NYSE: CCL · Hotels, Resorts & Cruise Lines
Carnival Corporation
Carnival is a cruise company operating 94 ships with 272,380 lower berths across nine brands, including Carnival Cruise Line, Princess, Holland America, AIDA, Costa, P&O Cruises, and Cunard. It carried 13.6 million passengers in FY2025 (year ending November 30) at 105% occupancy. FY2025 revenue was a record $26.6 billion and net income $2.76 billion, after pandemic losses of $9.5 billion in FY2021. In May 2026 it unified its dual-listed structure into one company, Carnival Corporation Ltd., redomiciled in Bermuda; it reinstated its dividend in 2026 and has regained investment-grade ratings.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: January 27, 2026
Built on10-K FY2025 · filed 2026-01-2710-Q (quarter ended 2026-08-31) · filed 2026-09-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 36.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 16.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +2.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 3.5x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.25x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.5x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.41
Higher than 97% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 44% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 46% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 78% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 79% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-08-31
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$29.98close on 2026-11-04
Market cap$39.33B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.5x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 8.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 12.8x
Earnings: trailing 12 months to 2026-08-31
At FY2025 year-end: 2.8x
Book value at FY2025 year-end
At FY2025 year-end: 8.2x
EBITDA for FY2025
At FY2025 year-end: 7.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Aug 31, 2026.
- Revenue$8.15B → $8.44B (vs. a year earlier)↑ +3.5%$8.15B → $8.44B (vs. a year earlier)
- Operating margin27.9% → 26.3% (vs. a year earlier)↓ −1.5 pts27.9% → 26.3% (vs. a year earlier)
- Net income$1.85B → $1.92B (vs. a year earlier)↑ +3.7%$1.85B → $1.92B (vs. a year earlier)
- Diluted EPS$1.33 → $1.40 (vs. a year earlier)↑ +5.3%$1.33 → $1.40 (vs. a year earlier)
- Cash$2.24B → $1.22B (vs. previous quarter-end)↓ −45.6%$2.24B → $1.22B (vs. previous quarter-end)
- Long-term debt$25.57B → $24.56B (vs. previous quarter-end)↓ −4.0%$25.57B → $24.56B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Sep 29, 2026.
Management outlook ↑ Raised
Improved full-year outlook by more than $150M of adjusted net income versus June. Source sentence
Full year outlook operational improvement of more than $150 million in adjusted net income compared to June guidance, overcoming a spike in fuel prices.
Key changes
About $1.2B of shares repurchased this year. Source sentence
Completed approximately $1.2 billion of share repurchases year to date.
Net yields up 2.4% in constant currency. Source sentence
All-time high net yields (in constant currency) up 2.4 percent, over a point better than June guidance.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Carnival Corp Ltd.
- Headquarters
- MIAMI, FL
- Incorporated in
- Bermuda
- Fiscal year end
- 11/30
- Exchange & ticker
- NYSE: CCL
- Industry
- Hotels, Resorts & Cruise Lines
- CIK
- 815097
Workforce (as of FY2025 year-end)
Employees
117,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: November 2026. In past years, Q4 results were released 19–21 days after quarter end (Dec 19, 2025; Dec 20, 2024; Dec 21, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around November 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 19–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Aug 31, 2026 | Sep 29, 2026 (+29 days) | Sep 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | May 31, 2026 | Jun 23, 2026 (+23 days) | Jun 26, 2026 10-Q (+26 days) |
| Q1 FY2026 | Feb 28, 2026 | Mar 27, 2026 (+27 days) | Mar 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Nov 30, 2025 | Dec 19, 2025 (+19 days) | Jan 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Aug 31, 2025 | Sep 29, 2025 (+29 days) | Sep 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | May 31, 2025 | Jun 24, 2025 (+24 days) | Jun 26, 2025 10-Q (+26 days) |
| Q1 FY2025 | Feb 28, 2025 | Mar 21, 2025 (+21 days) | Mar 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Nov 30, 2024 | Dec 20, 2024 (+20 days) | Jan 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Aug 31, 2024 | Sep 30, 2024 (+30 days) | Sep 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | May 31, 2024 | Jun 25, 2024 (+25 days) | Jun 27, 2024 10-Q (+27 days) |
| Q1 FY2024 | Feb 29, 2024 | Mar 27, 2024 (+27 days) | Mar 27, 2024 10-Q (+27 days) |
| Q4 FY2023 | Nov 30, 2023 | Dec 21, 2023 (+21 days) | Jan 26, 2024 10-K (+57 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
North America
Carnival Cruise Line
Examples: 29 ships, 94,340 berths
Contemporary, multi-generational family cruises.
