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 revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $51.7B

Total liabilities $13.1B

Shareholders equity $12.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	7.4%	4.9%	11.3%	49.6%	470.4%	173.2%	2.5%	5.3%	2.4%	4.0%
Accounts Receivable	2.5%	—	—	—	—	—	2.1%	—	—	—
Inventory	1.9%	—	—	—	—	—	2.1%	—	—	—
Prepaid Expenses	4.2%	—	—	—	—	—	3.2%	—	—	—
Other Current Assets	4.2%	4.3%	8.2%	5.4%	19.9%	7.9%	3.2%	2.3%	2.9%	2.8%
Total Current Assets	15.8%	13.5%	24.4%	61.6%	531.1%	188.8%	9.9%	11.8%	9.1%	10.3%
Property,Plant and Equipment	163.4%	—	—	—	—	—	183.1%	—	—	—
Operating Lease Assets	5.0%	—	—	—	—	—	—	—	—	—
Goodwill	2.2%	2.3%	2.7%	4.8%	30.3%	14.4%	14.0%	15.5%	16.9%	17.8%
Intangible Assets	4.4%	—	—	—	—	—	5.6%	—	—	—
Other Noncurrent Assets	3.3%	3.1%	3.4%	20.7%	105.4%	28.5%	3.8%	3.9%	3.3%	3.5%
Total Assets	194.2%	196.1%	227.5%	424.9%	2795.8%	957.9%	216.4%	224.6%	232.9%	237.2%
Liabilities
Accounts Payable	4.7%	4.5%	5.4%	8.6%	41.8%	11.2%	3.6%	3.9%	4.4%	4.4%
Accrued Liabilities	8.4%	—	—	—	—	—	8.7%	—	—	—
Deferred Revenue	25.7%	—	—	—	—	—	22.7%	—	—	—
Current Portion of Long Term Debt	9.8%	—	—	—	—	—	7.7%	—	—	—
Operating Lease Liabilities	0.7%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	4.1%	—	—	—	—	—	4.3%	—	—	—
Total Current Liabilities	49.2%	46.4%	53.2%	87.2%	545.5%	155.2%	43.8%	48.7%	50.3%	43.2%
Long Term Debt	90.3%	—	—	—	—	—	46.5%	—	—	—
Operating Lease Liabilities Noncurrent	4.4%	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	4.1%	4.0%	5.1%	7.3%	54.7%	17.0%	4.3%	4.5%	4.4%	5.6%
Total Liabilities	49.2%	—	—	—	—	—	43.8%	—	—	—
Equity
Preferred Stock	0.0%	0.2%	0.2%	0.3%	2.1%	0.7%	0.2%	0.2%	—	—
Common Stock	0.0%	—	—	—	—	—	0.0%	—	—	—
Additional Paid In Capital	64.9%	68.6%	77.4%	138.7%	801.5%	249.3%	42.3%	46.4%	49.6%	52.7%
Retained Earnings	18.1%	—	—	—	—	—	128.0%	—	—	—
Treasury Stock	31.4%	—	—	—	443.7%	150.2%	40.3%	41.3%	36.3%	35.3%
Accumulated Other Comprehensive Income	-6.8%	—	—	—	—	—	-9.9%	—	—	—
Total Stockholders Equity	46.1%	—	—	—	—	—	121.8%	—	—	—
Total Liabilitiesand Equity	194.2%	—	—	—	—	—	216.4%	—	—	—

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $26.6B

Operating income $4.5B

Net income $2.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	—	—	—	—	—	100.0%	—	—	—
Expenses Selling,General and Administrative	12.8%	—	—	—	—	—	11.9%	—	—	—
Expenses Depreciation and Amortization	10.5%	—	—	—	—	—	10.4%	—	—	—
Expenses Share Based Compensation	0.4%	—	—	—	—	—	0.2%	—	—	—
Expenses Restructuring and Asset Impairment	0.0%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	59.9%	—	—	—	—	—	84.3%	—	—	—
Other Income Expense Operating Income	16.8%	—	—	—	—	—	15.7%	—	—	—
Other Income Expense Interest Income	0.2%	—	—	—	—	—	0.1%	—	—	—
Other Income Expense Other Income/expense	-0.0%	—	—	—	—	—	-0.2%	—	—	—
Other Income Expense Income Before Tax	10.4%	—	—	—	—	—	14.7%	—	—	—
Income Tax Income Tax Expense	0.0%	—	—	—	—	—	0.3%	—	—	—
net Income net Income	10.4%	—	—	—	—	—	14.4%	—	—	—
net Income Comprehensive Income	11.0%	—	—	—	—	—	13.8%	—	—	—
Earnings Per Share Basic Eps	0.0%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.9%	5.1%	5.8%	9.7%	58.9%	13.9%	3.3%	3.8%	4.1%	4.5%
Earnings Per Share Weighted Average Shares Diluted	5.3%	5.6%	5.8%	9.7%	58.9%	13.9%	3.3%	3.8%	4.1%	4.6%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 10 years

