Revenue growth has decelerated to 5.3% in 2026Q2 from 22.0% in 2024Q1, while structural margin volatility remains evident with gross margins fluctuating between 25.7% and 46.2% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 27.31B | 26.62B | 25.02B | 21.59B | 12.17B | 1.91B | 5.59B | 20.82B | 18.88B | 17.51B | 16.39B | 15.71B | 15.88B | 15.46B | 15.38B | 15.79B | 14.47B | 13.46B | 14.95B | 13.03B | 11.84B | 11.09B | 9.73B | 6.72B | 4.38B | 4.55B | 3.79B | 3.51B | 3.01B | 2.45B | 2.21B |
| Revenue Growth % | 5.16% | 6.4% | 15.88% | 77.44% | 537.79% | -65.89% | -73.14% | 10.3% | 7.82% | 6.84% | 4.3% | -1.07% | 2.77% | 0.48% | -2.6% | 9.15% | 7.5% | -9.95% | 14.69% | 10.09% | 6.72% | 14.05% | 44.79% | 53.27% | -3.65% | 19.99% | 8.04% | 16.61% | 22.96% | 10.62% | 10.73% |
| Cost of Goods Sold | 17.91B | 18.74B | 15.64B | 14.32B | 11.76B | 4.66B | 8.24B | 12.91B | 11.09B | 10.5B | 9.38B | 9.45B | 10.42B | 10.64B | 10.32B | 10.3B | 9.09B | 8.41B | 9.34B | 7.63B | 6.79B | 6.22B | 5.46B | 3.82B | 2.33B | 2.48B | 2.81B | 2.49B | 1.62B | 1.32B | 1.24B |
| COGS % of Revenue | - | 70.38% | 62.5% | 66.3% | 96.61% | 243.97% | 147.39% | 61.99% | 58.73% | 59.97% | 57.25% | 60.12% | 65.61% | 68.87% | 67.09% | 65.21% | 62.84% | 62.46% | 62.49% | 58.53% | 57.36% | 56.05% | 56.1% | 56.83% | 53.16% | 54.56% | 74.07% | 70.93% | 53.81% | 54.04% | 56.1% |
| Gross Profit | 9.4B | 7.88B | 9.38B | 7.28B | 412M | -2.75B | -2.65B | 7.92B | 7.79B | 7.01B | 7.01B | 6.27B | 5.46B | 4.81B | 5.06B | 5.49B | 5.38B | 5.05B | 5.61B | 5.41B | 5.05B | 4.88B | 4.27B | 2.9B | 2.05B | 2.07B | 983M | 1.02B | 1.39B | 1.12B | 971.3M |
| Gross Margin % | 34.43% | 29.62% | 37.5% | 33.7% | 3.39% | -143.97% | -47.39% | 38.01% | 41.27% | 40.03% | 42.75% | 39.88% | 34.39% | 31.13% | 32.91% | 34.79% | 37.16% | 37.54% | 37.51% | 41.47% | 42.64% | 43.95% | 43.9% | 43.17% | 46.84% | 45.44% | 25.93% | 29.07% | 46.19% | 45.96% | 43.9% |
| Gross Profit Growth % | - | -15.96% | 28.96% | 1666.02% | 115% | -3.62% | -133.49% | 1.6% | 11.16% | 0.04% | 11.79% | 14.72% | 13.55% | -4.96% | -7.86% | 2.18% | 6.41% | -9.88% | 3.74% | 7.07% | 3.53% | 14.19% | 47.24% | 41.26% | -0.68% | 110.27% | -3.63% | -26.61% | 23.57% | 15.8% | 12.03% |
| Operating Expenses | 4.94B | 3.4B | 5.81B | 5.32B | 4.79B | 4.34B | 6.21B | 4.64B | 4.47B | 4.2B | 3.94B | 3.69B | 3.69B | 3.48B | 3.42B | 3.24B | 3.03B | 2.9B | 2.88B | 2.68B | 2.44B | 2.24B | 2.1B | 1.52B | 1.02B | 1.18B | 0 | 0 | 493.4M | 410.73M | 373.88M |
| OpEx % of Revenue | - | 12.78% | 23.22% | 24.64% | 39.37% | 227.57% | 111.08% | 22.28% | 23.65% | 23.99% | 24.01% | 23.5% | 23.24% | 22.53% | 22.23% | 20.51% | 20.94% | 21.54% | 19.25% | 20.56% | 20.57% | 20.16% | 21.56% | 22.69% | 23.18% | 25.83% | - | - | 16.4% | 16.78% | 16.9% |
