Carnival Corp Ltd (CCL) financial statements: income statement, balance sheet and cash flow

Carnival Corp Ltd's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Nov 30, 2025 · FY), Carnival Corp Ltd reported revenue of $26.6B (+6.4% year on year) and net income of $2.8B (+44.1% year on year).

Income statement

Carnival Corp Ltd income statement, fiscal years

Line item	Nov 30, 2025 · FY	Nov 30, 2024 · FY	Nov 30, 2023 · FY	Nov 30, 2022 · FY
Total Revenues	$26.6B	$25.0B	$21.6B	$12.2B
Commissions, transportation and other	$3.3B	$3.2B	$2.8B	$1.6B
Onboard and other	$2.8B	$2.7B	$2.4B	$1.5B
Payroll and related	$2.6B	$2.5B	$2.4B	$2.2B
Fuel	$1.8B	$2.0B	$2.0B	$2.2B
Food	$1.5B	$1.5B	$1.3B	$863.0M
Other operating	$3.9B	$3.8B	$3.4B	$3.0B
Total Cruise and tour operating expenses	$15.9B	$15.6B	$14.3B	$11.8B
Selling and administrative expense	$3.4B	$3.3B	$3.0B	$2.5B
Depreciation and amortization expense	$2.8B	$2.6B	$2.4B	$2.3B
Operating Income	$4.5B	$3.6B	$2.0B	($4.4B)
Interest income	$51.0M	$93.0M	$233.0M	$74.0M
Interest expense, net of capitalized interest	($1.3B)	($1.8B)	($2.1B)	($1.6B)
Debt extinguishment and modification costs	($409.0M)	($79.0M)	($111.0M)	($1.0M)
Other income (expense), net	($4.0M)	$83.0M	($75.0M)	($165.0M)
Income (Loss) Before Income Taxes	$2.8B	$1.9B	($62.0M)	($6.1B)
Income tax benefit (expense), net	($12.0M)	$1.0M	($13.0M)	($14.0M)
Net Income (Loss)	$2.8B	$1.9B	($74.0M)	($6.1B)
Basic (in dollars per share)	$2.10	$1.50	-$0.06	-$5.16
Diluted (in dollars per share)	$2.02	$1.44	-$0.06	-$5.16

Carnival Corp Ltd income statement, quarters

Line item	Aug 31, 2026 · Q3	May 31, 2026 · Q2	Feb 28, 2026 · Q1	Aug 31, 2025 · Q3
Total Revenues	$8.4B	$6.7B	$6.2B	$8.2B
Commissions, transportation and other	$988.0M	$778.0M	$872.0M	$973.0M
Onboard and other	$902.0M	$697.0M	$618.0M	$883.0M
Payroll and related	$641.0M	$699.0M	$684.0M	$636.0M
Fuel	$615.0M	$595.0M	$397.0M	$451.0M
Food	$401.0M	$389.0M	$382.0M	$398.0M
Other operating	$1.1B	$1.1B	$986.0M	$1.0B
Total Cruise and tour operating expenses	$4.6B	$4.2B	$3.9B	$4.4B
Selling and administrative expense	$834.0M	$863.0M	$924.0M	$779.0M
Depreciation and amortization expense	$754.0M	$723.0M	$696.0M	$717.0M
Operating Income	$2.2B	$851.0M	$607.0M	$2.3B
Interest income	$17.0M	$12.0M	$12.0M	$15.0M
Interest expense, net of capitalized interest	($285.0M)	($285.0M)	($291.0M)	($317.0M)
Debt extinguishment and modification costs	($23.0M)	$0	$0	($111.0M)
Other income (expense), net	$10.0M	($23.0M)	($47.0M)	($2.0M)
Income Before Income Taxes	$1.9B	$555.0M	$280.0M	$1.9B
Income tax expense, net	($16.0M)	($17.0M)	($17.0M)	($6.0M)
Net Income	$1.9B	$539.0M	$263.0M	—
Less: net income attributable to noncontrolling interests	$3.0M	$2.0M	$4.0M	—
Net Income attributable to Carnival Corporation Ltd.	$1.9B	$537.0M	$258.0M	$1.9B
Basic (in dollars per share)	$1.41	$0.39	$0.19	$1.41
Diluted (in dollars per share)	$1.40	$0.39	$0.19	$1.33

