Carnival Corporation & plc (CCL) Cash Flow Statement
Where CCL’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- $6.22B +5.0% vs FY2024
- Capital expenditures
- $3.61B 13.6% of revenue
- Free cash flow
- $2.61B 9.8% margin
- Returned to shareholders
- —
- Change in cash
- $718.0M cash at year-end $1.93B
Cash from operations
$6.22B
Capital expenditures
−$3.61B
Acquisitions & other
+$290.0M
Net borrowing (repayment)
−$1.78B
Other financing
−$405.0M
Change in cash
$718.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CCL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CCL cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.13BFY2016 | $6.22BFY2025 | +2.2%/yr | |
| Capital expenditures | $3.06BFY2016 | $3.61BFY2025 | +1.8%/yr | |
| Free cash flow | $2.07BFY2016 | $2.61BFY2025 | +2.6%/yr | |
| Free cash flow margin | 12.6%FY2016 | 9.8%FY2025 | −2.8 pts | |
| Operating cash flow / net income | 1.85FY2016 | 2.25FY2025 | +0.41 | |
| Stock-based compensation | $55.0MFY2016 | $98.0MFY2025 | +6.6%/yr | |
| Dividends paid | $977.0MFY2016 | $20.0MFY2023 | −42.6%/yr | |
| Share buybacks (net) | $2.34BFY2016 | $0FY2024 | −100.0% | |
| Capex / revenue | 18.7%FY2016 | 13.6%FY2025 | −5.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CCL cash flow by activity
OperatingInvestingFinancingChange in cash
CCL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CCL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.76B | $1.92B | −$74.0M | −$6.09B | −$9.50B | −$10.24B | $2.99B | $3.15B | $2.61B | $2.78B |
| Depreciation & amortization | $2.79B | $2.56B | $2.37B | $2.27B | $2.23B | $2.24B | $2.16B | $2.02B | $1.85B | $1.74B |
| Stock-based compensation | $98.0M | $62.0M | $53.0M | $101.0M | $121.0M | $105.0M | $46.0M | $65.0M | $63.0M | $55.0M |
| Change in working capital | −$145.0M | $960.0M | $1.52B | $1.16B | $958.0M | −$3.19B | $212.0M | $364.0M | $399.0M | $444.0M |
| Other non-cash items | $715.0M | $428.0M | $407.0M | $884.0M | $2.08B | $4.78B | $67.0M | −$49.0M | $408.0M | $118.0M |
| Cash from operating activities | $6.22B | $5.92B | $4.28B | −$1.67B | −$4.11B | −$6.30B | $5.47B | $5.55B | $5.32B | $5.13B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.61B | −$4.63B | −$3.28B | −$4.94B | −$3.61B | −$3.62B | −$5.43B | −$3.75B | −$2.94B | −$3.06B |
| Investments (net) | — | −$4.54B | −$3.62B | $199.0M | −$290.0M | −$81.0M | −$5.28B | −$39.0M | −$203.0M | −$3.32B |
| Acquisitions & other investing | $290.0M | $4.63B | $4.10B | −$26.0M | $354.0M | $461.0M | $5.43B | $274.0M | $58.0M | $3.06B |
| Cash from investing activities | −$3.32B | −$4.54B | −$2.81B | −$4.77B | −$3.54B | −$3.24B | −$5.28B | −$3.51B | −$3.09B | −$3.32B |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$20.0M | −$87.0M | −$12.42B | −$689.0M | −$1.39B | −$1.35B | −$1.09B | −$977.0M |
| Share repurchases & issuance (net) | — | $0 | −$20.0M | −$87.0M | −$188.0M | −$12.0M | −$603.0M | −$1.47B | −$552.0M | −$2.34B |
| Net borrowing (repayment) | −$1.78B | −$2.34B | −$4.90B | $2.54B | $6.25B | $16.25B | $1.42B | $1.40B | −$789.0M | $711.0M |
| Shares issued | $0 | $0 | $5.0M | $1.18B | $1.01B | $3.25B | $0 | $0 | $0 | $0 |
| Other financing | −$405.0M | −$243.0M | −$155.0M | $28.0M | $12.30B | −$149.0M | −$83.0M | −$40.0M | −$24.0M | $15.0M |
| Cash from financing activities | −$2.19B | −$2.58B | −$5.09B | $3.58B | $6.95B | $18.65B | −$655.0M | −$1.46B | −$2.45B | −$2.59B |
| Summary | ||||||||||
| Net change in cash | $718.0M | −$1.20B | −$3.60B | −$2.94B | −$716.0M | $9.16B | −$466.0M | $574.0M | −$208.0M | −$792.0M |
| Cash at end of period | $1.93B | $1.23B | $2.44B | $6.04B | $8.98B | $9.69B | $530.0M | $996.0M | $395.0M | $603.0M |
| Free cash flow | $2.61B | $1.30B | $997.0M | −$6.61B | −$7.72B | −$9.92B | $46.0M | $1.80B | $2.38B | $2.07B |
| Free cash flow margin | 9.8% | 5.2% | 4.6% | −54.3% | −404.4% | −177.4% | 0.2% | 9.5% | 13.6% | 12.6% |
| Capex / revenue | 13.6% | 18.5% | 15.2% | 40.6% | 189.0% | 64.7% | 26.1% | 19.9% | 16.8% | 18.7% |
| Operating cash flow / net income | 2.25 | 3.09 | — | — | — | — | 1.83 | 1.76 | 2.04 | 1.85 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.92B | $538.0M | $263.0M | $422.0M | $1.85B | $564.0M | −$78.0M | $303.0M | $1.74B | $91.0M | −$214.0M | −$48.0M |
| Depreciation & amortization | $754.0M | $723.0M | $696.0M | $726.0M | $718.0M | $692.0M | $654.0M | $659.0M | $651.0M | $634.0M | $613.0M | $596.0M |
| Stock-based compensation | $23.0M | $22.0M | $28.0M | $28.0M | $25.0M | $27.0M | $18.0M | $15.0M | $17.0M | $19.0M | $11.0M | $10.0M |
| Change in working capital | −$1.44B | −$121.0M | $121.0M | $195.0M | −$1.39B | $1.07B | −$19.0M | −$124.0M | −$1.31B | $1.15B | $1.24B | $310.0M |
| Other non-cash items | $149.0M | $1.47B | $155.0M | $147.0M | $178.0M | $40.0M | $350.0M | $58.0M | $108.0M | $142.0M | $122.0M | $54.0M |
| Cash from operating activities | $1.41B | $2.63B | $1.26B | $1.52B | $1.38B | $2.39B | $925.0M | $911.0M | $1.21B | $2.04B | $1.77B | $922.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$698.0M | −$875.0M | −$566.0M | −$1.51B | −$647.0M | −$851.0M | −$607.0M | −$592.0M | −$577.0M | −$1.32B | −$2.14B | −$675.0M |
| Investments (net) | — | — | — | — | −$624.0M | −$586.0M | −$605.0M | −$574.0M | −$577.0M | −$1.22B | −$2.16B | −$488.0M |
| Acquisitions & other investing | −$4.0M | −$9.0M | −$31.0M | $0 | $647.0M | $851.0M | $607.0M | $592.0M | $577.0M | $1.32B | $2.14B | $675.0M |
| Cash from investing activities | −$702.0M | −$884.0M | −$597.0M | −$1.51B | −$624.0M | −$586.0M | −$605.0M | −$574.0M | −$577.0M | −$1.22B | −$2.16B | −$488.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$204.0M | −$206.0M | −$208.0M | — | — | $0 | $0 | — | — | — | — | −$20.0M |
| Share repurchases & issuance (net) | −$548.0M | — | — | — | — | — | — | $0 | — | — | — | $20.0M |
| Net borrowing (repayment) | — | −$302.0M | −$945.0M | $274.0M | −$1.08B | −$514.0M | −$468.0M | −$550.0M | −$767.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$976.0M | −$430.0M | −$13.0M | −$108.0M | −$68.0M | −$7.0M | −$222.0M | −$81.0M | −$3.0M | −$1.42B | $237.0M | −$860.0M |
| Cash from financing activities | −$1.73B | −$938.0M | −$1.17B | $166.0M | −$1.14B | −$521.0M | −$690.0M | −$631.0M | −$770.0M | −$1.42B | $237.0M | −$860.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.02B | $803.0M | −$501.0M | $165.0M | −$379.0M | $1.31B | −$375.0M | −$312.0M | −$126.0M | −$605.0M | −$152.0M | −$434.0M |
| Cash at end of period | $1.24B | $2.26B | $1.46B | $1.93B | $1.79B | $2.17B | $856.0M | $1.23B | $1.54B | $1.67B | $2.27B | $2.44B |
| Free cash flow | $712.0M | $1.75B | $697.0M | $12.0M | $736.0M | $1.54B | $318.0M | $319.0M | $628.0M | $720.0M | −$369.0M | $247.0M |
| Free cash flow margin | 8.4% | 26.3% | 11.3% | 0.2% | 9.0% | 24.4% | 5.5% | 5.4% | 8.0% | 12.5% | −6.8% | 4.6% |
| Capex / revenue | 8.3% | 13.1% | 9.2% | 23.8% | 7.9% | 13.4% | 10.4% | 10.0% | 7.3% | 22.8% | 39.5% | 12.5% |
| Operating cash flow / net income | 0.73 | 4.89 | 4.80 | 3.60 | 0.75 | 4.24 | — | 3.01 | 0.69 | 22.41 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CCL cash generation
In fiscal 2025 (ended November 30, 2025), Carnival generated $6.2 billion of cash from operations (up 5.0%) and spent $3.6 billion on capital expenditures, leaving free cash flow of $2.6 billion, 9.8% of revenue. Cash and equivalents rose by $718.0 million over the year.
Related: CCL income statement, CCL balance sheet. See the CCL stock overview for the latest quote and news.
CCL cash flow FAQ
What is Carnival's free cash flow?
Carnival's free cash flow was $2.6 billion in fiscal 2025: $6.2 billion of operating cash flow minus $3.6 billion of capital expenditures It was $1.3 billion a year earlier..
How much cash does Carnival generate from operations?
Carnival generated $6.2 billion of cash from operating activities in fiscal 2025, 2.25 times its net income of $2.8 billion.
How much does Carnival spend on capital expenditures?
Carnival spent $3.6 billion on capital expenditures in fiscal 2025, 13.6% of revenue, compared with $4.6 billion the year before.