financial statements

The full income statement, balance sheet, and cash-flow statement for Carnival Corporation Ltd. (CCL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofNov 30 ’25	as ofNov 30 ’24	as ofNov 30 ’23	as ofNov 30 ’22	as ofNov 30 ’21
Revenue	26.6B YoY+6.4%	25.0B YoY+15.9%	21.6B YoY+77.5%	12.2B YoY+537.7%	1.91B YoY-65.9%
Cost of revenue	—	15.6B YoY+9.2%	14.3B YoY+21.8%	11.8B YoY+152.6%	4.66B
Selling, general & administrative	3.40B YoY+4.6%	3.25B YoY+10.2%	2.95B YoY+17.3%	2.52B YoY+33.4%	1.89B YoY+0.4%
Restructuring	13.0M YoY-38.1%	21.0M YoY+10.5%	19.0M	—	—
Operating income	4.48B YoY+25.4%	3.57B YoY+82.7%	1.96B YoY+144.7%	-4.38B YoY+38.2%	-7.09B YoY+20.0%
Interest expense	1.35B YoY-23.1%	1.75B YoY-15.1%	2.07B YoY+28.4%	1.61B YoY+0.5%	1.60B YoY+78.9%
Interest & investment income	51.0M YoY-45.2%	93.0M YoY-60.1%	233M YoY+214.9%	74.0M YoY+516.7%	12.0M YoY-33.3%
Other non-operating income	-4.00M YoY-104.8%	83.0M YoY+210.7%	-75.0M YoY+54.5%	-165M YoY+4.6%	-173M YoY-232.7%
Equity-method income	—	9.00M YoY+169.2%	-13.0M YoY+65.8%	-38.0M YoY+70.5%	-129M YoY-545.0%
Pre-tax income	2.77B YoY+44.8%	1.92B YoY+3188.7%	-62.0M YoY+99.0%	-6.08B YoY+36.1%	-9.52B YoY+7.1%
Income tax	12.0M YoY+1300.0%	-1.00M YoY-107.7%	13.0M YoY-7.1%	14.0M YoY+166.7%	-21.0M YoY-23.5%
	2.76B YoY+44.1%	1.92B YoY+2689.2%	-74.0M YoY+98.8%	-6.09B YoY+35.9%	-9.50B YoY+7.2%
Net income to common	—	—	-74.0M YoY+98.8%	-6.09B YoY+35.9%	-9.50B YoY+7.2%
	$2.02 YoY+40.3%	$1.44 YoY+2500.0%	-$0.06 YoY+98.8%	-$5.16 YoY+39.0%	-$8.46 YoY+35.9%
EPS (basic)	$2.10 YoY+40.0%	$1.50 YoY+2600.0%	-$0.06 YoY+98.8%	-$5.16 YoY+39.0%	-$8.46 YoY+35.9%
Weighted-avg shares (basic)	1.31B YoY+3.0%	1.27B YoY+1.0%	1.26B YoY+6.9%	1.18B YoY+5.1%	1.12B YoY+44.9%
Weighted-avg shares (diluted)	1.40B YoY+0.3%	1.40B YoY+10.8%	1.26B YoY+6.9%	1.18B YoY+5.1%	1.12B YoY+44.9%
Balance Sheet	as ofNov 30 ’25	as ofNov 30 ’24	as ofNov 30 ’23	as ofNov 30 ’22	as ofNov 30 ’21
	4.22B YoY+24.9%	3.38B YoY-35.9%	5.27B YoY-29.7%	7.49B YoY-26.1%	10.1B YoY-4.1%
Cash & equivalents	1.93B YoY+59.3%	1.21B YoY-49.9%	2.42B YoY-40.1%	4.03B YoY-54.9%	8.94B YoY-6.0%
Short-term investments	0.00	0.00	0.00	0.00 YoY-100.0%	200M
Cash & short-term investments	5.40B YoY+0.0%	5.40B YoY+0.0%	5.40B YoY-37.2%	8.60B YoY-8.5%	9.40B
Accounts receivable	678M YoY+14.9%	590M YoY+6.1%	556M YoY+40.8%	395M YoY+60.6%	246M YoY-9.9%
Inventory	505M YoY-0.4%	507M YoY-4.0%	528M YoY+23.4%	428M YoY+20.2%	356M YoY+6.3%
Other current assets	1.11B YoY+3.6%	1.07B YoY-39.4%	1.77B YoY+171.0%	652M YoY+72.0%	379M YoY-14.4%
