Carnival Corp Ltd.CCL
Carnival Corp Ltd. Segments Disclosure
Segment Information
The chief operating decision maker, who is the Chief Executive Officer of Carnival Corporation and Carnival plc, assesses performance and makes decisions to allocate resources based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other qualitative characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) North America cruise operations (“North America”), (2) Europe cruise operations (“Europe”), (3) Cruise Support and (4) Tour and Other.
Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.
Our CODM uses adjusted operating income (loss) in assessing segment performance and determining how to allocate resources. This metric is used to review segment operating trends and monitor variances against the plan and prior year results. Resource allocation primarily occurs during the annual capital appropriation process.
The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adjusted operating income (loss) to net income (loss) before income taxes:
| As of and for the year ended November 30, 2025 | ||||||||||||||||||||
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | |||||||||||||||
| Total Revenues | $ | 17,604 | $ | 8,467 | $ | 309 | $ | 241 | $ | 26,622 | ||||||||||
| Cruise and tour operating expenses: | ||||||||||||||||||||
| Commissions, transportation and other | 2,104 | 1,326 | (99) | (e) | — | |||||||||||||||
| Onboard and other | 2,215 | 549 | 52 | — | ||||||||||||||||
| Payroll and related | 1,438 | 1,001 | 149 | — | ||||||||||||||||
| Fuel | 1,207 | 600 | 2 | — | ||||||||||||||||
| Food | 1,065 | 432 | 2 | — | ||||||||||||||||
| Adjusted other operating (a)(b) | 2,561 | 1,171 | 105 | 177 | ||||||||||||||||
| Total adjusted cruise and tour operating expenses | 10,591 | 5,078 | 211 | 177 | 16,057 | |||||||||||||||
| Adjusted selling and administrative expense (c)(d) | 1,962 | 1,034 | 365 | 17 | 3,378 | |||||||||||||||
| Depreciation and amortization expense | 1,818 | 746 | 200 | 26 | 2,790 | |||||||||||||||
| Adjusted Operating Income (Loss) | 3,233 | 1,610 | (468) | 22 | 4,396 | |||||||||||||||
| Gains on ship sales and impairments | 110 | |||||||||||||||||||
| Restructuring expenses | (13) | |||||||||||||||||||
| Other | (10) | |||||||||||||||||||
| Interest income | 51 | |||||||||||||||||||
| Interest expense, net of capitalized interest | (1,349) | |||||||||||||||||||
| Debt extinguishment and modification costs | (409) | |||||||||||||||||||
| Other income (expense), net | (4) | |||||||||||||||||||
| Income (Loss) Before Income Taxes | $ | 2,772 | ||||||||||||||||||
| Capital Expenditures | $ | 2,367 | $ | 557 | $ | 647 | $ | 41 | $ | 3,611 | ||||||||||
| Total Assets | $ | 31,400 | $ | 16,030 | $ | 3,836 | $ | 421 | $ | 51,687 | ||||||||||
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gains on ship sales and impairments.
(c)Excludes restructuring expenses.
(d)Excludes certain other gains and losses that are not part of our core operating business.