North America
Princess Cruises and Holland America Line
Examples: 17 and 11 ships
Premium cruises.
North America
Seabourn
Examples: 6 ships
Luxury cruises.
Europe
AIDA and Costa
Examples: 11 and 9 ships
Cruises for the German and Italian markets.
Europe
P&O Cruises and Cunard
Examples: 7 and 4 ships
Cruises for the UK market.
Cruise Support
Paradise Collection destinations
Examples: Celebration Key, RelaxAway Half Moon Cay
Exclusive destinations in The Bahamas.
Fleet data as of November 30, 2025, from the FY2025 Form 10-K's Item 1.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Cruise vacations (Carnival, Princess, AIDA, Costa and others)
Cruise companies worldwide
U.S. share
—
Not disclosedWorldwide share
Largest
Company-disclosedThe 10-K says Carnival is "the largest global cruise company"; no share figure is given.
P&O Cruises
United Kingdom
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedUnited Kingdom
Largest cruise line
Company-disclosedThe 10-K calls P&O Cruises "Britain's largest cruise line."
Sources:
07
Recent strategic focusSite analysis
Corporate simplification and capital return in 2026, from 8-Ks.
One company, one listing
On May 7, 2026, Carnival plc became a wholly owned subsidiary of Carnival Corporation, plc shareholders and ADS holders received one common share each, and Carnival Corporation moved from Panama to Bermuda as Carnival Corporation Ltd.
Source: 8-K filed 2026-05-07
Dividend reinstated
In December 2025 the boards reinstated the quarterly dividend at $0.15 per share; Carnival paid $618M of dividends through Q3 2026.
Source: Form 10-K (FY2025) Item 5; 8-K filed 2026-09-29
Buybacks
Carnival completed about $1.2B of share repurchases in 2026 through the Q3 release, nearly $800M of it since the start of Q3.
Source: 8-K filed 2026-09-29
Debt cleanup
Collateral on its 7.000% 2029 notes fell away after a second investment-grade rating, and Carnival redeemed the $500M issue in August 2026.
Source: 8-K filed 2026-08-05
Capex ÷ D&A (FY2025)
1.29x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,611M ÷ $2,790M = 1.29x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $3.62B in FY2020 to $3.61B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$26.62B
As reported in the 10-K
Revenue CAGR (5 years)
+36.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($26,622M ÷ $5,595M) ^ (1÷5) − 1 = 36.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
16.8%▲favorable
+175.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,483M ÷ $26,622M × 100 = 16.8%
ROE (FY2025)
25.6%▲favorable
6-year average: -20.5%
As reported in the 10-K
P/B (FY2025 end)
2.75x
formulafiscal year-end closing price ÷ book value per share
e.g.$25.78 ÷ $9.36 = 2.75x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
8.2x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($33,823M + $27,383M − $1,928M) ÷ ($4,483M + $2,790M) = 8.2x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +36.6% a year over 5 years (strong growth)
From $5.6B in FY2020 to $26.62B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -158.4% → 16.8%
How much operating profit is left per $100 of revenue. It moved +175.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 23.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 3 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -20.5% over 6 years (latest: 25.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Fincantieri (supplier)
- Meyer Werft (supplier)
07 · what it does
Key activities
North America
Operating cruises, mainly from North American ports- Selling onboard goods and services
Europe
Operating cruises for German, Italian, and British marketsCruise Support and Tour and Other
Operating destinations- Alaska land tours
06 · what it draws on
Key resources
North America
Ships built by Fincantieri and Meyer Werft- Shipboard crew
Europe
Ships- Crew
Cruise Support and Tour and Other
Port destinations and exclusive islands- Alaska tour assets
02 · why customers buy
Value propositions
- Cruise vacations across contemporary, premium and luxury brands, each focused on its own value proposition.
