NYSE · Financial Statements

Carnival Corporation Ltd. (CCL) Financial Statements

$26.11 NYSE: CCL Market Cap $35.11B

Carnival Corporation Ltd. most recently reported annual revenue of $26.6B, net profit of $2.8B. Revenue grew at an average annual rate of 36.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Carnival Corporation Ltd.: Revenue rose from $16.4B in 2016 to $26.6B in 2025, a change of +62.4% over 9 years; net profit was positive in 6 of 10 reported years; operating margin moved from 18.7% to 16.8%, a shift of -1.9 percentage points; the most recent year shows net profit of $2.8B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$16.4B$17.5B$18.9B$20.8B$5.6B$1.9B$12.2B$21.6B$25.0B$26.6B
Operating Expenses$13.3B$14.7B$15.6B$17.5B$14.5B$9.0B$16.5B$19.6B$21.4B$22.1B
Operating Profit$3.1B$2.8B$3.3B$3.3B$-8.9B$-7.1B$-4.4B$2.0B$3.6B$4.5B
Operating Margin18.7%16.0%17.6%15.7%-158.5%-371.5%-36.0%9.1%14.3%16.8%
Other Income$-243.0M$-143.0M$-118.0M$-216.0M$-1.4B$-2.4B$-1.7B$-2.0B$-1.7B$-1.7B
Interest$223.0M$198.0M$194.0M$206.0M$895.0M$1.6B$1.6B$2.1B$1.8B$1.3B
Depreciation$1.7B$1.8B$2.0B$2.2B$2.2B$2.2B$2.3B$2.4B$2.6B$2.8B
Profit Before Tax$2.8B$2.7B$3.2B$3.1B$-10.3B$-9.5B$-6.1B$-62.0M$1.9B$2.8B
Tax$1.7M$2.3M$1.7M$2.3M$170,000$220,000$-230,000$-21.0M$-50,000$430,000
Net Profit$2.8B$2.6B$3.2B$3.0B$-10.2B$-9.5B$-6.1B$-74.0M$1.9B$2.8B
EPS$3.72$3.59$4.44$4.32$-13.20$-8.46$-5.16$-0.06$1.44$2.02
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$6.9B$5.4B$5.4B$5.8B$7.9B$5.9B$5.8B$6.3B$8.2B$6.3B$6.2B$6.7B
Operating Expenses$5.2B$5.0B$5.1B$5.2B$5.7B$5.4B$5.3B$5.4B$5.9B$5.6B$5.6B$5.8B
Operating Profit$1.6B$384.0M$276.0M$560.0M$2.2B$561.0M$543.0M$934.0M$2.3B$734.0M$607.0M$851.0M
Operating Margin23.7%7.1%5.1%9.7%27.6%9.4%9.3%14.8%27.9%11.6%9.8%12.8%
Interest$518.0M$466.0M$471.0M$450.0M$431.0M$403.0M$377.0M$341.0M$296.0M$315.0M$291.0M$285.0M
Profit Before Tax$1.1B$-39.0M$-214.0M$96.0M$1.7B$289.0M$-71.0M$582.0M$1.9B$404.0M$280.0M$555.0M
Tax$-850,000$-25.6M$0$5.2M$460,000$-4.8M$-9.9M$2.9M$320,000$-4.5M$6.1M$-3.1M
Net Profit$1.1B$-48.0M$-214.0M$92.0M$1.7B$303.0M$-78.0M$565.0M$1.9B$422.0M$258.0M$537.0M
EPS$0.79$-0.04$-0.17$0.07$1.26$0.17$-0.06$0.42$1.33$0.31$0.19$0.39

Over the 10 years reported for Carnival Corporation Ltd., borrowings increased from $9.4B in 2016 to $28.0B in 2025, cash stood at $1.9B in the latest year, shareholders' equity was $374.0M, current assets covered current liabilities 0.32 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$38.9B$40.8B$42.4B$45.1B$53.6B$53.3B$51.7B$49.1B$49.1B$51.7B
Current Assets$1.7B$1.6B$2.2B$2.1B$10.6B$10.1B$7.5B$5.3B$3.4B$4.2B
Cash$603.0M$395.0M$982.0M$518.0M$9.5B$8.9B$4.0B$2.4B$1.2B$1.9B
Inventory$322.0M$387.0M$450.0M$427.0M$335.0M$356.0M$428.0M$528.0M$507.0M$505.0M
Receivables$298.0M$312.0M$358.0M$444.0M$273.0M$246.0M$395.0M$556.0M$590.0M$678.0M
Fixed Assets$32.4B$34.4B$35.3B$38.1B$39.4B$39.4B$40.0B$41.4B$43.2B$44.8B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$3.0M$0$244.0M$204.0M$289.0M$200.0M$1.0M$149.0M$184.0M$221.0M
Other Assets$2.9B$3.0B$2.9B$2.9B$807.0M$579.0M$579.0M$579.0M$579.0M$579.0M
Total Liabilities$16.3B$16.6B$18.0B$19.7B$33.0B$41.2B$44.6B$42.2B$39.8B$39.4B
Current Liabilities$7.1B$8.8B$9.2B$9.1B$8.7B$10.4B$10.6B$11.5B$11.6B$13.1B
Borrowings$9.4B$9.2B$10.3B$11.5B$28.4B$34.6B$35.9B$31.9B$28.9B$28.0B
Other Liabilities$6.9B$7.4B$7.6B$8.2B$4.7B$6.6B$8.8B$10.3B$10.9B$11.4B
Equity$365.0M$365.0M$365.0M$365.0M$372.0M$372.0M$373.0M$373.0M$374.0M$374.0M
Reserves$22.6B$24.2B$24.4B$25.4B$20.6B$12.1B$7.1B$6.9B$9.3B$12.3B

For Carnival Corporation Ltd., operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was $2.6B; free cash flow was positive in 7 of 10 years; financing activities used $261.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$5.1B$5.3B$5.5B$5.5B$-6.3B$-4.1B$-1.7B$4.3B$5.9B$6.2B
Investing Cash Flow$-6.4B$-6.0B$-7.3B$-10.7B$-6.9B$-7.2B$-9.7B$-6.1B$-9.2B$-6.9B
Financing Cash Flow$-2.4B$-576.0M$-1.5B$-690.0M$-161.0M$-137.0M$-147.0M$-195.0M$-243.0M$-261.0M
Net Cash Flow$-792.0M$-208.0M$574.0M$-466.0M$9.2B$-716.0M$-2.9B$-3.6B$-1.2B$718.0M
Free Cash Flow$2.1B$2.4B$1.8B$46.0M$-9.9B$-7.7B$-6.6B$997.0M$1.3B$2.6B

Valuation & Return Ratios

MetricValue
PEG Ratio0.46
EV / EBITDA7.60
FCF Yield10.50%
Quick Ratio0.29
Interest Coverage3.76
Return 1Y-9.70%
Return 3Y132.19%
Return 5Y19.76%

Carnival Corporation Ltd. (CCL) financials — frequently asked questions

What is Carnival Corporation Ltd.'s annual revenue?

Carnival Corporation Ltd. (CCL) reported annual revenue of $26.6B in its most recent fiscal year.

What is Carnival Corporation Ltd.'s net profit?

Carnival Corporation Ltd. (CCL) reported net profit of $2.8B in its most recent fiscal year.

What is CCL EV/EBITDA?

Carnival Corporation Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is 7.60.

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