Carnival (CCL) Financials

$29.54 -0.43 (-1.43%)

Closing price 03:59 PM Eastern

Extended Trading

$29.53 -0.01 (-0.04%)

As of 05:48 PM Eastern

Annual Income Statements for Carnival

This table shows Carnival's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	11/30/2014	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024
Net Income / (Loss) Attributable to Common Shareholders	1,216	1,757	-6,354	2,606	3,152	2,990	-10,236	-9,501	-6,093	-76	1,916
Consolidated Net Income / (Loss)	1,216	1,757	2,779	2,606	3,152	2,990	-10,236	-9,501	-6,093	-74	1,916
Net Income / (Loss) Continuing Operations	1,216	1,757	-6,354	2,606	3,153	2,989	-10,236	-9,501	-6,094	-76	1,916
Total Pre-Tax Income	1,225	1,799	2,828	2,666	3,207	3,060	-10,253	-9,522	-6,080	-62	1,915
Total Operating Income	1,772	2,574	3,071	2,809	3,325	3,276	-8,865	-7,089	-4,379	1,956	3,574
Total Gross Profit	5,463	6,267	9,151	9,116	7,807	19,263	-683	500	5,990	13,075	15,647
Total Revenue	15,884	15,714	16,389	17,510	18,881	20,825	5,595	1,908	12,168	21,593	25,021
Operating Revenue	15,669	15,488	16,389	17,510	18,881	20,825	5,595	1,908	12,168	21,593	25,021
Total Cost of Revenue	10,421	9,447	7,238	8,394	11,074	1,562	8,245	1,408	6,178	8,518	9,374
Operating Cost of Revenue	10,421	9,447	7,238	8,394	11,074	1,562	6,278	1,408	6,178	8,518	9,374
Total Operating Expenses	3,691	3,693	15,311	6,307	4,483	15,986	8,182	7,590	10,369	11,119	12,074
Selling, General & Admin Expense	2,054	2,067	2,197	2,265	2,450	2,480	1,878	1,885	2,515	2,950	3,252
Depreciation Expense	1,637	1,626	1,738	1,846	2,017	2,160	2,241	2,233	2,275	2,370	2,557
Other Operating Expenses / (Income)	-	-	11,376	2,107	0.00	11,320	-	2,655	5,139	5,799	6,265
Impairment Charge	-	0.00	0.00	89	16	26	4,063	817	440	0.00	0.00
Total Other Income / (Expense), net	-547	-775	-243	-143	-118	-215	-1,388	-2,432	-1,701	-2,019	-1,658
Interest Expense	288	217	223	198	194	206	1,354	2,271	1,610	2,177	1,834
Interest & Investment Income	8.00	8.00	6.00	9.00	14	23	18	12	74	233	93
Other Income / (Expense), net	-267	-566	-26	46	62	-32	-52	-173	-165	-75	83
Income Tax Expense	9.00	42	-49	60	54	71	-17	-21	14	13	-1.00
Basic Earnings per Share	$1.57	$2.26	$3.73	$3.61	$4.45	$4.34	($13.20)	($8.46)	($5.16)	($0.06)	$1.50
Weighted Average Basic Shares Outstanding	776M	777.40M	745M	721.90M	718.60M	710.17M	932.67B	2.16B	-	2.43B	1.35B
Diluted Earnings per Share	$1.56	$2.26	$3.72	$3.59	$4.44	$4.32	($13.20)	($8.46)	($5.16)	($0.06)	$1.44
Weighted Average Diluted Shares Outstanding	776M	777.40M	745M	721.90M	718.60M	710.17M	932.67B	2.16B	-	2.43B	1.35B
Weighted Average Basic & Diluted Shares Outstanding	776M	777.40M	745M	721.90M	718.60M	710.17M	932.67B	2.16B	-	2.43B	1.35B

This table shows Carnival's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	8/31/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-770	-693	-407	1,074	-50	-214	91	1,735	305	-78	565
Consolidated Net Income / (Loss)	-770	-693	-407	1,074	-48	-214	92	1,735	303	-78	565
Net Income / (Loss) Continuing Operations	-770	-693	-407	1,074	-50	-214	91	1,735	305	-78	565
Total Pre-Tax Income	-759	-686	-402	1,065	-39	-214	96	1,743	290	-71	582
Total Operating Income	-279	-172	120	1,624	384	276	560	2,178	560	543	934
Total Gross Profit	926	1,121	2,929	4,447	4,578	3,186	1,983	5,164	5,246	3,542	2,442
Total Revenue	4,305	4,432	4,911	6,854	5,396	5,406	5,781	7,896	5,938	5,810	6,328
Operating Revenue	4,305	4,432	4,911	6,854	5,396	5,406	5,781	7,896	5,938	5,810	6,328
Total Cost of Revenue	3,379	3,311	1,982	2,407	818	2,220	3,798	2,732	692	2,268	3,886
Operating Cost of Revenue	3,379	3,310	1,982	2,407	819	2,220	3,797	2,732	1,554	2,268	3,886
Total Operating Expenses	1,206	1,294	2,809	2,822	4,194	2,911	1,423	2,984	4,689	3,000	1,508
Selling, General & Admin Expense	625	712	736	713	789	813	789	763	887	848	816
Depreciation Expense	581	582	597	596	595	613	634	651	659	654	692
Total Other Income / (Expense), net	-479	-514	-521	-559	-425	-489	-464	-435	-269	-614	-353
Interest Expense	422	539	573	599	466	504	483	444	403	629	345
Interest & Investment Income	24	56	69	59	49	33	25	19	16	7.00	12
Other Income / (Expense), net	-81	-30	-17	-19	-9.00	-18	-7.00	-10	118	8.00	-20
Income Tax Expense	11	7.00	5.00	-9.00	10	0.00	5.00	8.00	-14	7.00	17
Basic Earnings per Share	($0.65)	($0.55)	($0.32)	$0.85	($0.04)	($0.17)	$0.07	$1.37	$0.23	($0.06)	$0.43
Weighted Average Basic Shares Outstanding	1.30B	-	-	-	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B
Diluted Earnings per Share	($0.65)	($0.55)	($0.32)	$0.79	$0.02	($0.17)	$0.07	$1.26	$0.28	($0.06)	$0.42
Weighted Average Diluted Shares Outstanding	1.30B	-	-	-	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B
Weighted Average Basic & Diluted Shares Outstanding	1.30B	-	-	-	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B

