Carnival Corp Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Carnival Corp Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16,389	17,510	18,881	20,825	5,595	1,908	12,168	21,593	25,021	26,622
Cost of revenue	9,383	10,501	11,089	12,909		4,655	11,757	14,317	15,638
Gross profit	7,006	7,009	7,792	7,916		-2,747	411	7,276	9,383
Selling, general and administrative	2,197	2,265	2,450	2,480	1,878	1,885	2,515	2,950	3,252	3,402
Operating income	3,071	2,809	3,325	3,276	-8,865	-7,089	-4,379	1,956	3,574	4,483
Interest expense	223	198	194	206	895	1,601	1,609	2,066	1,755	1,349
Interest income	6	9	14	23	18	12	74	233	93	51
Other non-operating income	-243	-143	-118	-215	-1,388	-2,433	-1,701	-2,018	-1,659	-4
Pre-tax income	2,828	2,666	3,207	3,060	-10,253	-9,522	-6,080	-62	1,915	2,772
Income tax	-49	60	54	71	-17	-21	14	13	-1	12
Net income	2,779	2,606	3,152	2,990	-10,236	-9,501	-6,093	-74	1,916	2,760
EBITDA	4,809	4,655	5,342	5,436	-6,624	-4,856	-2,104	4,326	6,131	7,273
EPS, basic	3.73	3.61	4.45	4.34	-13.20	-8.46	-5.16	-0.06	1.50	2.10
EPS, diluted	3.72	3.59	4.44	4.32	-13.20	-8.46	-5.16	-0.06	1.44	2.02
Shares, basic (weighted)	745	722	709	690	775	1,123	1,180	1,262	1,274	1,312
Shares, diluted (weighted)	747	725	710	692	775	1,123	1,180	1,262	1,398	1,402
Dividend per share	1.35	1.60	1.95

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	603	395	982	518	9,513	8,939	4,029	2,415	1,210	1,928
Short-term investments					0	200	0
Receivables	298	312	358	444	273	246	395	556	590	678
Inventory	322	387	450	427	335	356	428	528	507	505
Other current assets	466	502	436	671	443	379	652	1,767	1,070	1,108
Total current assets	1,689	1,596	2,225	2,059	10,563	10,133	7,492	5,266	3,378	4,219
Property, plant and equipment	32,429	34,430	35,336	38,131	38,073	38,107	38,687	40,116	41,795	43,494
Lease right-of-use assets					1,370	1,333	1,274	1,265	1,368	1,328
Goodwill	2,910	2,967	2,925	2,912	807	579	579	579	579	579
Intangible assets	1,275	1,200	1,176	1,174	1,186	1,181	1,156	1,169	1,163	1,177
Other non-current assets	578	585	738	783	1,594	2,011	2,515	725	775	890
Total assets	38,881	40,778	42,401	45,058	53,593	53,344	51,703	49,120	49,057	51,687
Accounts payable	713	762	730	756	624	797	1,050	1,168	1,133	1,245
Accrued liabilities	1,740	1,877	1,654	1,809	1,144	1,641	1,942	2,003	2,358	2,239
Deferred revenue			4,395	4,735	1,940	3,112	4,874	6,072	6,425	6,831
Short-term debt	640	1,717	1,578	1,596	1,742	1,927	2,393	2,089	1,538	2,603
Total current liabilities	7,072	8,800	9,204	9,127	8,686	10,408	10,605	11,481	11,617	13,092
Long-term debt	8,302	6,993	7,897	9,675	22,130	28,509	31,953	28,483	25,936	24,037
Lease liabilities					1,273	1,239	1,189	1,170	1,239	1,178
Other non-current liabilities	910	769	856	890	949	1,043	891	1,105	1,012	1,097
Total liabilities	16,284	16,562	17,958	19,693	33,038	41,200	44,638	42,238	39,806	39,403
Total debt	8,942	8,710	9,475	11,271	23,872	30,436	35,615	31,339	28,213	27,383
Paid-in capital	8,632	8,690	8,756	8,807	13,948	15,292	16,872	16,712	17,155	17,253
Retained earnings	21,843	23,292	25,066	26,653	16,075	6,448	269	185	2,101	4,817
Treasury stock	-5,789	-6,349	-7,795	-8,394	-8,404	-8,466	-8,468	-8,449	-8,404	-8,364
Other comprehensive income	-2,454	-1,782	-1,949	-2,066	-1,436	-1,501	-1,982	-1,939	-1,975	-1,810
Shareholders' equity	22,597	24,216	24,443	25,365	20,555	12,144	7,065	6,882	9,251	12,270
Minority interests										14
Total equity	22,597	24,216	24,443	25,365	20,555	12,144	7,065	6,882	9,251	12,284
Total liabilities and equity	38,881	40,778	42,401	45,058	53,593	53,344	51,703	49,120	49,057	51,687

