— Know what they know.
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Not Investment Advice

CCL

NYSE · USD
Carnival Corporation & plc
Consumer Cyclical · Travel Services
CEO Joshua Ian Weinstein Employees 101,000 R&D / revenue 0.0%
Last price
$25.90−2.12%last session
Market cap
$34.8B
P/E (TTM)
11.2x
From 52w high
−23.9%
From 52w low
+20.7%
1-year return
−8.2%
RSI 14 · vs SMA200
56.5 · −4.9%
IS score
52.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CCL   SPY   XLY (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97CCL 92

Score DNA

Each bar is a 0-100 score within the scored universe
73
Profitability
58
Growth
75
Value
84
Momentum
30
Risk (safety)
74
Quality
31
Balance sheet
83
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Wide, Cost AdvantagePiotroski 7 / 9Altman Z 1.3Beta 2.313 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
2 open-market sales, $1.2M
Form 144 notices (12m): 3, $13.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+966
969 new holders, 3 closed
994 filers hold 70.3% · 13 added, 7 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+116
450 funds adding shares
334 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
37.7%
20-day avg 43.8%, 50-day avg 42.2%
Latest 6.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$26.6B
Revenue growth YoY+6.4%
Gross margin29.6%
Operating income$4.5B
Operating margin16.8%
Net income$2.8B
Net margin10.4%
EPS (diluted)$2.02
Cash flow
Operating cash flow$6.2B
Capital expenditure$3.6B
Free cash flow$2.6B
FCF conversion (FCF / OCF)41.9%
Stock-based compensation$98.0M
FCF less SBC$2.5B
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.9B
Total debt$26.6B
Net debt$24.7B
Shareholders' equity$12.3B
Goodwill & intangibles$1.8B
Debt / equity1.77
ROE (TTM)23.9%
ROIC (TTM)10.8%
Operating margin by fiscal year
-371.6%FY2021-36.0%FY20229.1%FY202314.3%FY202416.8%FY2025
Revenue $1.9B (FY2021) to $26.6B (FY2025), a 93.3% CAGR.

Valuation

P/E (TTM)11.2x
EV / EBITDA8.1x
Price / sales1.26x
Price / FCF11.0x
FCF yield9.12%
Buyback yield0.00%
SBC / revenue0.4%
Price / book2.49x
Forward P/E FY202611.5x
Forward P/E FY202710.1x
Forward P/E FY20288.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $31.43 across 12 analysts last quarter is theirs, not ours.

CCL vs industry median

44 companies in Travel Services
Gross margin 34.2% 40.8% Operating margin 16.0% 8.3% Net margin 11.4% 3.2% ROIC 10.8% 10.1%
CCL (TTM)Industry median Asset turnover 0.54 vs industry 0.61 · financial leverage 3.59

Earnings delivery

Next report 2026-12-18 · consensus EPS $0.22
100%
beat rate, 12 of 12 quarters
+31.2%
median EPS surprise
12
longest beat streak
+42+21+766+9+133+381+42+8+63+8+19+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-12-21 to 2026-09-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CCL Carnival Corporation & plc $34.8B11.2x23.9%11.4%+6.4% −8.2%
EXPE Expedia Group, Inc. $33.1B17.3x199.1%20.3%+12.0% +36.3%
VIK Viking Holdings Ltd $37.2B27.5x139.8%26.8%+20.0% +38.7%
SABRP Sabre Corporation $23.6B19.4x-38.0%1.1%−4.1% —
RCL Royal Caribbean Cruises Ltd. $74.3B17.1x45.4%23.3%+8.7% −7.0%
ABNB Airbnb, Inc. $104.0B39.3x34.5%22.6%+13.6% +41.3%
BKNG Booking Holdings Inc. $122.8B18.0x-82.7%26.5%+12.9% —
NCLH Norwegian Cruise Line Holdin $6.9B9.0x36.7%8.4%+6.2% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-09-29Earnings Release; Exhibits
2026-08-05Regulation FD
2026-06-23Earnings Release; Exhibits
2026-02-20Entry into Material Definitive Agreement; Financial Statements and Exhibits
2026-02-12Entry into Material Definitive Agreement; Material Modification to Rights of Security Holders; Financial Statements and Exhibits
2025-12-19Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding1,344,610,129
Free float92.8%
Institutional ownership70.3%
Beta2.31
Dividend yield1.74%
Last dividend$0.15 on 2026-08-07
50 / 200-day average$24.94 / $27.30
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CCL sits among 12 scored companies in Travel Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCCLIndustry medianIndustry percentileSector median
P/E (TTM) 11.1x 17.0x
10th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.3x 2.9x
27th		 1.0x
Price / book 2.5x 5.0x
14th		 2.4x
Price / tangible book 2.6x 7.1x
0th		 4.2x
Price / free cash flow 11.0x 12.9x
38th		 15.2x
Price / operating cash flow 5.1x 11.7x
18th		 10.2x
Enterprise value $58.8B $26.7B
73rd		 $5.6B
EV / sales 2.1x 3.3x
18th		 1.4x
EV / EBITDA 8.1x 13.4x
18th		 11.4x
EV / EBIT 13.5x 17.0x
27th		 16.0x
EV / free cash flow 18.5x 18.5x
50th		 21.0x
Earnings yield 9.0% 4.7%
91st		 4.8%
FCF yield 9.1% 5.0%
73rd		 5.9%
Operating cash flow yield 19.6% 8.6%
82nd		 9.3%
Graham number (per share) $23.13 $23.73
43rd		 $33.39