04 · how it keeps them
Customer relationships
- Guest loyalty and recognition programs that motivate future purchases from repeat guests.
03 · how it reaches them
Channels
- Travel agents, tour operators, company vacation planners, brand websites, customer service agents and onboard sales.
01 · who it serves
Customer segments
North America
Vacationers, from families (contemporary) to luxury travelersEurope
European vacationersCruise Support and Tour and Other
Carnival's cruise guests
09 · where money goes
Cost structure
FY2025, share of revenue ($26.62B)
- Selling, general & administrative12.8%
- Other operating costs (incl. cost of goods sold)70.4%
Operating profit left: 16.8% of revenue. Depreciation & amortization (inside the costs above): $2.79B. Capital spending: $3.61B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
North America
Passenger ticket revenue- Onboard and other revenue
Europe
Passenger ticket revenue- Onboard and other revenue
Cruise Support and Tour and Other
Destination and tour revenue
Value propositions, channels and customer relationships: Form 10-K (FY2025)
North America
Carnival Cruise Line, Princess Cruises, Holland America Line, and Seabourn — 63 ships and 64% of total passenger capacity.
01 what it draws on
Inputs & resources
- Ships built by Fincantieri and Meyer Werft
- Shipboard crew
- Fuel
02 what it does
Activities
- Operating cruises, mainly from North American ports
- Selling onboard goods and services
03 who it serves
Customers
- Vacationers, from families (contemporary) to luxury travelers
04 how money comes in
How it earns
- Passenger ticket revenue
- Onboard and other revenue
North America: how it makes money
- Revenue $17.6B and adjusted operating income $3.23B in FY2025.
Europe
AIDA, Costa, P&O Cruises, and Cunard — 31 ships and 36% of total passenger capacity.
01 what it draws on
Inputs & resources
- Ships
- Crew
- Fuel
02 what it does
Activities
- Operating cruises for German, Italian, and British markets
03 who it serves
Customers
- European vacationers
04 how money comes in
How it earns
- Passenger ticket revenue
- Onboard and other revenue
Europe: how it makes money
- Revenue $8.5B and adjusted operating income $1.61B in FY2025.
Cruise Support and Tour and Other
Seven owned or operated ports and destinations (such as Celebration Key and RelaxAway, Half Moon Cay in The Bahamas) run for the cruise brands, plus Holland America Princess Alaska Tours' hotels, lodges, railcars, and motorcoaches.
01 what it draws on
Inputs & resources
- Port destinations and exclusive islands
- Alaska tour assets
02 what it does
Activities
- Operating destinations
- Alaska land tours
03 who it serves
Customers
- Carnival's cruise guests
04 how money comes in
How it earns
- Destination and tour revenue
Cruise Support and Tour and Other: how it makes money
- Cruise Support had an adjusted operating loss of $468M in FY2025 because its costs serve the cruise brands; Tour and Other earned $22M.
- Celebration Key opened in July 2025 and welcomed almost 2.5 million guests in its first year.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Carnival’s ships face EPA Clean Water Act enforcement and antitrust and other laws.