	51.7B YoY+5.4%	49.1B YoY-0.1%	49.1B YoY-5.0%	51.7B YoY-3.1%	53.3B YoY-0.5%
Property, plant & equipment	43.5B YoY+4.1%	41.8B YoY+4.2%	40.1B YoY+3.7%	38.7B YoY+1.5%	38.1B YoY+0.1%
Operating lease right-of-use	1.33B YoY-2.9%	1.37B YoY+8.1%	1.26B YoY-0.7%	1.27B YoY-4.4%	1.33B YoY-2.7%
Goodwill	579M YoY+0.0%	579M YoY+0.0%	579M YoY+0.0%	579M YoY+0.0%	579M YoY-28.3%
Intangible assets	1.18B YoY+1.2%	1.16B YoY-0.5%	1.17B YoY+1.1%	1.16B YoY-2.1%	1.18B YoY-0.4%
Other non-current assets	890M YoY+14.8%	775M YoY+6.9%	725M YoY-71.2%	2.52B YoY+25.1%	2.01B YoY+26.2%
	13.1B YoY+12.7%	11.6B YoY+1.2%	11.5B YoY+8.3%	10.6B YoY+1.9%	10.4B YoY+19.8%
Accounts payable	1.25B YoY+9.9%	1.13B YoY-3.0%	1.17B YoY+11.2%	1.05B YoY+31.7%	797M YoY+27.7%
Accrued liabilities	2.24B YoY-5.0%	2.36B YoY+17.7%	2.00B YoY+3.1%	1.94B YoY+18.3%	1.64B YoY+43.4%
Deferred revenue	6.83B YoY+6.3%	6.42B YoY+5.8%	6.07B YoY+24.6%	4.87B YoY+56.6%	3.11B YoY+60.4%
Short-term & current debt	2.60B YoY+69.2%	1.54B YoY-26.4%	2.09B YoY-12.7%	2.39B YoY+24.2%	1.93B YoY+10.6%
Current lease liability	175M YoY+7.4%	163M YoY+9.4%	149M YoY+2.1%	146M YoY+2.8%	142M YoY-6.0%
Long-term debt	24.0B YoY-7.3%	25.9B YoY-8.9%	28.5B YoY-10.9%	32.0B YoY+12.1%	28.5B YoY+28.8%
Non-current lease liability	1.18B YoY-4.9%	1.24B YoY+5.9%	1.17B YoY-1.6%	1.19B YoY-4.0%	1.24B YoY-2.7%
Other non-current liabilities	1.10B YoY+8.4%	1.01B YoY-8.4%	1.10B YoY+24.0%	891M YoY-14.6%	1.04B YoY+9.9%
	12.3B YoY+32.6%	9.25B YoY+34.4%	6.88B YoY-2.6%	7.07B YoY-41.8%	12.1B YoY-40.9%
Common stock	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+0.0%	6.00M YoY+0.0%
Additional paid-in capital	17.3B YoY+0.6%	17.2B YoY+2.7%	16.7B YoY-0.9%	16.9B YoY+10.3%	15.3B YoY+9.6%
Retained earnings	4.82B YoY+129.3%	2.10B YoY+1035.7%	185M YoY-31.2%	269M YoY-95.8%	6.45B YoY-59.9%
Treasury stock	8.36B YoY-0.5%	8.40B YoY-0.5%	8.45B YoY-0.2%	8.47B YoY+0.0%	8.47B YoY+0.7%
Accumulated other comprehensive income	-1.81B YoY+8.4%	-1.98B YoY-1.9%	-1.94B YoY+2.2%	-1.98B YoY-32.0%	-1.50B YoY-4.5%
Non-controlling interest	14.0M	—	—	—	—
Total equity incl. non-controlling	12.3B YoY+32.8%	9.25B	—	—	—
Total liabilities & equity	51.7B YoY+5.4%	49.1B YoY-0.1%	49.1B YoY-5.0%	51.7B YoY-3.1%	53.3B YoY-0.5%
Common shares issued	646M YoY+0.0%	646M YoY+0.0%	646M YoY+0.0%	646M YoY+0.0%	646M YoY+0.0%
Shares outstanding (cover)	1.17B YoY+1.2%	1.15B YoY+3.1%	1.12B YoY+0.6%	1.11B YoY+13.4%	981M YoY+36.1%
Cash Flow	as ofNov 30 ’25	as ofNov 30 ’24	as ofNov 30 ’23	as ofNov 30 ’22	as ofNov 30 ’21
