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.

Its fiscal year ends in November, and its shares trade on the NYSE.

In its SEC filings it is classified as “Water Transportation”.

Carnival Corporation at a glance

Revenue (12 months): $27.3B
Revenue growth: +5.2%
Operating margin: 16.3%
Net income (12 months): $3.1B
Free cash flow (12 months): $3.2B
Cash: $2.2B
Debt: $25.6B
Diluted EPS (12 months): $2.22

Twelve months to May 31, 2026, from the 10-Q filed June 26, 2026.

Latest twelve months

Over the twelve months to May 31, 2026, Carnival Corporation reported revenue of $27.3 billion, about the same as a year earlier (+5.2%).

Its operating margin was 16.3%: for every $100 of sales, about $16 was left as operating profit.

Net income was $3.1 billion (11.2% of revenue), 21.5% 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 (11.7% of revenue).

At the end of the period it held $2.2 billion in cash and $25.6 billion in debt, a net debt position of $23.3 billion.

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.

Recent SEC filings

8-K filed August 5, 2026 — Regulation FD disclosure
10-Q filed June 26, 2026 — quarterly report
8-K filed June 23, 2026 — Earnings results
8-K filed May 7, 2026 — Agreement terminated; Acquisition or sale of assets
8-K filed April 20, 2026 — Shareholder vote results
10-Q filed March 27, 2026 — quarterly report
8-K filed March 27, 2026 — Earnings results
8-K filed February 20, 2026 — Material agreement

All Carnival Corporation filings on SEC EDGAR

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Questions about Carnival Corporation

Is Carnival Corporation's revenue growing?

Yes. Revenue for the twelve months to May 31, 2026 was $27.3 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 May 31, 2026, a net margin of 11.2%.

Does Carnival Corporation have more cash or more debt?

At May 31, 2026 it had $2.2 billion in cash and $25.6 billion in debt, so more debt than cash.

When did Carnival Corporation last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on June 26, 2026.

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 September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.