Carnival Corp Ltd. Earnings Per Share Disclosure
| Years Ended November 30, | |||||||||||||||||
(in millions, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Net income (loss) | $ | 2,760 | $ | 1,916 | $ | (74) | |||||||||||
| Interest expense on dilutive Convertible Notes | 71 | 94 | — | ||||||||||||||
| Net income (loss) for diluted earnings per share | $ | 2,831 | $ | 2,009 | $ | (74) | |||||||||||
| Weighted-average shares outstanding | 1,312 | 1,274 | 1,262 | ||||||||||||||
| Dilutive effect of equity awards | 5 | 5 | — | ||||||||||||||
| Dilutive effect of Convertible Notes | 84 | 119 | — | ||||||||||||||
| Diluted weighted-average shares outstanding | 1,402 | 1,398 | 1,262 | ||||||||||||||
| Basic earnings per share | $ | 2.10 | $ | 1.50 | $ | (0.06) | |||||||||||
| Diluted earnings per share | $ | 2.02 | $ | 1.44 | $ | (0.06) | |||||||||||
| November 30, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Equity awards | — | — | 4 | ||||||||||||||
| Convertible Notes | — | — | 130 | ||||||||||||||
| Total antidilutive securities | — | — | 134 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 27, 2026 | Showing above |
| 2024 | Jan 27, 2025 | |
| 2023 | Jan 26, 2024 | |
| 2022 | Jan 27, 2023 | |
| 2021 | Jan 27, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.