Free cash flow generation remains sensitive to capital intensity, as evidenced by a 2026Q2 free cash flow margin of 26.3% following a period where capital expenditures peaked at 39.5% of revenue in 2024Q1.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Cash from Operations | 6.79B | 6.22B | 5.92B | 4.28B | -1.67B | -4.11B | -6.3B | 5.47B | 5.55B | 5.32B | 5.13B | 4.54B | 3.43B | 2.83B | 3B | 3.77B | 3.82B | 3.34B | 3.39B | 4.07B | 3.63B | 3.41B | 3.22B | 1.93B | 1.47B | 1.24B | 1.28B | 1.33B | 1.09B | 877.58M | 741.52M |
| Operating CF Margin % | - | 23.36% | 23.67% | 19.83% | -13.72% | -215.36% | -112.64% | 26.29% | 29.39% | 30.39% | 31.33% | 28.92% | 21.59% | 18.34% | 19.5% | 23.85% | 26.39% | 24.83% | 22.69% | 31.22% | 30.69% | 30.74% | 33.06% | 28.77% | 33.52% | 27.24% | 33.75% | 37.89% | 36.28% | 35.86% | 33.51% |
| Operating CF Growth % | 127.89% | 4.98% | 38.36% | 356.35% | 59.36% | 34.79% | -215.09% | -1.33% | 4.27% | 3.66% | 12.96% | 32.51% | 21.03% | -5.5% | -20.37% | -1.36% | 14.24% | -1.44% | -16.66% | 12% | 6.54% | 6.03% | 66.37% | 31.58% | 18.57% | -3.17% | -3.77% | 21.79% | 24.41% | 18.35% | 26.28% |
| Net Income | 3.07B | 2.76B | 1.92B | -74M | -6.09B | -9.5B | -10.24B | 2.99B | 3.15B | 2.61B | 2.78B | 1.76B | 1.24B | 1.08B | 1.3B | 1.91B | 1.98B | 1.79B | 2.33B | 2.41B | 2.28B | 2.26B | 1.85B | 1.19B | 1.02B | 926.2M | 965.46M | 1.03B | 835.88M | 666.05M | 566.3M |
| Depreciation & Amortization | 2.86B | 2.79B | 2.56B | 2.37B | 2.27B | 2.23B | 2.24B | 2.16B | 2.02B | 1.85B | 1.74B | 1.63B | 1.64B | 1.59B | 1.53B | 1.52B | 1.42B | 1.31B | 1.25B | 1.1B | 988M | 902M | 812M | 585M | 382.34M | 372.22M | 287.67M | 243.66M | 200.67M | 167.29M | 144.99M |
| Stock-Based Compensation | 103M | 98M | 62M | 53M | 101M | 121M | 105M | 46M | 65M | 63M | 55M | 55M | 52M | 42M | 39M | 46M | 43M | 50M | 50M | 64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.63B | 4.61B | 26M | -43M | 357M | 45M | 568M | 273M | 154M | 180M | -1.91B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.95B | 715M | 428M | 407M | 884M | 449M | 170M | 41M | -6M | 51M | 73M | 40M | 35M | 35M | 61M | 1.96B | -15M | 37M | -37M | 26M | 87M | 57M | 37M | 28M | 162.93M | 101.79M | -8.1M | 80.13M | -60.38M | -64.92M | -31.69M |
| Working Capital Changes | -1.2B | -145M | 960M | 1.52B | 1.16B | 958M | -3.19B | 212M | 364M | 399M | 444M | 499M | 199M | -63M | -106M | 238M | 396M | 156M | -201M | 470M | 279M | 194M | 513M | 126M | -92.18M | -161.28M | 34.51M | -21.31M | 115.67M | 109.16M | 61.93M |
| Change in Receivables | -64M | -84M | -49M | -180M | -171M | -7M | -395M | -368M | -58M | 6M | -22M | 4M | 75M | -128M | -15M | 0 | 106M | 0 | 0 | -94M | 93M | -56M | 9M | -72M | -5.45M | -7.13M | -15.13M | -3.3M | 100K | -21.2M | -4.4M |
| Change in Inventory | -79M | 2M | 9M | -85M | -95M | -63M | 77M | 79M | -67M | -49M | 1M | 5M | 1M | 19M | -16M | -54M | -12M | 10M | -8M | -57M | -5M | -15M | -73M | -17M | 1.67M | 8.46M | -8.21M | -8.57M | -3.91M | -1.69M | -4.46M |
| Change in Payables | 67M | 61M | -26M | 77M | 283M | 206M | -165M | 34M | -24M | 21M | 109M | 36M | 9M | 79M | -24M | 67M | -36M | 74M | -66M | 86M | -42M | 66M | -22M | 34M | -12.01M | -63.23M | 58.13M | 27.3M | 18.8M | 22M | -5.5M |
| Cash from Investing | -3.61B | -3.32B | -4.54B | -2.81B | -4.77B | -3.54B | -3.24B | -5.28B | -3.51B | -3.09B | -3.32B | -2.48B | -2.51B | -2.06B | -1.77B | -2.65B | -3.5B | -3.38B | -3.25B | -3.75B | -2.44B | -1.97B | -3.09B | -2.33B | -2.02B | -341.92M | -1.29B | -910.38M | -1.32B | -454.9M | -819.23M |