(e)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| As of and for the year ended November 30, 2024 | ||||||||||||||||||||
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | |||||||||||||||
| Total Revenues | $ | 16,802 | $ | 7,710 | $ | 255 | $ | 255 | $ | 25,021 | ||||||||||
| Cruise and tour operating expenses: | ||||||||||||||||||||
| Commissions, transportation and other | 2,072 | 1,245 | (86) | (d) | — | |||||||||||||||
| Onboard and other | 2,151 | 479 | 48 | — | ||||||||||||||||
| Payroll and related | 1,419 | 924 | 121 | — | ||||||||||||||||
| Fuel | 1,371 | 634 | 2 | — | ||||||||||||||||
| Food | 1,051 | 406 | 1 | — | ||||||||||||||||
| Adjusted other operating (a)(b) | 2,531 | 1,047 | 69 | 193 | ||||||||||||||||
| Total adjusted cruise and tour operating expenses | 10,594 | 4,734 | 156 | 193 | 15,677 | |||||||||||||||
| Adjusted selling and administrative expense (c) | 1,938 | 953 | 320 | 19 | 3,231 | |||||||||||||||
| Depreciation and amortization expense | 1,664 | 676 | 193 | 24 | 2,557 | |||||||||||||||
| Adjusted Operating Income (Loss) | 2,605 | 1,347 | (414) | 18 | 3,556 | |||||||||||||||
| Gains on ship sales and impairments | 39 | |||||||||||||||||||
| Restructuring expenses | (21) | |||||||||||||||||||
| Interest income | 93 | |||||||||||||||||||
| Interest expense, net of capitalized interest | (1,755) | |||||||||||||||||||
| Debt extinguishment and modification costs | (79) | |||||||||||||||||||
| Other income (expense), net | 83 | |||||||||||||||||||
| Income (Loss) Before Income Taxes | $ | 1,915 | ||||||||||||||||||
| Capital Expenditures | $ | 3,943 | $ | 270 | $ | 382 | $ | 32 | $ | 4,626 | ||||||||||
| Total Assets | $ | 30,892 | $ | 15,042 | $ | 2,732 | $ | 390 | $ | 49,057 | ||||||||||
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gains on ship sales and impairments.
(c)Excludes restructuring expenses.
(d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| As of and for the year ended November 30, 2023 | ||||||||||||||||||||
| (in millions) | North America | Europe | Cruise Support | Tour and Other | Total | |||||||||||||||
| Total Revenues | $ | 14,588 | $ | 6,535 | $ | 206 | $ | 265 | $ | 21,593 | ||||||||||
| Cruise and tour operating expenses: | ||||||||||||||||||||
| Commissions, transportation and other | 1,773 | 1,059 | (71) | (d) | — | |||||||||||||||
| Onboard and other | 1,919 | 411 | 45 | — | ||||||||||||||||
| Payroll and related | 1,350 | 923 | 99 | — | ||||||||||||||||
| Fuel | 1,397 | 648 | 2 | — | ||||||||||||||||
| Food | 955 | 380 | — | — | ||||||||||||||||
| Adjusted other operating (a)(b) | 2,233 | 1,024 | 52 | 205 | ||||||||||||||||
| Total adjusted cruise and tour operating expenses | 9,628 | 4,445 | 127 | 205 | 14,405 | |||||||||||||||
| Adjusted selling and administrative expense (c) | 1,753 | 865 | 286 | 27 | 2,931 | |||||||||||||||
| Depreciation and amortization expense | 1,495 | 668 | 184 | 23 | 2,370 | |||||||||||||||
| Adjusted Operating Income (Loss) | 1,712 | 556 | (392) | 11 | 1,887 | |||||||||||||||
| Gains on ship sales and impairments | 88 | |||||||||||||||||||
| Restructuring expenses | (19) | |||||||||||||||||||
| Interest income | 233 | |||||||||||||||||||
| Interest expense, net of capitalized interest | (2,066) | |||||||||||||||||||
| Debt extinguishment and modification costs | (111) | |||||||||||||||||||
| Other income (expense), net | (75) | |||||||||||||||||||
| Income (Loss) Before Income Taxes | $ | (62) | ||||||||||||||||||
| Capital Expenditures | $ | 1,932 | $ | 1,161 | $ | 179 | $ | 12 | $ | 3,284 | ||||||||||
| Total Assets | $ | 28,547 | $ | 16,524 | $ | 3,667 | $ | 382 | $ | 49,120 | ||||||||||
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gains on ship sales and impairments.
(c)Excludes restructuring expenses.
(d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
Revenue by country, which are based on where our guests are sourced, were as follows:
| Years Ended November 30, | |||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 14,847 | $ | 14,061 | $ | 12,253 | |||||||||||
| Germany | 3,348 | 3,063 | 2,651 | ||||||||||||||
United Kingdom | 3,054 | 2,740 | 2,284 | ||||||||||||||
| Other (a) | 5,374 | 5,157 | 4,406 | ||||||||||||||
| $ | 26,622 | $ | 25,021 | $ | 21,593 | ||||||||||||
(a)No other individual country’s revenue exceeded 10% for the years ended November 30, 2025, 2024 and 2023.
Substantially all of our long-lived assets consist of our ships and move between geographic areas.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.