This table details how cash moves in and out of Carnival's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	11/30/2014	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024
Net Change in Cash & Equivalents	-131	1,064	-792	-252	575	-457	9,161	-715	-2,940	-3,618	-1,204
Net Cash From Operating Activities	3,430	4,545	5,134	5,322	5,549	5,475	-6,301	-4,109	-1,670	4,281	5,923
Net Cash From Continuing Operating Activities	3,430	4,545	5,134	5,322	5,549	5,478	-6,299	-4,090	-1,661	4,280	5,965
Net Income / (Loss) Continuing Operations	1,216	1,757	2,779	2,606	3,152	2,990	-10,236	-9,501	-6,093	-74	1,916
Consolidated Net Income / (Loss)	1,216	1,757	2,779	2,606	3,152	2,990	-10,236	-9,501	-6,093	-74	1,916
Depreciation Expense	1,637	1,626	1,738	1,846	2,017	2,160	2,241	2,233	2,275	2,370	2,557
Amortization Expense	-	-	-	-	-	22	119	172	171	161	141
Non-Cash Adjustments To Reconcile Net Income	360	663	173	832	16	94	4,763	1,892	758	242	271
Changes in Operating Assets and Liabilities, net	217	499	444	38	364	212	-3,186	1,114	1,228	1,581	1,080
Net Cash From Investing Activities	-2,507	-2,478	-3,323	-3,122	-3,514	-5,277	-3,240	-3,543	-4,767	-2,810	-4,535
Net Cash From Continuing Investing Activities	-2,507	-2,478	-3,323	-3,122	-3,514	-5,277	-3,240	-3,543	-4,767	-2,810	-4,534
Purchase of Property, Plant & Equipment	-2,583	-2,294	-3,062	-2,944	-3,749	-5,429	-3,620	-3,607	-4,940	-3,284	-4,626
Purchase of Investments	-2.00	-219	-291	-203	-135	0.00	-81	-2,963	-315	0.00	0.00
Sale of Property, Plant & Equipment	-	-	26	0.00	389	26	334	351	70	340	58
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	0.00	2,673	515	0.00	0.00
Other Investing Activities, net	78	35	4.00	25	-19	126	127	3.00	-97	134	34
Net Cash From Financing Activities	-1,028	-942	-2,591	-2,452	-1,460	-655	18,650	6,949	3,577	-5,089	-2,584
Net Cash From Continuing Financing Activities	-1,028	-942	-2,591	-2,452	-1,459	-654	18,649	6,949	3,577	-5,089	-2,584
Repayment of Debt	-2,495	-1,898	-856	-1,280	-1,598	-2,342	1,081	-7,120	-4,820	-8,057	-5,679
Repurchase of Common Equity	0.00	-533	-2,340	-552	-1,468	-603	-12	-188	-87	-	0.00
Issuance of Debt	2,243	2,041	1,542	467	2,959	3,674	15,020	13,042	7,209	2,961	3,095
Issuance of Common Equity	0.00	264	40	-	3.00	4.00	3,249	1,009	1,180	5.00	0.00
Other Financing Activities, net	-	-	-	-	-	0.00	0.00	206	95	2.00	0.00
Other Net Changes in Cash	-	-	-	-	-	-	53	-13	-79	-	-8.00

This table details how cash moves in and out of Carnival's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	8/31/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Change in Cash & Equivalents	18	-546	-984	-1,636	-452	-162	-605	-126	-311	-376	3,483
Net Cash From Operating Activities	-344	388	1,137	1,834	922	1,768	2,039	1,205	911	925	2,392
Net Cash From Continuing Operating Activities	-346	387	1,138	1,835	920	1,766	2,039	1,212	945	919	4,590
Net Income / (Loss) Continuing Operations	-769	-693	-407	1,074	-48	-214	91	1,736	303	-78	564
Consolidated Net Income / (Loss)	-769	-693	-407	1,074	-48	-214	91	1,736	303	-78	564
Depreciation Expense	581	582	597	595	596	613	634	651	659	654	692
Amortization Expense	44	44	41	41	35	36	36	35	34	30	30
Non-Cash Adjustments To Reconcile Net Income	82	55	106	71	10	81	86	59	45	306	3,785
Changes in Operating Assets and Liabilities, net	-284	399	801	54	327	1,250	1,192	-1,269	-96	7.00	-481
Net Cash From Investing Activities	-360	-1,044	-465	-813	-488	-2,163	-1,221	-577	-574	-605	-586
Net Cash From Continuing Investing Activities	-360	-1,044	-465	-812	-489	-2,163	-1,222	-576	-573	-616	-575
Purchase of Property, Plant & Equipment	-538	-1,075	-697	-837	-675	-2,138	-1,319	-577	-592	-607	-851
Other Investing Activities, net	28	8.00	-	20	106	-25	97	-15	-23	-9.00	-36
Net Cash From Financing Activities	754	111	-1,663	-2,677	-860	237	-1,420	-770	-631	-690	-521
Net Cash From Continuing Financing Activities	755	110	-1,662	-2,677	-860	237	-1,420	-770	-631	-690	-520
Repayment of Debt	-395	-720	-1,855	-4,622	-860	-1,498	-2,733	-770	-678	-3,670	-1,622
Issuance of Debt	-	830	186	1,945	-	1,735	1,313	-	47	2,980	1,102

This table presents Carnival's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	11/30/2014	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024
Total Assets	39,448	39,237	38,881	40,778	42,401	45,058	53,593	53,344	51,703	49,120	49,057
Total Current Assets	1,488	2,451	1,689	1,596	2,225	2,059	10,563	10,133	7,492	5,266	3,378
Cash & Equivalents	331	1,395	603	395	982	518	9,513	8,939	4,029	2,415	1,210
Accounts Receivable	332	303	298	312	358	444	273	246	395	556	590
Inventories, net	349	330	322	387	450	427	335	356	428	528	507
Other Current Assets	476	423	466	502	436	671	443	379	652	1,767	1,070
Plant, Property, & Equipment, net	32,819	31,818	32,429	34,430	35,336	38,131	38,073	38,107	38,687	40,116	41,795
Total Noncurrent Assets	5,141	4,968	4,763	4,752	4,839	4,869	4,957	5,104	5,524	3,738	3,885
Goodwill	3,127	3,010	2,910	2,967	2,925	2,912	807	579	579	579	579
Intangible Assets	1,270	1,308	1,275	1,200	1,176	1,174	1,186	1,181	1,156	1,169	1,163
Other Noncurrent Operating Assets	744	650	578	585	738	783	2,964	3,344	3,789	1,990	2,143
Total Liabilities & Shareholders' Equity	39,448	39,237	38,881	40,778	42,401	45,058	53,593	53,344	51,703	49,120	49,057
Total Liabilities	15,244	15,466	16,284	16,562	17,957	19,692	33,038	41,199	44,638	42,239	39,804
Total Current Liabilities	6,921	6,956	7,072	8,800	9,204	9,127	8,686	10,408	10,605	11,481	11,617
Short-Term Debt	1,725	1,374	1,097	2,202	2,426	1,827	4,826	4,717	2,593	2,089	1,538
Accounts Payable	626	627	713	762	730	756	624	797	1,050	1,168	1,133
Accrued Expenses	1,538	1,683	1,740	1,877	1,654	1,809	1,144	1,641	1,942	2,003	2,358
Customer Deposits	3,032	3,272	3,522	3,958	4,395	4,735	1,940	3,112	4,874	6,072	6,425
Other Current Liabilities	-	-	-	-	-	0.00	151	142	146	149	163
Total Noncurrent Liabilities	8,323	8,510	9,212	7,762	8,753	10,565	24,352	30,791	34,033	30,758	28,187
Long-Term Debt	7,363	7,413	8,302	6,993	7,897	9,675	22,130	28,509	31,953	28,483	25,936
Other Noncurrent Operating Liabilities	960	1,097	910	769	856	890	2,222	2,282	2,080	2,275	2,251
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24,204	23,771	22,597	24,216	24,443	25,365	20,555	12,144	7,065	6,882	9,251
Total Preferred & Common Equity	24,204	23,771	22,597	24,216	24,443	25,365	20,555	12,144	7,065	6,882	9,251
Total Common Equity	24,204	23,771	22,597	24,216	24,443	25,365	20,555	12,145	7,064	6,882	9,251
Common Stock	8,749	8,927	8,997	9,055	9,121	9,172	14,320	15,664	17,245	17,085	17,529
Retained Earnings	19,158	20,060	21,843	23,292	25,066	26,653	16,075	6,448	269	185	2,101
Treasury Stock	-3,087	-3,475	-5,789	-6,349	-7,795	-8,394	-8,404	-8,466	-8,468	-8,449	-8,404
Accumulated Other Comprehensive Income / (Loss)	-616	-1,741	-2,454	-1,782	-1,949	-2,066	-1,436	-1,501	-1,982	-1,939	-1,975

