Carnival Corp Ltd.

Listed Company

CCLCIK 0000815097NYSELarge AcceleratedWater TransportationD0FY ends Nov 30

Period

FY 2025

Revenue

$26.62B

Net Income

$2.76B

Total Assets

$51.69B

Equity

$12.28B

Shares Out

1.24B

Op. Cash Flow

$6.22B

Business

CARNIVAL CORP operates a global cruise company combining Carnival Corporation and Carnival plc as a single economic enterprise under a dual-listed structure. The company offers cruise vacations and related travel experiences through a portfolio of world-class brands that provide contemporary, premium and luxury cruise products and onboard services such as dining, entertainment, shore excursions and value‑added packages. Its business is organized into brand and segment groupings, including North America and Australia, Europe, Cruise Support and a Tour and Other segment. Carnival distributes cruises through travel agents, company websites, onboard consultants and tour operators across North America, Europe, Australia and other international markets.

Summary from filing dated 2025-01-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Total Revenues	26,622	25,021	21,593	12,168	1,908
Commissions, transportation and other	3,331	3,232	2,761	1,630	269
Onboard and other	2,816	2,678	2,375	1,528	272
Payroll and related	2,589	2,464	2,373	2,181	1,309
Fuel	1,808	2,007	2,047	2,157	680
Food	1,499	1,457	1,335	863	187
Other operating	3,904	3,801	3,426	2,958	1,346
Total Cruise and tour operating expenses	15,947	15,638	14,317	11,757	4,655
Selling and administrative expense	3,402	3,252	2,950	2,515	1,885
Depreciation and amortization expense	2,790	2,557	2,370	2,275	2,233
Operating Income	4,483	3,574	1,956	−4,379	−7,089
Interest income	51	93	233	74	12
Interest expense, net of capitalized interest	−1,349	−1,755	−2,066	−1,609	—
Debt extinguishment and modification costs	−409	−79	−111	−1	−670
Other income (expense), net	−4	83	−75	−165	−173
Income (Loss) Before Income Taxes	2,772	1,915	−62	—	—
Income tax benefit (expense), net	−12	1	−13	−14	21
Net Income (Loss)	2,760	1,916	−74	−6,093	−9,501
Basic (in dollars per share)	2.1	1.5	−0.06	−5.16	−8.46
Diluted (in dollars per share)	2.02	1.44	−0.06	−5.16	−8.46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash and cash equivalents	1,928	1,210	2,415	4,029	8,939
Trade and other receivables, net	678	590	556	395	246
Inventories	505	507	528	428	356
Prepaid expenses and other	1,108	1,070	1,767	652	379
Total current assets	4,219	3,378	5,266	7,492	10,133
Property and Equipment, Net	43,494	41,795	40,116	38,687	38,107
Operating Lease Right-of-Use Assets, Net	1,328	1,368	1,265	1,274	1,333
Goodwill	579	579	579	579	579
Other Intangibles	1,177	1,163	1,169	1,156	1,181
Other Assets	890	775	725	2,515	2,011
Assets	51,687	49,057	49,120	51,703	53,344
Current portion of long-term debt	2,603	1,538	2,089	2,393	1,927
Current portion of operating lease liabilities	175	163	149	146	142
Accounts payable	1,245	1,133	1,168	1,050	797
Accrued liabilities and other	2,239	2,358	2,003	1,942	1,641
Customer deposits	6,831	6,425	6,072	4,874	3,112
Total current liabilities	13,092	11,617	11,481	10,605	10,408
Long-Term Debt	24,037	25,936	28,483	31,953	28,509
Long-Term Operating Lease Liabilities	1,178	1,239	1,170	1,189	1,239
Other Long-Term Liabilities	1,097	1,012	1,105	891	1,043
Contingencies and Commitments	—	—	—	—	—
Additional paid-in capital	17,267	17,155	16,712	16,872	15,292
Retained earnings	4,817	2,101	185	269	6,448
Accumulated other comprehensive income (loss) (AOCI)	−1,810	−1,975	−1,939	−1,982	−1,501
Treasury stock, 131 shares at 2025 and 130 shares at 2024 of Carnival Corporation and 72 shares at 2025 and 73 shares at 2024 of Carnival plc, at cost	−8,364	−8,404	−8,449	−8,468	−8,466
Total shareholders equity	12,284	9,251	6,882	7,065	12,144
Liabilities and Shareholders' Equity	51,687	49,057	49,120	51,703	53,344

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Loss on debt extinguishment	401	76	98	1	668
Share-based compensation	98	62	53	101	121
Amortization of discounts and debt issue costs	116	141	161	171	172
Non-cash lease expense	161	142	145	148	—
Gain on sales of ships	−112	−41	−88	−7	−11
Greenhouse gas regulatory expense	91	46	0	0	—
Other	58	63	90	65	149
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	6,363	4,963	2,756	−2,832	−5,067
Receivables	−84	−49	−180	−171	−7
Inventories	2	9	−85	−95	−63
Prepaid expenses and other assets	−214	352	397	−874	−1,070
Accounts payable	61	−26	77	283	206
Accrued liabilities and other	−218	167	147	341	601
Customer deposits	308	507	1,169	1,679	1,291
Net cash provided by operating activities	6,218	5,923	4,281	−1,670	−4,109
Purchases of property and equipment	−3,611	−4,626	−3,284	−4,940	−3,607
Proceeds from sales of ships and other property and equipment	323	58	340	70	351
Advances to affiliates	−100	−64	−21	—	—
Other	67	98	155	−97	3
Net cash used in investing activities	−3,321	−4,535	−2,810	−4,767	−3,543
Repayments of short-term borrowings	0	0	−200	−2,590	−293
Principal repayments of long-term debt	−12,936	−5,436	−7,660	−2,075	−5,956
Debt issuance costs	−144	−203	−131	−153	−319
Debt extinguishment costs	−272	−41	−79	−1	−545
Proceeds from issuance of long-term debt	11,152	3,095	2,961	7,209	13,042
Other	12	1	20	−1	−7
Net cash provided by (used in) financing activities	−2,189	−2,584	−5,089	3,577	6,949
Effect of exchange rate changes on cash, cash equivalents and restricted cash	19	−8	17	−79	−13
Net increase (decrease) in cash, cash equivalents and restricted cash	727	−1,204	−3,601	−2,940	−715

Filings

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