Carnival Corporation (CCL): financials, SEC filings and peers
Carnival Corporation (CCL) is a hotels, resorts & cruise lines company in the Consumer Discretionary sector of the S&P 500, headquartered in Miami, Florida.
It was founded in 1972 and joined the S&P 500 on December 22, 1998.
Carnival Corporation at a glance
- Revenue (12 months)
- $27.6B
- Revenue growth
- +5.2%
- Operating margin
- 16.0%
- Net income (12 months)
- $3.1B
- Free cash flow (12 months)
- $3.2B
- Cash
- $1.2B
- Debt
- $24.6B
- Diluted EPS (12 months)
- $2.29
Twelve months to August 31, 2026, from the 10-Q filed September 29, 2026.
Latest twelve months
Over the twelve months to August 31, 2026, Carnival Corporation reported revenue of $27.6 billion, about the same as a year earlier (+5.2%).
Its operating margin was 16.0%: for every $100 of sales, about $16 was left as operating profit.
Net income was $3.1 billion (11.4% of revenue), 18.7% higher than a year earlier.
Operating cash flow was $6.8 billion and capital spending $3.6 billion, leaving free cash flow of $3.2 billion (11.5% of revenue).
At the end of the period it held $1.2 billion in cash and $24.6 billion in debt, a net debt position of $23.3 billion.
The diluted share count fell 2.4% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $5.6 billion in fiscal 2020 to $26.6 billion in fiscal 2025, about 36.6% a year.
- Revenue has grown for 4 fiscal years in a row.
- Operating margin widened from -158.4% to 16.8% over the same years.
- Free cash flow was negative in 3 of the last 6 fiscal years.
- Carnival Corporation reported a net loss in 4 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $12.2B | $21.6B | $25.0B | $26.6B |
| Revenue growth | -65.9% | 537.7% | 77.5% | 15.9% | 6.4% |
| Operating margin | -371.5% | -36.0% | 9.1% | 14.3% | 16.8% |
| Net income | −$9.5B | −$6.1B | −$74M | $1.9B | $2.8B |
| Free cash flow | −$7.7B | −$6.6B | $997M | $1.3B | $2.6B |
| Diluted EPS | $-8.46 | $-5.16 | $-0.06 | $1.44 | $2.02 |
Fiscal years as reported in Carnival Corporation’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Companies like Carnival Corporation
Other S&P 500 companies in Hotels, Resorts & Cruise Lines:
- ABNBAirbnbSan Francisco, California
- BKNGBooking HoldingsNorwalk, Connecticut
- EXPEExpedia GroupSeattle, Washington
- HLTHilton WorldwideTysons Corner, Virginia
- MARMarriott InternationalBethesda, Maryland
- NCLHNorwegian Cruise Line HoldingsMiami-Dade County, Florida[3]
- RCLRoyal Caribbean GroupMiami, Florida
More from Consumer Discretionary
Questions about Carnival Corporation
Is Carnival Corporation's revenue growing?
Yes. Revenue for the twelve months to August 31, 2026 was $27.6 billion, up 5.2% from a year earlier, according to its SEC filings.
Is Carnival Corporation profitable?
Yes. It earned $3.1 billion in net income over the twelve months to August 31, 2026, a net margin of 11.4%.
Does Carnival Corporation have more cash or more debt?
At August 31, 2026 it had $1.2 billion in cash and $24.6 billion in debt, so more debt than cash.
Which companies are similar to Carnival Corporation?
In the S&P 500, Carnival Corporation is grouped in Hotels, Resorts & Cruise Lines within the Consumer Discretionary sector. Airbnb (ABNB), Booking Holdings (BKNG), Expedia Group (EXPE), Hilton Worldwide (HLT), Marriott International (MAR) are in the same group.
Understand the numbers
Source: Carnival Corporation’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 10, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.