This table presents Carnival's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Total Assets	51,703	51,985	51,873	49,756	49,120	49,761	49,603	49,805	49,057	48,535	51,165
Total Current Assets	7,492	7,144	6,206	4,683	5,266	4,484	3,768	3,626	3,378	2,977	4,349
Cash & Equivalents	4,029	5,455	4,468	2,842	2,415	2,242	1,646	1,522	1,210	833	2,146
Accounts Receivable	395	514	449	485	556	644	494	632	590	543	569
Inventories, net	428	448	438	483	528	531	509	492	507	518	476
Other Current Assets	652	710	833	855	1,767	1,067	1,118	980	1,070	1,083	1,158
Plant, Property, & Equipment, net	38,687	39,359	39,584	39,952	40,116	41,515	42,105	42,380	41,795	41,654	42,751
Total Noncurrent Assets	5,524	5,484	6,082	5,122	3,738	3,762	3,730	3,800	3,885	3,904	4,065
Goodwill	579	579	579	579	579	579	579	579	579	579	579
Intangible Assets	1,156	1,158	1,163	1,168	1,169	1,168	1,167	1,173	1,163	1,162	1,178
Other Noncurrent Operating Assets	3,789	3,747	4,340	3,375	1,990	2,015	1,984	2,048	2,143	2,163	2,308
Total Liabilities & Shareholders' Equity	51,703	51,985	51,873	49,756	49,120	49,761	49,603	49,805	49,057	48,535	51,165
Total Liabilities	44,638	45,816	46,008	42,795	42,239	43,079	42,788	41,207	39,804	39,352	41,158
Total Current Liabilities	10,605	11,088	11,835	11,008	11,481	12,396	13,385	12,265	11,617	11,578	12,920
Short-Term Debt	2,593	2,464	1,789	1,780	2,089	2,195	2,181	2,214	1,538	1,531	1,392
Accounts Payable	1,050	1,022	1,042	1,103	1,168	1,103	1,063	1,062	1,133	1,091	1,198
Accrued Expenses	1,942	1,951	1,951	2,017	2,003	2,318	2,114	2,393	2,358	1,939	2,072
Customer Deposits	4,874	5,495	6,892	5,955	6,072	6,642	7,883	6,436	6,425	6,853	8,082
Other Current Liabilities	146	156	161	153	149	138	144	159	163	164	177
Total Noncurrent Liabilities	34,033	34,728	34,173	31,787	30,758	30,683	29,403	28,942	28,187	27,774	28,238
Long-Term Debt	31,953	32,672	31,921	29,516	28,483	28,544	27,154	26,642	25,936	25,487	25,862
Other Noncurrent Operating Liabilities	2,080	2,056	2,252	2,271	2,275	2,139	2,249	2,300	2,251	2,287	2,376
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,065	6,170	5,865	6,960	6,882	6,682	6,814	8,597	9,251	9,182	10,007
Total Preferred & Common Equity	7,065	6,170	5,865	6,960	6,882	6,682	6,814	8,597	9,251	9,182	10,007
Total Common Equity	7,064	6,169	5,864	6,960	6,882	6,682	6,814	8,597	9,251	9,183	10,008
Common Stock	17,245	17,008	17,057	17,072	17,085	17,053	17,075	17,097	17,529	17,554	17,582
Retained Earnings	269	-434	-841	233	185	-29	62	1,798	2,101	1,991	2,543
Treasury Stock	-8,468	-8,433	-8,449	-8,449	-8,449	-8,404	-8,404	-8,404	-8,404	-8,376	-8,364
Accumulated Other Comprehensive Income / (Loss)	-1,982	-1,972	-1,903	-1,896	-1,939	-1,938	-1,919	-1,894	-1,975	-1,986	-1,753