Profitability (TTM)

MeasureCCLIndustry medianIndustry percentileSector median
Gross margin 34.2% 45.9%
0th		 34.2%
EBITDA margin 26.3% 25.1%
73rd		 11.7%
Operating margin 16.0% 16.1%
45th		 8.7%
EBIT margin 15.8% 16.9%
36th		 8.2%
Net margin 11.4% 9.7%
55th		 4.9%
NOPAT margin 16.0% 14.4%
64th		 6.8%
FCF margin 11.5% 13.0%
45th		 6.5%
Operating cash flow margin 24.7% 22.9%
55th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 13.0% 26.2%
9th		 17.2%
Stock comp / revenue 0.4% 1.3%
0th		 0.6%
Effective tax rate -0.1% 21.7%
0th		 22.4%

Returns on capital

MeasureCCLIndustry medianIndustry percentileSector median
ROE (on average equity) 24.0% 35.6%
29th		 12.8%
ROA 6.2% 5.1%
55th		 4.4%
ROIC 11.6% 9.2%
64th		 9.3%
ROCE 11.3% 12.2%
45th		 9.9%
Return on tangible assets 8.6% 8.5%
55th		 7.4%
Cash ROIC (OCF / invested capital) 17.9% 20.6%
25th		 14.4%
Gross profitability (GP / assets) 18.5% 27.4%
18th		 31.6%
ROIC, 3-yr average 7.4% 7.5%
43rd		 7.4%
ROIC, 5-yr average 0.0% 1.0%
25th		 9.1%
ROE, 5-yr average -9.2% -0.3%
20th		 15.8%
Incremental ROIC -404.1% -35.4%
0th		 11.2%

Growth

MeasureCCLIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.2% 8.7%
20th		 6.0%
Revenue growth (QoQ) 26.6% 20.8%
64th		 6.6%
Revenue CAGR, 3 yr 11.3% 12.7%
33rd		 3.0%
Revenue CAGR, 5 yr 111.4% 37.4%
67th		 5.9%
Gross profit CAGR, 3 yr 18.4% 12.9%
78th		 3.3%
Operating income CAGR, 3 yr 116.1% 25.4%
100th		 2.1%
Net income growth (TTM YoY) 18.7% 5.8%
60th		 4.7%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 21.7% 1.2%
70th		 7.6%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 9.0% 13.6%
38th		 26.3%
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 28.1% 18.6%
75th		 6.7%
Book value CAGR, 3 yr 27.7% 23.7%
60th		 8.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 19.3% 35.6%
29th		 12.2%

Margin history & stability

MeasureCCLIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.9% 47.7%
0th		 34.9%
Operating margin, 3-yr average 15.4% 15.4%
50th		 8.0%
Net margin, 3-yr average 9.3% 9.3%
50th		 4.8%
FCF margin, 3-yr average 9.2% 13.1%
30th		 5.7%
Revenue stability (0-1) 0.86 0.92
10th		 0.80
Earnings stability (0-1) 0.91 0.83
70th		 0.43
Margin stability (0-1) 0.00 0.92
0th		 0.92

Liquidity (latest quarter)

MeasureCCLIndustry medianIndustry percentileSector median
Cash & short-term investments $1.2B $859.1M
64th		 $278.1M
Net cash (− = net debt) −$23.9B −$1.6B
0th		 −$1.2B
Working capital −$9.1B −$141,500
9th		 $298.0M
Current ratio 0.27 0.97
18th		 1.49
Quick ratio 0.23 0.97
18th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.10 0.48
18th		 0.31
Defensive interval (days) 137 days 421 days
18th		 290 days

Leverage & solvency (latest quarter)

