$27.3B	$26.6B	$25.0B	$21.6B	$12.2B	$1.9B	$5.6B	$20.8B	$18.9B	$17.5B	$16.4B	$15.7B	$15.9B	$15.5B	$15.4B	$15.8B	$14.5B	$13.5B	$14.9B	$13.0B	$11.8B
Gross Profit	$9.4B	$7.9B	$9.4B	$7.3B	$412M	($2.7B)	($2.7B)	$7.9B	$7.8B	$7.0B	$7.0B	$6.3B	$5.5B	$4.8B	$5.1B	$5.5B	$5.4B	$5.1B	$5.6B	$5.4B	$5.0B
Gross Margin %	34.4%	29.6%	37.5%	33.7%	3.4%	-144.0%	-47.4%	38.0%	41.3%	40.0%	42.8%	39.9%	34.4%	31.1%	32.9%	34.8%	37.2%	37.5%	37.5%	41.5%	42.6%
Operating Income (EBIT)	$4.5B	$4.5B	$3.6B	$2.0B	($4.4B)	($7.1B)	($8.9B)	$3.3B	$3.3B	$2.8B	$3.1B	$2.6B	$1.8B	$1.3B	$1.6B	$2.3B	$2.3B	$2.2B	$2.7B	$2.7B	$2.6B
Operating Margin %	16.3%	16.8%	14.3%	9.1%	-36.0%	-371.5%	-158.5%	15.7%	17.6%	16.0%	18.7%	16.4%	11.2%	8.6%	10.7%	14.3%	16.2%	16.0%	18.3%	20.9%	22.1%
Net Income	$3.1B	$2.8B	$1.9B	($74M)	($6.1B)	($9.5B)	($10.2B)	$3.0B	$3.2B	$2.6B	$2.8B	$1.8B	$1.2B	$1.1B	$1.3B	$1.9B	$2.0B	$1.8B	$2.3B	$2.4B	$2.3B
Net Margin %	11.2%	10.4%	7.7%	-0.3%	-50.1%	-498.0%	-183.0%	14.4%	16.7%	14.9%	17.0%	11.2%	7.7%	6.8%	8.4%	12.1%	13.7%	13.3%	15.6%	18.5%	19.2%
EBITDA	$7.2B	$6.9B	$6.2B	$4.4B	($2.2B)	($5.7B)	($7.1B)	$5.4B	$5.4B	$4.7B	$4.8B	$3.6B	$3.1B	$3.0B	$3.2B	$3.8B	$3.8B	$3.5B	$4.0B	$3.9B	$3.6B
Earnings Per Share (EPS)	$2.19	$1.97	$1.37	$-0.06	$-5.16	$-8.46	$-13.21	$4.32	$4.44	$3.59	$3.72	$2.26	$1.56	$1.36	$1.67	$2.42	$2.46	$2.23	$2.85	$2.91	$2.77
Shares Outstanding (M)	1,388M	1,402M	1,398M	1,262M	1,180M	1,123M	775M	692M	710M	725M	747M	779M	778M	777M	779M	789M	805M	804M	816M	828M	823M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CCL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31
Total Revenue	$6.7B	$6.2B	$6.3B	$8.2B	$6.3B	$5.8B	$5.9B	$7.9B
Gross Profit	$1.7B	$2.2B	$1.7B	$3.8B	$2.4B	$2.0B	$2.1B	$3.6B
Gross Margin %	25.7%	36.1%	26.8%	46.2%	38.6%	35.2%	35.4%	45.5%
Operating Income (EBIT)	$851M	$607M	$734M	$2.3B	$934M	$543M	$561M	$2.2B
Operating Margin %	12.8%	9.8%	11.6%	27.9%	14.8%	9.3%	9.4%	27.6%
Net Income	$537M	$258M	$422M	$1.9B	$565M	($78M)	$303M	$1.7B
Net Margin %	8.1%	4.2%	6.7%	22.7%	8.9%	-1.3%	5.1%	22.0%
EBITDA	$1.6B	$1.3B	$1.4B	$2.9B	$1.6B	$957M	$1.4B	$2.8B
Earnings Per Share (EPS)	$0.39	$0.19	$0.30	$1.32	$0.40	$-0.06	$0.22	$1.24
Shares Outstanding (M)	1,388M	1,392M	1,403M	1,402M	1,400M	1,309M	1,399M	1,399M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CCL Free Cash Flow History