This table displays calculated financial ratios and metrics derived from Carnival's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	11/30/2014	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.77%	-1.07%	4.30%	6.84%	7.83%	10.30%	-73.13%	-65.90%	537.74%	77.46%	15.88%
EBITDA Growth	6.62%	15.66%	31.62%	-1.71%	14.95%	0.41%	-220.84%	25.93%	56.80%	310.30%	44.04%
EBIT Growth	10.91%	33.42%	51.64%	-6.24%	18.63%	-4.22%	-374.88%	18.56%	37.43%	141.40%	94.42%
NOPAT Growth	31.60%	42.92%	24.28%	-12.11%	19.06%	-2.11%	-293.92%	20.03%	38.23%	144.67%	161.16%
Net Income Growth	15.26%	44.49%	58.17%	-6.23%	20.95%	-5.14%	-442.34%	7.18%	35.87%	98.79%	2,689.19%
EPS Growth	14.71%	44.87%	64.60%	-3.49%	23.68%	-2.70%	-405.56%	35.91%	39.01%	98.84%	2,500.00%
Operating Cash Flow Growth	21.03%	32.51%	12.96%	3.66%	4.27%	-1.33%	-215.09%	34.79%	59.36%	356.35%	38.36%
Free Cash Flow Firm Growth	288.22%	75.85%	-32.88%	-61.24%	123.04%	-74.74%	-1,342.67%	59.34%	23.96%	179.28%	60.86%
Invested Capital Growth	-2.06%	-5.45%	0.74%	5.17%	2.32%	7.60%	4.53%	-4.66%	-1.76%	-1.56%	1.37%
Revenue Q/Q Growth	0.39%	-0.06%	1.40%	50.02%	-21.98%	1.59%	-45.90%	190.41%	0.00%	0.00%	2.21%
EBITDA Q/Q Growth	-4.00%	10.79%	8.19%	222.93%	-61.32%	-0.06%	-44.71%	-7.03%	0.00%	0.00%	6.09%
EBIT Q/Q Growth	-8.23%	20.53%	12.86%	150.74%	-71.74%	-2.14%	-31.48%	-4.73%	0.00%	0.00%	9.03%
NOPAT Q/Q Growth	10.27%	11.59%	6.66%	147.60%	-71.94%	-2.09%	-31.57%	-3.66%	0.00%	0.00%	6.78%
Net Income Q/Q Growth	-10.72%	26.95%	13.85%	144.37%	-73.17%	-2.29%	-34.86%	-4.36%	0.00%	0.00%	22.43%
EPS Q/Q Growth	-11.36%	27.68%	14.11%	-1.37%	-1.11%	-2.26%	-28.28%	-0.36%	0.00%	0.00%	22.03%
Operating Cash Flow Q/Q Growth	4.96%	8.11%	0.90%	0.00%	1.63%	-0.94%	-75.61%	23.81%	0.00%	0.00%	-0.19%
Free Cash Flow Firm Q/Q Growth	107.66%	-87.97%	-1.19%	119.45%	111.33%	-70.39%	-29.26%	53.37%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-1.87%	0.00%	0.00%	0.00%	0.12%	4.23%	4.87%	-5.40%	0.00%	0.00%	-1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.39%	39.88%	55.84%	52.06%	41.35%	92.50%	85.29%	26.21%	49.23%	60.55%	62.54%
EBITDA Margin	19.78%	23.13%	29.18%	26.85%	28.62%	26.06%	-117.19%	-254.56%	-17.24%	20.43%	25.40%
Operating Margin	11.16%	16.38%	18.74%	16.04%	17.61%	15.73%	-158.45%	-371.54%	-35.99%	9.06%	14.28%
EBIT Margin	9.47%	12.78%	18.58%	16.31%	17.94%	15.58%	-159.37%	-380.61%	-37.34%	8.71%	14.62%
Profit (Net Income) Margin	7.66%	11.18%	16.96%	14.88%	16.69%	14.36%	-182.95%	-497.96%	-50.07%	-0.34%	7.66%
Tax Burden Percent	99.27%	97.67%	98.27%	97.75%	98.29%	97.71%	99.83%	99.78%	100.21%	119.35%	100.05%
Interest Burden Percent	81.40%	89.59%	92.87%	93.38%	94.69%	94.33%	114.98%	131.12%	133.80%	-3.30%	52.37%
Effective Tax Rate	0.73%	2.33%	-1.73%	2.25%	1.68%	2.32%	0.00%	0.00%	0.00%	0.00%	-0.05%
Return on Invested Capital (ROIC)	5.28%	7.84%	9.99%	8.53%	9.79%	9.13%	-16.69%	-13.37%	-8.54%	3.88%	10.14%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.80%	-1.53%	5.72%	6.94%	8.50%	7.06%	-45.04%	-35.23%	-20.04%	-1.22%	4.04%
Return on Net Nonoperating Assets (RNNOA)	-0.29%	-0.52%	2.00%	2.61%	3.17%	2.88%	-27.89%	-44.74%	-54.90%	-4.94%	13.62%
Return on Equity (ROE)	4.99%	7.32%	11.99%	11.13%	12.96%	12.01%	-44.58%	-58.11%	-63.44%	-1.06%	23.75%
Cash Return on Invested Capital (CROIC)	7.36%	13.45%	9.25%	3.48%	7.49%	1.80%	-21.13%	-8.60%	-6.76%	5.45%	8.78%
Operating Return on Assets (OROA)	3.78%	5.10%	7.80%	7.17%	8.14%	7.42%	-18.08%	-13.58%	-8.65%	3.73%	7.45%
Return on Assets (ROA)	3.06%	4.47%	7.11%	6.54%	7.58%	6.84%	-20.75%	-17.77%	-11.60%	-0.15%	3.90%
Return on Common Equity (ROCE)	4.99%	7.32%	11.99%	11.13%	12.96%	12.01%	-44.58%	-58.11%	-63.44%	-1.06%	23.75%
Return on Equity Simple (ROE_SIMPLE)	5.02%	7.39%	12.30%	10.76%	12.90%	11.79%	-49.80%	-78.24%	-86.24%	-1.08%	20.71%
Net Operating Profit after Tax (NOPAT)	1,759	2,514	3,124	2,746	3,269	3,200	-6,206	-4,962	-3,065	1,369	3,576
NOPAT Margin	11.07%	16.00%	19.06%	15.68%	17.31%	15.37%	-110.91%	-260.08%	-25.19%	6.34%	14.29%
Net Nonoperating Expense Percent (NNEP)	6.08%	9.37%	4.27%	1.59%	1.29%	2.07%	28.35%	21.86%	11.51%	5.09%	6.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-7.37%	3.66%	9.74%
Cost of Revenue to Revenue	65.61%	60.12%	44.16%	47.94%	58.65%	7.50%	14.71%	73.79%	50.77%	39.45%	37.46%
SG&A Expenses to Revenue	12.93%	13.15%	13.41%	12.94%	12.98%	11.91%	33.57%	98.79%	20.67%	13.66%	13.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.24%	23.50%	93.42%	36.02%	23.74%	76.76%	243.74%	397.80%	85.22%	51.49%	48.26%
Earnings before Interest and Taxes (EBIT)	1,505	2,008	3,045	2,855	3,387	3,244	-8,917	-7,262	-4,544	1,881	3,657
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,142	3,634	4,783	4,701	5,404	5,426	-6,557	-4,857	-2,098	4,412	6,355
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.50	1.54	1.86	1.70	1.25	0.88	1.69	1.65	2.56	3.69
Price to Tangible Book Value (P/TBV)	1.54	1.84	1.89	2.25	2.04	1.49	0.97	1.98	2.18	3.44	4.54
Price to Revenue (P/Rev)	1.92	2.27	2.12	2.58	2.20	1.52	3.23	10.77	0.96	0.82	1.36
Price to Earnings (P/E)	25.06	20.32	0.00	17.32	13.17	10.62	0.00	0.00	0.00	0.00	17.81
Dividend Yield	2.65%	2.49%	2.93%	2.65%	3.41%	4.49%	10.01%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.99%	4.92%	0.00%	5.77%	7.60%	9.42%	0.00%	0.00%	0.00%	0.00%	5.62%
Enterprise Value to Invested Capital (EV/IC)	1.19	1.38	1.39	1.63	1.50	1.18	0.93	1.23	1.13	1.31	1.70
Enterprise Value to Revenue (EV/Rev)	2.47	2.74	2.66	3.08	2.69	2.05	6.34	23.39	3.30	2.12	2.41
Enterprise Value to EBITDA (EV/EBITDA)	12.48	11.86	9.11	11.47	9.41	7.88	0.00	0.00	0.00	10.38	9.50
Enterprise Value to EBIT (EV/EBIT)	26.06	21.46	14.31	18.89	15.01	13.17	0.00	0.00	0.00	24.35	16.51
Enterprise Value to NOPAT (EV/NOPAT)	22.30	17.14	13.95	19.64	15.55	13.35	0.00	0.00	0.00	33.45	16.89
Enterprise Value to Operating Cash Flow (EV/OCF)	11.44	9.48	8.49	10.14	9.16	7.81	0.00	0.00	0.00	10.70	10.20
Enterprise Value to Free Cash Flow (EV/FCFF)	16.00	9.99	15.06	48.08	20.32	67.62	0.00	0.00	0.00	23.79	19.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.37	0.42	0.38	0.42	0.45	1.31	2.74	4.89	4.44	2.97
Long-Term Debt to Equity	0.30	0.31	0.37	0.29	0.32	0.38	1.08	2.35	4.52	4.14	2.80
Financial Leverage	0.37	0.34	0.35	0.38	0.37	0.41	0.62	1.27	2.74	4.06	3.37
