CCL

MKT CAP:$38B

Carnival Corporation & plc

Market Cap

$38B

Consumer Cyclical·Leisure·🇺🇸 United States·NYSE

Consumer Cyc.·Leisure·🇺🇸·NYSE

Stock Price

$26.52-$4.40 (-14.23%)

Apr 23, 2026

Company Details

Carnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises,...

CEO

Joshua Ian Weinstein

IPO Date

Jul 24, 1987

Website

www.carnivalcorp.com

Key Metrics TTM

Revenue

$26.6B

+8.1% YoY

Net Income

$2.8B

EPS (Diluted)

$2.00

Free Cash Flow

$2.6B

Revenue / Share

$18.97

Gross Margin

37.4%

Operating Margin

16.8%

Net Margin

10.4%

FCF Margin

9.8%

P/S

1.4x

P/E

13.6x

Earnings Reports

FY 2025

Jan 27, 2026

$26.6B+6.4%EPS $2.02

Q4 2025

Jan 27, 2026

$6.3B+6.6%EPS $0.31

Q3 2025

Sep 29, 2025

$8.2B+3.3%EPS $1.33

Q2 2025

Jun 26, 2025

$6.3BEPS $0.42

Q1 2025

Mar 25, 2025

$5.8B+7.5%EPS -$0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1.3B	-$536M	-$1.9B
Q1 22	$1.6B	-$407M	-$1.5B
Q2 22	$2.4B	-$282M	-$1.5B
Q3 22	$4.3B	$927M	-$279M
Q4 22	$3.8B	$174M	-$1.1B
Q1 23	$4.4B	$1.1B	-$172M
Q2 23	$4.9B	$1.5B	$120M
Q3 23	$6.9B	$2.9B	$1.6B
Q4 23	$5.4B	$1.8B	$384M
Q1 24	$5.4B	$1.7B	$276M
Q3 24	$7.9B	$3.6B	$2.2B
Q4 24	$5.9B	$2.1B	$561M
Q1 25	$5.8B	$2.0B	$543M
Q2 25	$6.3B	$2.4B	$934M
Q3 25	$8.2B	$3.8B	$2.3B
Q4 25	$6.3B	$1.7B	$734M

Valuation

Quarter	P/S	P/E
Q4 21	10.8x	—
Q1 22	6.6x	—
Q2 22	2.8x	—
Q3 22	1.2x	—
Q4 22	1.0x	—
Q1 23	0.9x	—
Q2 23	0.9x	—
Q3 23	1.0x	—
Q4 23	0.9x	—
Q1 24	0.8x	46.1x
Q3 24	0.8x	8.3x
Q4 24	1.4x	19.2x
Q1 25	1.2x	17.5x
Q2 25	1.2x	12.2x
Q3 25	1.6x	15.5x
Q4 25	1.3x	12.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$368M	-$855M
Q1 22	-$1.2B	-$3.9B
Q2 22	$3M	-$488M
Q3 22	-$344M	-$882M
Q4 22	-$117M	-$1.3B
Q1 23	$388M	-$687M
Q2 23	$1.1B	$440M
Q3 23	$1.8B	$997M
Q4 23	$922M	$247M
Q1 24	$1.8B	-$369M
Q3 24	$1.2B	$628M
Q4 24	$911M	$319M
Q1 25	$925M	$318M
Q2 25	$2.4B	$1.5B
Q3 25	$1.4B	$736M
Q4 25	$1.5B	$12M

Capital Expenditures

Quarter	CapEx
Q4 21	$487M
Q1 22	$2.7B
Q2 22	$491M
Q3 22	$538M
Q4 22	$1.2B
Q1 23	$1.1B
Q2 23	$697M
Q3 23	$837M
Q4 23	$675M
Q1 24	$2.1B
Q3 24	$577M
Q4 24	$592M
Q1 25	$607M
Q2 25	$851M
Q3 25	$647M
Q4 25	$1.5B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+3800.0%	+89.9%
Q1 22	+6142.3%	+100.9%
Q2 22	+4800.0%	+132.7%
Q3 22	+688.6%	+76.1%
Q4 22	+198.3%	+56.4%
Q1 23	+173.1%	+47.9%
Q2 23	+104.5%	+23.7%
Q3 23	+59.2%	+14.1%
Q4 23	+40.6%	+0.8%
Q1 24	+22.0%	+11.4%
Q3 24	+60.8%	+19.3%
Q4 24	-13.4%	+2.8%
Q1 25	+7.7%	+5.1%
Q2 25	+17.0%	+5.1%
Q3 25	+3.3%	+2.9%
Q4 25	+6.6%	+4.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$26M	2.0%
Q1 22	$26M	1.6%
Q2 22	$28M	1.2%
Q3 22	$25M	0.6%
Q4 22	$22M	0.6%
Q1 23	$9M	0.2%
Q2 23	$22M	0.4%
Q3 23	$12M	0.2%
Q4 23	$10M	0.2%
Q1 24	$11M	0.2%
Q3 24	$17M	0.2%
Q4 24	$15M	0.3%
Q1 25	$18M	0.3%
Q2 25	$27M	0.4%
Q3 25	$25M	0.3%
Q4 25	$28M	0.4%