| Selling, General & Admin | 3.52B | 3.4B | 3.25B | 2.95B | 2.52B | 1.89B | 1.88B | 2.48B | 2.45B | 2.27B | 2.2B | 2.07B | 2.05B | 1.88B | 1.72B | 1.72B | 1.61B | 1.59B | 1.63B | 1.58B | 1.45B | 1.33B | 1.28B | 932M | 609M | 619M | 487.4M | 447.2M | 369.47M | 296.53M | 274.86M |
| SG&A % of Revenue | - | 12.78% | 13% | 13.66% | 20.67% | 98.79% | 33.57% | 11.91% | 12.98% | 12.94% | 13.41% | 13.15% | 12.93% | 12.16% | 11.18% | 10.87% | 11.15% | 11.81% | 10.9% | 12.12% | 12.22% | 12.03% | 13.21% | 13.87% | 13.89% | 13.61% | 12.86% | 12.74% | 12.28% | 12.12% | 12.42% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 2.56B | 2.37B | 2.28B | 2.46B | 4.34B | 2.16B | 2.02B | 1.94B | 1.74B | 1.63B | 1.64B | 1.6B | 1.7B | 1.52B | 1.42B | 1.31B | 1.25B | 1.1B | 988M | 902M | 812M | 592M | 407M | 556M | -487.4M | -447.2M | 123.94M | 114.2M | 99.02M |
| Operating Income | 4.46B | 4.48B | 3.57B | 1.96B | -4.38B | -7.09B | -8.87B | 3.28B | 3.33B | 2.81B | 3.07B | 2.57B | 1.77B | 1.33B | 1.64B | 2.25B | 2.35B | 2.15B | 2.73B | 2.73B | 2.61B | 2.64B | 2.17B | 1.38B | 1.04B | 892M | 983M | 1.02B | 896.52M | 714.07M | 597.43M |
| Operating Margin % | 16.34% | 16.84% | 14.28% | 9.06% | -35.98% | -371.54% | -158.47% | 15.73% | 17.61% | 16.04% | 18.74% | 16.38% | 11.16% | 8.6% | 10.67% | 14.28% | 16.22% | 16% | 18.26% | 20.91% | 22.07% | 23.79% | 22.34% | 20.48% | 23.66% | 19.61% | 25.93% | 29.07% | 29.79% | 29.18% | 27% |
| Operating Income Growth % | - | 25.43% | 82.72% | 144.67% | 38.23% | 20.03% | -370.6% | -1.47% | 18.37% | -8.53% | 19.31% | 45.26% | 33.33% | -19.06% | -27.18% | -3.92% | 8.96% | -21.07% | 0.15% | 4.29% | -0.99% | 21.45% | 57.92% | 32.69% | 16.26% | -9.26% | -3.63% | 13.77% | 25.55% | 19.52% | 21.91% |
| EBITDA | 7.33B | 7.27B | 6.13B | 4.33B | -2.1B | -4.86B | -6.62B | 5.44B | 5.34B | 4.66B | 4.81B | 4.2B | 3.41B | 2.92B | 3.17B | 3.78B | 3.76B | 3.46B | 3.98B | 3.83B | 3.6B | 3.54B | 2.98B | 1.96B | 1.42B | 1.26B | 1.27B | 1.26B | 1.1B | 881.36M | 742.41M |
| EBITDA Margin % | 26.82% | 27.32% | 24.5% | 20.03% | -17.29% | -254.51% | -118.41% | 26.1% | 28.29% | 26.58% | 29.34% | 26.73% | 21.46% | 18.89% | 20.6% | 23.92% | 26.01% | 25.73% | 26.61% | 29.36% | 30.42% | 31.92% | 30.69% | 29.19% | 32.38% | 27.79% | 33.52% | 36.01% | 36.46% | 36.01% | 33.55% |
| EBITDA Growth % | 6.61% | 18.63% | 41.72% | 305.61% | 56.67% | 26.69% | -221.85% | 1.76% | 14.76% | -3.2% | 14.5% | 23.2% | 16.79% | -7.89% | -16.1% | 0.37% | 8.66% | -12.95% | 3.97% | 6.25% | 1.69% | 18.63% | 52.22% | 38.16% | 12.27% | -0.51% | 0.55% | 15.17% | 24.49% | 18.71% | 20.04% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 4.29B | 4.12B | 3.67B | 2B | -4.47B | -7.92B | -9.36B | 3.27B | 3.4B | 2.86B | 3.05B | 2.02B | 1.51B | 1.37B | 1.64B | 2.28B | 2.36B | 2.19B | 2.79B | 2.79B | 2.61B | 2.64B | 2.17B | 6.72B | -1.27B | -1.45B | 983M | 1.02B | 819.79M | 660.98M | 551.46M |
