CUK FY 2025 Earnings Report — Carnival Corporation & plc Revenue & Financial Results | Market Cap Arena

Carnival Corporation & plcCUK

FY 2025 Earnings

Reported January 27, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$26.6B	—	$25.0B	—	6.4%
Op. Income	$4.5B	—	$3.6B	—	25.4%
Gross Margin	29.6%	—	37.5%	—	-7.9pp
Net Margin	10.4%	—	7.7%	—	2.7pp
EPS (Diluted)	$2.02	—	$1.44	—	40.3%
Free Cash Flow	$2.6B	—	$1.3B	—	101.0%

Revenue Flow

Item	Amount
REVENUE	$26.6B
Cost of Revenue	$18.7B
GROSS PROFIT	$7.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.4B
Other Expenses	$0
Operating Expenses	$3.4B
Cost & Expenses	$22.1B
OPERATING INCOME	$4.5B
Interest Income	$51M
Interest Expense	$1.3B
Other Income/Expenses	-$1.7B
INCOME BEFORE TAX	$2.8B
Income Tax Expense	$12M
Net Income from Continuing Ops	$2.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.8B
D&A	$2.8B
EBIT	$4.1B
EBITDA	$6.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$26.6B
Cost of Revenue	$18.7B
GROSS PROFIT	$7.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$3.4B
Other Expenses	$0
Operating Expenses	$3.4B
Cost & Expenses	$22.1B
OPERATING INCOME	$4.5B
Interest Income	$51M
Interest Expense	$1.3B
Other Income/Expenses	-$1.7B
INCOME BEFORE TAX	$2.8B
Income Tax Expense	$12M
Net Income from Continuing Ops	$2.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.8B
D&A	$2.8B
EBIT	$4.1B
EBITDA	$6.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$2.8B
Depreciation & Amortization	$2.8B
Stock-Based Compensation	$98M
Deferred Income Tax	$0
Other Non-Cash Items	$715M
Change in Working Capital	-$145M
OPERATING CASH FLOW	$6.2B
Capital Expenditure	-$3.6B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$290M
NET CASH FROM INVESTING	-$3.3B
Net Debt Issuance	-$1.9B
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$261M
NET CASH FROM FINANCING	-$2.2B
FREE CASH FLOW	$2.6B
Net Change in Cash	$718M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.9B
Short-Term Investments	$0
Net Receivables	$678M
Inventory	$505M
Other Current Assets	$1.1B
TOTAL CURRENT ASSETS	$4.2B
PP&E (Net)	$44.8B
Goodwill	$579M
Intangible Assets	$1.2B
Long-Term Investments	$221M
Tax Assets	$0
Other Non-Current Assets	$669M
TOTAL NON-CURRENT ASSETS	$47.5B
TOTAL ASSETS	$51.7B
Account Payables	$1.2B
Short-Term Debt	$2.6B
Deferred Revenue	$0
Other Current Liabilities	$9.1B
TOTAL CURRENT LIABILITIES	$13.1B
Long-Term Debt	$24.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.1B
TOTAL NON-CURRENT LIABILITIES	$26.3B
TOTAL LIABILITIES	$39.4B
Common Stock	$374M
Additional Paid-In Capital	$17.3B
Retained Earnings	$4.8B
Treasury Stock	-$8.4B
Accum. Other Comp. Income	-$1.8B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$12.3B
Minority Interest	$0
TOTAL EQUITY	$12.3B
TOTAL LIABILITIES & EQUITY	$51.7B
Total Debt	$28.0B
Net Debt	$26.1B