In fiscal 2025, which ended Nov 30, 2025, Carnival Corp Ltd. reported revenue of $26.6 billion, up 6.4% from the year before. Net income was $2.8 billion, a profit margin of 10.4%. Operating income came to $4.5 billion, an operating margin of 16.8%. Diluted earnings per share were $2.02. Over the twelve months ended Aug 31, 2026, revenue was $27.6 billion and net income was $3.1 billion. Across the 10 fiscal years shown, revenue grew from $16.4 billion in fiscal 2016 to $26.6 billion in fiscal 2025, about 5.5% a year.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2026
Aug 31, 2026
|
FY 2025
Nov 30, 2025
|
FY 2024
Nov 30, 2024
|
FY 2023
Nov 30, 2023
|
FY 2022
Nov 30, 2022
|
FY 2021
Nov 30, 2021
|
FY 2020
Nov 30, 2020
|
FY 2019
Nov 30, 2019
|
FY 2018
Nov 30, 2018
|
FY 2017
Nov 30, 2017
|
FY 2016
Nov 30, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
27,593
+5.2%
|
26,622
+6.4%
|
25,021
+15.9%
|
21,593
+77.5%
|
12,168
+537.7%
|
1,908
-65.9%
|
5,595
-73.1%
|
20,825
+10.3%
|
18,881
+7.8%
|
17,510
+6.8%
|
16,389
|
| Cost of revenue |
—
|
—
|
15,638
+9.2%
|
14,317
|
—
|
—
|
—
|
12,909
+16.4%
|
11,089
+5.6%
|
10,501
+11.9%
|
9,383
-0.7%
|
| Gross profit |
—
|
—
|
9,383
+29.0%
|
7,276
|
—
|
—
|
—
|
7,916
+1.6%
|
7,792
+11.2%
|
7,009
+0.0%
|
7,006
|
| Selling, general and administrative |
3,581
+7.6%
|
3,402
+4.6%
|
3,252
+10.2%
|
2,950
+17.3%
|
2,515
+33.4%
|
1,885
+0.4%
|
1,878
-24.3%
|
2,480
+1.2%
|
2,450
+8.2%
|
2,265
+3.1%
|
2,197
+6.3%
|
| Restructuring and impairment |
—
|
13
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Operating income |
4,413
+2.4%
|
4,483
+25.4%
|
3,574
+82.7%
|
1,956
+144.7%
|
-4,379
+38.2%
|
-7,089
+20.0%
|
-8,865
-370.6%
|
3,276
-1.5%
|
3,325
+18.4%
|
2,809
-8.5%
|
3,071
+19.3%
|
| Pretax income |
3,169
+18.9%
|
2,772
+44.8%
|
1,915
+3188.7%
|
-62
+99.0%
|
-6,080
+36.1%
|
-9,522
+7.1%
|
-10,253
-435.1%
|
3,060
-4.6%
|
3,207
+20.3%
|
2,666
-5.7%
|
2,828
+57.2%
|
| Income tax |
32
+100.0%
|
12
+1300.0%
|
-1
-107.7%
|
13
-7.1%
|
14
+166.7%
|
-21
-23.5%
|
-17
-123.9%
|
71
+31.5%
|
54
-10.0%
|
60
+222.4%
|
-49
-216.7%
|
| Net income |
3,137
+18.8%
|
2,760
+44.1%
|
1,916
+2689.2%
|
-74
+98.8%
|
-6,093
+35.9%
|
-9,501
+7.2%
|
-10,236
-442.3%
|
2,990
-5.1%
|
3,152
+21.0%
|
2,606
-6.2%
|
2,779
+58.2%
|
| Basic EPS |
2.31
+14.2%
|
2.10
+40.0%
|
1.50
+2600.0%
|
-0.06
+98.8%
|
-5.16
+39.0%
|
-8.46
+35.9%
|
-13.20
-404.1%
|
4.34
-2.5%
|
4.45
+23.3%
|
3.61
-3.2%
|
3.73
