Company file · CCL
Carnival
Cruise was Carnival's fastest-growing segment in FY2025, up 21.2%
Revenue rose 6.4% to $26.6B in FY2025, from $25.0B in FY2024. Net income rose 44.1% to $2.8B. North America was the largest segment, at 66% of revenue.
Key facts
Carnival (NYSE: CCL) reported revenue of $26.6B for fiscal 2025, the year ended Nov 30, 2025, up 6.4% from fiscal 2024. Net income was $2.8B, up 44.1%. In its latest 10-Q, for the quarter ended Aug 31, 2026, revenue was $8.4B, up 3.5% from the same quarter a year earlier, and net income was $1.9B. The largest piece by segment was North America, at 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 27, 2026) and 10-Q for the quarter ended Aug 31, 2026 (filed Sep 29, 2026).
Source: 10-K FY2025, filed Jan 27, 2026
Source: 10-Q filed Mar 27, 2026 · 10-Q filed Jun 26, 2026 · 10-Q filed Sep 29, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- North America$17.6B66%+4.8%
- Europe$8.5B32%+9.8%
- Cruise$309M1%+21.2%
- Tour and Other$241M1%−5.5%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: North America (66%), Europe (32%), Cruise (1%) and Tour and Other (1%), as shares of total revenue. Total revenue was $26.6B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (Jun to Aug 2026) compared with Q3 FY2025 (Jun to Aug 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: Carnival 10-Q for the quarter ended Aug 31, 2026, filed Sep 29, 2026
By segment
Source: Carnival 10-Q for the quarter ended Aug 31, 2026, filed Sep 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 6.4% in FY2025 to $26.6B, from $25.0B a year earlier. 10-K, FY2025
- Net income rose 44.1% in FY2025 to $2.8B, from $1.9B. 10-K, FY2025
- Operating cash flow rose 5.0% in FY2025 to $6.2B. 10-K, FY2025
- Total debt fell 3.0% in FY2025 to $26.6B. 10-K, FY2025
The bear case
- Tour and Other revenue fell 5.5% in FY2025 to $241M. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Carnival is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Water Transportation.
Carnival reports 4 segments: North America, Europe, Cruise and Tour and Other.
Its fiscal year ends in November; the latest, FY2025, ended Nov 30, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Carnival’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $21.6B | $25.0B | $26.6B |
| Net income | −$74M | $1.9B | $2.8B |
| Operating cash flow | $4.3B | $5.9B | $6.2B |
| Cash & equivalents (year end) | $2.4B | $1.2B | $1.9B |
| Total debt (year end) | $30.6B | $27.5B | $26.6B |
| Diluted shares | 1.26B | 1.40B | 1.40B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- Risk factors (Item 1A)
- The cash flow statement
- Spin-offs
- Convertible notes
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Sep 29, 2026 | Aug 31, 2026 |
| 10-Q | Jun 26, 2026 | May 31, 2026 |
| 10-Q | Mar 27, 2026 | Feb 28, 2026 |
| DEF 14A | Feb 27, 2026 | Apr 17, 2026 |
| 10-K | Jan 27, 2026 | Nov 30, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Carnival
How does Carnival make money?
Carnival's revenue was $26.6B in fiscal 2025. By segment in FY2025: North America (66%), Europe (32%), Cruise (1%) and Tour and Other (1%), as shares of total revenue. Total revenue was $26.6B. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
What was Carnival's revenue in fiscal 2025?
$26.6B of revenue for the fiscal year ended Nov 30, 2025, up 6.4% from $25.0B in fiscal 2024. Fiscal 2023 was $21.6B. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
Is Carnival profitable?
Carnival reported net income of $2.8B for fiscal 2025, up 44.1% from $1.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Aug 31, 2026, net income was $1.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
What did Carnival report in its latest quarterly filing?
Revenue was $8.4B in the quarter ended Aug 31, 2026, up 3.5% from $8.2B a year earlier. Net income was $1.9B, up 3.7% from $1.9B. Source: 10-Q for the quarter ended Aug 31, 2026, filed Sep 29, 2026.
How much cash and debt does Carnival have?
Carnival had $1.2B in cash and cash equivalents and $23.9B of total debt on Aug 31, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Sep 29, 2026.
What are the main risks Carnival faces?
Carnival's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Jan 27, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these Carnival numbers come from?
From Carnival's own SEC filings: the 10-K for fiscal 2025 (filed Jan 27, 2026) and the 10-Q for the quarter ended Aug 31, 2026 (filed Sep 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Carnival
- Viking Global Investors: 14,299,953 shares, reported value $408.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 9,253,710 shares, reported value $264.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 5,451,184 shares, reported value $155.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 2,204,741 shares, reported value $63.0M at Jun 30, 2026 (new in this filing). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 493,000 shares, reported value $14.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Two Sigma Investments: 295,711 shares, reported value $8.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CCL
- The editor holds no position in Carnival (CCL). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CCL from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CCL, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CarnivalCCL | FY2025 | $26.6B | +6.4% | $2.8B |
| Booking HoldingsBKNG | FY2025 | $26.9B | +13.4% | $5.4B |
| Marriott InternationalMAR | FY2025 | $26.2B | +4.3% | $2.6B |
| AirbnbABNB | FY2025 | $12.2B | +10.3% | $2.5B |
| Royal Caribbean GroupRCL | FY2025 | $17.9B | +8.8% | $4.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.