MeasureCCLIndustry medianIndustry percentileSector median
Total debt $25.2B $5.7B
100th		 $1.8B
Debt / equity 1.77 2.04
43rd		 1.04
Net debt / equity 1.69 0.86
71st		 0.78
Debt / assets 49.4% 51.0%
45th		 39.7%
Debt / capital 63.9% 66.8%
43rd		 51.0%
Debt / EBITDA 3.46 3.36
55th		 3.26
Net debt / EBITDA 3.30 2.43
64th		 2.42
Interest coverage (EBIT / interest) 3.7x 4.3x
45th		 5.1x
Cash interest coverage 5.8x 6.2x
45th		 6.0x
Debt payback (years of OCF) 3.7 yrs 3.6 yrs
55th		 3.8 yrs
Liabilities / assets 72.1% 88.6%
9th		 68.1%
IS credit model rating BB — —
Implied credit spread (bps) 475 438
55th		 275

Efficiency

MeasureCCLIndustry medianIndustry percentileSector median
Asset turnover 0.54 0.55
45th		 1.00
Fixed asset turnover 0.62 1.65
20th		 3.73
Inventory turnover 36.2 36.3
33rd		 5.3
Receivables turnover 41.8 25.0
70th		 19.9
Days sales outstanding 9 days 12 days
36th		 18 days
Days inventory outstanding 10 days 10 days
67th		 68 days
Days payables outstanding 23 days 26 days
30th		 42 days
Cash conversion cycle (days) −5 days −11 days
70th		 44 days
Capex / revenue 13.2% 6.6%
60th		 3.1%
Capex / depreciation 1.26 1.27
40th		 0.89
Operating expense ratio 18.8% 35.2%
9th		 24.8%

Cash flow & earnings quality

MeasureCCLIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.17 2.17
50th		 1.76
FCF / net income 1.01 1.32
40th		 1.18
FCF / operating cash flow 46.6% 57.6%
40th		 70.1%
Capex / operating cash flow 53.4% 42.4%
60th		 29.9%
Accruals ratio -7.2% -7.5%
64th		 -5.7%
Sloan accruals ratio -8.6% -1.4%
9th		 -3.6%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureCCLIndustry medianIndustry percentileSector median
Dividend yield 1.7% 0.0%
82nd		 0.8%
Dividend per share (TTM) $0.45 $0.00
64th		 $0.40
Payout ratio (dividends / net income) 19.7% 0.0%
90th		 17.8%
Dividends / FCF 19.5% 0.0%
88th		 11.6%
Dividend growth (YoY) —
Buyback yield 1.6% 2.9%
30th		 1.6%
Shareholder yield (dividends + buybacks) 3.3% 3.4%
40th		 3.7%
Share count change (YoY) -2.4% -2.4%
50th		 -0.9%
Buybacks, last 5 years $548.0M $584.8M
45th		 $198.3M

Scores & forensic checks

MeasureCCLIndustry medianIndustry percentileSector median
IS score 53 52
55th		 50
IS profitability 73 62
55th		 38
IS growth 58 54
60th		 53
IS value 75 42
100th		 50
IS momentum 84 80
60th		 72
IS risk (safety) 30 40
27th		 65
IS quality 74 68
91st		 63
IS balance sheet 31 45
27th		 48
IS earnings quality 83 77
73rd		 77
IS cash flow 55 56
45th		 56
Piotroski F-score (0-9) 7 6
55th		 6
Altman Z-score 1.3 2.0
27th		 2.8
Beneish M-score −2.76 −2.88
64th		 −2.69
Ohlson O-score −7.01 −6.02
18th		 −6.83
IS credit score 45 46
45th		 58

Per share

MeasureCCLIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.29 $2.65
45th		 $2.05
Book value per share $10.37 $5.58
73rd		 $14.46
Tangible book per share $9.13 $1.45
73rd		 $3.70
Revenue per share $20.17 $21.03
45th		 $46.29
FCF per share $2.32 $2.08
55th		 $2.72
Operating cash flow per share $4.99 $5.31
45th		 $4.86
Cash per share $0.89 $6.01
9th		 $3.59

Size (TTM)

MeasureCCLIndustry medianIndustry percentileSector median
Market cap $34.8B $20.0B
64th		 $3.6B
Revenue $27.6B $8.6B
91st		 $3.9B
EBITDA $7.3B $2.3B
91st		 $442.3M
Net income $3.1B $1.1B
82nd		 $178.6M
Free cash flow $3.2B $412.0M
73rd		 $206.3M
Total assets $51.0B $18.9B
100th		 $4.4B
Shareholders' equity $14.2B $935.8M
100th		 $957.6M
Employees 160,000 14,500
100th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-25Arison Micky Meir
Director, Chairman of the Board
 Gift 248,015——13,406,463
2026-05-28Deynes Bettina Alejandra
Chief Human Resources Officer
 Open-market sale 43,058$28.10$1.2M69,238
2026-05-11Weil Laura A
Director
 Tax withholding 616$26.38$16,250132,120
2026-05-11Subotnick Stuart
Director
 Tax withholding 616$26.38$16,250132,421
2026-05-11Subotnick Stuart
Director
 Open-market sale 0$25.22$5132,421
2026-05-11Lahey Katie
Director
 Tax withholding 616$26.38$16,25085,125
2026-05-11Gearhart Jeffrey J
Director
 Tax withholding 616$26.38$16,25080,108
2026-05-11Deeble Helen
Director
 Tax withholding 3,625$26.38$95,62887,606
2026-05-11Connors Nelda J
Director
 Tax withholding 616$26.38$16,25030,419
2026-05-11Cahilly Jason Glen
Director
 Tax withholding 616$26.38$16,25087,821
2026-05-11Band Sir Jonathon
Director
 Tax withholding 3,471$26.38$91,56556,842
2026-05-08Weisenburger Randall J
Director
 Award / grant 7,712——410,009