Leverage Ratio	1.63	1.64	1.68	1.70	1.71	1.76	2.15	3.27	5.47	7.23	6.09
Compound Leverage Factor	1.33	1.47	1.56	1.59	1.62	1.66	2.47	4.29	7.32	-0.24	3.19
Debt to Total Capital	27.30%	26.99%	29.38%	27.52%	29.69%	31.20%	56.74%	73.23%	83.02%	81.63%	74.81%
Short-Term Debt to Total Capital	5.18%	4.22%	3.43%	6.59%	6.98%	4.96%	10.16%	10.40%	6.23%	5.58%	4.19%
Long-Term Debt to Total Capital	22.12%	22.77%	25.95%	20.93%	22.71%	26.24%	46.58%	62.84%	76.79%	76.05%	70.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.70%	73.01%	70.62%	72.48%	70.31%	68.80%	43.26%	26.77%	16.98%	18.37%	25.19%
Debt to EBITDA	2.89	2.42	1.97	1.96	1.91	2.12	-4.11	-6.84	-16.47	6.93	4.32
Net Debt to EBITDA	2.79	2.03	1.84	1.87	1.73	2.02	-2.66	-4.96	-13.60	6.38	4.13
Long-Term Debt to EBITDA	2.34	2.04	1.74	1.49	1.46	1.78	-3.38	-5.87	-15.23	6.46	4.08
Debt to NOPAT	5.17	3.50	3.01	3.35	3.16	3.59	-4.34	-6.70	-11.27	22.33	7.68
Net Debt to NOPAT	4.98	2.94	2.82	3.20	2.86	3.43	-2.81	-4.85	-9.31	20.56	7.34
Long-Term Debt to NOPAT	4.19	2.95	2.66	2.55	2.42	3.02	-3.57	-5.75	-10.42	20.80	7.25
Altman Z-Score	2.24	2.53	2.58	2.88	2.73	2.31	0.35	0.05	0.04	0.67	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.22	0.35	0.24	0.18	0.24	0.23	1.22	0.97	0.71	0.46	0.29
Quick Ratio	0.10	0.24	0.13	0.08	0.15	0.11	1.13	0.90	0.42	0.26	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,452	4,312	2,894	1,122	2,502	632	-7,854	-3,193	-2,428	1,925	3,097
Operating Cash Flow to CapEx	132.79%	198.13%	169.10%	180.77%	165.15%	101.33%	-191.75%	-126.20%	-34.29%	145.41%	129.66%
Free Cash Flow to Firm to Interest Expense	8.51	19.87	12.98	5.67	12.90	3.07	-5.80	-1.41	-1.51	0.88	1.69
Operating Cash Flow to Interest Expense	11.91	20.94	23.02	26.88	28.60	26.58	-4.65	-1.81	-1.04	1.97	3.23
Operating Cash Flow Less CapEx to Interest Expense	2.94	10.37	9.41	12.01	11.28	0.35	-7.08	-3.24	-4.06	0.61	0.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.40	0.42	0.44	0.45	0.48	0.11	0.04	0.23	0.43	0.51
Accounts Receivable Turnover	43.10	49.49	54.54	57.41	56.36	51.93	15.61	7.35	37.97	45.41	43.67
Inventory Turnover	28.83	27.83	22.20	23.68	26.46	3.56	2.16	4.08	15.76	17.82	18.11
Fixed Asset Turnover	0.48	0.49	0.51	0.52	0.54	0.57	0.15	0.05	0.32	0.55	0.61
Accounts Payable Turnover	16.48	15.08	10.80	11.38	14.84	2.10	1.19	1.98	6.69	7.68	8.15
Days Sales Outstanding (DSO)	8.47	7.37	6.69	6.36	6.48	7.03	23.39	49.64	9.61	8.04	8.36
Days Inventory Outstanding (DIO)	12.66	13.12	16.44	15.41	13.79	102.47	168.97	89.57	23.16	20.48	20.15
Days Payable Outstanding (DPO)	22.15	24.21	33.79	32.07	24.59	173.62	306.01	184.19	54.56	47.52	44.80
Cash Conversion Cycle (CCC)	-1.02	-3.71	-10.65	-10.30	-4.32	-64.13	-113.65	-44.98	-21.79	-19.00	-16.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,961	31,163	31,393	33,017	33,784	36,352	38,000	36,231	35,594	35,038	35,517
Invested Capital Turnover	0.48	0.49	0.52	0.54	0.57	0.59	0.15	0.05	0.34	0.61	0.71
Increase / (Decrease) in Invested Capital	-693	-1,798	230	1,624	767	2,568	1,648	-1,769	-637	-556	479
Enterprise Value (EV)	39,226	43,095	43,584	53,939	50,841	42,735	35,490	44,628	40,161	45,798	60,387
Market Capitalization	30,469	35,703	34,788	45,139	41,500	31,751	18,047	20,541	11,632	17,641	34,123
Book Value per Share	$29.93	$29.36	$29.97	$32.41	$33.71	$35.60	$22.76	$10.42	$6.03	$5.88	$6.89
Tangible Book Value per Share	$24.49	$24.03	$24.42	$26.84	$28.05	$29.86	$20.55	$8.91	$4.55	$4.38	$5.60
Total Capital	33,292	32,558	31,996	33,411	34,766	36,867	47,511	45,370	41,611	37,454	36,725
Total Debt	9,088	8,787	9,399	9,195	10,323	11,502	26,956	33,226	34,546	30,572	27,474
Total Long-Term Debt	7,363	7,413	8,302	6,993	7,897	9,675	22,130	28,509	31,953	28,483	25,936
Net Debt	8,757	7,392	8,796	8,800	9,341	10,984	17,443	24,087	28,529	28,157	26,264
Capital Expenditures (CapEx)	2,583	2,294	3,036	2,944	3,360	5,403	3,286	3,256	4,870	2,944	4,568
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,039	-4,526	-4,889	-5,397	-5,535	-5,759	-2,810	-4,697	-6,537	-6,541	-7,911
Debt-free Net Working Capital (DFNWC)	-3,708	-3,131	-4,286	-5,002	-4,553	-5,241	6,703	4,442	-520	-4,126	-6,701
Net Working Capital (NWC)	-5,433	-4,505	-5,383	-7,204	-6,979	-7,068	1,877	-275	-3,113	-6,215	-8,239
Net Nonoperating Expense (NNE)	543	757	345	140	117	210	4,031	4,539	3,028	1,443	1,660
Net Nonoperating Obligations (NNO)	8,757	7,392	8,796	8,801	9,341	10,987	17,445	24,087	28,529	28,156	26,266
Total Depreciation and Amortization (D&A)	1,637	1,626	1,738	1,846	2,017	2,182	2,360	2,405	2,446	2,531	2,698
Debt-free, Cash-free Net Working Capital to Revenue	-25.43%	-28.80%	-29.83%	-30.82%	-29.32%	-27.65%	-50.22%	-246.17%	-53.72%	-30.29%	-31.62%
Debt-free Net Working Capital to Revenue	-23.34%	-19.92%	-26.15%	-28.57%	-24.11%	-25.17%	119.80%	232.81%	-4.27%	-19.11%	-26.78%
Net Working Capital to Revenue	-34.20%	-28.67%	-32.85%	-41.14%	-36.96%	-33.94%	33.55%	-14.41%	-25.58%	-28.78%	-32.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.59	$2.26	$3.73	$3.61	$4.45	$4.34	($13.20)	($8.46)	$0.00	($0.06)	$1.50
Adjusted Weighted Average Basic Shares Outstanding	808.74M	794.20M	751.87M	743.52M	718.60M	710.17M	932.67B	2.16B	0.00	2.43B	1.35B
Adjusted Diluted Earnings per Share	$1.59	$2.26	$3.72	$3.59	$4.44	$4.32	($13.20)	($8.46)	$0.00	($0.06)	$1.44
Adjusted Weighted Average Diluted Shares Outstanding	808.74M	794.20M	751.87M	743.52M	718.60M	710.17M	932.67B	2.16B	0.00	2.43B	1.35B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	808.74M	794.20M	751.87M	743.52M	718.60M	710.17M	932.67B	2.16B	0.00	2.43B	1.35B
Normalized Net Operating Profit after Tax (NOPAT)	1,759	2,514	2,150	2,833	3,285	3,225	-3,361	-4,390	-2,757	1,369	2,502
Normalized NOPAT Margin	11.07%	16.00%	13.12%	16.18%	17.40%	15.49%	-60.08%	-230.10%	-22.66%	6.34%	10.00%
Pre Tax Income Margin	7.71%	11.45%	17.26%	15.23%	16.99%	14.69%	-183.25%	-499.06%	-49.97%	-0.29%	7.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.23	9.25	13.65	14.42	17.46	15.75	-6.59	-3.20	-2.82	0.86	1.99
NOPAT to Interest Expense	6.11	11.58	14.01	13.87	16.85	15.53	-4.58	-2.19	-1.90	0.63	1.95
EBIT Less CapEx to Interest Expense	-3.74	-1.32	0.04	-0.45	0.14	-10.48	-9.01	-4.63	-5.85	-0.49	-0.50
