Carnival

Consumer Discretionary Hotels, Resorts & Cruise Lines Miami, Florida Last filing Jan 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$26.6B
                    3y CAGR +29.8%
                    
                    P98
                    
                    +6.4%
                    
                    Net income
                    FY2025
                
$2.8B
                    Net margin +10.4%
                    
                    P56
                    
                    +44.1%
                    
                    Total assets
                    FY2025
                
$51.7B
                    ROA +5.3%
                    
                    P32
                    
                    +5.4%
                    
                    Operating cash flow
                    FY2025
                
$6.2B
                    FCF margin +9.8%
                    
                    P55
                    
                    +5.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 3 years

Total assets $51.7B

Total liabilities $13.1B

Shareholders equity $12.3B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	3.8%	2.5%	5.0%
Accounts Receivable	1.3%	—	—
Inventory	1.0%	—	—
Prepaid Expenses	2.1%	—	—
Other Current Assets	2.1%	2.2%	3.6%
Total Current Assets	8.2%	6.9%	10.7%
Property,Plant and Equipment	84.1%	—	—
Operating Lease Assets	2.6%	—	—
Goodwill	1.1%	1.2%	1.2%
Intangible Assets	2.3%	—	—
Other Noncurrent Assets	1.7%	1.6%	1.5%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.4%	2.3%	2.4%
Accrued Liabilities	4.3%	—	—
Deferred Revenue	13.2%	—	—
Current Portion of Long Term Debt	5.0%	—	—
Operating Lease Liabilities	0.3%	—	—
Other Current Liabilities	2.1%	—	—
Total Current Liabilities	25.3%	23.7%	23.4%
Long Term Debt	46.5%	—	—
Operating Lease Liabilities Noncurrent	2.3%	—	—
Other Noncurrent Liabilities	2.1%	2.1%	2.2%
Total Liabilities	25.3%	—	—
Equity
Preferred Stock	0.0%	0.1%	0.1%
Common Stock	0.0%	—	—
Additional Paid In Capital	33.4%	35.0%	34.0%
Retained Earnings	9.3%	—	—
Treasury Stock	16.2%	—	—
Accumulated Other Comprehensive Income	-3.5%	—	—
Total Stockholders Equity	23.8%	—	—
Total Liabilitiesand Equity	100.0%	—	—

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $26.6B

Operating income $4.5B

Net income $2.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	51.5%	—	—
Expenses Selling,General and Administrative	6.6%	—	—
Expenses Depreciation and Amortization	5.4%	—	—
Expenses Share Based Compensation	0.2%	—	—
Expenses Restructuring and Asset Impairment	0.0%	—	—
Expenses Operating Expenses	30.9%	—	—
Other Income Expense Operating Income	8.7%	—	—
Other Income Expense Interest Income	0.1%	—	—
Other Income Expense Other Income/expense	-0.0%	—	—
Other Income Expense Income Before Tax	5.4%	—	—
Income Tax Income Tax Expense	0.0%	—	—
net Income net Income	5.3%	—	—
net Income Comprehensive Income	5.7%	—	—
Earnings Per Share Basic Eps	0.0%	0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	-0.0%
Earnings Per Share Weighted Average Shares Basic	2.5%	2.6%	2.6%
Earnings Per Share Weighted Average Shares Diluted	2.7%	2.8%	2.6%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 3 years

Operating cash flow $6.2B

Investing cash flow $-3.3B

Financing cash flow $-2.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	5.3%	3.9%	-0.2%
Operating Activities Depreciation and Amortization	5.4%	5.2%	4.8%
Operating Activities Stock Based Compensation	0.2%	—	—
Operating Activities Deferred Income Taxes	0.0%	—	—
Operating Activities Changes In Operating Assets and Liabilities	0.7%	—	—
Operating Activities Other Non Cash Items	0.1%	—	—
Operating Activities net Cash From Operating Activities	12.0%	12.1%	8.7%
Investing Activities Capital Expenditures	7.0%	—	—
Investing Activities Other Investing Activities	-0.1%	-0.1%	-0.3%
Investing Activities net Cash From Investing Activities	-6.4%	-9.2%	-5.7%
Financing Activities Proceeds From Debt	21.6%	6.3%	6.0%
Financing Activities Repayment of Debt	0.0%	11.1%	15.6%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-4.2%	-5.3%	-10.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	1.4%	-2.5%	-7.3%
Cash Reconciliation Cash At Beginning of Period	3.8%	—	—
Cash Reconciliation Cash At End of Period	3.8%	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	+37.5%	+33.7%
Operating margin	+16.8%	+14.3%	+9.1%
Net margin	+10.4%	+7.7%	-0.3%
FCF margin	+9.8%	+5.2%	+4.6%
Growth
Revenue CAGR (3y)	+29.8%	+135.8%	+56.9%
Returns
ROE	+22.5%	+20.7%	-1.1%
ROA	+5.3%	+3.9%	-0.2%
ROIC	+12.1%	+10.1%	+5.6%
Liquidity
Current ratio	0.32x	0.29x	0.46x
Quick ratio	0.20x	—	—
Leverage
D/E	1.07x	4.30x	6.14x
Interest coverage	—	—	0.95x
Efficiency
Asset turnover	0.52x	0.51x	0.44x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Carnival

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