Operating cash flow $6.2B

Investing cash flow $-3.3B

Financing cash flow $-2.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	10.4%	7.7%	-0.3%	-50.1%	-498.0%	-182.9%	14.4%	16.7%	14.9%	17.0%
Operating Activities Depreciation and Amortization	10.5%	10.2%	11.0%	18.7%	117.0%	40.1%	10.4%	10.7%	10.5%	10.6%
Operating Activities Stock Based Compensation	0.4%	—	—	—	—	—	0.2%	—	—	—
Operating Activities Deferred Income Taxes	0.0%	—	—	—	—	—	0.3%	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	1.4%	—	—	—	—	—	1.6%	—	—	—
Operating Activities Other Non Cash Items	0.2%	—	—	-0.5%	-7.2%	1.0%	0.4%	0.0%	-0.3%	-0.4%
Operating Activities net Cash From Operating Activities	23.4%	23.7%	19.8%	-13.7%	-215.4%	-112.6%	26.3%	29.4%	30.4%	31.3%
Investing Activities Capital Expenditures	13.6%	—	—	—	—	—	26.1%	—	—	—
Investing Activities Other Investing Activities	-0.3%	-0.1%	-0.6%	0.8%	-0.2%	-2.3%	-0.6%	0.1%	-0.1%	-0.0%
Investing Activities net Cash From Investing Activities	-12.5%	-18.1%	-13.0%	-39.2%	-185.7%	-57.9%	-25.3%	-18.6%	-17.8%	-20.3%
Financing Activities Proceeds From Debt	41.9%	12.4%	13.7%	59.2%	683.5%	268.5%	17.6%	13.5%	2.7%	9.4%
Financing Activities Repayment of Debt	0.0%	21.7%	35.5%	17.1%	312.2%	29.0%	7.9%	8.2%	7.0%	7.8%
Financing Activities Other Financing Activities	0.0%	0.0%	0.1%	-0.0%	-0.4%	-2.7%	-0.4%	-0.2%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-8.2%	-10.3%	-23.6%	29.4%	364.2%	333.3%	-3.1%	-7.7%	-14.0%	-15.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.0%	0.1%	-0.6%	-0.7%	0.9%	-0.0%	-0.0%	0.1%	—
Cash Reconciliation net Change In Cash	2.7%	-4.8%	-16.7%	-24.2%	-37.5%	163.7%	-2.2%	3.0%	-1.4%	—
Cash Reconciliation Cash At Beginning of Period	7.4%	—	—	—	—	—	2.5%	—	—	—
Cash Reconciliation Cash At End of Period	7.4%	—	—	—	—	—	2.5%	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	+37.5%	+33.7%	+3.4%	-144.0%	—	+38.0%	+41.3%	+40.0%	+42.7%
Operating margin	+16.8%	+14.3%	+9.1%	-36.0%	-371.5%	-158.4%	+15.7%	+17.6%	+16.0%	+18.7%
Net margin	+10.4%	+7.7%	-0.3%	-50.1%	-498.0%	-182.9%	+14.4%	+16.7%	+14.9%	+17.0%
FCF margin	+9.8%	+5.2%	+4.6%	-54.3%	-404.4%	-177.3%	+0.2%	+9.5%	+13.6%	+12.6%
Growth
Revenue CAGR (3y)	+29.8%	+135.8%	+56.9%	-16.4%	-53.4%	-31.6%	+8.3%	+6.3%	+3.3%	—
Returns
ROE	+22.5%	+20.7%	-1.1%	-86.2%	-78.2%	-49.8%	+11.8%	+12.9%	+10.8%	+12.3%
ROA	+5.3%	+3.9%	-0.2%	-11.8%	-17.8%	-19.1%	+6.6%	+7.4%	+6.4%	+7.1%
ROIC	+12.1%	+10.1%	+5.6%	-12.4%	-21.1%	-25.5%	+8.9%	+9.9%	+8.4%	+9.9%
Liquidity
Current ratio	0.32x	0.29x	0.46x	0.71x	0.97x	1.22x	0.23x	0.24x	0.18x	0.24x
Quick ratio	0.20x	—	—	—	—	—	0.11x	—	—	—
Leverage
D/E	1.07x	4.30x	6.14x	6.32x	3.39x	1.61x	0.36x	0.73x	0.68x	0.72x
Interest coverage	—	—	0.95x	-2.72x	-4.43x	-9.91x	15.90x	17.14x	14.19x	13.77x
Efficiency
Asset turnover	0.52x	0.51x	0.44x	0.24x	0.04x	0.10x	0.46x	0.45x	0.43x	0.42x
Cash conversion cycle	—	—	—	—	—	—	-2d	—	—	—

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Carnival

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