NOPAT Less CapEx to Interest Expense	-2.86	1.01	0.40	-1.00	-0.47	-10.69	-7.01	-3.62	-4.93	-0.72	-0.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.82%	46.44%	35.16%	41.71%	42.99%	46.39%	-6.73%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	63.82%	76.78%	119.36%	62.89%	89.56%	66.56%	-6.85%	-1.98%	-1.43%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Carnival's official financial filings.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	8/31/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	688.46%	0.00%	0.00%	0.00%	0.00%	21.98%	17.72%	15.20%	10.04%	7.47%	9.46%
EBITDA Growth	118.18%	0.00%	0.00%	0.00%	0.00%	113.92%	65.05%	27.35%	36.28%	36.16%	33.77%
EBIT Growth	82.59%	0.00%	0.00%	0.00%	0.00%	227.72%	436.89%	35.08%	80.80%	113.57%	65.28%
NOPAT Growth	86.44%	0.00%	0.00%	0.00%	0.00%	260.47%	531.94%	32.38%	118.39%	96.74%	70.81%
Net Income Growth	72.85%	0.00%	0.00%	0.00%	0.00%	69.12%	122.60%	61.55%	731.25%	63.55%	514.13%
EPS Growth	74.00%	0.00%	0.00%	0.00%	0.00%	69.09%	121.88%	59.49%	1,300.00%	64.71%	500.00%
Operating Cash Flow Growth	60.86%	0.00%	0.00%	0.00%	0.00%	355.67%	79.33%	-34.30%	-1.19%	-47.68%	17.31%
Free Cash Flow Firm Growth	177.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	100.55%	100.87%
Invested Capital Growth	-7.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.37%	0.54%	1.77%
Revenue Q/Q Growth	79.30%	0.00%	10.81%	39.56%	-21.27%	0.00%	6.94%	36.59%	-24.80%	-2.16%	8.92%
EBITDA Q/Q Growth	131.03%	0.00%	74.76%	202.43%	-55.11%	0.00%	34.84%	133.36%	-51.96%	-9.92%	32.47%
EBIT Q/Q Growth	75.46%	0.00%	150.99%	1,458.25%	-76.64%	0.00%	114.34%	292.04%	-68.73%	-18.73%	65.88%
NOPAT Q/Q Growth	81.06%	0.00%	169.77%	1,849.67%	-83.59%	0.00%	174.76%	308.42%	-72.92%	-35.25%	138.55%
Net Income Q/Q Growth	58.02%	0.00%	41.27%	363.88%	-104.47%	0.00%	142.99%	1,785.87%	-82.54%	-125.74%	824.36%
EPS Q/Q Growth	59.63%	0.00%	41.82%	346.88%	-97.47%	0.00%	141.18%	1,700.00%	-77.78%	-121.43%	800.00%
Operating Cash Flow Q/Q Growth	-11,566.67%	0.00%	193.04%	61.30%	-49.73%	0.00%	15.33%	-40.90%	-24.40%	1.54%	158.59%
Free Cash Flow Firm Q/Q Growth	26.22%	0.00%	0.00%	0.00%	0.00%	0.00%	2.90%	0.61%	100.32%	76.89%	54.75%
Invested Capital Q/Q Growth	-2.24%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.92%	4.15%	-1.16%	-0.42%	-0.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.51%	25.29%	59.64%	64.88%	84.84%	31.47%	61.17%	65.40%	88.35%	60.96%	38.59%
EBITDA Margin	6.16%	9.57%	15.09%	32.70%	18.64%	16.78%	21.16%	36.14%	23.09%	21.26%	25.85%
Operating Margin	-6.48%	-3.88%	2.44%	23.69%	7.12%	5.11%	9.69%	27.58%	9.43%	9.35%	14.76%
EBIT Margin	-8.36%	-4.56%	2.10%	23.42%	6.95%	4.77%	9.57%	27.46%	11.42%	9.48%	14.44%
Profit (Net Income) Margin	-17.89%	-15.64%	-8.29%	15.67%	-0.89%	-3.96%	1.59%	21.97%	5.10%	-1.34%	8.93%
Tax Burden Percent	101.45%	101.02%	101.24%	100.85%	123.08%	100.00%	95.83%	99.54%	104.48%	109.86%	97.08%
Interest Burden Percent	210.83%	339.60%	-390.29%	66.36%	-10.40%	-82.95%	17.36%	80.40%	42.77%	-12.89%	63.68%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.85%	0.00%	0.00%	5.21%	0.46%	-4.83%	0.00%	2.92%
Return on Invested Capital (ROIC)	-1.18%	0.00%	0.00%	0.00%	3.07%	4.59%	12.47%	37.41%	7.01%	4.72%	10.69%
ROIC Less NNEP Spread (ROIC-NNEP)	-3.46%	0.00%	0.00%	0.00%	1.94%	1.73%	9.31%	34.24%	5.97%	3.04%	9.40%
Return on Net Nonoperating Assets (RNNOA)	-7.51%	0.00%	0.00%	0.00%	7.96%	7.37%	37.81%	108.88%	20.13%	10.48%	29.49%
Return on Equity (ROE)	-8.70%	0.00%	0.00%	0.00%	11.03%	11.95%	50.29%	146.29%	27.14%	15.19%	40.18%
Cash Return on Invested Capital (CROIC)	-1.83%	0.00%	0.00%	0.00%	5.49%	0.00%	0.00%	0.00%	8.78%	10.32%	10.27%
Operating Return on Assets (OROA)	-1.53%	0.00%	0.00%	0.00%	2.98%	2.16%	4.52%	13.50%	5.82%	4.91%	7.45%
Return on Assets (ROA)	-3.26%	0.00%	0.00%	0.00%	-0.38%	-1.80%	0.75%	10.80%	2.60%	-0.69%	4.60%
Return on Common Equity (ROCE)	-8.70%	0.00%	0.00%	0.00%	11.03%	11.95%	50.29%	146.29%	27.14%	15.20%	40.19%
Return on Equity Simple (ROE_SIMPLE)	-84.91%	0.00%	0.00%	0.00%	0.00%	6.06%	13.27%	18.20%	0.00%	22.35%	25.23%
Net Operating Profit after Tax (NOPAT)	-195	-120	84	1,638	269	193	531	2,168	587	380	907
NOPAT Margin	-4.54%	-2.72%	1.71%	23.89%	4.98%	3.57%	9.18%	27.46%	9.89%	6.54%	14.33%
Net Nonoperating Expense Percent (NNEP)	2.28%	0.00%	0.00%	0.00%	1.13%	2.86%	3.17%	3.17%	1.04%	1.68%	1.29%
Return On Investment Capital (ROIC_SIMPLE)	-0.46%	-	-	-	0.72%	-	-	-	1.60%	1.05%	2.43%
Cost of Revenue to Revenue	0.00%	74.71%	40.36%	35.12%	15.16%	68.54%	38.83%	34.60%	11.65%	39.04%	61.41%
SG&A Expenses to Revenue	14.52%	16.07%	14.99%	10.40%	14.62%	15.04%	13.65%	9.66%	14.94%	14.60%	12.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.01%	29.20%	57.20%	41.17%	77.72%	26.38%	51.46%	37.79%	78.97%	51.64%	23.83%
Earnings before Interest and Taxes (EBIT)	-360	-202	103	1,605	375	258	553	2,168	678	551	914
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	265	424	741	2,241	1,006	907	1,223	2,854	1,371	1,235	1,636
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.33	0.00	0.00	0.00	2.56	2.78	2.90	2.51	3.69	3.52	3.14
Price to Tangible Book Value (P/TBV)	1.68	0.00	0.00	0.00	3.44	3.76	3.90	3.16	4.54	4.35	3.81
Price to Revenue (P/Rev)	1.16	0.00	0.00	0.00	0.82	0.82	0.84	0.88	1.36	1.27	1.21
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	46.10	21.95	13.85	17.81	15.77	12.45
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	2.17%	4.56%	7.22%	5.62%	6.34%	8.03%
Enterprise Value to Invested Capital (EV/IC)	1.08	0.00	0.00	0.00	1.31	1.34	1.38	1.36	1.70	1.66	1.61
Enterprise Value to Revenue (EV/Rev)	3.97	0.00	0.00	0.00	2.12	2.09	2.02	2.00	2.41	2.30	2.18
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	10.38	9.62	8.82	8.17	9.50	8.76	7.97
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	24.35	20.11	17.00	14.59	16.51	14.82	13.12
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	33.45	19.87	16.79	14.62	16.89	15.28	13.52
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	10.70	8.32	7.23	8.25	10.20	11.52	10.41
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.50	16.08	15.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.07	0.00	0.00	0.00	4.44	4.60	4.31	3.36	2.97	2.94	2.72
Long-Term Debt to Equity	3.40	0.00	0.00	0.00	4.14	4.27	3.99	3.10	2.80	2.78	2.58