| Net Interest Income | -1.13B | -1.3B | -1.66B | -1.83B | -1.53B | -1.59B | -877M | -183M | -180M | -189M | -217M | -209M | -280M | -308M | -326M | -354M | -366M | -366M | -385M | -300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 56M | 51M | 93M | 233M | 74M | 12M | 18M | 23M | 14M | 9M | 6M | 8M | 8M | 11M | 10M | 11M | 12M | 14M | 35M | 67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.19B | 1.35B | 1.75B | 2.07B | 1.61B | 1.6B | 895M | 206M | 194M | 198M | 223M | 217M | 288M | 319M | 336M | 365M | 378M | 380M | 420M | 367M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.37B | -1.71B | -1.66B | -2.02B | -1.7B | -2.43B | -1.39B | -216M | -118M | -143M | -243M | -775M | -547M | -280M | -340M | -343M | -368M | -348M | -358M | -301M | -295M | -314M | -272M | -153M | -78M | 22M | -16.45M | 10M | -56.81M | -41.79M | -22.08M |
| Pretax Income | 3.1B | 2.77B | 1.92B | -62M | -6.08B | -9.52B | -10.25B | 3.06B | 3.21B | 2.67B | 2.83B | 1.8B | 1.23B | 1.05B | 1.3B | 1.91B | 1.98B | 1.81B | 2.37B | 2.42B | 2.32B | 2.33B | 1.9B | 1.22B | 959M | 914M | 966.55M | 1.03B | 839.72M | 672.28M | 575.35M |
| Pretax Margin % | 11.34% | 10.41% | 7.65% | -0.29% | -49.96% | -499.06% | -183.29% | 14.69% | 16.99% | 15.23% | 17.26% | 11.45% | 7.71% | 6.79% | 8.46% | 12.11% | 13.68% | 13.42% | 15.86% | 18.6% | 19.58% | 20.96% | 19.54% | 18.2% | 21.88% | 20.09% | 25.5% | 29.35% | 27.9% | 27.47% | 26% |
| Income Tax | -12M | 12M | -1M | 13M | 14M | -21M | -17M | 71M | 54M | 60M | 49M | 42M | 9M | -6M | 4M | 0 | 1M | 16M | 47M | 16M | 39M | 72M | 47M | 29M | -57M | -12M | 1.09M | 2.8M | 3.81M | 6.23M | 9.04M |
| Effective Tax Rate % | -0.39% | 0.43% | -0.05% | -20.97% | -0.23% | 0.22% | 0.17% | 2.32% | 1.68% | 2.25% | 1.73% | 2.33% | 0.73% | -0.57% | 0.31% | 0% | 0.05% | 0.89% | 1.98% | 0.66% | 1.68% | 3.1% | 2.47% | 2.37% | -5.94% | -1.31% | 0.11% | 0.27% | 0.45% | 0.93% | 1.57% |
| 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 | 1.22B | 1.05B | 1.3B | 1.91B | 1.98B | 1.79B | 2.32B | 2.41B | 2.28B | 2.25B | 1.85B | 1.19B | 1.02B | 926M | 965M | 1.03B | 835.88M | 666.05M | 566.3M |
| Net Margin % | 11.24% | 10.37% | 7.66% | -0.34% | -50.07% | -497.96% | -182.98% | 14.36% | 16.69% | 14.88% | 16.96% | 11.18% | 7.66% | 6.83% | 8.44% | 12.11% | 13.67% | 13.3% | 15.55% | 18.48% | 19.25% | 20.31% | 19.06% | 17.67% | 23.18% | 20.36% | 25.45% | 29.27% | 27.78% | 27.21% | 25.59% |
| Net Income Growth % | 21.54% | 44.05% | 2689.19% | 98.79% | 35.87% | 7.18% | -442.34% | -5.14% | 20.95% | -6.23% | 58.17% | 44.49% | 15.26% | -18.72% | -32.11% | -3.34% | 10.5% | -22.98% | -3.49% | 5.66% | 1.15% | 21.52% | 56.19% | 16.83% | 9.72% | -4.04% | -6.04% | 22.86% | 25.5% | 17.61% | 25.54% |
| Net Income (Continuing) | 3.11B | 2.76B | 1.92B | -75M | -6.09B | -9.5B | -10.24B | 2.99B | 3.15B | 2.61B | 2.78B | 1.76B | 1.22B | 1.05B | 1.3B | 1.91B | 1.98B | 1.79B | 2.32B | 2.41B | 2.28B | 2.25B | 1.85B | 1.19B | 1.02B | 926M | 965.46M | 1.03B | 835.9M | 666.05M | 566.3M |
