Carnival Corporation & plc (CCL) Income Statement
CCL FY2025 at a glance
Fiscal year ended November 30, 2025 · U.S. dollarsCCL revenue and net income
Where CCL's revenue goes
FY2025Each bar shows an amount and its share of revenue. CCL kept 10.4% of revenue as net income.
CCL profit margins
CCL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.4% | +29.8% | +36.6% | +5.4% |
| Gross profit | −16.0% | +167.5% | — | +2.3% |
| Operating income | +25.4% | — | — | +5.7% |
| Net income | +44.1% | — | — | +4.6% |
| EPS (diluted) | +63.0% | — | — | −1.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CCL quarterly EPS vs estimates
Carnival beat the analyst EPS estimate in 8 of the last 8 quarters.
CCL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.62B | $25.02B | $21.59B | $12.17B | $1.91B | $5.59B | $20.82B | $18.88B | $17.51B | $16.39B |
| Cost of revenue | $18.74B | $15.64B | $14.32B | $11.76B | $4.66B | $8.24B | $12.91B | $11.09B | $10.50B | $9.38B |
| Gross profit | $7.88B | $9.38B | $7.28B | $412.0M | −$2.75B | −$2.65B | $7.92B | $7.79B | $7.01B | $7.01B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $3.40B | $3.25B | $2.95B | $2.52B | $3.77B | $3.76B | $2.48B | $2.45B | $2.27B | $2.20B |
| Total operating expenses | $3.40B | $5.81B | $5.32B | $4.79B | $4.34B | $6.21B | $4.64B | $4.47B | $4.20B | $3.94B |
| Operating income | $4.48B | $3.57B | $1.96B | −$4.38B | −$7.09B | −$8.87B | $3.28B | $3.33B | $2.81B | $3.07B |
| Interest income | $1.30B | $93.0M | $233.0M | $1.53B | $2.26B | $18.0M | $183.0M | $14.0M | $9.0M | $264.0M |
| Interest expense | $1.35B | $1.75B | $2.07B | $1.61B | $1.60B | $895.0M | $206.0M | $194.0M | $198.0M | $223.0M |
| Income before taxes | $2.77B | $1.92B | −$62.0M | −$6.08B | −$9.52B | −$10.25B | $3.06B | $3.21B | $2.67B | $2.83B |
| Income taxes | $12.0M | −$1.0M | $13.0M | $14.0M | −$21.0M | −$17.0M | $71.0M | $54.0M | $60.0M | $49.0M |
| Net income | $2.76B | $1.92B | −$74.0M | −$6.09B | −$9.50B | −$10.24B | $2.99B | $3.15B | $2.61B | $2.78B |
| EBITDA | $6.91B | $6.23B | $4.37B | −$2.20B | −$5.69B | −$7.12B | $5.43B | $5.42B | $4.71B | $4.79B |
| EPS (diluted) | $2.25 | $1.38 | −$0.07 | −$4.73 | −$7.06 | −$7.33 | $4.40 | $4.26 | $3.82 | $3.47 |
| Gross margin | 29.6% | 37.5% | 33.7% | 3.4% | −144.0% | −47.4% | 38.0% | 41.3% | 40.0% | 42.7% |
| Operating margin | 16.8% | 14.3% | 9.1% | −36.0% | −371.5% | −158.5% | 15.7% | 17.6% | 16.0% | 18.7% |
| Net margin | 10.4% | 7.7% | −0.3% | −50.1% | −498.0% | −183.0% | 14.4% | 16.7% | 14.9% | 17.0% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.44B | $6.66B | $6.17B | $6.33B | $8.15B | $6.33B | $5.81B | $5.94B | $7.90B | $5.78B | $5.41B | $5.40B |
| Cost of revenue | $4.63B | $4.95B | $3.94B | $4.64B | $4.38B | $3.89B | $3.77B | $3.83B | $4.30B | $3.80B | $3.71B | $3.63B |
| Gross profit | $3.81B | $1.72B | $2.23B | $1.69B | $3.77B | $2.44B | $2.04B | $2.10B | $3.59B | $1.98B | $1.70B | $1.77B |
| Sales, general & admin | $834.0M | $863.0M | $924.0M | $959.0M | $779.0M | $816.0M | $848.0M | $886.0M | $763.0M | $789.0M | $813.0M | $788.0M |
