NYSE: CCL
Carnival
Consumer Discretionary · Water Transportation
52-week range
$21.45$34.03
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$32.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Nov 30, 2016 | $27.5B |
| FY2017, ended Nov 30, 2017 | $35.1B |
| FY2018, ended Nov 30, 2018 | $31.8B |
| FY2019, ended Nov 30, 2019 | $23.8B |
| FY2020, ended Nov 30, 2020 | $18.6T |
| FY2021, ended Nov 30, 2021 | $17.4B |
| FY2022, ended Nov 30, 2022 | $11.1B |
| FY2023, ended Nov 30, 2023 | $16.9B |
| FY2024, ended Nov 30, 2024 | $29.6B |
| FY2025, ended Nov 30, 2025 | $31.9B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $32.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$27.6B
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| Period | Revenue |
|---|---|
| FY2016, ended Nov 30, 2016 | $16.4B |
| FY2017, ended Nov 30, 2017 | $17.5B |
| FY2018, ended Nov 30, 2018 | $18.9B |
| FY2019, ended Nov 30, 2019 | $20.8B |
| FY2020, ended Nov 30, 2020 | $5.59B |
| FY2021, ended Nov 30, 2021 | $1.91B |
| FY2022, ended Nov 30, 2022 | $12.2B |
| FY2023, ended Nov 30, 2023 | $21.6B |
| FY2024, ended Nov 30, 2024 | $25.0B |
| FY2025, ended Nov 30, 2025 | $26.6B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $27.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Nov 30, 2016 | $2.78B | $2.07B |
| FY2017, ended Nov 30, 2017 | $2.61B | $2.38B |
| FY2018, ended Nov 30, 2018 | $3.15B | $1.80B |
| FY2019, ended Nov 30, 2019 | $2.99B | $46.0M |
| FY2020, ended Nov 30, 2020 | −$10.2B | −$9.92B |
| FY2021, ended Nov 30, 2021 | −$9.50B | −$7.72B |
| FY2022, ended Nov 30, 2022 | −$6.09B | −$6.61B |
| FY2023, ended Nov 30, 2023 | −$74.0M | $997M |
| FY2024, ended Nov 30, 2024 | $1.92B | $1.30B |
| FY2025, ended Nov 30, 2025 | $2.76B | $2.61B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $3.14B | $3.18B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$1.22B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Nov 30, 2016 | $603M |
| FY2017, ended Nov 30, 2017 | $395M |
| FY2018, ended Nov 30, 2018 | $982M |
| FY2019, ended Nov 30, 2019 | $518M |
| FY2020, ended Nov 30, 2020 | $9.51B |
| FY2021, ended Nov 30, 2021 | $8.94B |
| FY2022, ended Nov 30, 2022 | $4.03B |
| FY2023, ended Nov 30, 2023 | $2.42B |
| FY2024, ended Nov 30, 2024 | $1.21B |
| FY2025, ended Nov 30, 2025 | $1.93B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $1.22B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$24.6B
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| Period | Total debt |
|---|---|
| FY2016, ended Nov 30, 2016 | $9.86B |
| FY2017, ended Nov 30, 2017 | $9.68B |
| FY2018, ended Nov 30, 2018 | $11.2B |
| FY2019, ended Nov 30, 2019 | $11.7B |
| FY2020, ended Nov 30, 2020 | $30.0B |
| FY2021, ended Nov 30, 2021 | $36.0B |
| FY2022, ended Nov 30, 2022 | $35.8B |
| FY2023, ended Nov 30, 2023 | $31.3B |
| FY2024, ended Nov 30, 2024 | $28.2B |
| FY2025, ended Nov 30, 2025 | $27.4B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $24.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 151% since 2016.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.1.34B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Nov 30, 2016 | 536M |
| FY2017, ended Nov 30, 2017 | 534M |
| FY2018, ended Nov 30, 2018 | 527M |
| FY2019, ended Nov 30, 2019 | 528M |
| FY2020, ended Nov 30, 2020 | 932B |
| FY2021, ended Nov 30, 2021 | 986M |
| FY2022, ended Nov 30, 2022 | 1.11B |
| FY2023, ended Nov 30, 2023 | 1.12B |
| FY2024, ended Nov 30, 2024 | 1.16B |
| FY2025, ended Nov 30, 2025 | 1.24B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | 1.34B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Net: $101M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Nov 30, 2016 | $2.34B | $55.0M | — |
| FY2017, ended Nov 30, 2017 | $552M | $63.0M | — |
| FY2018, ended Nov 30, 2018 | $1.47B | $65.0M | $3.00M |
| FY2019, ended Nov 30, 2019 | $603M | $46.0M | $4.00M |
| FY2020, ended Nov 30, 2020 | $12.0M | $105M | $3.25B |
| FY2021, ended Nov 30, 2021 | $0 | $121M | $1.01B |
| FY2022, ended Nov 30, 2022 | $0 | $101M | $1.18B |
| FY2023, ended Nov 30, 2023 | — | $53.0M | $5.00M |
| FY2024, ended Nov 30, 2024 | — | $62.0M | $0 |
| FY2025, ended Nov 30, 2025 | — | $98.0M | — |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | — | $101M | — |
Revenue (TTM)
$27.6B
+5.2% YoY
Net income (TTM)
$3.14B
+18.8% YoY
Cash
$1.22B
−30.8% YoY
Total debt
$24.6B
−9.7% YoY
Valuation
At current price- Market Cap
- $38.8B
- P/E
- 12.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.4×
- Price / Book
- 2.7×
- EV / EBITDA
- 8.5×
Growth
Trailing 12 months- Revenue (TTM)
- $27.6B
- Revenue Growth YoY
- 5.2%
- Revenue CAGR 3Y
- 29.8%
- Revenue CAGR 5Y
- 36.6%
- EPS Growth YoY
- 17.0%
- Net Income Growth YoY
- 18.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 16.0%
- Net Margin
- 11.4%
- FCF Margin
- 11.5%
- Return on Equity
- 24.0%
Earnings
Trailing 12 months- Net Income
- $3.14B
- EPS (diluted)
- $2.27
- EBITDA
- $7.31B
- Operating Income
- $4.41B
Balance Sheet
As of Aug 31, 2026- Cash and cash equivalents
- $1.22B
- Total Debt
- $24.6B
- Net Debt
- $23.3B
- Total Assets
- $51.0B
- Total Liabilities
- $36.8B
- Shareholders' Equity
- $14.2B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.82B
- Capital Expenditure
- $3.65B
- Free Cash Flow
- $3.18B
Dividends and risk
Last 12 months- Dividend Yield
- 1.6%
- Dividend / Share
- $0.45
- Beta (5Y)
- 2.38
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.2% year over year, at $27.6B.