Cash flow	TTM → 2026-05-31	2025-11-30	2024-11-30	2023-11-30	2022-11-30	2021-11-30	2020-11-30	2019-11-30	2018-11-30	2017-11-30	2016-11-30	2015-11-30	2014-11-30	2013-11-30	2012-11-30	2011-11-30	2010-11-30	2009-11-30	2008-11-30	2007-11-30	2006-11-30
Cash from Operations (CFO)	$6.8B	$6.2B	$5.9B	$4.3B	($1.7B)	($4.1B)	($6.3B)	$5.5B	$5.5B	$5.3B	$5.1B	$4.5B	$3.4B	$2.8B	$3.0B	$3.8B	$3.8B	$3.3B	$3.4B	$4.1B	$3.6B
Capital Expenditures (CapEx)	$3.6B	$3.6B	$4.6B	$3.3B	$4.9B	$3.6B	$3.6B	$5.4B	$3.7B	$2.9B	$3.1B	$2.3B	$2.6B	$2.1B	$2.3B	$2.7B	$3.6B	$3.4B	$3.4B	$3.3B	$2.5B
Free Cash Flow (FCF)	$3.2B	$2.6B	$1.3B	$997M	($6.6B)	($7.7B)	($9.9B)	$46M	$1.8B	$2.4B	$2.1B	$2.3B	$847M	$685M	$667M	$1.1B	$239M	($38M)	$38M	$757M	$1.2B
FCF Margin %	11.7%	9.8%	5.2%	4.6%	-54.3%	-404.4%	-177.3%	0.2%	9.5%	13.6%	12.6%	14.3%	5.3%	4.4%	4.3%	6.8%	1.7%	-0.3%	0.2%	5.8%	9.7%
Dividends Paid	—	—	—	$20M	$87M	$12.4B	$689M	$1.4B	$1.4B	$1.1B	$977M	$816M	$776M	$1.2B	$779M	$671M	$237M	$314M	$1.3B	$990M	$803M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CCL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-05-31	2026-02-28	2025-11-30	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31
Cash from Operations (CFO)	$2.6B	$1.3B	$1.5B	$1.4B	$2.4B	$925M	$911M	$1.2B
Capital Expenditures (CapEx)	$875M	$566M	$1.5B	$647M	$851M	$607M	$592M	$577M
Free Cash Flow (FCF)	$1.8B	$697M	$12M	$736M	$1.5B	$318M	$319M	$628M
FCF Margin %	26.3%	11.3%	0.2%	9.0%	24.3%	5.5%	5.4%	8.0%
Dividends Paid	$206M	$208M	—	—	$0M	$0M	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CCL Balance Sheet History

Balance sheet	2026-05-31	2025-11-30	2024-11-30	2023-11-30	2022-11-30	2021-11-30	2020-11-30	2019-11-30	2018-11-30	2017-11-30	2016-11-30	2015-11-30	2014-11-30	2013-11-30	2012-11-30	2011-11-30	2010-11-30	2009-11-30	2008-11-30	2007-11-30	2006-11-30
Total Assets	$52.2B	$51.7B	$49.1B	$49.1B	$51.7B	$53.3B	$53.6B	$45.1B	$42.4B	$40.8B	$38.9B	$39.2B	$39.5B	$40.1B	$39.2B	$38.6B	$37.5B	$36.8B	$33.4B	$34.2B	$30.6B
Cash & Cash Equivalents	$2.2B	$1.9B	$1.2B	$2.4B	$4.0B	$8.9B	$9.5B	$518M	$982M	$395M	$603M	$1.4B	$331M	$462M	$465M	$450M	$429M	$538M	$650M	$943M	$1.2B
Total Liabilities	$39.2B	$39.4B	$39.8B	$42.2B	$44.6B	$41.2B	$33.0B	$19.7B	$18.0B	$16.6B	$16.3B	$15.5B	$15.2B	$15.5B	$15.2B	$14.8B	$14.5B	$14.8B	$14.3B	$14.2B	$12.3B
Total Debt (Short + Long-Term)	$25.1B	$26.8B	$27.6B	$30.7B	$34.7B	$33.4B	$27.1B	$11.5B	$10.3B	$9.2B	$9.4B	$8.8B	$9.1B	$9.6B	$8.9B	$9.4B	$9.4B	$10.0B	$9.3B	$8.9B	$7.8B
Total Shareholders' Equity	$13.0B	$12.3B	$9.3B	$6.9B	$7.1B	$12.1B	$20.6B	$25.4B	$24.4B	$24.2B	$22.6B	$23.8B	$24.3B	$24.6B	$23.9B	$23.8B	$23.0B	$22.0B	$19.1B	$20.0B	$18.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CCL viewer.

CCL Metric Deep Dives

Other Companies in Hotels, Resorts & Cruise Lines

MAR · Marriott International — $88 billion
HLT · Hilton Worldwide — $69 billion
RCL · Royal Caribbean Group — $66 billion
EXPE · Expedia Group — $34 billion
NCLH · Norwegian Cruise Line Holdings — $6 billion
BKNG · Booking Holdings — $126 billion
ABNB · Airbnb — $100 billion

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