| Discontinued Operations | 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 |
| Minority Interest | 16M | 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 | 132.68M | 0 | 0 |
| EPS (Diluted) | 2.21 | 2.02 | 1.44 | -0.06 | -5.16 | -8.46 | -13.20 | 4.32 | 4.44 | 3.59 | 3.72 | 2.26 | 1.59 | 1.39 | 1.67 | 2.42 | 2.47 | 2.24 | 2.90 | 2.95 | 2.77 | 2.70 | 2.24 | 1.62 | 1.68 | 1.57 | 1.60 | 1.66 | 1.40 | 1.12 | 0.98 |
| EPS Growth % | 23.99% | 40.28% | 2557.34% | 98.86% | 39.01% | 35.91% | -405.56% | -2.7% | 23.68% | -3.49% | 64.6% | 42.14% | 14.39% | -16.77% | -30.99% | -2.02% | 10.27% | -22.76% | -1.69% | 6.5% | 2.59% | 20.54% | 38.27% | -3.57% | 7.01% | -1.88% | -3.61% | 18.57% | 25% | 14.29% | 22.5% |
| EPS (Basic) | - | 2.10 | 1.50 | -0.06 | -5.16 | -8.46 | -13.20 | 4.34 | 4.45 | 3.61 | 3.73 | 2.26 | 1.59 | 1.39 | 1.67 | 2.43 | 2.51 | 2.27 | 2.96 | 3.04 | 2.85 | 2.80 | 2.31 | 1.65 | 1.72 | 1.58 | 1.61 | 1.68 | 1.40 | 1.12 | 0.48 |
| Diluted Shares Outstanding | 1.39B | 1.4B | 1.4B | 1.26B | 1.18B | 1.12B | 775M | 692M | 710M | 725M | 747M | 779M | 778M | 777M | 779M | 789M | 805M | 804M | 816M | 828M | 822.74M | 834.44M | 827.68M | 732.72M | 604.76M | 589.81M | 603.13M | 618.67M | 597.06M | 580M | 580M |
| Basic Shares Outstanding | 1.38B | 1.31B | 1.27B | 1.26B | 1.18B | 1.12B | 775M | 690M | 709M | 723M | 745M | 777M | 776M | 775M | 778M | 787M | 788M | 787M | 786M | 793M | 799.65M | 804.64M | 802.6M | 719.39M | 590.7M | 586.08M | 599.38M | 611.31M | 597.06M | 597.35M | 1.19B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 46.39% | 42.99% | 41.71% | 35.16% | 46.44% | 63.82% | 110.33% | 60.02% | 35.09% | 11.98% | 17.54% | 54.26% | 41.11% | 35.23% | 25.12% | 21.57% | 24.6% | 24.21% | 26.57% | 26.36% | 21.34% | 21.35% | 19.59% | 18.34% |
High debt service burden
According to recent financial filings, CCL's year-over-year revenue growth has decelerated from 22.0% in 2024Q1 to 5.3% by 2026Q2, indicating that the initial post-pandemic demand surge is cooling as the company transitions toward a more sustainable, albeit slower, long-term expansion phase within the global cruise market.
The consistent decline in quarterly revenue growth rates suggests that the easy gains from capacity restoration have largely been realized. Investors should monitor whether the company can maintain pricing power through its multi-brand strategy as the booking curve stabilizes and the industry moves past the recovery-driven demand tailwinds.
As reported in quarterly income statements, CCL's gross margin fluctuated significantly between 25.7% and 46.2% over the last ten quarters, reflecting the inherent seasonality of the cruise industry and the impact of periodic dry-dock maintenance cycles on direct ship operating expenses and overall fleet efficiency.
