Revenue growth has normalized to 6.1% in 2026Q1, while gross margins have contracted to 24.8% from a 2025Q3 peak of 37.4% due to elevated operating costs.
| 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 | 26.98B | 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 % | 6.1% | 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 | 18.95B | 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 | 8.02B | 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 % | 29.74% | 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 | 3.48B | 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 | 3.48B | 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 | 4.55B | 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 % | 16.86% | 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 | 7.38B | 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 % | 27.35% | 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 % | 14.58% | 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) | 2.83B | 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 | 4.42B | 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 | -1.21B | -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 | 681M | 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 | -1.42B | -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 | 3.12B | 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 % | 11.58% | 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 % | -0.38% | 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 | 3.1B | 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 % | 11.48% | 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 % | 50.88% | 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) | 3.1B | 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 | 18M | 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) | 2.22 | 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 % | 49.72% | 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 Refinancing Exposure
As reported in recent financial statements, Carnival's year-over-year revenue growth has decelerated to 6.1% in 2026Q1, down significantly from the 40.6% expansion observed in 2023Q4, signaling a transition from the post-pandemic recovery phase into a more mature, volume-constrained growth environment for the global fleet.
The shift toward single-digit growth suggests that the initial surge in pent-up demand has largely dissipated, leaving the company to rely on pricing power and capacity additions. Investors should monitor whether the current trajectory can sustain long-term yield improvements without aggressive discounting in a more competitive leisure landscape.
Based on the provided income statement data, Carnival's gross margin contracted to 24.8% in 2026Q1, a notable decline from the 37.4% peak seen in 2025Q3, reflecting the persistent impact of elevated fuel and food costs on the company's high-fixed-cost maritime operating model.
The volatility in gross margins suggests that Carnival lacks the pricing elasticity to fully offset inflationary pressures on variable operating expenses. This structural sensitivity warrants further investigation into the efficacy of the company's fuel hedging strategies and the potential for fleet modernization to drive future margin expansion.
According to the latest quarterly filings, Carnival's operating margin fell to 9.8% in 2026Q1, as SG&A expenses of $924 million continue to exert pressure on profitability, preventing the company from scaling operating income efficiently despite the ongoing recovery in total passenger volume.
The inability to significantly deleverage SG&A costs relative to revenue growth suggests that the company's administrative and marketing overhead remains bloated. This may indicate that the current organizational structure is not yet optimized for the post-pandemic scale of operations, potentially limiting bottom-line growth.
Analysis of the income statement reveals that net income remains highly volatile, with 2026Q1 earnings of $258 million supported by $28 million in stock-based compensation, raising questions about the underlying quality of earnings and the company's ability to generate consistent, non-dilutive profitability for shareholders.
Short-sellers may focus on the inconsistency of net income, which has fluctuated between losses and gains over the last ten quarters. The reliance on non-operating adjustments and the potential for future interest expense spikes suggest that the current earnings profile may be more fragile than headline figures imply.
Quick answers to the most common questions about buying CUK stock.
For fiscal year 2025, Carnival Corporation & plc (CUK) reported total revenue of $26.62B. This represents a 1103.2% increase compared to $2.21B in 1996.
Carnival Corporation & plc (CUK) 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 (CUK) 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 (CUK) 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.