CARNIVAL CORP LTD.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 11/30/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 27,383 | 69.0 |
| Stockholders' equity | 12,284 | 31.0 |
| Total capitalization | 39,667 | 100.0 |
1,344,610,129 shares outstanding at 22 September 2026 (cover page of the 10-Q filed 29 September 2026).
LONG-TERM DEBT 11/30/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 27,383 |
| Long-term debt, noncurrent | 24,037 |
| Current maturities | 2,603 |
CAPITAL STOCK 11/30/25
| Outstanding at 9/22/26 | 1,344,610,129 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Bermuda. Formerly known as CARNIVAL CORP (to 29 April 2026); CARNIVAL CRUISE LINES INC (to 21 January 1994).
BUSINESS: Classified by the SEC under Standard Industrial Classification 4400, Water Transportation. Large accelerated filer. Principal executive office: 3655 Nw 87Th Ave, Po Box 1347, Miami, FL 33178-2428. Fiscal year ends November 30. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 11/30/25 | 11/30/24 | 11/30/23 |
|---|---|---|---|
| Revenues | 26,622 | 25,021 | 21,593 |
| Cost of revenues | – | 15,638 | 14,317 |
| Selling, general and administrative | 3,402 | 3,252 | 2,950 |
| Depreciation and amortization | 2,790 | 2,557 | 2,370 |
| Operating income | 4,483 | 3,574 | 1,956 |
| Interest expense | 1,349 | 1,755 | 2,066 |
| Income before income taxes | 2,772 | 1,915 | (62) |
| Income taxes | 12 | (1) | 13 |
| Net income | 2,760 | 1,916 | (74) |
| Earned per share, diluted ($) | 2.02 | 1.44 | (0.06) |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 11/30/25 | 11/30/24 |
|---|---|---|
| Cash and equivalents | 1,928 | 1,210 |
| Receivables, net | 678 | 590 |
| Inventories | 505 | 507 |
| Total current assets | 4,219 | 3,378 |
| Property, plant and equipment, net | 43,494 | 41,795 |
| Goodwill | 579 | 579 |
| Total assets | 51,687 | 49,057 |
| Total current liabilities | 13,092 | 11,617 |
| Long-term debt | 24,037 | 25,936 |
| Stockholders' equity | 12,284 | 9,251 |
| Total liabilities and equity | 51,687 | 49,057 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11/30/25 | 26,622 | 4,483 | 2,760 | 10.4 | 2.02 | – | 6,218 | 3,611 | 2,607 | 51,687 | 39,403d | 27,383 | 12,284 | 22.5 | 2.23 |
| 11/30/24 | 25,021 | 3,574 | 1,916 | 7.7 | 1.44 | – | 5,923 | 4,626 | 1,297 | 49,057 | 39,806d | 28,213 | 9,251 | 20.7 | 3.05 |
| 11/30/23 | 21,593 | 1,956 | (74) | -0.3 | (0.06) | – | 4,281 | 3,284 | 997 | 49,120 | 42,238d | 31,339 | 6,882 | -1.1 | 4.55 |
| 11/30/22 | 12,168 | (4,379) | (6,093) | -50.1 | (5.16) | – | (1,670) | 4,940 | (6,610) | 51,703 | 44,638d | 35,815 | 7,065 | -86.2 | 5.07 |
| 11/30/21 | 1,908 | (7,089) | (9,501) | -498.0 | (8.46) | – | (4,109) | 3,607 | (7,716) | 53,344 | 41,200d | 36,760 | 12,144 | -78.2 | 3.03 |
| 11/30/20 | 5,595 | (8,865) | (10,236) | -182.9 | (13.20) | – | (6,301) | 3,620 | (9,921) | 53,593 | 33,038d | 30,665 | 20,555 | -49.8 | 1.49 |
| 11/30/19 | 20,825 | 3,276 | 2,990 | 14.4 | 4.32 | – | 5,475 | 5,429 | 46 | 45,058 | 19,693d | 11,865 | 25,365 | 11.8 | 0.47 |
| 11/30/18 | 18,881 | 3,325 | 3,152 | 16.7 | 4.44 | 1.95 | 5,549 | 3,749 | 1,800 | 42,401 | 17,958d | 11,242 | 24,443 | 12.9 | 0.46 |
| 11/30/17 | 17,510 | 2,809 | 2,606 | 14.9 | 3.59 | 1.60 | 5,322 | 2,944 | 2,378 | 40,778 | 16,562d | 9,731 | 24,216 | 10.8 | 0.40 |
| 11/30/16 | 16,389 | 3,071 | 2,779 | 17.0 | 3.72 | 1.35 | 5,134 | 3,062 | 2,072 | 38,881 | 16,284d | 9,911 | 22,597 | 12.3 | 0.44 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Carnival Corp Ltd.
CIK 815097 · EIN 59-1562976
PRINCIPAL OFFICE:
3655 Nw 87Th Ave, Po Box 1347, Miami, FL 33178-2428
Tel.: 3055992600
INCORPORATED:
Bermuda
INDUSTRY (SEC SIC CODE):
4400 · Water Transportation
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 11/30/25, filed 27 January 2026
FORMER NAMES:
CARNIVAL CORP; CARNIVAL CRUISE LINES INC
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 1/27/26) · 10-K FY2024 (filed 1/27/25) · 10-K FY2023 (filed 1/26/24) · 10-K FY2022 (filed 1/27/23) · 10-K FY2021 (filed 1/27/22) · 10-K FY2020 (filed 1/26/21) · 10-K FY2019 (filed 1/28/20) · 10-K FY2018 (filed 1/28/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.