| Capital Expenditures | -3.59B | -3.61B | -4.63B | -3.28B | -4.94B | -3.61B | -3.62B | -5.43B | -3.75B | -2.94B | -3.06B | -2.29B | -2.58B | -2.15B | -2.33B | -2.7B | -3.58B | -3.38B | -3.35B | -3.31B | -2.48B | -1.98B | -3.59B | -2.52B | -1.99B | -826.57M | -1.05B | -872.98M | -1.15B | -497.66M | -901.9M |
| CapEx % of Revenue | 13.16% | 13.56% | 18.49% | 15.21% | 40.59% | 189.05% | 64.71% | 26.07% | 19.86% | 16.81% | 18.68% | 14.6% | 16.26% | 13.9% | 15.16% | 17.07% | 24.74% | 25.11% | 22.43% | 25.41% | 20.95% | 17.82% | 36.87% | 37.45% | 45.32% | 18.17% | 27.82% | 24.88% | 38.23% | 20.33% | 40.76% |
| Acquisitions | 11M | 0 | 0 | 0 | -1M | -90M | -81M | 26M | -135M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33M | 0 | -339M | 46M | 0 | 77M | 0 | 0 | 0 | -383.64M | -54.72M | -242.87M | 17.04M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -28M | 290M | 91M | 474M | -26M | 351M | 127M | 158M | 428M | 58M | 30M | 35M | 76M | 93M | 560M | 50M | 78M | 31M | 91M | -75M | 3M | -1M | -24M | 141M | -35.78M | -46.57M | 146.31M | 30.57M | 68.18M | 61.34M | 44.97M |
| Cash from Financing | -3.08B | -2.19B | -2.58B | -5.09B | 3.58B | 6.95B | 18.65B | -655M | -1.46B | -2.45B | -2.59B | -942M | -1.03B | -780M | -1.19B | -1.09B | -404M | -93M | -315M | -604M | -1.21B | -892M | -79M | 826M | -198.37M | 337.15M | -320M | -34.85M | 226.5M | -394.32M | 135.97M |
| Debt Issued (Net) | -1.85B | -1.93B | -2.34B | -4.9B | 2.54B | 7.09B | 16.25B | 1.42B | 1.4B | -789M | 711M | 170M | -223M | 479M | -330M | 4M | -192M | 155M | 1.04B | 668M | 365M | -2M | 183M | 1.08B | 42M | 603M | 631.66M | -557M | 397.81M | -269.02M | 236.12M |
| Equity Issued (Net) | 0 | 0 | 0 | 5M | 1.18B | -188M | 3.24B | -599M | -1.47B | -552M | -2.3B | -269M | 0 | -103M | -90M | -454M | 21M | 8M | -83M | -326M | -775M | -323M | 142M | 53M | 7M | 5M | -697.33M | 741.6M | 11.4M | 5.16M | 3.73M |
| Dividends Paid | -414M | 0 | 0 | 0 | 0 | 0 | -689M | -1.39B | -1.35B | -1.09B | -977M | -816M | -776M | -1.16B | -779M | -671M | -237M | -314M | -1.26B | -990M | -803M | -566M | -400M | -292M | -246.32M | -245.84M | -254.33M | -219.18M | -178.46M | -130.46M | -103.88M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -188M | -12M | -603M | -1.47B | -552M | -2.34B | -533M | 0 | -138M | -90M | -454M | -524M | -188M | -83M | -326M | -841M | -386M | 0 | 0 | 0 | 0 | -705.14M | -25K | -1K | 0 | 0 |
| Other Financing | -818M | -261M | -243M | -195M | -147M | 51M | -149M | -87M | -43M | -24M | -25M | -27M | -29M | 8M | 9M | 28M | 4M | 58M | -13M | 44M | 1M | -1M | -4M | -15M | -1.04M | -25M | 0 | -267K | -4.25M | 0 | 0 |
| Net Change in Cash | 88M | 718M | -1.2B | -3.6B | -2.94B | -716M | 9.16B | -466M | 574M | -208M | -792M | 1.06B | -131M | -3M | 15M | 21M | -109M | -112M | -293M | -220M | -15M | 535M | 33M | 403M | -754.6M | 1.23B | -332.49M | 384.5M | -2.72M | 28.36M | 58.26M |
| Free Cash Flow | 3.2B | 2.61B | 1.3B | 997M | -6.61B | -7.72B | -9.92B | 46M | 1.8B | 2.38B | 2.07B | 2.25B | 847M | 685M | 667M | 1.07B | 239M | -38M | 38M | 757M | 1.15B | 1.43B | -370M | -583M | -517.45M | 412.37M | 224.84M | 456.74M | -58.57M | 379.92M | -160.38M |
| FCF Margin % | 11.72% | 9.79% | 5.18% | 4.62% | -54.32% | -404.4% | -177.35% | 0.22% | 9.53% | 13.58% | 12.64% | 14.32% | 5.33% | 4.43% | 4.34% | 6.78% | 1.65% | -0.28% | 0.25% | 5.81% | 9.74% | 12.92% | -3.8% | -8.68% | -11.81% | 9.06% | 5.93% | 13.02% | -1.95% | 15.52% | -7.25% |
| FCF Growth % | 14.04% | 101% | 30.09% | 115.08% | 14.33% | 22.23% | -21667.39% | -97.44% | -24.31% | 14.77% | -7.95% | 165.76% | 23.65% | 2.7% | -37.66% | 347.7% | 728.95% | -200% | -94.98% | -34.35% | -19.54% | 487.3% | 36.54% | -12.67% | -225.48% | 83.41% | -50.77% | 879.78% | -115.42% | 336.89% | -255.25% |