Note
Net margin of 11.4% over the last 12 months.
Watch
Net debt is 3.2× EBITDA ($23.3B), a heavy load.
Note
Free cash flow of $3.18B, 11.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Nov 30, 2025 · filed Jan 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K73Good news
73Good news
10-K for the fiscal year ended Nov 30, 2024
Filed Jan 27, 2025 · Read the filing on EDGAR
- Revenue hit a record $25 billion, up over 15%. Operating income jumped over 80% to $3.6 billion, and net income swung to $1.9 billion from a small loss.
- Cash from operations reached a record $5.9 billion. Debt fell to $27.5 billion, more than $8 billion below its January 2023 peak.
- Interest costs fell 15% to $1.8 billion. Ships sailed at 105% occupancy, and bookings and customer deposits ended the year at records.
- New destinations open in 2025–2026, including Celebration Key in the Bahamas. EU carbon charges and a global minimum tax add to costs.
Business momentum
Strong improvement
“Record full year operating income of $3.6 billion, over 80 percent higher than the prior year”
Outlook
Positive
“Record booking trends and record year-end customer deposits, indicating a continuation of the strong momentum we’ve been experiencing for the last two years”
Financial stress
Low
“As of November 30, 2024, we had $4.2 billion of liquidity including $1.2 billion of cash and cash equivalents and $2.9 billion of borrowings available under our multi-currency revolving credit facility”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Record revenue and profit
“Full year revenues hit an all-time high of $25 billion, over 15 percent higher than the prior year”
Debt and interest costs falling
“we have reduced our debt balance by over $8 billion from the peak in January 2023, ending the year with $27.5 billion of debt.”
Record cash from operations
“Our business provided $5.9 billion of net cash flows from operating activities during 2024, an increase of $1.6 billion, compared to $4.3 billion provided in 2023.”
Concerns
Debt is still large
“We have a substantial amount of debt, significant debt service obligations and related covenant restrictions.”
Climate rules expected to hurt results
“is reasonably likely to have a material negative impact on our future financial results.”
Costs rising with growth
“Selling and administrative expenses increased by $302 million, or 10%, to $3.3 billion in 2024 from $2.9 billion in 2023.”
New risks since the previous report
Ports limiting cruise tourism
“in certain destinations, countermeasures to limit the number of tourists have been proposed or contemplated and/or put into effect, including limits on cruise ships and cruise guests”
Global minimum tax starts earlier for Carnival plc
“the implementation of the OECD’s rules will affect Carnival plc and its subsidiaries beginning in fiscal 2025 and Carnival Corporation and certain of its subsidiaries beginning in fiscal 2026”
Large debt repayments due in 2027–2028
“Debt (a) $ 2,969 $ 3,991 $ 6,016 $ 9,534 $ 4,706 $ 6,495 $ 33,712”
AI-related cyber threats
“Additionally, integrating AI into our operations may increase our cybersecurity and data privacy risks.”
Biggest risks named
- Heavy debt and large maturities in 2027–2028
- Climate regulation and EU carbon charges
- Fuel price swings
- Geopolitical events and weaker travel demand
- Global minimum tax raising tax bills
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 73 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Jan 27, 2026 | Pro | |||
| 10-K | Jan 27, 2025 | 73 | Strong improvement | None | |
| 10-K | Jan 26, 2024 | 74 | Strong improvement | 1 minor | |
| 10-K | Jan 27, 2023 | 66 | Strong improvement | 1 minor | |
| 10-K | Jan 27, 2022 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Jan 26, 2021 | 23 | Sharp deterioration | 3 medium1 minor | |
| 10-K | Jan 28, 2020 | 49 | Mixed | 2 minor | |
| 10-K | Jan 28, 2019 | 75 | Strong improvement | None | |
| 10-K | Jan 29, 2018 | 54 | Mixed | 1 medium1 minor | |
| 10-K | Jan 30, 2017 | 72 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Aug 31, 2026), filed Sep 29, 2026. View filings on SEC EDGAR