Environmental rules
Clean Water Act and ship rules
The EPA notified it of potential civil penalties for alleged Clean Water Act violations.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
North America
17,604 (66%)profit 3,233 · margin 18.4%
Europe
8,467 (32%)profit 1,610 · margin 19.0%
Cruise Support
309 (1%)profit -468 · margin -151.5%
Tour and Other
241 (1%)profit 22 · margin 9.1%
Source: Form 10-K (FY2025) — Note 12, Segment Information Profit is adjusted operating income, Carnival's segment measure, which excludes gains on ship sales and impairments, restructuring, and other items. Fiscal year ends November 30.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Guests book and pay deposits ahead of sailing; Carnival recognizes passenger revenue during the voyage and earns additional onboard revenue from drinks, casinos, shore excursions, and other services.
Customer deposits
$6.8B at November 30, 2025; a third-quarter record of $7.6B in 2026
Typical term: Paid before sailing
Recorded as a current liability.
Shipbuilding contracts
Seven ships expected through 2033
Typical term: Deliveries from April 2027
With Fincantieri (Italy) and Meyer Werft (Germany); two AIDA ships are subject to financing.
Source: Form 10-K (FY2025) — Item 1 and balance sheet; 8-K filed 2026-09-29
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual vacationers across contemporary, premium, and luxury cruise brands, mainly in North America and Europe.
Named by the company
No customer is named.
What the filings disclose
- 13.6 million passengers in FY2025, at 105% occupancy. (Form 10-K (FY2025), MD&A)
Suppliers
Shipyards that build new ships, fuel suppliers, and port operators.
Named by the company
- Fincantieri — Italian shipyard building part of Carnival's seven ships on order.Form 10-K (FY2025) — Item 1
- Meyer Werft — German shipyard building part of Carnival's seven ships on order.Form 10-K (FY2025) — Item 1
What the filings disclose
- Fuel consumption was 2.8 million metric tons in FY2025 at $610 per metric ton. (Form 10-K (FY2025), MD&A)
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Carnival's 10-K says it competes with land-based vacations such as hotels, resorts, theme parks, and tours, and names Royal Caribbean Group, Norwegian Cruise Line Holdings, and MSC Cruises as its principal cruise competitors; together with Carnival they held about 80% of cruise industry capacity at the end of 2025.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group (fiscal 2025), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
18 companies in or near consumer discretionary — travel and hospitality, entertainment, restaurants, and airlines. Southwest Airlines was removed for 2026 compensation decisions.
- American Airlinessite ↗
- Hiltonsite ↗
- MGM Resortssite ↗
- Booking Holdingssite ↗
- International Airlines Group (IAG)site ↗
- Norwegian Cruise Line Holdingssite ↗
- Caesars Entertainmentsite ↗
- Las Vegas Sandssite ↗
- Royal Caribbean Groupsite ↗
- Darden Restaurantssite ↗
- Live Nation Entertainmentsite ↗
- Southwest Airlinessite ↗
- Delta Air Linessite ↗
- Marriott Internationalsite ↗
- Starbuckssite ↗
- Expedia Groupsite ↗
- McDonald'ssite ↗
- United Airlinessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,595 | 1,908 | 12,168 | 21,593 | 25,021 | 26,622 |
| Operating income | -8,865 | -7,089 | -4,379 | 1,956 | 3,574 | 4,483 |
| Pretax income | -10,253 | -9,522 | -6,080 | -62 | 1,915 | 2,772 |
| Net income (attributable) | -10,236 | -9,501 | -6,093 | -74 | 1,916 | 2,760 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -65.9% | 537.7% | 77.5% | 15.9% | 6.4% |
| Operating margincalcoperating income ÷ revenue × 100 | -158.4% | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -182.9% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% |
| Balance sheet ($M) | ||||||
| Total assets | 53,593 | 53,344 | 51,703 | 49,120 | 49,057 | 51,687 |
| Total equity | 20,555 | 12,144 | 7,065 | 6,882 | 9,251 | 12,284 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 27,581 | 33,970 | 35,815 | 31,339 | 28,213 | 27,383 |
