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CCL

Carnival Corporation & plc

CCL

Carnival Corporation & plc • NYSE
$25.78 ▲ 1.38% (+0.35)
Market Cap $33.71 B
52w High $32.80
52w Low $15.07
Dividend Yield 0%
P/E 13.29
Volume 10.40M
Outstanding Shares 1.31B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.153B ▲ $1.497B ▼ $1.852B ▲ 22.716% ▲ $1.41 ▲ $2.87B ▲
Q2-2025 $6.328B ▲ $1.508B ▲ $565M ▲ 8.929% ▲ $0.43 ▲ $1.615B ▲
Q1-2025 $5.81B ▼ $1.501B ▼ $-78M ▼ -1.343% ▼ $-0.06 ▼ $957M ▼
Q4-2024 $5.938B ▼ $1.544B ▲ $303M ▼ 5.103% ▼ $0.17 ▼ $1.351B ▼
Q3-2024 $7.896B $1.415B $1.735B 21.973% $1.37 $2.825B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.763B ▼ $49.869B ▼ $37.941B ▼ $11.928B ▲
Q2-2025 $2.146B ▲ $51.165B ▲ $41.158B ▲ $10.007B ▲
Q1-2025 $833M ▼ $48.535B ▼ $39.352B ▼ $9.183B ▼
Q4-2024 $1.21B ▼ $49.057B ▼ $39.806B ▼ $9.252B ▲
Q3-2024 $1.522B $49.805B $41.207B $8.597B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.852B ▲ $1.383B ▼ $-624M ▼ $-1.144B ▼ $-379M ▼ $736M ▼
Q2-2025 $564M ▲ $2.392B ▲ $-586M ▲ $-521M ▲ $1.315B ▲ $1.541B ▲
Q1-2025 $-78M ▼ $925M ▲ $-605M ▼ $-690M ▼ $-375M ▼ $318M ▼
Q4-2024 $303M ▼ $911M ▼ $-574M ▲ $-631M ▲ $-312M ▼ $319M ▼
Q3-2024 $1.735B $1.205B $-577M $-770M $-126M $628M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cruise
Cruise
 $2.08Bn ▲$1.98Bn ▼$2.22Bn ▲$2.72Bn ▲
Tour And Other
Tour And Other
 $3.85Bn ▲$3.83Bn ▼$4.10Bn ▲$5.43Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Carnival’s income statement shows a company that has moved from survival mode back to solid profitability. Revenue has climbed steadily for several years as cruising has returned, now well above the pandemic trough and approaching a more “normal” scale of operations. Margins have improved dramatically: the business shifted from heavy operating losses to healthy operating profits and strong cash earnings. Net results have followed the same path, moving from deep losses during the shutdown years to roughly breakeven, and then to a clear profit in the most recent year. The trend line is clearly upward: better pricing, fuller ships, and tighter cost control are all showing up in improved profitability. The main caveat is that the recovery is still relatively recent, so sustained performance through a full economic and fuel-price cycle remains to be proven.

Balance Sheet

Balance Sheet The balance sheet tells a story of a business that had to borrow heavily to get through the crisis and is now slowly repairing itself. Total assets are broadly stable, which reflects a large, capital-intensive fleet that does not change quickly. Debt, however, rose sharply during the toughest years and remains very high by any normal standard, even though it has started to drift down. Equity has been significantly eroded by past losses, leaving the company with a thinner financial cushion than before the pandemic. In plain terms: Carnival now carries a heavy debt load against a relatively modest equity base. That makes the company more sensitive to interest costs, refinancing conditions, and downturns in demand, even as operations have recovered. Deleveraging and rebuilding equity will be important long-term themes.

Cash Flow

Cash Flow Cash flow has improved from heavily negative to comfortably positive, which is a key shift. Operating cash flow was deeply negative when ships were idle but has swung to strong, positive inflows as the fleet has returned to service and pricing has improved. After taking into account ongoing investment in ships and onboard upgrades, free cash flow has also turned positive in the last couple of years, though the cushion is not huge given the size of the debt pile. The business is again generating real cash after funding day-to-day operations and capital needs, which supports gradual debt reduction. The main risk is that this improvement depends on keeping ships full and pricing firm; a sharp slowdown in demand or higher costs could squeeze this progress.

Competitive Edge

Competitive Edge Carnival retains one of the strongest positions in the global cruise industry, built on scale, brand breadth, and cost efficiency. It operates a large fleet and a broad “house of brands” reaching many customer segments and geographies, from mass-market family cruises to premium and ultra-luxury experiences. This diversity helps spread risk across demographics and regions and supports high brand recognition and repeat business. Its scale allows it to negotiate better terms with suppliers, share technology and know-how across brands, and spread fixed costs over a very large passenger base. That can translate into lower unit costs and competitive pricing power. However, the company operates in an intensely competitive environment with a small number of large global rivals, and reputation, safety, and pricing discipline all remain critical. Any major incident, misstep in loyalty programs, or sustained discounting pressure could weaken its relative advantage.

Innovation and R&D

Innovation and R&D Carnival is leaning heavily on innovation to support both profitability and its long-term license to operate. On the operations side, it has rolled out energy-efficiency upgrades across much of the fleet, using improved ship designs, smarter automation, and better cooling and lighting systems to save fuel and cut emissions. It is also investing in cleaner propulsion, including liquefied natural gas ships and exploring new technologies such as batteries and fuel cells. On the guest side, digital tools and data are central. Wearable technology and mobile apps are being used to personalize service, streamline boarding and payments, and raise onboard spending. Artificial intelligence is being applied to optimize itineraries, reduce food waste, manage fuel use, and tailor offers to guests in real time. Overall, Carnival is not a “tech company,” but it is using technology in practical ways to lower costs, differentiate the experience, and address environmental pressures. Execution and consistent rollout across brands will determine how much of this shows up in sustained margin and loyalty gains.

Summary

Overall, Carnival looks like a turnaround that is well underway but not yet fully de-risked. Financially, the business has shifted from crisis-level losses to solid profitability and positive free cash flow. That is a significant achievement. At the same time, the balance sheet still reflects the scars of the pandemic, with high debt and reduced equity. This combination creates ongoing sensitivity to interest rates, refinancing markets, and any setback in demand. Competitively, Carnival maintains a powerful position in the cruise industry, underpinned by scale, brand diversity, and growing use of technology to enhance both efficiency and guest experience. Its investments in sustainability and digital innovation could support margins and differentiation over time, but they also require continuing capital and operational discipline. Key things to watch going forward include: the pace of debt reduction, the stability of demand through different economic conditions, fuel and regulatory costs, and Carnival’s ability to keep refreshing its fleet and guest experience without overextending its finances.

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