CCL (Carnival Corporation & plc) Stock Financials & Earnings | Market Cap Arena

CCL (Carnival Corporation & plc) Stock Financials & Earnings | Market Cap Arena

CCLCarnival Corporation & plc

Mkt Cap$36B

Consumer Cyclical·Leisure·🇺🇸 United States·NYSE

Revenue (TTM)$26.6B

Net Income (TTM)$2.8B

EPS (TTM)$2.00

Free Cash Flow (TTM)$2.6B

Gross Margin37.4%

Op. Margin16.8%

Net Margin10.4%

FCF Margin9.8%

P/S Ratio (TTM)1.4x

P/E Ratio (TTM)13.1x

YoY Rev Growth+6.4%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q2 24	$5.8B	$2.0B	$560M
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	2.4x	—
Q2 23	2.1x	—
Q3 23	1.8x	—
Q4 23	1.7x	—
Q1 24	1.6x	89.0x
Q2 24	1.5x	39.9x
Q3 24	1.5x	23.0x
Q4 24	1.4x	18.8x
Q1 25	1.4x	17.6x
Q2 25	1.4x	14.3x
Q3 25	1.4x	13.6x
Q4 25	1.4x	13.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$388M	-$687M
Q2 23	$1.1B	$440M
Q3 23	$1.8B	$997M
Q4 23	$922M	$247M
Q1 24	$1.8B	-$369M
Q2 24	$2.0B	$720M
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

CapEx

Quarter	CapEx
Q1 23	$1.1B
Q2 23	$697M
Q3 23	$837M
Q4 23	$675M
Q1 24	$2.1B
Q2 24	$1.3B
Q3 24	$577M
Q4 24	$592M
Q1 25	$607M
Q2 25	$851M
Q3 25	$647M
Q4 25	$1.5B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%
Q2 24	+17.7%	+9.0%
Q3 24	+15.2%	+9.3%
Q4 24	+10.0%	+7.3%
Q1 25	+7.5%	+2.7%
Q2 25	+9.5%	+3.3%
Q3 25	+3.3%	+2.9%
Q4 25	+6.6%	+4.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q2 24	$19M	0.3%
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
Q1 23	$712M
Q2 23	$736M
Q3 23	$713M
Q4 23	$788M
Q1 24	$813M
Q2 24	$789M
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
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	—	—
Q2 24	—	—	$2.0B	$3.8B
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	Australia	All Other Geographic Areas	Europe	North America	Europe Australia And Asia Cruise Brands	North America Cruise Brands	Australia And Asia
Q1 23	$338M	$211M	$1.2B	$2.7B	—	—	—
Q2 23	$307M	$169M	$1.4B	$3.0B	—	—	—
Q3 23	$238M	—	$2.2B	$4.3B	—	—	—
Q4 23	$298M	$355M	$1.8B	$3.2B	—	—	—
Q1 24	$425M	$293M	$1.6B	$3.1B	—	—	—
Q2 24	—	—	—	—	$1.7B	$4.0B	—
Q3 24	—	—	—	—	$2.3B	$5.3B	—
Q4 24	—	—	—	—	$2.0B	$2.7B	$1.0B
Q1 25	—	$296M	—	—	$1.6B	$3.5B	$420M
Q2 25	—	—	—	—	$2.0B	$3.8B	$315M
Q3 25	—	—	—	—	$2.6B	$5.0B	$313M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	1.26B	+0.1%
Q2 23	1.26B	+0.2%
Q3 23	1.40B	+10.5%
Q4 23	1.26B	-9.5%
Q1 24	1.26B	+0.1%
Q2 24	1.27B	+0.6%
Q3 24	1.40B	+10.1%
Q4 24	1.40B	+0.0%
Q1 25	1.31B	-6.4%
Q2 25	1.40B	+7.0%
Q3 25	1.40B	+0.1%
Q4 25	1.40B	+0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$2M	10K
FY 15	$191K	82K
FY 16	$194K	85K
FY 17	$204K	86K
FY 18	$215K	88K
FY 19	$226K	92K
FY 20	$61K	92K
FY 21	$64K	30K
FY 22	$182K	67K
FY 23	$235K	92K
FY 24	$250K	100K
FY 25	$166K	160K