| Equity ratio | 38.4% | 22.8% | 13.7% | 14.0% | 18.9% | 23.8% |
| ROE | -49.8% | -58.1% | -63.4% | -1.1% | 23.8% | 25.6% |
| Cash flow ($M) | ||||||
| Operating CF | -6,301 | -4,109 | -1,670 | 4,281 | 5,923 | 6,218 |
| Investing CF | -3,240 | -3,543 | -4,767 | -2,810 | -4,535 | -3,321 |
| Financing CF | 18,650 | 6,949 | 3,577 | -5,089 | -2,584 | -2,189 |
| Free cash flowcalccash flow from operations − capital expenditures | -9,921 | -7,716 | -6,610 | 997 | 1,297 | 2,607 |
| Cash and equivalents | 9,513 | 8,939 | 4,029 | 2,415 | 1,210 | 1,928 |
| Per share & other | ||||||
| EPS ($) | -13.20 | -8.46 | -5.16 | -0.06 | 1.44 | 2.02 |
| BVPS ($) | — | 10.69 | 5.61 | 5.44 | 7.07 | 9.36 |
| P/E (x) | — | — | — | — | 17.7 | 12.8 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | 11.1 | 9.8 | 8.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | 1.65 | 1.77 | 2.77 | 3.60 | 2.75 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-08-31 | $8.44B+3.5% | $2.22B-2.2% | $1.92B+3.7% | $1.40 |
| 2026-05-31 | $6.66B+5.3% | $851M-8.9% | $537M-5.0% | $0.39 |
| 2026-02-28 | $6.17B+6.1% | $607M+11.8% | $258M | $0.19 |
| 2025-11-30 † | $6.33B+6.6% | $735M+31.3% | $421M+38.9% | — |
| 2025-08-31 | $8.15B | $2.27B | $1.85B | $1.33 |
| 2025-05-31 | $6.33B | $934M | $565M | $0.42 |
| 2025-02-28 | $5.81B | $543M | −$78M | $-0.06 |
| 2024-11-30 † | $5.94B | $560M | $303M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
11.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,483M × (1 − 0%) ÷ $38,566M × 100 = 11.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.22%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $33.82B ÷ ($33.82B + $27.38B) = 55.3%
e.g.Debt weight: $27.38B ÷ ($33.82B + $27.38B) = 44.7%
e.g.WACC: 12.7% × 55.3% + 4.9% × (1 − 0%) × 44.7% = 9.22%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.9%–10.7% and ROIC − WACC runs +0.9 to +3.7 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.22% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.41 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.71%
- Cost of debt
- 4.93%
- Tax rate
- 0% (effective rate, FY2024–FY2025)
- Capital structure (equity : debt)
- 55% : 45%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.22%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.41 (price-derived adjusted beta. Raw β 1.60, R² 0.25, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.604 + 0.33 = 1.405
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.41 × 5.5% = 12.7%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.2% − 4.0%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+36.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.61B (operating CF − capex); enterprise value $64.79B = market cap $39.33B (latest close, 2026-11-04) + debt $27.38B − cash and short-term investments $1.93B; r = WACC of 9.2% using this page’s default assumptions (β 1.41, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$65.18B
FCF $2.61B ÷ (9.2% − 5.2%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| 0% | 0.56x | 0.49x | 0.44x | 0.39x | 0.36x |
| 2% | 0.77x | 0.65x | 0.56x | 0.49x | 0.44x |
| 4% | 1.26x | 0.96x | 0.77x | 0.65x | 0.56x |
| 6% | 3.35x | 1.83x | 1.26x | 0.96x | 0.77x |
| 8% | — | 20.12x | 3.35x | 1.83x | 1.26x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.67x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -6.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 162%
Most profit comes from core operations.
- ✓
Days sales outstanding: 18 → 9 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-01-27
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$6,218M ÷ $2,760M = 2.25x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,483M ÷ $2,772M × 100 = 162%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($590M + $678M) ÷ 2 ÷ $26,622M × 365 = 9 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 65.4%
- Directors & officers (shares)
- 7.9%
- Everyone else (est.)
