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CUK

Carnival Corporation & plc

CUK

Carnival Corporation & plc • NYSE
$23.83 ▲ 1.53% (+0.36)
Market Cap $31.28 B
52w High $29.80
52w Low $13.65
Dividend Yield 0%
P/E 12.28
Volume 1.36M
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 Onboard And Other
Cruise Onboard And Other
 $2.08Bn ▲$1.98Bn ▼$2.22Bn ▲$2.72Bn ▲
Cruise Passenger Ticket
Cruise Passenger Ticket
 $3.85Bn ▲$3.83Bn ▼$4.10Bn ▲$5.43Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has rebounded strongly from the pandemic collapse and is now well above the early‑recovery years. Profitability has flipped from deep losses to solid positive earnings, with operating profit and cash earnings both recovering sharply. This shows strong demand and better pricing and cost control, especially fuel and operating efficiency. However, this turnaround comes after several years of very heavy losses, so the business is still in a rebuilding phase and sensitive to any slowdown in travel demand or cost spikes (fuel, labor, regulations).

Balance Sheet

Balance Sheet The balance sheet still carries a heavy load of debt taken on to survive the shutdown years. Borrowings have started to edge down, but overall leverage remains high relative to equity. Cash balances, which were built up as a safety buffer during the pandemic, have been drawn down as operations normalized. Book equity had been badly diluted and reduced by past losses but has begun to recover as the company returns to profit. Overall, financial risk is meaningfully higher than before the crisis, even though the direction of change is now improving rather than worsening.

Cash Flow

Cash Flow Operating cash flow has swung from sizable outflows during the shutdown period to healthy inflows as ships sail full and pricing improves. After covering ongoing ship investments and upgrades, free cash flow has turned positive again, a key milestone for a capital‑intensive business. That said, the company still faces a long path to use this cash to reduce debt, fund new ships, and maintain the fleet. The cash profile is much healthier than a few years ago but remains dependent on keeping ships well utilized and avoiding major disruptions.

Competitive Edge

Competitive Edge Carnival retains a powerful position as the largest global cruise operator, with a broad lineup of brands that target different customer segments and price points. Its size gives it cost advantages in purchasing, marketing, and fleet deployment compared with smaller rivals. High industry entry costs and limited port capacity help protect incumbents like Carnival. However, it still competes intensely with other large cruise groups for customers, new destinations, and ship innovations, and it must continually refresh its offering to maintain pricing power and loyalty.

Innovation and R&D

Innovation and R&D The company is leaning into technology and product innovation to strengthen both guest experience and efficiency. Investments include faster onboard connectivity, smart‑ship and wearable technologies, and data‑driven tools to optimize routes and fuel use. On the environmental side, Carnival is adopting cleaner fuels, upgrading ship systems to reduce energy use, and targeting meaningful cuts in emissions and waste. It is also developing new, exclusive destinations and modern, more efficient ships. Together, these efforts aim to improve margins, differentiate its brands, and address rising regulatory and customer expectations around sustainability.

Summary

Carnival has moved from survival mode back to growth and profitability, with revenue and earnings recovering strongly after the pandemic shock. Cash generation is much improved, but the company still carries a heavy debt burden and lower balance‑sheet strength than before the crisis, which keeps financial risk elevated. Its scale, multi‑brand strategy, and ongoing innovation in guest experience and sustainability provide meaningful competitive strengths. The key watch points are the pace of debt reduction, resilience of demand in a discretionary travel sector, and successful execution on fleet modernization and environmental commitments.

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