Detailed financial statements for Carnival Corporation & plc (CCL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. Its extensive fleet of vessels navigates to nearly 700 different ports globally, sailing under a diverse portfolio of acclaimed brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard.
Analysis Summary
Carnival Corporation & plc reported revenue of $26.62B in the most recent fiscal year, growing at a 5-year CAGR of 36.6%.
Trailing-twelve-month margins: gross margin 34.2%, operating margin 16.0%, net margin 11.4%.
At $28.83 (closing price, October 30, 2026), CCL trades at a P/E of 12.59 and an ROE of 23.91%. Market capitalisation stands at $38.8B, placing it among large-cap names.
Balance sheet quality for CCL: current ratio of 0.3, net debt of $26.07B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.61B represents 94% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.39B | $17.51B | $18.88B | $20.82B | $5.59B | $1.91B | $12.17B | $21.59B | $25.02B | $26.62B |
| Cost of Revenue | $9.38B | $10.50B | $11.09B | $12.91B | $8.24B | $4.66B | $11.76B | $14.32B | $15.64B | $18.74B |
| Gross Profit | $7.01B | $7.01B | $7.79B | $7.92B | -$2.65B | -$2.75B | $412.0M | $7.28B | $9.38B | $7.88B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.20B | $2.27B | $2.45B | $2.48B | $1.88B | $1.89B | $2.52B | $2.95B | $3.25B | $3.40B |
| Operating Expenses | $3.94B | $4.20B | $4.47B | $4.64B | $6.21B | $4.34B | $4.79B | $5.32B | $5.81B | $3.40B |
| Operating Income | $3.07B | $2.81B | $3.33B | $3.28B | -$8.87B | -$7.09B | -$4.38B | $1.96B | $3.57B | $4.48B |
| EBITDA | $4.79B | $4.71B | $5.42B | $5.43B | -$7.12B | -$5.69B | -$2.20B | $4.37B | $6.23B | $6.91B |
| Interest Expense | $223.0M | $198.0M | $194.0M | $206.0M | $895.0M | $1.60B | $1.61B | $2.07B | $1.75B | $1.35B |
| Pre-tax Income | $2.83B | $2.67B | $3.21B | $3.06B | -$10.25B | -$9.52B | -$6.08B | -$62.0M | $1.92B | $2.77B |
| Income Tax | $49.0M | $60.0M | $54.0M | $71.0M | -$17.0M | -$21.0M | $14.0M | $13.0M | -$1.0M | $12.0M |
| Net Income | $2.78B | $2.61B | $3.15B | $2.99B | -$10.24B | -$9.50B | -$6.09B | -$74.0M | $1.92B | $2.76B |
| EPS | $3.73 | $3.61 | $4.45 | $4.34 | $-13.20 | $-8.46 | $-5.16 | $-0.06 | $1.50 | $2.10 |
| EPS (Diluted) | $3.72 | $3.59 | $4.44 | $4.32 | $-13.20 | $-8.46 | $-5.16 | $-0.06 | $1.44 | $2.02 |
| Shares Outstanding (Diluted) | 747.0 M | 725.0 M | 710.0 M | 692.0 M | 775.0 M | 1,123.0 M | 1,180.0 M | 1,262.0 M | 1,398.0 M | 1,402.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $6.33B | $6.17B | $6.66B | $8.44B |
| Gross Profit | $1.69B | $2.23B | $1.72B | $3.81B |
| Operating Income | $734.0M | $607.0M | $851.0M | $2.22B |
| EBITDA | $1.44B | $1.27B | $1.57B | $2.98B |
| Net Income | $422.0M | $258.0M | $537.0M | $1.92B |
| EPS | $0.32 | $0.19 | $0.39 | $1.41 |
| EPS (Diluted) | $0.31 | $0.19 | $0.39 | $1.40 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $603.0M | $395.0M | $982.0M | $518.0M | $9.51B | $8.94B | $4.03B | $2.42B | $1.21B | $1.93B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $200.0M | 0 | 0 | 0 | 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 |