The wide variance in gross margins highlights the sensitivity of the cost base to seasonal occupancy levels and the timing of mandatory maintenance. While the peak margins observed in Q3 periods demonstrate the potential for high flow-through, the lower margins in off-peak quarters underscore the persistent pressure of high fixed costs.
Based on the provided income statement data, CCL's operating income scaling appears inconsistent, as SG&A expenses have remained relatively sticky, often hovering near $800M to $950M per quarter, which limits the company's ability to fully leverage revenue gains into significant bottom-line expansion during non-peak periods.
The lack of consistent operating leverage suggests that corporate overhead and administrative costs remain a drag on profitability. Unless management can demonstrate a more disciplined approach to scaling SG&A relative to revenue growth, operating margins may continue to face pressure during periods of softer demand.
Analysis of the reported figures reveals that CCL's net income has been highly erratic, swinging from a $214M loss in 2024Q1 to a $1.9B profit in 2025Q3, a trend that warrants caution as non-operating items and seasonal shifts complicate the assessment of true underlying earnings power.
The significant swings in net income suggest that investors should focus more on operating income and cash flow metrics to gauge the company's health. The presence of stock-based compensation, while relatively modest, adds another layer of dilution that may continue to weigh on per-share earnings growth in the coming quarters.
While the company has shown progress in returning to profitability, the persistent debt burden remains a critical concern, as evidenced by the high interest expense requirements that continue to consume a substantial portion of operating income, potentially limiting future capital allocation flexibility for shareholders.
Short-sellers may focus on the potential for margin compression if interest rates remain elevated or if the company is forced to refinance debt at unfavorable terms. The reliance on high occupancy to service this debt creates a binary risk profile where any downturn in consumer discretionary spending could rapidly erode the current recovery narrative.
Quick answers to the most common questions about buying CCL stock.
For fiscal year 2025, Carnival Corporation & plc (CCL) reported total revenue of $26.62B. This represents a 1103.2% increase compared to $2.21B in 1996.
Carnival Corporation & plc (CCL) is profitable, generating $2.76B in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
Carnival Corporation & plc (CCL) reported an operating income of $4.48B, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Carnival Corporation & plc (CCL) generated $7.88B in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.