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Carnival Corporation & plc, a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches. The company offers its services under the AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn brands. It sells its cruises through travel agents, tour operators, vacation planners, websites, and onboard future cruise consultants. Carnival Corporation & plc was founded in 1972 and is headquartered in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $26.6B | $6.9B | $2.8B | $2.6B | 22.5% | 6.4% | 44.1% |
| 2024 | $25.0B | $6.2B | $1.9B | $1.3B | 20.7% | 15.9% | -2689.2% |
| 2023 | $21.6B | $4.4B | $-74M | $997M | -1.1% | 77.4% | -98.8% |
| 2022 | $12.2B | $-2.2B | $-6.1B | $-6.6B | -86.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,169 | 21,593 | 25,021 | 26,621 |
| Cost Of Revenue | - | 11,757 | 14,317 | 15,638 | 15,947 |
| Gross Profit | - | 412 | 7,276 | 9,383 | 10,674 |
| Operating Expense | - | 4,790 | 5,320 | 5,809 | 6,192 |
| Operating Income | - | -4,378 | 1,956 | 3,574 | 4,482 |
| EBITDA | - | -2,196 | 4,374 | 6,227 | 6,911 |
| EBIT | - | -4,471 | 2,004 | 3,670 | 4,121 |
| Pretax Income | - | -6,080 | -62 | 1,915 | 2,772 |
| Tax Provision | - | 14 | 13 | -1 | 12 |
| Net Income | - | -6,093 | -74 | 1,916 | 2,760 |
| Net Income Common Stockholders | - | -6,093 | -74 | 1,916 | 2,760 |
| Total Expenses | - | 16,547 | 19,637 | 21,447 | 22,139 |
| Interest Expense | - | 1,609 | 2,066 | 1,755 | 1,349 |
| Interest Income | - | 74 | 233 | 93 | 51 |
| Selling General And Administration | - | 2,515 | 2,950 | 3,252 | 3,402 |
| Normalized EBITDA | - | -2,195 | 4,485 | 6,306 | 7,320 |
| Normalized Income | - | -6,092.21 | 13.69 | 1,978.41 | 3,167.23 |
| Market Cap | 37,634.24 | 37,634.24 | 37,634.24 | 37,634.24 | 37,634.24 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carnival Corporation & plcthis co. | CCL | $35.7B | 13.64↓ discount | 3.06 | 22.5% | 9.22 |
| Chipotle Mexican Grill, Inc. | CMG | $45.7B | 29.01 | 15.74 | 54.3% | 20.76 |
| eBay Inc. | EBAY | $44.9B | 21.60 | 9.51 | 44.0% | 16.62 |
| Yum! Brands, Inc. | YUM | $44.7B | 28.42 | -6.05 | -21.3% | 20.40 |
| Las Vegas Sands Corp. | LVS | $36.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| 21.54 |
| 22.04 |
| 102.3% |
| 10.44 |
| Tapestry, Inc. | TPR | $31.8B | 162.97 | 34.81 | 21.4% | 62.04 |
| Expedia Group, Inc. | EXPE | $31.5B | 23.81 | 24.00 | 100.8% | 11.46 |
| Casey's General Stores, Inc. | CASY | $29.7B | 54.23 | 8.45 | 15.6% | 26.89 |
| Rollins, Inc. | ROL | $27.4B | 51.74 | 19.83 | 38.3% | 33.00 |
| Peer Median | - | 28.72 | 17.78 | 41.2% | 20.58 | |