| Total Current Assets | $1.69B | $1.60B | $2.23B | $2.06B | $10.56B | $10.13B | $7.49B | $5.27B | $3.38B | $4.22B |
| Property, Plant & Equipment | $32.43B | $34.43B | $35.34B | $38.13B | $39.44B | $39.44B | $39.96B | $41.38B | $43.16B | $44.82B |
| Goodwill | $2.91B | $2.97B | $2.92B | $2.91B | $807.0M | $579.0M | $579.0M | $579.0M | $579.0M | $579.0M |
| Intangible Assets | $1.27B | $1.20B | $1.18B | $1.17B | $1.19B | $1.18B | $1.16B | $1.17B | $1.16B | $1.18B |
| Total Assets | $38.94B | $40.78B | $42.40B | $45.06B | $53.59B | $53.34B | $51.70B | $49.12B | $49.06B | $51.69B |
| Accounts Payable | $713.0M | $762.0M | $730.0M | $756.0M | $624.0M | $797.0M | $1.05B | $1.17B | $1.13B | $1.25B |
| Short-term Debt | $1.10B | $2.20B | $2.43B | $1.83B | $4.83B | $4.72B | $2.59B | $2.09B | $1.54B | $2.60B |
| Total Current Liabilities | $7.07B | $8.80B | $9.20B | $9.13B | $8.69B | $10.41B | $10.61B | $11.48B | $11.62B | $13.09B |
| Long-term Debt | $8.32B | $6.99B | $7.90B | $9.68B | $22.13B | $28.51B | $31.95B | $28.48B | $25.94B | $24.04B |
| Total Liabilities | $16.34B | $16.56B | $17.96B | $19.69B | $33.04B | $41.20B | $44.64B | $42.24B | $39.81B | $39.40B |
| Retained Earnings | $21.84B | $23.29B | $25.07B | $26.65B | $16.07B | $6.45B | $269.0M | $185.0M | $2.10B | $4.82B |
| Total Equity | $22.60B | $24.22B | $24.44B | $25.36B | $20.55B | $12.14B | $7.06B | $6.88B | $9.25B | $12.28B |
| Total Debt | $9.40B | $9.20B | $10.32B | $11.50B | $28.38B | $34.61B | $35.88B | $31.89B | $28.88B | $27.99B |
| Net Debt | $8.80B | $8.80B | $9.34B | $10.98B | $18.87B | $25.47B | $31.85B | $29.48B | $27.67B | $26.07B |
| Working Capital | -$5.38B | -$7.20B | -$6.98B | -$7.07B | $1.88B | -$275.0M | -$3.11B | -$6.21B | -$8.24B | -$8.87B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.93B | $1.42B | $2.24B | $1.22B |
| Total Assets | $51.69B | $51.57B | $52.23B | $50.97B |
| Total Liabilities | $39.40B | $38.52B | $39.24B | $36.77B |
| Total Equity | $12.28B | $13.03B | $12.97B | $14.19B |
| Total Debt | $27.99B | $26.61B | $26.17B | $25.16B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.78B | $2.61B | $3.15B | $2.99B | -$10.24B | -$9.50B | -$6.09B | -$74.0M | $1.92B | $2.76B |
| Depreciation & Amortization | $1.74B | $1.85B | $2.02B | $2.16B | $2.24B | $2.23B | $2.27B | $2.37B | $2.56B | $2.79B |
| Stock-based Compensation | $55.0M | $63.0M | $65.0M | $46.0M | $105.0M | $121.0M | $101.0M | $53.0M | $62.0M | $98.0M |
| Change in Working Capital | $444.0M | $399.0M | $364.0M | $212.0M | -$3.19B | $958.0M | $1.16B | $1.52B | $960.0M | -$145.0M |
| Operating Cash Flow | $5.13B | $5.32B | $5.55B | $5.47B | -$6.30B | -$4.11B | -$1.67B | $4.28B | $5.92B | $6.22B |
| Capital Expenditure | -$3.06B | -$2.94B | -$3.75B | -$5.43B | -$3.62B | -$3.61B | -$4.94B | -$3.28B | -$4.63B | -$3.61B |
| Acquisitions | 0 | 0 | -$135.0M | $26.0M | -$81.0M | -$90.0M | -$1.0M | 0 | 0 | 0 |
| Stock Repurchased | -$2.34B | -$552.0M | -$1.47B | -$603.0M | -$12.0M | -$188.0M | 0 | 0 | 0 | 0 |