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,779	2,606	3,152	2,990	-10,236	-9,501	-6,093	-74	1,916	2,760
Depreciation and amortization	1,738	1,846	2,017	2,160	2,241	2,233	2,275	2,370	2,557	2,790
Stock-based compensation	55	63	65	46	105	121	101	53	62	98
Change in receivables	-22	6	-58	-114	125	-7	-171	-180	-49	-84
Change in inventory	1	-49	-67	79	77	-63	-95	-85	9	2
Change in payables	109	21	-24	34	-165	206	283	77	-26	61
Cash from operations	5,134	5,322	5,549	5,475	-6,301	-4,109	-1,670	4,281	5,923	6,218
Capital expenditures	-3,062	-2,944	-3,749	-5,429	-3,620	-3,607	-4,940	-3,284	-4,626	-3,611
Purchases of investments				0	0	-2,873	-315	0	0
Cash from investing	-3,323	-3,122	-3,514	-5,277	-3,240	-3,543	-4,767	-2,810	-4,535	-3,321
Stock issued			3	4	3,249	1,009	1,180	5	0
Share buybacks	-2,340	-552	-1,468	-603	-12	0	0
Dividends paid	-977	-1,087	-1,355	-1,387	-689	0	0
Cash from financing	-2,591	-2,452	-1,460	-655	18,650	6,949	3,577	-5,089	-2,584	-2,189
Exchange rate effect	-12	11	-1	-9	53	-13	-79	17	-8	19
Net change in cash	-792	-241	574	-465	9,161	-715	-2,940	-3,601	-1,204	727
Free cash flow	2,072	2,378	1,800	46	-9,921	-7,716	-6,610	997	1,297	2,607
Interest paid	211	191	182	171	600	1,300	1,400	2,000	1,600	1,200
Income taxes paid	48	43	58	46	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $22.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	16.3%	Operating income / revenue.
EBITDA margin	26.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	11.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.9%	Cash from operations / revenue.
Return on equity (ROE)	23.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
Return on invested capital (ROIC)	9.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.2%	Capital expenditures / revenue.
D&A / revenue	10.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	36.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	18.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	44.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	40.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	5.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	101.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	32.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	12.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.33x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.97x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.0%	Total debt / total assets.
Liabilities / assets	75.1%	Total liabilities / total assets.
Net debt	$23.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.70x	Operating income / interest expense.
Working capital	-$8.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$11.21B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	0.63x	Revenue / average property, plant and equipment.
Receivables turnover	43.1x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
FCF conversion	104.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.68	Revenue / diluted weighted shares.
FCF per share	$2.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.89	Cash from operations / diluted weighted shares.
Book value per share	$9.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.07	Tangible book value / shares outstanding.
Cash per share	$1.62	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$30.47B	Share price x shares outstanding.
Enterprise value	$53.80B	Market cap + total debt - cash - short-term investments.
P/E	9.93x	Market cap / net income. Only when net income is positive.
P/S	1.12x	Market cap / revenue.
P/B	2.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.72x	Market cap / tangible book value, when positive.
P/FCF	9.52x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.49x	Market cap / cash from operations, when positive.
EV/Sales	1.97x	Enterprise value / revenue.
EV/EBIT	12.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.34x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.5%	Free cash flow / market cap.
Earnings yield	10.1%	Net income / market cap (the inverse of P/E).

What was Carnival Corp Ltd.'s revenue in fiscal 2025?

Carnival Corp Ltd. reported revenue of $26.62B for fiscal 2025, 6.4% higher than the year before.

Was Carnival Corp Ltd. profitable in fiscal 2025?

Yes. Net income was $2.76B, a net margin of 10.4%.

How much free cash flow did Carnival Corp Ltd. generate in fiscal 2025?

Cash from operations of $6.22B minus capital expenditures of $3.61B left free cash flow of $2.61B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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