- 26.7%
- Directors & officers (voting power)
- 7.0%
- Institutional-ownership rank
- 395 of 416
- Beta (adjusted)
- 1.41
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 95% of covered companies have more
above 1 = swings more than the market
- 895.3M shares reported by 989 13F filers ÷ 1,369.6M shares outstanding on 2026-06-19. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. Percent of Carnival Corporation common stock; voting power is combined across Carnival Corporation and Carnival plc.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-02-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-19)
18
Strengths & weaknessesSite analysis
Strengths
1. Scale
94 ships and 272,380 berths across nine brands; Carnival, Royal Caribbean, Norwegian, and MSC together hold about 80% of industry capacity.
Evidence: Form 10-K (FY2025) Item 1
2. Record demand
FY2025 revenue reached a record $26.6B with 105% occupancy, and Q3 2026 set all-time highs for revenue, net yields, and net income ($1.9B).
Evidence: Form 10-K (FY2025) MD&A; 8-K filed 2026-09-29
3. Improving fuel efficiency
Fuel consumption per thousand ALBDs fell from 32.1 metric tons (2023) to 29.2 (2025).
Evidence: Form 10-K (FY2025) MD&A
4. Investment grade again
After S&P's upgrade in Q3 2026, Carnival had investment-grade ratings from two agencies and no remaining secured debt.
Evidence: 8-Ks filed 2026-08-05 and 2026-09-29
Weaknesses
1. Heavy debt
Interest-bearing debt was $27.4B at November 30, 2025 (down from $35.8B in FY2022), and FY2025 interest expense was $1.35B.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) Note 12
2. Shareholder dilution
Shares outstanding (Carnival Corporation plus Carnival plc, net of treasury shares) rose from 1,136M (FY2021) to 1,312M (FY2025).
Evidence: Form 10-K balance sheets (FY2022, FY2023, FY2025)
3. Thin equity cushion
Shareholders' equity of $12.3B against $51.7B of total assets at FY2025 year-end, with retained earnings rebuilt to just $4.8B.
Evidence: Form 10-K (FY2025) balance sheet
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
12.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.7%
(Operating CF − capex) ÷ market cap
1. Earnings recovery
Net income rose from a $9.5B loss in FY2021 to $2.76B in FY2025, and Q3 2026 net income was a record $1.9B.
- What has to hold
- Demand stays strong and costs remain controlled.
- The other side
- Fuel price spikes and demand shocks can quickly reverse results, as the pandemic showed.
Evidence: SEC EDGAR XBRL; 8-K filed 2026-09-29
2. Returning cash again
Dividend reinstated and about $1.2B of buybacks in 2026.
- What has to hold
- Cash flow keeps covering ship investment and debt reduction.
- The other side
- Debt remains large relative to equity.
Evidence: 8-K filed 2026-09-29
P/E uses the FY2025 (November 30) year-end share price. Carnival paid no dividend in FY2021–FY2025; the dividend resumed in February 2026. Share counts combine Carnival Corporation and Carnival plc shares outstanding before the May 2026 unification.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.7x
$1.93B vs. $2.6B
Interest coverage (operating income ÷ interest expense)
3.3x
$4.48B vs. $1.35B
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -65.9% in FY2021 ($5.6B → $1.91B) | Yes, by FY2022 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Customer deposits
Customer deposits were a third-quarter record of $7.6B in 2026, giving visibility into future sailings.
Source: 8-K filed 2026-09-29
Credit ratings
Investment-grade ratings from two agencies and no secured debt remaining after Q3 2026.
Source: 8-K filed 2026-09-29
Brand and market spread
Nine brands across North America and Europe and contemporary, premium, and luxury tiers.
Source: Form 10-K (FY2025), Item 1
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Carnival's open matters include the Havana Docks Helms-Burton case, which was revived by a May 2026 Supreme Court ruling, an EPA/DOJ Clean Water Act matter, COVID-19 guest class actions and data-breach suits from an April 2026 incident. Carnival expects none to be material.
4 open matters
Havana Docks Helms-Burton suit
On appealLawsuitHavana Docks Corporation (S.D. Fla.; 11th Cir.; U.S. Supreme Court)
Alleges Carnival 'trafficked' in confiscated Cuban port property. A $110 million judgment (plus $4 million costs) was reversed by the 11th Circuit in October 2024. On May 21, 2026 the Supreme Court vacated that ruling and sent the case back.
- Next step
- The 11th Circuit will consider the remaining appellate issues.
Source: Form 10-Q (quarter ended 2026-08-31) — Legal Proceedings
Clean Water Act matter (2013 Vessel General Permit)
PendingEnvironmentalU.S. Department of Justice; U.S. EPA
Notified March 14, 2022 of potential civil penalties and injunctive relief for alleged Clean Water Act violations by vessels covered by the 2013 Vessel General Permit. Carnival is working with the agencies toward a resolution.
Source: Form 10-Q (quarter ended 2026-08-31) — Legal Proceedings
April 2026 data security incident class actions
PendingClass actionConsolidated plaintiffs (S.D. Fla.)
Six suits over the April 14, 2026 incident were consolidated, alleging negligence, breach of implied contract, invasion of privacy and unjust enrichment.
- Next step
- Stayed until December 11, 2026.
Source: Form 10-Q (quarter ended 2026-08-31) — Legal Proceedings
COVID-19 guest class actions (Australia, Italy)
PendingClass actionFormer guests (Federal Court of Australia; Italy)
Claims of negligence and failure to warn over COVID-19 exposure on board. In April 2026 an Italian appellate court ordered damages of a non-material amount.
Source: Form 10-Q (quarter ended 2026-08-31) — Legal Proceedings
Company statement: Carnival believes the outcomes of these matters will not have a material impact on its financial statements.
Based on Form 10-Q (quarter ended 2026-08-31) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Travel demand shocks
- Company disclosure (summarized from the 10-K)
- Geopolitical uncertainty, war, pandemics, inflation, and higher interest rates could reduce people's ability or desire to travel.
- Company’s stated mitigation
- Ships can be moved between regions to meet changing demand.
- This site’s assessment
- Impact High / Likelihood Med
- 2Raw materials & energy
Fuel prices
- Company disclosure (summarized from the 10-K)
- Fuel cost $1.8B in FY2025; higher fuel prices cut Q3 2026 adjusted EPS by an estimated $0.10 together with currency moves.
- Company’s stated mitigation
- Reducing fuel consumption per ALBD (down 3.8% in Q3 2026).
- This site’s assessment
- Impact Med / Likelihood High
- 3Disaster
Ship incidents and weather
- Company disclosure (summarized from the 10-K)
- Incidents involving ships, guests, or the industry, and more frequent or severe adverse weather, could hurt guest satisfaction, reputation, and results.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 4Law & regulation
Regulation and emissions
- Company disclosure (summarized from the 10-K)
- Laws on health, environment, safety, data privacy, sanctions, labor, and tax, and rules on greenhouse gas emissions, could raise costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Competition & technology shift
Overcapacity and competition
- Company disclosure (summarized from the 10-K)
- Competition from other cruise lines and land-based vacations could hurt pricing and destination options.
- Company’s stated mitigation
- The Q3 2026 release cites exclusive destinations and intentionally measured capacity growth.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Supply chain
Shipbuilding
- Company disclosure (summarized from the 10-K)
- Problems with shipbuilding programs, repairs, and refurbishments could disrupt operations; Carnival relies on two shipyards for new ships.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Low
- 7FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- The 10-K lists currency exchange rates among factors that could affect results, and reports AUD, CAD, EUR, and GBP rates in its statistics; results are reported in dollars.
- Company’s stated mitigation
- Our decisions to hedge non-functional currency ship commitments for our cruise brands are made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks.
- This site’s assessment
- Impact Low / Likelihood High
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (7)
f. Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Read more
Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants.
k. Our investments in port destinations and exclusive islands may expose us to additional risks.
We continue to invest in expanding and enhancing our portfolio of port destinations and exclusive islands, which could increase our exposure to certain risks. Read more
These risks include susceptibility to weather events, exposure to local political/regulatory developments and policies, logistical challenges, human resource and labor risks, safety, environmental and health risks.
c. We may not successfully complete the proposed unification of our DLC structure and the migration of Carnival Corporation’s legal incorporation to Bermuda, or, if we do, we may not realize the anticipated benefits and will be subject to Bermuda law, which differs in some respects compared to our current jurisdictions.
In December 2025, we announced that our Boards of Directors recommended unifying our DLC structure under a single company, Carnival Corporation, with Carnival plc as its wholly-owned UK subsidiary (the “DLC Unification”). Read more
Additionally, they proposed migrating Carnival Corporation from the Republic of Panama, where Carnival Corporation is currently domiciled, to Bermuda under the name “Carnival Corporation Ltd.” (the “Redomiciliation”). We believe that the DLC Unification and Redomiciliation will provide various benefits to us and our shareholders. However, we may not realize all the anticipated benefits, and the extent, timing and magnitude of any such benefits is uncertain. Completion of the DLC Unification and Redomiciliation is conditioned upon, among other things, the receipt of shareholder approvals, the necessary approval by the relevant court and the receipt of certain antitrust…
Negative publicity resulting from the Redomiciliation could adversely affect our business and the market price of our shares. Read more
Redomiciliation transactions that have been undertaken by other companies have in some cases generated significant news coverage, some of which has been negative. Negative publicity could cause some of our shareholders to sell their shares or decrease the demand for new investors to purchase such shares, which could have an adverse impact on the price of our securities.
If the DLC Unification and Redomiciliation are completed, Carnival Corporation will become a Bermuda exempted company and Carnival Corporation and Carnival plc shareholders will become shareholders of Bermuda-incorporated Carnival Corporation Ltd. Bermuda law differs from the laws in effect in England and Wales, Carnival plc’s jurisdiction of incorporation, as well as Panama, Carnival Corporation’s current jurisdiction of incorporation. In certain circumstances, the laws of Bermuda may offer shareholders different protections than the laws of England and Wales or the laws of Panama. There are also differences between the existing organizational documents of Carnival plc and Carnival Corporation and the proposed organizational documents of Carnival Corporation Ltd. that will be in effect upon the completion of the DLC Unification and Redomiciliation.
No longer in the text (4)
Our business may face increased scrutiny from our guests, our team members, the investment community, governments, regulators, destinations and other stakeholders that we serve related to our sustainability activities, including the sustainability objectives that we adopt, our methodologies and timelines for pursuing them and our ability to document and support the
disembark. Refer to Operational Risk Factor “d.” for additional discussion on the impact of climate change and regulation changes on fuel costs.
a. We require a significant amount of cash to service our debt and sustain our operations. Read more
Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations.
debt, obtain additional financing or sell assets on commercially reasonable terms or at all, we may not be able to satisfy our obligations with respect to our debt. Read more
Refer to Liquidity, Financial Condition and Capital Resources.
3 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jan 27, 2026 ↗ with the 10-K filed Jan 27, 2025 ↗.
24
What to watch going forwardSite analysis
- Net yield growth and 2027 booking strength.
- Fuel prices and fuel efficiency.
- Pace of buybacks and dividends versus further debt reduction.
- Effects of the DLC unification and Bermuda redomiciliation.
- New ship deliveries from 2027.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: January 27, 2026
Built on10-K FY2025 · filed 2026-01-27
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Carnival Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.