Balance sheet

Carnival Corp Ltd balance sheet, fiscal years

Line item	Nov 30, 2025 · FY	Nov 30, 2024 · FY	Nov 30, 2023 · FY	Nov 30, 2022 · FY
Cash and cash equivalents	$1.9B	$1.2B	$2.4B	$4.0B
Trade and other receivables, net	$678.0M	$590.0M	$556.0M	$395.0M
Inventories	$505.0M	$507.0M	$528.0M	$428.0M
Prepaid expenses and other	$1.1B	$1.1B	$1.8B	$652.0M
Total current assets	$4.2B	$3.4B	$5.3B	$7.5B
Property and Equipment, Net	$43.5B	$41.8B	$40.1B	$38.7B
Operating Lease Right-of-Use Assets, Net	$1.3B	$1.4B	$1.3B	$1.3B
Goodwill	$579.0M	$579.0M	$579.0M	$579.0M
Other Intangibles	$1.2B	$1.2B	$1.2B	$1.2B
Other Assets	$890.0M	$775.0M	$725.0M	$2.5B
Assets	$51.7B	$49.1B	$49.1B	$51.7B
Current portion of long-term debt	$2.6B	$1.5B	$2.1B	$2.4B
Current portion of operating lease liabilities	$175.0M	$163.0M	$149.0M	$146.0M
Accounts payable	$1.2B	$1.1B	$1.2B	$1.1B
Accrued liabilities and other	$2.2B	$2.4B	$2.0B	$1.9B
Customer deposits	$6.8B	$6.4B	$6.1B	$4.9B
Total current liabilities	$13.1B	$11.6B	$11.5B	$10.6B
Long-Term Debt	$24.0B	$25.9B	$28.5B	$32.0B
Long-Term Operating Lease Liabilities	$1.2B	$1.2B	$1.2B	$1.2B
Other Long-Term Liabilities	$1.1B	$1.0B	$1.1B	$891.0M
Common stock	$374.0M	$374.0M	$373.0M	$373.0M
Additional paid-in capital	$17.3B	$17.2B	$16.7B	$16.9B
Retained earnings	$4.8B	$2.1B	$185.0M	$269.0M
Accumulated other comprehensive income (loss) (“AOCI”)	($1.8B)	($2.0B)	($1.9B)	($2.0B)
Treasury stock, 131 shares at 2025 and 130 shares at 2024 of Carnival Corporation and 72 shares at 2025 and 73 shares at 2024 of Carnival plc, at cost	-8.4B	-8.4B	-8.4B	-8.5B
Total shareholders’ equity	$12.3B	$9.3B	$6.9B	$7.1B
Liabilities and Shareholders' Equity	$51.7B	$49.1B	$49.1B	$51.7B