Financial Leverage	2.17	0.00	0.00	0.00	4.09	4.26	4.06	3.18	3.37	3.45	3.14
Leverage Ratio	4.54	0.00	0.00	0.00	7.23	7.45	7.28	5.79	6.09	6.20	5.99
Compound Leverage Factor	9.56	0.00	0.00	0.00	-0.75	-6.18	1.26	4.66	2.60	-0.80	3.81
Debt to Total Capital	80.26%	0.00%	0.00%	0.00%	81.63%	82.14%	81.15%	77.05%	74.81%	74.64%	73.14%
Short-Term Debt to Total Capital	13.08%	0.00%	0.00%	0.00%	5.58%	5.87%	6.03%	5.91%	4.19%	4.23%	3.74%
Long-Term Debt to Total Capital	67.18%	0.00%	0.00%	0.00%	76.05%	76.28%	75.12%	71.13%	70.62%	70.41%	69.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	19.74%	0.00%	0.00%	0.00%	18.37%	17.86%	18.85%	22.95%	25.19%	25.37%	26.86%
Debt to EBITDA	-11.76	0.00	0.00	0.00	6.93	6.28	5.46	4.82	4.32	4.04	3.84
Net Debt to EBITDA	-9.32	0.00	0.00	0.00	6.38	5.82	5.15	4.56	4.13	3.92	3.54
Long-Term Debt to EBITDA	-9.84	0.00	0.00	0.00	6.46	5.83	5.05	4.45	4.08	3.81	3.64
Debt to NOPAT	-9.48	0.00	0.00	0.00	22.33	12.98	10.38	8.62	7.68	7.05	6.51
Net Debt to NOPAT	-7.51	0.00	0.00	0.00	20.56	12.03	9.80	8.16	7.34	6.84	6.00
Long-Term Debt to NOPAT	-7.93	0.00	0.00	0.00	20.80	12.05	9.61	7.96	7.25	6.65	6.18
Altman Z-Score	0.26	0.00	0.00	0.00	0.57	0.54	0.56	0.79	0.93	0.90	0.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	-0.01%	-0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.65	0.00	0.00	0.00	0.46	0.36	0.28	0.30	0.29	0.26	0.34
Quick Ratio	0.57	0.00	0.00	0.00	0.26	0.23	0.16	0.18	0.15	0.12	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,724	0.00	0.00	0.00	0.00	-34,986	-33,972	-33,766	108	191	296
Operating Cash Flow to CapEx	-63.94%	36.09%	163.13%	219.12%	136.59%	82.69%	154.59%	208.84%	153.89%	152.39%	281.08%
Free Cash Flow to Firm to Interest Expense	6.45	0.00	0.00	0.00	0.00	-69.42	-70.34	-76.05	0.27	0.30	0.86
Operating Cash Flow to Interest Expense	-0.82	0.72	1.98	3.06	1.98	3.51	4.22	2.71	2.26	1.47	6.93
Operating Cash Flow Less CapEx to Interest Expense	-2.09	-1.27	0.77	1.66	0.53	-0.73	1.49	1.41	0.79	0.51	4.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.00	0.00	0.00	0.43	0.45	0.47	0.49	0.51	0.52	0.52
Accounts Receivable Turnover	30.00	0.00	0.00	0.00	45.41	35.04	47.44	38.73	43.67	42.84	48.87
Inventory Turnover	3.80	0.00	0.00	0.00	17.82	16.78	18.03	19.31	18.11	17.96	19.31
Fixed Asset Turnover	0.25	0.00	0.00	0.00	0.55	0.54	0.56	0.58	0.61	0.61	0.61
Accounts Payable Turnover	1.77	0.00	0.00	0.00	7.68	8.08	8.63	8.95	8.15	8.59	8.41
Days Sales Outstanding (DSO)	12.17	0.00	0.00	0.00	8.04	10.42	7.69	9.42	8.36	8.52	7.47
Days Inventory Outstanding (DIO)	96.18	0.00	0.00	0.00	20.48	21.75	20.25	18.90	20.15	20.32	18.90
Days Payable Outstanding (DPO)	206.35	0.00	0.00	0.00	47.52	45.17	42.29	40.80	44.80	42.50	43.39
Cash Conversion Cycle (CCC)	-98.01	0.00	0.00	0.00	-19.00	-13.01	-14.35	-12.48	-16.29	-13.66	-17.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,379	0.00	0.00	0.00	35,038	35,179	34,503	35,934	35,517	35,368	35,114
Invested Capital Turnover	0.26	0.00	0.00	0.00	0.62	1.28	1.36	1.36	0.71	0.72	0.75
Increase / (Decrease) in Invested Capital	-2,919	0.00	0.00	0.00	0.00	35,179	34,503	35,934	479	189	611
Enterprise Value (EV)	38,167	0.00	0.00	0.00	45,798	47,075	47,444	48,951	60,387	58,536	56,568
Market Capitalization	11,168	12,440	13,155	18,531	17,641	18,578	19,755	21,617	34,123	32,351	31,460
Book Value per Share	$7.10	$0.00	$0.00	$0.00	$5.88	$2.75	$5.20	$6.56	$6.89	$6.79	$7.39
Tangible Book Value per Share	$5.63	$0.00	$0.00	$0.00	$4.38	$2.03	$3.87	$5.22	$5.60	$5.50	$6.09
Total Capital	42,449	0.00	0.00	0.00	37,454	37,421	36,149	37,453	36,725	36,200	37,261
Total Debt	34,070	0.00	0.00	0.00	30,572	30,739	29,335	28,856	27,474	27,018	27,254
Total Long-Term Debt	28,518	0.00	0.00	0.00	28,483	28,544	27,154	26,642	25,936	25,487	25,862
Net Debt	26,999	0.00	0.00	0.00	28,157	28,497	27,689	27,334	26,264	26,185	25,108
Capital Expenditures (CapEx)	538	1,075	697	837	675	2,138	1,319	577	592	607	851
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,041	0.00	0.00	0.00	-6,541	-7,959	-9,082	-7,947	-7,911	-7,903	-9,325
Debt-free Net Working Capital (DFNWC)	1,030	0.00	0.00	0.00	-4,126	-5,717	-7,436	-6,425	-6,701	-7,070	-7,179
Net Working Capital (NWC)	-4,522	0.00	0.00	0.00	-6,215	-7,912	-9,617	-8,639	-8,239	-8,601	-8,571
Net Nonoperating Expense (NNE)	575	573	491	564	317	407	439	433	284	458	342
Net Nonoperating Obligations (NNO)	27,000	0.00	0.00	0.00	28,156	28,497	27,689	27,337	26,266	26,186	25,107
Total Depreciation and Amortization (D&A)	625	626	638	636	631	649	670	686	693	684	722
Debt-free, Cash-free Net Working Capital to Revenue	-62.83%	0.00%	0.00%	0.00%	-30.29%	-35.27%	-38.75%	-32.46%	-31.62%	-31.08%	-35.90%
Debt-free Net Working Capital to Revenue	10.71%	0.00%	0.00%	0.00%	-19.11%	-25.33%	-31.73%	-26.25%	-26.78%	-27.81%	-27.64%
Net Working Capital to Revenue	-47.03%	0.00%	0.00%	0.00%	-28.78%	-35.06%	-41.03%	-35.29%	-32.93%	-33.83%	-33.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.65)	$0.00	$0.00	$0.00	($0.04)	($0.17)	$0.07	$1.37	$0.23	($0.06)	$0.43
Adjusted Weighted Average Basic Shares Outstanding	1.30B	0.00	0.00	0.00	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B
Adjusted Diluted Earnings per Share	($0.65)	$0.00	$0.00	$0.00	$0.02	($0.17)	$0.07	$1.26	$0.28	($0.06)	$0.42
Adjusted Weighted Average Diluted Shares Outstanding	1.30B	0.00	0.00	0.00	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.30B	0.00	0.00	0.00	2.43B	2.43B	2.43B	1.34B	1.35B	1.35B	1.36B
Normalized Net Operating Profit after Tax (NOPAT)	-195	-120	84	1,137	269	193	531	2,168	392	380	907
Normalized NOPAT Margin	-4.54%	-2.72%	1.71%	16.59%	4.98%	3.57%	9.18%	27.46%	6.60%	6.54%	14.33%
Pre Tax Income Margin	-17.63%	-15.48%	-8.19%	15.54%	-0.72%	-3.96%	1.66%	22.07%	4.88%	-1.22%	9.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.85	-0.37	0.18	2.68	0.80	0.51	1.14	4.88	1.68	0.88	2.65
NOPAT to Interest Expense	-0.46	-0.22	0.15	2.73	0.58	0.38	1.10	4.88	1.46	0.60	2.63
EBIT Less CapEx to Interest Expense	-2.13	-2.37	-1.04	1.28	-0.64	-3.73	-1.59	3.58	0.21	-0.09	0.18
NOPAT Less CapEx to Interest Expense	-1.74	-2.22	-1.07	1.34	-0.87	-3.86	-1.63	3.58	-0.01	-0.36	0.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Carnival's Financials

