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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 2026-07-15

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 $36 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	$414M	—	—	$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.

Other Companies in Hotels, Resorts & Cruise Lines

MAR · Marriott International — $99 billion
ABNB · Airbnb — $84 billion
RCL · Royal Caribbean Group — $79 billion
HLT · Hilton Worldwide — $74 billion
EXPE · Expedia Group — $31 billion
NCLH · Norwegian Cruise Line Holdings — $9 billion
BKNG · Booking Holdings — $138 billion

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