| Total operating expenses | $1.59B | $863.0M | $1.62B | $959.0M | $1.50B | $1.51B | $1.50B | $1.54B | $1.42B | $1.42B | $1.43B | $1.38B |
| Operating income | $2.22B | $851.0M | $607.0M | $734.0M | $2.27B | $934.0M | $543.0M | $561.0M | $2.18B | $560.0M | $276.0M | $384.0M |
| Interest income | — | $12.0M | $12.0M | $298.0M | $15.0M | $12.0M | $7.0M | $16.0M | $19.0M | $25.0M | $33.0M | $50.0M |
| Interest expense | $285.0M | $285.0M | $291.0M | $315.0M | $296.0M | $341.0M | $377.0M | $403.0M | $431.0M | $450.0M | $471.0M | $466.0M |
| Income before taxes | $1.94B | $555.0M | $280.0M | $404.0M | $1.86B | $582.0M | −$71.0M | $289.0M | $1.74B | $96.0M | −$214.0M | −$39.0M |
| Income taxes | $16.0M | −$17.0M | $17.0M | −$18.0M | $6.0M | $17.0M | $7.0M | −$14.0M | $8.0M | $5.0M | $613.0M | $10.0M |
| Net income | $1.92B | $537.0M | $258.0M | $422.0M | $1.85B | $565.0M | −$78.0M | $303.0M | $1.74B | $92.0M | −$214.0M | −$48.0M |
| EBITDA | $2.98B | $1.57B | $1.27B | $1.44B | $2.87B | $1.61B | $957.0M | $1.35B | $2.83B | $1.18B | $870.0M | $1.02B |
| EPS (diluted) | $1.43 | $0.41 | $0.20 | $0.34 | $1.43 | $0.35 | $0.13 | $0.14 | $1.27 | $0.11 | −$0.14 | −$0.07 |
| Gross margin | 45.1% | 25.7% | 36.1% | 26.7% | 46.2% | 38.6% | 35.2% | 35.4% | 45.5% | 34.3% | 31.5% | 32.7% |
| Operating margin | 26.3% | 12.8% | 9.8% | 11.6% | 27.9% | 14.8% | 9.3% | 9.4% | 27.6% | 9.7% | 5.1% | 7.1% |
| Net margin | 22.8% | 8.1% | 4.2% | 6.7% | 22.7% | 8.9% | −1.3% | 5.1% | 22.0% | 1.6% | −4.0% | −0.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CCL's financial statements (latest annual report filed January 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CCL financial results
In fiscal year 2025 (ended November 30, 2025), Carnival reported revenue of $26.6 billion, up 6.4% from the year before. It had net income of $2.8 billion (up 44.1%), a net profit margin of 10.4%. Diluted earnings per share came to $2.25. Over five years revenue grew at an average rate of 36.6% a year.
See the CCL stock overview for the latest quote and news, or the CCL chart for price history and technical indicators.
CCL income statement FAQ
What is Carnival's annual revenue?
Carnival reported total revenue of $26.6 billion for fiscal year 2025, which ended on November 30, 2025. That was up 6.4% from $25.0 billion the previous year.
Is Carnival profitable?
Yes. Carnival reported net income of $2.8 billion in fiscal 2025, a net profit margin of 10.4%; its operating margin was 16.8%.
What is Carnival's gross margin?
Carnival's gross margin was 29.6% in fiscal 2025: for every $100 of revenue, Carnival kept $30 after the direct cost of its products and services.
How fast is Carnival growing?
Revenue grew 36.6% a year on average over the last five fiscal years, from $5.6 billion to $26.6 billion.
What are Carnival's earnings per share?
Carnival earned $2.25 per diluted share in fiscal 2025, compared with $1.38 a year earlier.
When does Carnival's fiscal year end?
Carnival's fiscal year ends in November. The latest annual report covers the year ended November 30, 2025 and was filed on January 27, 2026.