When does Carnival's fiscal year end?

According to the most recent income statement we have on file, Carnival's financial year ends in November. Their financial year 2024 ended on November 30, 2024.

How has Carnival's net income changed over the last 10 years?

Carnival's net income appears to be on an upward trend, with a most recent value of $1.92 billion in 2024, rising from $1.22 billion in 2014. The previous period was -$74 million in 2023. See Carnival's forecast for analyst expectations on what’s next for the company.

What is Carnival's operating income?

Carnival's total operating income in 2024 was $3.57 billion, based on the following breakdown:

Total Gross Profit: $15.65 billion
Total Operating Expenses: $12.07 billion

How has Carnival's revenue changed over the last 10 years?

Over the last 10 years, Carnival's total revenue changed from $15.88 billion in 2014 to $25.02 billion in 2024, a change of 57.5%.

How much debt does Carnival have?

Carnival's total liabilities were at $39.80 billion at the end of 2024, a 5.8% decrease from 2023, and a 161.1% increase since 2014.

How much cash does Carnival have?

In the past 10 years, Carnival's cash and equivalents has ranged from $331 million in 2014 to $9.51 billion in 2020, and is currently $1.21 billion as of their latest financial filing in 2024.

How has Carnival's book value per share changed over the last 10 years?

Over the last 10 years, Carnival's book value per share changed from 29.93 in 2014 to 6.89 in 2024, a change of -77.0%.

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This page (NYSE:CCL) was last updated on 8/19/2025 by MarketBeat.com Staff

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