Carnival (CCL) financial statements
Carnival reported revenue of $26.6B in fiscal 2025, up 5.5% a year over 9 years.
Net income was $2.8B and the operating margin 16.8%, against 18.7% in 2016.
Free cash flow was $2.6B.
The diluted share count rose 88% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Carnival's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.4B | $17.5B | $18.9B | $20.8B | $5.6B | $1.9B | $12.2B | $21.6B | $25.0B | $26.6B |
| Cost of revenue | $9.4B | $10.5B | $11.1B | $12.9B | — | $4.7B | $11.8B | $14.3B | $15.6B | — |
| Gross profit | $7.0B | $7.0B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $2.2B | $2.3B | $2.5B | $2.5B | $1.9B | $1.9B | $2.5B | $3.0B | $3.3B | $3.4B |
| Operating income | $3.1B | $2.8B | $3.3B | $3.3B | -$8.9B | -$7.1B | -$4.4B | $2.0B | $3.6B | $4.5B |
| Interest expense | $223M | $198M | $194M | $206M | $895M | $1.6B | $1.6B | $2.1B | $1.8B | $1.3B |
| Pre-tax income | $2.8B | $2.7B | $3.2B | $3.1B | -$10.3B | -$9.5B | -$6.1B | -$62M | $1.9B | $2.8B |
| Income tax | -$49M | $60M | $54M | $71M | -$17M | -$21M | $14M | $13M | -$1M | $12M |
| Net income | $2.8B | $2.6B | $3.2B | $3.0B | -$10.2B | -$9.5B | -$6.1B | -$74M | $1.9B | $2.8B |
| EPS (diluted) | $3.72 | $3.59 | $4.44 | $4.32 | -$13.20 | -$8.46 | -$5.16 | -$0.06 | $1.44 | $2.02 |
| Diluted shares | 747M | 725M | 710M | 692M | 775M | 1.12B | 1.18B | 1.26B | 1.40B | 1.40B |
| Gross margin | 42.7% | 40.0% | — | — | — | — | — | — | — | — |
| Operating margin | 18.7% | 16.0% | 17.6% | 15.7% | -158.4% | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% |
| Net margin | 17.0% | 14.9% | 16.7% | 14.4% | -182.9% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% |
Balance sheet
Fiscal years, from Carnival's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $603M | $395M | $982M | $518M | $9.5B | $9.4B | $8.6B | $5.4B | $1.2B | $1.9B |
| Receivables | $298M | $312M | $358M | $444M | $273M | $246M | $395M | $556M | $590M | $678M |
| Inventory | $322M | $387M | $450M | $427M | $335M | $356M | $428M | $528M | $507M | $505M |
| Total current assets | $1.7B | $1.6B | $2.2B | $2.1B | $10.6B | $10.1B | $7.5B | $5.3B | $3.4B | $4.2B |
| Property, plant and equipment | $32.4B | $34.4B | $35.3B | $38.1B | $38.1B | $38.1B | $38.7B | $40.1B | $41.8B | $43.5B |
| Goodwill | $2.9B | $3.0B | $2.9B | $2.9B | $807M | $579M | $579M | $579M | $579M | $579M |
| Total assets | $38.9B | $40.8B | $42.4B | $45.1B | $53.6B | $53.3B | $51.7B | $49.1B | $49.1B | $51.7B |
| Total current liabilities | $7.1B | $8.8B | $9.2B | $9.1B | $8.7B | $10.4B | $10.6B | $11.5B | $11.6B | $13.1B |
| Long-term debt | $8.3B | $7.0B | $7.9B | $9.7B | $22.1B | $28.5B | $32.0B | $28.5B | $25.9B | $24.0B |
| Total liabilities | $16.3B | $16.6B | $18.0B | $19.7B | $33.0B | $41.2B | $44.6B | $42.2B | $39.8B | $39.4B |
| Shareholders' equity | $22.6B | $24.2B | $24.4B | $25.4B | $20.6B | $12.1B | $7.1B | $6.9B | $9.3B | $12.3B |
| Net debt | $8.3B | $8.3B | $8.5B | $10.8B | $14.4B | $21.5B | $30.3B | $28.2B | $26.3B | $24.7B |
Cash flow
Fiscal years, from Carnival's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.1B | $5.3B | $5.5B | $5.5B | -$6.3B | -$4.1B | -$1.7B | $4.3B | $5.9B | $6.2B |
| Capital spending | $3.1B | $2.9B | $3.7B | $5.4B | $3.6B | $3.6B | $4.9B | $3.3B | $4.6B | $3.6B |
| Free cash flow | $2.1B | $2.4B | $1.8B | $46M | -$9.9B | -$7.7B | -$6.6B | $997M | $1.3B | $2.6B |
| Stock-based compensation | $55M | $63M | $65M | $46M | $105M | $121M | $101M | $53M | $62M | $98M |
| Dividends paid | $977M | $1.1B | $1.4B | $1.4B | $689M | $0 | $0 | — | — | — |
| Share buybacks (net) | -$2.3B | -$552M | -$1.5B | -$603M | -$12M | $0 | $0 | — | — | — |
| Net borrowing | $447M | -$29M | $417M | -$605M | $2.9B | -$293M | -$2.6B | — | — | — |
| Free cash flow margin | 12.6% | 13.6% | 9.5% | 0.2% | -177.3% | -404.4% | -54.3% | 4.6% | 5.2% | 9.8% |
| Dividends per share | $1.31 | $1.50 | $1.91 | $2.00 | $0.89 | — | — | — | — | — |
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Open CCL in InvestinglyQuestions
What was Carnival's revenue in 2025?
$26.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Carnival generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Carnival's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.