+65.0%
|
| Diluted EPS |
2.26
+19.9%
|
2.02
+40.3%
|
1.44
+2500.0%
|
-0.06
+98.8%
|
-5.16
+39.0%
|
-8.46
+35.9%
|
-13.20
-405.6%
|
4.32
-2.7%
|
4.44
+23.7%
|
3.59
-3.5%
|
3.72
+64.6%
|
| Weighted average shares, basic |
1,360
+4.0%
|
1,312
+3.0%
|
1,274
+1.0%
|
1,262
+6.9%
|
1,180
+5.1%
|
1,123
+44.9%
|
775
+12.3%
|
690
-2.7%
|
709
-1.8%
|
722
-3.1%
|
745
-4.1%
|
| Weighted average shares, diluted |
1,388
-0.9%
|
1,402
+0.3%
|
1,398
+10.8%
|
1,262
+6.9%
|
1,180
+5.1%
|
1,123
+44.9%
|
775
+12.0%
|
692
-2.5%
|
710
-2.1%
|
725
-2.9%
|
747
-4.1%
|
| Other measures | |||||||||||
| Depreciation and amortization |
2,898
+6.4%
|
2,790
+9.1%
|
2,557
+7.9%
|
2,370
+4.2%
|
2,275
+1.9%
|
2,233
-0.4%
|
2,241
+3.8%
|
2,160
+7.1%
|
2,017
+9.3%
|
1,846
+6.2%
|
1,738
+6.9%
|
| EBITDA |
7,311
+4.0%
|
7,273
+18.6%
|
6,131
+41.7%
|
4,326
+305.6%
|
-2,104
+56.7%
|
-4,856
+26.7%
|
-6,624
-221.9%
|
5,436
+1.8%
|
5,342
+14.8%
|
4,655
-3.2%
|
4,809
+14.5%
|
| Interest coverage |
3.75x
|
3.32x
|
2.04x
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Margins | |||||||||||
| Gross margin |
—
|
—
|
37.50%
|
33.70%
|
—
|
—
|
—
|
38.01%
|
41.27%
|
40.03%
|
42.75%
|
| Operating margin |
15.99%
|
16.84%
|
14.28%
|
9.06%
|
-35.99%
|
-371.54%
|
-158.45%
|
15.73%
|
17.61%
|
16.04%
|
18.74%
|
| Pretax margin |
11.48%
|
10.41%
|
7.65%
|
-0.29%
|
-49.97%
|
-499.06%
|
-183.25%
|
14.69%
|
16.99%
|
15.23%
|
17.26%
|
| Profit margin |
11.37%
|
10.37%
|
7.66%
|
-0.34%
|
-50.07%
|
-497.96%
|
-182.95%
|
14.36%
|
16.69%
|
14.88%
|
16.96%
|
| EBITDA margin |
26.50%
|
27.32%
|
24.50%
|
20.03%
|
-17.29%
|
-254.51%
|
-118.39%
|
26.10%
|
28.29%
|
26.58%
|
29.34%
|
| Effective tax rate |
1.01%
|
0.43%
|
-0.05%
|
—
|
—
|
—
|
—
|
2.32%
|
1.68%
|
2.25%
|
-1.73%
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. The first column is the trailing twelve months through the latest quarter. More on our methodology.
New to this? Read How to Read an Income Statement, With a Real Example.
Company profile
- Industry
- Water Transportation (SIC 4400)
- Listed as
- CCL (NYSE)
- Fiscal year ends
- November 30
- Incorporated in
- Bermuda
- Headquarters
- Miami, FL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 815097
- Former names
- CARNIVAL CORP (until Apr 29, 2026); CARNIVAL CRUISE LINES INC (until Jan 21, 1994)
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Source: SEC EDGAR filings. This is company-reported data, not investment advice.