	6.22B YoY+5.0%	5.92B YoY+38.4%	4.28B YoY+356.3%	-1.67B YoY+59.4%	-4.11B YoY+34.8%
Depreciation & amortization	2.79B YoY+9.1%	2.56B YoY+7.9%	2.37B YoY+4.2%	2.27B YoY+1.9%	2.23B YoY-0.4%
Share-based compensation	98.0M YoY+58.1%	62.0M YoY+17.0%	53.0M YoY-47.5%	101M YoY-16.5%	121M YoY+15.2%
Change in inventory	-2.00M YoY+77.8%	-9.00M YoY-110.6%	85.0M YoY-10.5%	95.0M YoY+50.8%	63.0M YoY+181.8%
Change in payables	61.0M YoY+334.6%	-26.0M YoY-133.8%	77.0M YoY-72.8%	283M YoY+37.4%	206M YoY+224.8%
Other operating activities	58.0M YoY-7.9%	63.0M YoY-30.0%	90.0M YoY+38.5%	65.0M YoY-56.4%	149M
	-3.32B YoY+26.8%	-4.54B YoY-61.4%	-2.81B YoY+41.1%	-4.77B YoY-34.5%	-3.54B YoY-9.4%
Capital expenditure	3.61B YoY-21.9%	4.63B YoY+40.9%	3.28B YoY-33.5%	4.94B YoY+37.0%	3.61B YoY-0.4%
Proceeds from sale of PP&E	323M YoY+456.9%	58.0M YoY-82.9%	340M YoY+385.7%	70.0M YoY-80.1%	351M YoY+5.1%
Other investing activities	-67.0M YoY+31.6%	-98.0M YoY+36.8%	-155M YoY-259.8%	97.0M YoY+3333.3%	-3.00M YoY+97.6%
	-2.19B YoY+15.3%	-2.58B YoY+49.2%	-5.09B YoY-242.3%	3.58B YoY-48.5%	6.95B YoY-62.7%
Net short-term debt	—	—	—	-2.59B YoY-784.0%	-293M YoY-110.3%
Common stock issued	—	0.00 YoY-100.0%	5.00M YoY-99.6%	1.18B YoY+16.9%	1.01B YoY-68.9%
Common stock repurchased	—	—	—	0.00	0.00 YoY-100.0%
Dividends paid	—	—	—	0.00	0.00 YoY-100.0%
Other financing activities	12.0M YoY+1100.0%	1.00M YoY-95.0%	20.0M YoY+2100.0%	-1.00M YoY+85.7%	-7.00M YoY+95.3%
FX effect on cash	19.0M YoY+337.5%	-8.00M YoY-147.1%	17.0M YoY+121.5%	-79.0M YoY-507.7%	-13.0M YoY-124.5%
Net change in cash	727M YoY+160.4%	-1.20B YoY+66.6%	-3.60B YoY-22.5%	-2.94B YoY-311.2%	-715M YoY-107.8%
Interest paid	1.20B YoY-25.0%	1.60B YoY-20.0%	2.00B YoY+42.9%	1.40B YoY+7.7%	1.30B YoY+116.7%
Income taxes paid	—	—	—	—	0.00
Valuation Ratios	as ofNov 30 ’25	as ofNov 30 ’24	as ofNov 30 ’23	as ofNov 30 ’22	as ofNov 30 ’21
Market cap	30.1B YoY+2.6%	29.4B YoY+74.1%	16.9B YoY+52.6%	11.0B YoY-36.1%	17.3B YoY+20.1%
P/E	11.4× YoY-37.5%	18.2×	—	—	—
P/S	1.1× YoY-1.6%	1.2× YoY+49.4%	0.8× YoY-14.0%	0.9× YoY-90.0%	9.1× YoY+252.1%
P/B	2.5× YoY-24.0%	3.3× YoY+35.5%	2.4× YoY+56.6%	1.6× YoY+9.9%	1.4× YoY+103.2%
P/FCF	10.3× YoY-55.7%	23.3× YoY+37.8%	16.9×	—	—
Earnings yield	8.8% YoY+60.1%	5.5%	—	—	—
FCF yield	9.7% YoY+125.6%	4.3% YoY-27.4%	5.9%	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CCL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CCL filings on SEC EDGAR → Not investment advice.

CCL▼ financial statements

About this data

financial statements