| Dividends Paid | -$977.0M | -$1.09B | -$1.35B | -$1.39B | -$689.0M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $2.07B | $2.38B | $1.80B | $46.0M | -$9.92B | -$7.72B | -$6.61B | $997.0M | $1.30B | $2.61B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.52B | $1.26B | $2.63B | $1.41B |
| Capital Expenditure | -$1.51B | -$566.0M | -$875.0M | -$698.0M |
| Free Cash Flow | $12.0M | $697.0M | $1.75B | $712.0M |
| Dividends Paid | 0 | -$208.0M | -$206.0M | -$204.0M |
| Stock-based Compensation | $28.0M | $28.0M | $22.0M | $23.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.8% | +7.8% | +10.3% | -73.1% | -65.9% | +537.8% | +77.4% | +15.9% | +6.4% | |
| Net Income Growth (YoY) | -6.2% | +21.0% | -5.1% | -442.3% | +7.2% | +35.9% | +98.8% | +2,689.2% | +44.1% | |
| EPS Growth (YoY) | -3.2% | +23.3% | -2.5% | -404.1% | +35.9% | +39.0% | +98.9% | +2,659.7% | +40.0% | |
| Shares Change (YoY) | -2.9% | -2.1% | -2.5% | +12.0% | +44.9% | +5.1% | +6.9% | +10.8% | +0.3% | |
| FCF Growth (YoY) | +14.8% | -24.3% | -97.4% | -21,667.4% | +22.2% | +14.3% | +115.1% | +30.1% | +101.0% | |
| Gross Margin | 42.7% | 40.0% | 41.3% | 38.0% | -47.4% | -144.0% | 3.4% | 33.7% | 37.5% | 29.6% |
| Operating Margin | 18.7% | 16.0% | 17.6% | 15.7% | -158.5% | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% |
| EBITDA Margin | 29.2% | 26.9% | 28.7% | 26.1% | -127.2% | -298.1% | -18.0% | 20.3% | 24.9% | 26.0% |
| Net Margin | 17.0% | 14.9% | 16.7% | 14.4% | -183.0% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% |
| FCF Margin | 12.6% | 13.6% | 9.5% | 0.2% | -177.4% | -404.4% | -54.3% | 4.6% | 5.2% | 9.8% |
| Effective Tax Rate | 1.7% | 2.3% | 1.7% | 2.3% | 0.2% | 0.2% | -0.2% | -21.0% | -0.1% | 0.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.77 | $3.28 | $2.54 | $0.07 | $-12.80 | $-6.87 | $-5.60 | $0.79 | $0.93 | $1.86 |
| Dividends Per Share | $1.31 | $1.50 | $1.91 | $2.00 | $0.89 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 745.0 M | 723.0 M | 709.0 M | 690.0 M | 775.0 M | 1,123.0 M | 1,180.0 M | 1,262.0 M | 1,274.0 M | 1,312.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 23.91% |
| Return on Invested Capital | 10.84% |
| Return on Assets | 6.15% |
| Gross Margin | 34.22% |
| Operating Margin | 15.99% |
| Net Margin | 11.37% |
Financial Health
| Debt / Equity | 1.77 |
| Current Ratio | 0.27 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.24 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.78 | 18.18 | 13.55 | 10.39 | -1.51 | -2.08 | -1.92 | -257.00 | 16.95 | 12.35 |
| P/B | 1.69 | 1.96 | 1.75 | 1.23 | 0.75 | 1.63 | 1.66 | 2.76 | 3.50 | 2.77 |
| P/S | 2.34 | 2.71 | 2.26 | 1.49 | 2.77 | 10.37 | 0.96 | 0.88 | 1.29 | 1.28 |
| Gross Margin | 42.7% | 40.0% | 41.3% | 38.0% | -47.4% | -144.0% | 3.4% | 33.7% | 37.5% | 29.6% |
| Operating Margin | 18.7% | 16.0% | 17.6% | 15.7% | -158.5% | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% |
| Net Margin | 17.0% | 14.9% | 16.7% | 14.4% | -183.0% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% |
Related companies: LIND · RCL · VIK · NCLH
Explore sector: Consumer Cyclical · Travel Services
More sections of CCL: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks