SequelSEC

Carnival Corp Ltd. CCL

Water Transportation · CIK 0000815097 · Fiscal year ends 1130

AnnualQuarterlyTTM
Revenue
$8.44B
Fiscal year ended 2026-08-31
Operating income
$2.22B
Fiscal year ended 2026-08-31
Free cash flow
$712.00M
Fiscal year ended 2026-08-31

Valuation, from the filing

Public float$25.10BMarket value of stock held by non-affiliates, as stated on the cover page for 2025-05-31
Float per share$20.30Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself.
Float / net income9.1×A lower bound on the multiple, because affiliate holdings are excluded.
Float / revenue0.9×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity2.0×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-05-31, not today, and each multiple below it uses the figures for the fiscal year ending 2025-11-30 — the year that filing covered.

Valuation over time

9.1× earnings today, against a median of 7.8× across 6 years on record. Above its own history.

Float measuredPublic floatFloat / net income
2025-05-31$25.10B9.1×
2024-05-31$15.60B8.1×
2019-05-31$19.30B6.5×
2018-05-31$23.80B7.6×
2017-05-31$25.60B9.8×
2016-11-30$19.00B6.8×

Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.

How this compares in its industry

Percentile among the Water Transportation filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
SBC / revenue0.4%0th
Revenue YoY growth6.4%86th
Long-term debt / equity1.96x83th
FCF margin9.8%75th
Net margin10.4%29th
Effective tax rate0.4%33th
Current ratio0.32x38th
Operating margin16.8%57th
CapEx / revenue13.6%50th

Carnival Corp Ltd. (CCL) reported revenue of $8.44B and net income of $1.92B for the fiscal year ended 2026-08-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Carnival Corp Ltd.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Water Transportation.

Income

Carnival Corp Ltd. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-08-312026-05-312026-02-282025-11-302025-08-312025-05-312025-02-282024-11-302024-08-312024-05-31
Revenue$8.44B$6.66B$6.16B$6.33B$8.15B$6.33B$5.81B$5.94B$7.90B$5.78B
Cost of revenueUnavailableUnavailableUnavailableUnavailable$4.38B$3.89B$3.77B$3.83B$4.30B$3.80B
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable$3.59B$1.98B
Operating income$2.22B$851.00M$607.00M$735.00M$2.27B$934.00M$543.00M$561.00M$2.18B$560.00M
Net income$1.92B$537.00M$258.00M$422.00M$1.85B$565.00M-$78.00M$303.00M$1.74B$92.00M
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 1.37Bshares 1.39Bshares 1.39BUnavailableshares 1.40Bshares 1.40Bshares 1.31BUnavailableshares 1.40Bshares 1.27B
Pretax income$1.94B$555.00M$280.00M$395.00M$1.86B$585.00M-$68.00M$289.00M$1.74B$96.00M
Income tax expense$16.00M$17.00M$17.00M-$18.00M$6.00M$17.00M$7.00M-$14.00M$8.00M$5.00M
Diluted EPS$1.40$0.39$0.19Unavailable$1.33$0.42$-0.06Unavailable$1.26$0.07
Selling, general & administrative$834.00M$863.00M$924.00M$960.00M$779.00M$816.00M$848.00M$886.00M$763.00M$789.00M
General & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

Carnival Corp Ltd. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-08-312026-05-312026-02-282025-11-302025-08-312025-05-312025-02-282024-11-302024-08-312024-05-31
Cash & equivalents$1.22B$2.24B$1.42B$1.93B$1.76B$2.15B$833.00M$1.21B$1.52B$1.65B
Total assets$50.97B$52.23B$51.57B$51.69B$50.83B$51.16B$48.54B$49.06B$49.80B$49.60B
Current assets$3.42B$4.49B$3.72B$4.22B$3.87B$4.35B$2.98B$3.38B$3.63B$3.77B
Total liabilitiesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Current liabilities$12.48B$13.43B$12.42B$13.09B$11.44B$12.92B$11.58B$11.62B$12.26B$13.38B
Total equity incl. NCI$14.21B$12.98B$13.05B$12.28B$11.93B$10.01B$9.18B$9.25B$8.60B$6.81B
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Inventory$528.00M$552.00M$510.00M$505.00M$475.00M$476.00M$518.00M$507.00M$492.00M$509.00M
Accounts receivable$670.00M$633.00M$663.00M$678.00M$651.00M$569.00M$543.00M$590.00M$632.00M$494.00M
Goodwill$579.00M$579.00M$579.00M$579.00M$579.00M$579.00M$579.00M$579.00M$579.00M$579.00M
Long-term debt$21.88B$23.42B$23.79B$24.04B$25.06B$25.86B$25.49B$25.94B$26.64B$27.15B
Accounts payable$1.16B$1.25B$1.24B$1.24B$1.17B$1.20B$1.09B$1.13B$1.06B$1.06B

Cash flow

Carnival Corp Ltd. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-08-312026-05-312026-02-282025-11-302025-08-312025-05-312025-02-282024-11-302024-08-312024-05-31
Operating cash flow$1.41B$2.63B$1.26B$1.52B$1.38B$2.39B$925.00M$911.00M$1.20B$2.04B
Capital expenditures$698.00M$875.00M$566.00M$1.51B$647.00M$851.00M$607.00M$592.00M$577.00M$1.32B
Investing cash flow-$702.00M-$884.00M-$597.00M-$1.51B-$624.00M-$586.00M-$605.00M-$574.00M-$577.00M-$1.22B
Financing cash flow-$1.73B-$938.00M-$1.17B$166.00M-$1.14B-$521.00M-$690.00M-$631.00M-$770.00M-$1.42B
Net change in cash-$1.02B$804.00M-$501.00M$167.00M-$380.00M$1.32B-$376.00M-$311.00M-$126.00M-$605.00M
Stock-based compensation$23.00M$22.00M$28.00M$28.00M$25.00M$27.00M$18.00M$15.00M$17.00M$19.00M
Common dividends paid$204.00M$206.00M$208.00MUnavailable$0$0$0UnavailableUnavailableUnavailable
Common share repurchases$548.00MUnavailableUnavailableUnavailable$0UnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortization$754.00M$723.00M$696.00M$726.00M$717.00M$692.00M$654.00M$659.00M$651.00M$634.00M

Derived

Carnival Corp Ltd. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2026-08-312026-05-312026-02-282025-11-302025-08-312025-05-312025-02-282024-11-302024-08-312024-05-31
Free cash flow$712.00M$1.76B$697.00M$12.00M$736.00M$1.54B$318.00M$319.00M$628.00M$720.00M
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable45.5%34.3%
Operating margin26.3%12.8%9.8%11.6%27.9%14.8%9.3%9.4%27.6%9.7%
FCF margin8.4%26.3%11.3%0.2%9.0%24.4%5.5%5.4%8.0%12.5%
SBC / revenue0.3%0.3%0.5%0.4%0.3%0.4%0.3%0.3%0.2%0.3%
Current ratio0.27x0.33x0.30x0.32x0.34x0.34x0.26x0.29x0.30x0.28x
Revenue YoY growth3.5%5.3%6.1%6.6%3.3%9.5%7.5%10.0%15.2%17.7%
Net margin22.8%8.1%4.2%6.7%22.7%8.9%-1.3%5.1%22.0%1.6%
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenue8.3%13.1%9.2%23.8%7.9%13.4%10.4%10.0%7.3%22.8%
Long-term debt / equity1.54xUnavailableUnavailable1.96xUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rate0.8%3.1%6.1%-4.6%0.3%2.9%UnavailableUnavailable0.5%5.2%

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open CCL in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-09-29View SEC filing
10-Q · Filed 2026-06-26View SEC filing
10-Q · Filed 2026-03-27View SEC filing
10-K · Filed 2026-01-27View SEC filing
10-Q · Filed 2025-09-29View SEC filing
10-Q · Filed 2025-06-26View SEC filing

Companies in the same industry

EURK INSW KEX MATX NCLH OMEX RCL TDW

Reconciliation checks needing review

5 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.

gross profit bridgeinconsistent2025-08-31

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2025-05-31

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2025-02-28

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2024-11-30

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.

gross profit bridgeinconsistent2023-11-30

Withheld: gross profit could not be reconciled with the rest of this filer’s statement.