CCLNYSEWater TransportationFiscal year ends November 30
Carnival Corp Ltd.
Financials through Q3 FY2026, quarter ended Aug 31, 2026Last filing: 10-Q on Sep 29, 2026
$26.45+0.55 (+2.12%)
Close on Oct 19, 2026
- Market cap
- $36.18B
- P/E (TTM)
- 11.6
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
16.8%+175.3 pts over 5 years
Net margin
10.4%+193.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.4% | +29.8% | +36.6% | +5.4% | |
| Operating income | +25.4% | – | – | +5.7% | |
| Net income | +44.1% | – | – | +4.6% | |
| EPS, diluted | +40.3% | – | – | -1.1% | |
| Free cash flow | +101.0% | – | – | +1.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 12.0% | -44.6% | 25.6% | |
| Return on assets | 7.1% | -20.8% | 5.5% | |
| Current ratio | 0.24 | 1.22 | 0.32 | |
| Debt to equity | 0.42 | 1.31 | 2.17 | |
| Net debt to EBITDA | 1.82× | -2.61× | 3.40× | |
| Interest coverage | 13.8× | -9.9× | 3.3× | |
| Inventory turnover | 28.8× | – | – | |
| Capex to revenue | 18.7% | 64.7% | 13.6% | |
| Diluted shares | 747M | 775M | 1.40B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Carnival generated $22.20B from operations and spent $20.07B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$22.20B
Used
$20.07B
Capital expenditure$20.07B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.4%
×Asset turnover0.53×
×Equity multiplier4.68×
=Return on equity, FY202525.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.4% | 0.53× | 4.68× | 25.6% |
| FY2024 | 7.7% | 0.51× | 6.09× | 23.8% |
| FY2023 | -0.3% | 0.43× | 7.23× | -1.1% |
| FY2022 | -50.1% | 0.23× | 5.47× | -63.4% |
| FY2021 | -498.0% | 0.04× | 3.27× | -58.1% |
| FY2020 | -182.9% | 0.11× | 2.15× | -44.6% |
| FY2019 | 14.4% | 0.48× | 1.76× | 12.0% |
| FY2018 | 16.7% | 0.45× | 1.71× | 13.0% |
| FY2017 | 14.9% | 0.44× | 1.70× | 11.1% |
| FY2016 | 17.0% | 0.42× | 1.68× | 12.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.76B
- Cash generatingOperating cash flow above zero$6.22B
- Return on assets improvedROA up on the prior year3.9% → 5.6%
- Earnings backed by cashOperating cash flow above net income$6.22B vs $2.76B
- Less leverageLong-term debt to assets fell52.9% → 46.5%
- Better liquidityCurrent ratio rose0.29 → 0.32
- No dilutionShare count did not rise1.40B → 1.40B
- Gross margin improvedGross margin up on the prior year37.50% → –
- More efficientAsset turnover rose0.51 → 0.54