OpEx Breakdown

Quarter	SG&A
Q4 21	$580M
Q1 22	$530M
Q2 22	$619M
Q3 22	$625M
Q4 22	$741M
Q1 23	$712M
Q2 23	$736M
Q3 23	$713M
Q4 23	$788M
Q1 24	$813M
Q3 24	$763M
Q4 24	$886M
Q1 25	$848M
Q2 25	$816M
Q3 25	$779M
Q4 25	$959M

Revenue Segments

Quarter	Cruise Onboard And Other	Cruise Passenger Ticket	Cruise	Tour And Other
Q4 21	$613M	$674M	—	—
Q1 22	$750M	$873M	—	—
Q2 22	$1.1B	$1.3B	—	—
Q3 22	$1.7B	$2.6B	—	—
Q4 22	$1.6B	$2.3B	—	—
Q1 23	$1.6B	$2.9B	—	—
Q2 23	$1.8B	$3.1B	—	—
Q3 23	$2.3B	$4.5B	—	—
Q4 23	$1.9B	$3.5B	—	—
Q1 24	$1.8B	$3.6B	—	—
Q3 24	—	—	$2.7B	$5.2B
Q4 24	—	—	$2.1B	$3.9B
Q1 25	—	—	$2.0B	$3.8B
Q2 25	—	—	$2.2B	$4.1B
Q3 25	—	—	$2.7B	$5.4B
Q4 25	—	—	$2.3B	$4.1B

Revenue by Geography

Quarter	Europe and Asia	North America and Australia	All Other Geographic Areas	Australia And Asia	Europe	North America	Australia	Europe Australia And Asia Cruise Brands	North America Cruise Brands
Q4 21	$438M	$817M	—	—	—	—	—	—	—
Q1 22	—	—	$18M	$8M	$479M	$1.1B	—	—	—
Q2 22	—	—	$24M	$15M	$741M	$1.6B	—	—	—
Q3 22	—	—	$22M	$74M	$1.5B	$2.8B	—	—	—
Q4 22	—	—	$8M	$215M	$1.2B	$2.4B	—	—	—
Q1 23	—	—	$211M	—	$1.2B	$2.7B	$338M	—	—
Q2 23	—	—	$169M	—	$1.4B	$3.0B	$307M	—	—
Q3 23	—	—	—	—	$2.2B	$4.3B	$238M	—	—
Q4 23	—	—	$355M	—	$1.8B	$3.2B	$298M	—	—
Q1 24	—	—	$293M	—	$1.6B	$3.1B	$425M	—	—
Q3 24	—	—	—	—	—	—	—	$2.3B	$5.3B
Q4 24	—	—	—	$1.0B	—	—	—	$2.0B	$2.7B
Q1 25	—	—	$296M	$420M	—	—	—	$1.6B	$3.5B
Q2 25	—	—	—	$315M	—	—	—	$2.0B	$3.8B
Q3 25	—	—	—	$313M	—	—	—	$2.6B	$5.0B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$7.1B	$151M	$7.2B
Q3 22	$7.1B	$0	$7.1B
Q4 22	$4.0B	$0	$4.0B
Q1 23	$5.5B	$0	$5.5B
Q2 23	$4.5B	$0	$4.5B
Q3 23	$2.8B	$0	$2.8B
Q4 23	$2.4B	$0	$2.4B
Q1 24	$2.2B	$0	$2.2B
Q2 24	$1.6B	$0	$1.6B
Q3 24	$1.5B	$0	$1.5B
Q4 24	$1.2B	$0	$1.2B
Q1 25	$833M	$0	$833M
Q2 25	$2.1B	$0	$2.1B
Q3 25	$1.8B	$0	$1.8B
Q4 25	$1.9B	$0	$1.9B
Q1 26	$1.4B	$0	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	1.14B	+0.2%	+46.5%
Q1 22	1.14B	+0.2%	+3.8%
Q2 22	1.14B	+0.3%	+0.7%
Q3 22	1.19B	+3.9%	+4.6%
Q4 22	1.26B	+6.2%	+10.9%
Q1 23	1.26B	+0.1%	+10.8%
Q2 23	1.26B	+0.2%	+10.8%
Q3 23	1.40B	+10.5%	+17.8%
Q4 23	1.26B	-9.5%	+0.3%
Q1 24	1.26B	+0.1%	+0.3%
Q3 24	1.40B	+10.7%	+10.8%
Q4 24	1.40B	0.0%	+0.2%
Q1 25	1.31B	-6.4%	+3.6%
Q2 25	1.40B	+7.0%	+10.8%
Q3 25	1.40B	+0.1%	+0.2%
Q4 25	1.40B	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$42.9K	30K
Q1 22	$54.1K	30K
Q2 22	$80.0K	30K
Q3 22	$143.5K	30K
Q4 22	$57.3K	67K
Q1 23	$66.2K	67K
Q2 23	$73.3K	67K
Q3 23	$102.3K	67K
Q4 23	$58.7K	92K
Q1 24	$58.8K	92K
Q3 24	$85.8K	92K
Q4 24	$59.4K	100K
Q1 25	$58.1K	100K
Q2 25	$63.3K	100K
Q3 25	$81.5K	100K
Q4 25	$39.6K	160K

Revenue / Employee