Carnival Corp Ltd balance sheet, quarters

Line item	Aug 31, 2026	May 31, 2026	Feb 28, 2026	Aug 31, 2025
Cash and cash equivalents	$1.2B	$2.2B	$1.4B	$1.8B
Trade and other receivables, net	$670.0M	$633.0M	$663.0M	$651.0M
Inventories	$528.0M	$552.0M	$510.0M	$475.0M
Prepaid expenses and other	$1.0B	$1.1B	$1.1B	$979.0M
Total current assets	$3.4B	$4.5B	$3.7B	$3.9B
Property and Equipment, Net	$43.4B	$43.6B	$43.7B	$42.9B
Operating Lease Right-of-Use Assets, Net	$1.2B	$1.3B	$1.3B	$1.4B
Goodwill	$579.0M	$579.0M	$579.0M	$579.0M
Other Intangibles	$1.2B	$1.2B	$1.2B	$1.2B
Other Assets	$1.2B	$1.1B	$1.1B	$962.0M
Total assets	$51.0B	$52.2B	$51.6B	$50.8B
Current portion of long-term debt	$2.0B	$1.5B	$1.5B	$1.4B
Current portion of operating lease liabilities	$168.0M	$168.0M	$171.0M	$178.0M
Accounts payable	$1.2B	$1.2B	$1.2B	$1.2B
Accrued liabilities and other	$2.0B	$2.1B	$2.0B	$2.0B
Customer deposits	$7.1B	$8.5B	$7.5B	$6.7B
Total current liabilities	$12.5B	$13.4B	$12.4B	$11.4B
Long-Term Debt	$21.9B	$23.4B	$23.8B	$25.1B
Long-Term Operating Lease Liabilities	$1.1B	$1.1B	$1.1B	$1.2B
Other Long-Term Liabilities	$1.3B	$1.3B	$1.2B	$1.2B
Common stock	$15.0M	$15.0M	$375.0M	$374.0M
Additional paid-in capital	$15.7B	$15.6B	$17.9B	$17.2B
Retained earnings	$6.7B	$5.0B	$4.7B	$4.4B
Accumulated other comprehensive income (loss) (“AOCI”)	($1.7B)	($1.7B)	($1.7B)	($1.7B)
Treasury stock, 162 shares at 2026 and 131 shares at 2025 of Carnival Corporation Ltd. and no shares at 2026 and 72 shares at 2025 of Carnival plc, at cost	-6.5B	-5.9B	-8.2B	-8.4B
Total shareholders’ equity attributable to Carnival Corporation Ltd.	$14.2B	$13.0B	$13.0B	$11.9B
Noncontrolling interests	$19.0M	$16.0M	$18.0M	—
Total shareholders’ equity	$14.2B	$13.0B	$13.0B	—
Total liabilities and shareholders' equity	$51.0B	$52.2B	$51.6B	$50.8B

Cash flow statement

Carnival Corp Ltd cash flow statement, fiscal years

Line item	Nov 30, 2025 · FY	Nov 30, 2024 · FY	Nov 30, 2023 · FY	Nov 30, 2022 · FY
Net income (loss)	$2.8B	$1.9B	($74.0M)	($6.1B)
Depreciation and amortization	$2.8B	$2.6B	$2.4B	$2.3B
Loss on debt extinguishment	$401.0M	$76.0M	$98.0M	$1.0M
Share-based compensation	$98.0M	$62.0M	$53.0M	$101.0M
Amortization of discounts and debt issue costs	$116.0M	$141.0M	$161.0M	$171.0M
Non-cash lease expense	$161.0M	$142.0M	—	—
Gain on sales of ships	($112.0M)	($41.0M)	($88.0M)	—
Greenhouse gas regulatory expense	$91.0M	$46.0M	—	—
Other	$58.0M	$71.0M	$56.0M	—
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	$6.4B	$5.0B	$2.8B	($2.8B)
Receivables	($84.0M)	($49.0M)	($180.0M)	($171.0M)
Inventories	$2.0M	$9.0M	($85.0M)	($95.0M)
Prepaid expenses and other assets	($214.0M)	$352.0M	$397.0M	($874.0M)
Accounts payable	$61.0M	($26.0M)	$77.0M	$283.0M
Accrued liabilities and other	($218.0M)	$167.0M	$147.0M	$341.0M
Customer deposits	$308.0M	$507.0M	$1.2B	$1.7B
Net cash provided by operating activities	$6.2B	$5.9B	$4.3B	($1.7B)
Purchases of property and equipment	($3.6B)	($4.6B)	($3.3B)	($4.9B)
Proceeds from sales of ships and other property and equipment	$323.0M	$58.0M	$340.0M	$70.0M
Advances to affiliates	($100.0M)	—	—	—
Other	$67.0M	$34.0M	$134.0M	($96.0M)
Net cash used in investing activities	($3.3B)	($4.5B)	($2.8B)	($4.8B)
Repayments of short-term borrowings	$0	$0	($200.0M)	—
Principal repayments of long-term debt	($12.9B)	($5.4B)	($7.7B)	($2.1B)
Debt issuance costs	($144.0M)	($203.0M)	($131.0M)	—
Debt extinguishment costs	($272.0M)	($41.0M)	($79.0M)	($1.0M)
Proceeds from issuance of long-term debt	$11.2B	$3.1B	$3.0B	$7.2B
Other	$12.0M	$1.0M	$13.0M	($154.0M)
Net cash provided by (used in) financing activities	($2.2B)	($2.6B)	($5.1B)	$3.6B
Effect of exchange rate changes on cash, cash equivalents and restricted cash	$19.0M	($8.0M)	$17.0M	($79.0M)
Net increase (decrease) in cash, cash equivalents and restricted cash	$727.0M	($1.2B)	($3.6B)	($2.9B)
Cash, cash equivalents and restricted cash at beginning of year	$1.2B	$2.4B	$6.0B	$9.0B
Cash, cash equivalents and restricted cash at end of year	$2.0B	$1.2B	$2.4B	$6.0B

