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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 |
| Operating 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 |
| Selling General And Administration | - | 2,515 | 2,950 | 3,252 | 3,402 |
| Total Expenses | - | 16,547 | 19,637 | 21,447 | 22,139 |
| Operating Income | - | -4,378 | 1,956 | 3,574 | 4,482 |
| Total Operating Income As Reported | - | -4,379 | 1,956 | 3,574 | 4,483 |
| EBITDA | - | -2,196 | 4,374 | 6,227 | 6,911 |
| Normalized EBITDA | - | -2,195 | 4,485 | 6,306 | 7,320 |
| EBIT | - | -4,471 | 2,004 | 3,670 | 4,121 |
| Interest Income | - | 74 | 233 | 93 | 51 |
| Interest Expense | - | 1,609 | 2,066 | 1,755 | 1,349 |
| Net Interest Income | - | -1,535 | -1,833 | -1,662 | -1,298 |
| Other Non Operating Income Expenses | - | -165 | -75 | 83 | -4 |
| Other Income Expense | - | -166 | -186 | 4 | -413 |
| Interest Income Non Operating | - | 74 | 233 | 93 | 51 |
| Interest Expense Non Operating | - | 1,609 | 2,066 | 1,755 | 1,349 |
| Net Non Operating Interest Income Expense | - | -1,535 | -1,833 | -1,662 | -1,298 |
| Pretax Income | - | -6,080 | -62 | 1,915 | 2,772 |
| Tax Provision | - | 14 | 13 | -1 | 12 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.21 | -23.31 | -16.59 | -1.77 |
| Net Income Continuous Operations | - | -6,094 | -75 | 1,916 | 2,760 |
| Net Income From Continuing And Discontinued Operation | - | -6,093 | -74 | 1,916 | 2,760 |
| Net Income From Continuing Operation Net Minority Interest | - | -6,093 | -74 | 1,916 | 2,760 |
| Net Income | - | -6,093 | -74 | 1,916 | 2,760 |
| Net Income Common Stockholders | - | -6,093 | -74 | 1,916 | 2,760 |
| Net Income Including Noncontrolling Interests | - | -6,094 | -75 | 1,916 | 2,760 |
| Normalized Income | - | -6,092.21 | 13.69 | 1,978.41 | 3,167.23 |
| Diluted NI Availto Com Stockholders | - | -6,093 | -74 | 2,009 | 2,831 |
| Basic Average Shares | - | 1,180 | 1,262 | 1,274 | 1,312 |
| Diluted Average Shares | - | 1,180 | 1,262 | 1,398 | 1,402 |
| Reconciled Depreciation | - | 2,275 | 2,370 | 2,557 | 2,790 |
| Reconciled Cost Of Revenue | - | 11,757 | 14,317 | 15,638 | 15,947 |
| Total Unusual Items | - | -1 | -111 | -79 | -409 |
| Total Unusual Items Excluding Goodwill | - | -1 | -111 | -79 | -409 |
| Special Income Charges | - | -1 | -111 | -79 | -409 |
| Other Special Charges | - | 1 | 111 | 79 | 409 |
| Impairment Of Capital Assets | 226 | 0 | 0 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 2,275 | 2,370 | 2,557 | 2,790 |
| Depreciation And Amortization In Income Statement | - | 2,275 | 2,370 | 2,557 | 2,790 |
| Average Dilution Earnings | - | - | 0 | 94 | 71 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carnival Corporation & plcthis co. | CCL | $38.6B | 13.98↓ discount | 3.14 | 22.5% | 9.35 |
| eBay Inc. | EBAY | $48.5B | 23.86 | 10.50 | 44.0% | 17.81 |
| D.R. Horton, Inc. | DHI | $41.5B | 11.58 | 1.72 | 14.8% | 9.85 |
| Yum! Brands, Inc. | YUM | $40.8B | 26.18 | -5.57 | -21.3% | 19.14 |
| Chipotle Mexican Grill, Inc. | CMG | $36.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 23.54 |
| 12.77 |
| 54.3% |
| 17.22 |
| Las Vegas Sands Corp. | LVS | $33.6B | 20.66 | 21.14 | 102.3% | 10.13 |
| Tapestry, Inc. | TPR | $28.4B | 154.92 | 33.09 | 21.4% | 59.20 |
| Casey's General Stores, Inc. | CASY | $28.2B | 51.65 | 8.05 | 15.6% | 25.72 |
| Expedia Group, Inc. | EXPE | $27.3B | 21.07 | 21.24 | 100.8% | 10.18 |
| Peer Median | - | 23.70 | 11.64 | 32.7% | 17.51 | |