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%
                    
                    P60
                    
                    +44.1%
                    
                    Total assets
                    FY2025
                
$51.7B
                    ROA +5.3%
                    
                    P36
                    
                    +5.4%
                    
                    Operating cash flow
                    FY2025
                
$6.2B
                    FCF margin +9.8%
                    
                    P59
                    
                    +5.0%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

26 accounts · 3 years

Total assets $51.7B

Total liabilities ~$39.4B

Shareholders equity $12.3B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$1.9B 59.3%	$1.2B -49.9%	$2.4B
Accounts Receivable	$678.0M 14.9%	$590.0M 6.1%	$556.0M
Inventory	$505.0M -0.4%	$507.0M -4.0%	$528.0M
Prepaid Expenses	$1.1B 3.6%	$1.1B -39.4%	$1.8B
Total Current Assets	$4.2B 24.9%	$3.4B -35.9%	$5.3B
Property,Plant and Equipment	$43.5B 4.1%	$41.8B 4.2%	$40.1B
Operating Lease Assets	$1.3B -2.9%	$1.4B 8.1%	$1.3B
Goodwill	$579.0M 0.0%	$579.0M 0.0%	$579.0M
Intangible Assets	$1.2B 1.2%	$1.2B -0.5%	$1.2B
Other Noncurrent Assets	$890.0M 14.8%	$775.0M 6.9%	$725.0M
Total Assets	$51.7B 5.4%	$49.1B -0.1%	$49.1B
Liabilities
Accounts Payable	$1.2B 9.9%	$1.1B -3.0%	$1.2B
Accrued Liabilities	$2.2B -5.0%	$2.4B 17.7%	$2.0B
Deferred Revenue	$6.8B 6.3%	$6.4B 5.8%	$6.1B
Current Portion of Long Term Debt	$2.6B 69.2%	$1.5B -26.4%	$2.1B
Operating Lease Liabilities	$175.0M 7.4%	$163.0M 9.4%	$149.0M
Total Current Liabilities	$13.1B 12.7%	$11.6B 1.2%	$11.5B
Long Term Debt	$24.0B -7.3%	$25.9B -8.9%	$28.5B
Operating Lease Liabilities Noncurrent	$1.2B -4.9%	$1.2B 5.9%	$1.2B
Other Noncurrent Liabilities	$1.1B 8.4%	$1.0B -8.4%	$1.1B
Equity
Additional Paid In Capital	$17.3B 0.7%	$17.2B 2.7%	$16.7B
Retained Earnings	$4.8B 129.3%	$2.1B 1035.7%	$185.0M
Treasury Stock	$8.4B -0.5%	$8.4B -0.5%	$8.4B
Accumulated Other Comprehensive Income	$-1.8B 8.4%	$-2.0B -1.9%	$-1.9B
Total Stockholders Equity	$12.3B 32.8%	$9.3B 34.4%	$6.9B
Total Liabilitiesand Equity	$51.7B 5.4%	$49.1B -0.1%	$49.1B

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $26.6B

Operating income $4.5B

Net income $2.8B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$26.6B 6.4%	$25.0B 15.9%	$21.6B
Expenses Selling,General and Administrative	$3.4B 4.6%	$3.3B 10.2%	$3.0B
Expenses Depreciation and Amortization	$2.8B 9.1%	$2.6B 7.9%	$2.4B
Expenses Other Operating Expenses	$15.9B 2.0%	$15.6B 9.2%	$14.3B
Other Income Expense Operating Income	$4.5B 25.4%	$3.6B 82.7%	$2.0B
Other Income Expense Interest Income	$51.0M -45.2%	$93.0M -60.1%	$233.0M
Other Income Expense Interest Expense	$1.3B -23.1%	$1.8B -15.1%	$2.1B
Other Income Expense Other Income/expense	$-413.0M -10425.0%	$4.0M 102.2%	$-186.0M
Other Income Expense Income Before Tax	$2.8B 44.8%	$1.9B 3188.7%	$-62.0M
Income Tax Income Tax Expense	$12.0M 1300.0%	$-1.0M -107.7%	$13.0M
net Income net Income	$2.8B 44.1%	$1.9B 2689.2%	$-74.0M
net Income Comprehensive Income	$2.9B 55.7%	$1.9B 6363.3%	$-30.0M
Earnings Per Share Basic Eps	$2 40.0%	$2 2600.0%	$-0
Earnings Per Share Diluted Eps	$2 40.3%	$1 2500.0%	$-0

Cash Flow Statement

Operating, investing, and financing flows

15 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	$2.8B 44.1%	$1.9B 2689.2%	$-74.0M
Operating Activities Depreciation and Amortization	$2.8B 9.1%	$2.6B 7.9%	$2.4B
Operating Activities Stock Based Compensation	$98.0M 58.1%	$62.0M 17.0%	$53.0M
Operating Activities Changes In Operating Assets and Liabilities	$-145.0M -115.1%	$960.0M -37.0%	$1.5B
Operating Activities Other Non Cash Items	$7.1B 31.3%	$5.4B 70.5%	$3.2B
Operating Activities net Cash From Operating Activities	$6.2B 5.0%	$5.9B 38.4%	$4.3B
Investing Activities Capital Expenditures	$-3.6B 21.9%	$-4.6B -40.9%	$-3.3B
Investing Activities Other Investing Activities	$290.0M 215.2%	$92.0M -80.6%	$474.0M
Investing Activities net Cash From Investing Activities	$-3.3B 26.8%	$-4.5B -61.4%	$-2.8B
Financing Activities Proceeds From Debt	$11.2B 260.3%	$3.1B 4.5%	$3.0B
Financing Activities Repayment of Debt	$-13.2B -141.2%	$-5.5B 31.0%	$-7.9B
Financing Activities Other Financing Activities	$-132.0M 34.7%	$-202.0M -82.0%	$-111.0M
Financing Activities net Cash From Financing Activities	$-2.2B 15.3%	$-2.6B 49.2%	$-5.1B
Cash Reconciliation Effect of Exchange Rate On Cash	$19.0M 337.5%	$-8.0M -147.1%	$17.0M
Cash Reconciliation net Change In Cash	$727.0M 160.4%	$-1.2B 66.6%	$-3.6B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
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	0.15x	0.26x
Leverage
D/E	3.21x	4.30x	6.14x
Interest coverage	3.32x	2.04x	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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