Carnival Corp Ltd cash flow statement, quarters

Line item	Aug 31, 2026 · YTD	May 31, 2026 · YTD	Feb 28, 2026 · Q1	Aug 31, 2025 · YTD
Net income	$2.7B	$801.0M	$263.0M	$2.3B
Depreciation and amortization	$2.2B	$1.4B	$696.0M	$2.1B
Loss on debt extinguishment	$23.0M	$0	$0	$358.0M
Share-based compensation	$73.0M	$50.0M	$28.0M	$70.0M
Amortization of discounts and debt issue costs	$81.0M	$54.0M	$27.0M	$88.0M
Non-cash lease expense	$127.0M	$85.0M	$42.0M	$119.0M
(Gain) loss on sales of ships	$2.0M	$0	—	($103.0M)
Greenhouse gas regulatory expense	$118.0M	$57.0M	$15.0M	$63.0M
Other	$96.0M	$101.0M	$72.0M	$50.0M
Adjustments to reconcile net income to net cash provided by operating activities	$5.4B	$2.6B	$1.1B	$5.0B
Trade and other receivables, net	$21.0M	—	—	—
Inventories	($26.0M)	($48.0M)	($3.0M)	$35.0M
Prepaid expenses and other assets	($221.0M)	($230.0M)	($149.0M)	($138.0M)
Accounts payable	($15.0M)	($4.0M)	($33.0M)	$15.0M
Accrued liabilities and other	($190.0M)	($93.0M)	($296.0M)	($360.0M)
Customer deposits	$318.0M	$1.7B	$585.0M	$171.0M
Net cash provided by operating activities	$5.3B	$3.9B	$1.3B	$4.7B
Purchases of property and equipment	($2.1B)	($1.4B)	($566.0M)	($2.1B)
Proceeds from sales of ships and other property and equipment	$3.0M	$3.0M	$3.0M	—
Advances to affiliates	($50.0M)	($46.0M)	($37.0M)	($90.0M)
Other	$3.0M	$3.0M	$3.0M	$68.0M
Net cash used in investing activities	($2.2B)	($1.5B)	($597.0M)	($1.8B)
Repayments of long-term debt	($2.2B)	($1.2B)	($945.0M)	($10.7B)
Debt issuance costs	($51.0M)	($29.0M)	($4.0M)	($68.0M)
Debt extinguishment costs	($18.0M)	$0	$0	($242.0M)
Proceeds from issuance of long-term debt	$0	$0	$0	$8.6B
Dividends paid	($618.0M)	($414.0M)	($208.0M)	—
Share repurchases	($929.0M)	($381.0M)	—	—
Other	($31.0M)	($33.0M)	($9.0M)	$13.0M
Net cash used in financing activities	($3.8B)	($2.1B)	($1.2B)	($2.4B)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	($5.0M)	($5.0M)	($2.0M)	$30.0M
Net increase (decrease) in cash, cash equivalents and restricted cash	($718.0M)	$303.0M	($501.0M)	$560.0M
Cash, cash equivalents and restricted cash at beginning of period	$2.0B	$2.0B	$2.0B	$1.2B
Cash, cash equivalents and restricted cash at end of period	$1.2B	$2.3B	$1.5B	$1.8B

Carnival Corp Ltd score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.