| FCF per Share | 2.31 | 1.86 | 0.93 | 0.79 | -5.60 | -6.87 | -12.80 | 0.07 | 2.54 | 3.28 | 2.77 | 2.89 | 1.09 | 0.88 | 0.86 | 1.36 | 0.30 | -0.05 | 0.05 | 0.91 | 1.40 | 1.72 | -0.45 | -0.80 | -0.86 | 0.70 | 0.37 | 0.74 | -0.10 | 0.66 | -0.28 |
| FCF Conversion (FCF/Net Income) | 1.04x | 2.25x | 3.09x | -57.85x | 0.27x | 0.43x | 0.62x | 1.83x | 1.76x | 2.04x | 1.85x | 2.59x | 2.82x | 2.69x | 2.31x | 1.97x | 1.93x | 1.87x | 1.46x | 1.69x | 1.59x | 1.51x | 1.73x | 1.63x | 1.45x | 1.34x | 1.33x | 1.29x | 1.31x | 1.32x | 1.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt service burden
Based on reported financial statements, CCL's operating cash flow to net income ratio has exhibited extreme volatility, ranging from -11.86 to 22.16, suggesting that accounting net income is a poor proxy for the company's actual ability to generate cash during peak and off-peak seasonal cycles.
The significant divergence between net income and operating cash flow highlights the heavy influence of non-cash depreciation and working capital swings inherent in the cruise model. Investors should monitor whether the company can achieve a more consistent conversion ratio as the fleet modernization program matures and seasonal booking patterns stabilize.
As indicated by recent quarterly data, CCL's free cash flow margin reached a peak of 26.3% in 2026Q2, yet this metric remains highly sensitive to the timing of capital expenditures and seasonal revenue inflows, reflecting a business model that is still transitioning toward sustainable, long-term cash generation.
While the trajectory of free cash flow appears to be improving, the reliance on high-margin onboard revenue to offset fixed costs remains a critical dependency. The volatility in FCF margins suggests that any disruption to the booking curve could quickly reverse recent gains in cash flow efficiency.
According to the provided cash flow data, CCL's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 39.5% in 2024Q1, which underscores the massive ongoing investment required to maintain a competitive, fuel-efficient fleet in a capital-intensive industry.
The high level of maintenance and growth capex suggests that a substantial portion of operating cash flow is immediately recycled back into the fleet, limiting the immediate availability of free cash for debt reduction. Analysts should scrutinize whether these capital outlays are effectively driving the expected improvements in net yields.
Based on the reported working capital changes, CCL experiences massive quarterly swings in cash flow, with fluctuations as large as $1.4B, which are primarily driven by the timing of customer deposits and the seasonal nature of advance ticket sales within the global cruise market.
These working capital dynamics act as a double-edged sword, providing essential liquidity during peak booking periods while creating significant cash outflows during off-peak cycles. The reliance on these deposits necessitates a disciplined approach to cash management to ensure that the company can meet its fixed obligations during seasonal troughs.
Quick answers to the most common questions about buying CCL stock.
Carnival Corporation & plc (CCL) generated $6.22B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Carnival Corporation & plc (CCL) generated $2.61B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Carnival Corporation & plc (CCL) spent $3.61B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.