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired14384,239—
GiftAcquired1248,015—
Open-market saleDisposed243,058$1.2M
Tax withholdingDisposed28195,222$5.6M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 416,848 shares · $13.1M
FiledFilerShares proposedEst. proceeds
2026-05-28Deynes Bettina Alejandra43,058$1.2M
2026-03-30Band Sir Jonathon12,000$308,760
2026-02-06Bernstein David361,790$11.6M
2025-08-04Band Sir Jonathon12,500$363,375
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2025-02-24Ashley MoodySenateSale$1,001 - $15,0002025-03-23
2025-02-24Ashley Brooke MoodySenateSale$1,001 - $15,0002025-03-23
2025-01-22Ashley MoodySenateSale$1,001 - $15,0002025-02-22
2025-01-22Ashley MoodySenateSale$1,001 - $15,0002025-02-21
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.96,304,948$2.8B7.16%
VANGUARD CAPITAL MANAGEMENT LLC82,678,077$2.4B6.15%
VANGUARD PORTFOLIO MANAGEMENT LLC62,406,507$1.8B4.64%
STATE STREET CORP58,217,260$1.7B4.33%
CAUSEWAY CAPITAL MANAGEMENT LLC41,190,606$1.2B3.06%
GEODE CAPITAL MANAGEMENT, LLC36,412,082$1.0B2.71%
FMR LLC35,769,442$1.0B2.66%
BARROW HANLEY MEWHINNEY & STRAUSS LLC27,502,985$785.8M2.05%
JPMORGAN CHASE & CO21,475,468$626.9M1.60%
DIMENSIONAL FUND ADVISORS LP17,299,467$494.4M1.29%
NORGES BANK15,583,012$445.2M1.16%
Invesco Ltd.14,020,789$400.6M1.04%
MORGAN STANLEY13,265,210$379.0M0.99%
UBS Group AG11,714,745$334.7M0.87%
Nuveen, LLC11,207,038$320.2M0.83%

Institutional ownership by quarter

2023-092026-0670.3%
% of shares held by 13F filers
2023-092026-06994
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3099470.3%9691373
2026-03-31280.5%23121
2025-12-3160.0%3110
2025-09-3030.0%0200
2025-06-3030.0%1000
2025-03-3120.0%0000
2024-12-3120.0%1000
2024-09-3010.0%0001
2024-06-3020.0%0000
2024-03-3120.0%1010
2023-12-3110.0%0000
2023-09-3010.0%0000

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management6.9%85,119,940
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-26SCHEDULE 13D/AARISON MICKY MEIR8.1%94,142,908
2025-11-26SCHEDULE 13D/ANICKEL 2015-94B TRUST6.9%80,736,445
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$960.9M
VTI0.04%$960.9M
VTSAX0.04%$960.9M
VSMPX0.04%$960.9M
VFFSX0.05%$820.9M
VFIAX0.05%$820.9M

Share structure

Shares outstanding1,344,610,129
Float1,248,460,973
Free float92.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$1.9B$12.2B$21.6B$25.0B$26.6B
Cost of revenue$4.7B$11.8B$14.3B$15.6B$18.7B
Gross profit−$2.7B$412.0M$7.3B$9.4B$7.9B
R&D$0$0$0$0$0
SG&A$1.9B$2.5B$3.0B$3.3B$3.4B
Operating income−$7.1B−$4.4B$2.0B$3.6B$4.5B
EBITDA−$5.7B−$2.2B$4.4B$6.2B$6.9B
Pretax income−$9.5B−$6.1B−$62.0M$1.9B$2.8B
Income tax−$21.0M$14.0M$13.0M−$1.0M$12.0M
Net income−$9.5B−$6.1B−$74.0M$1.9B$2.8B
EPS, diluted$-8.46$-5.16$-0.06$1.44$2.02
Diluted shares1.1B1.2B1.3B1.4B1.4B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$9.1B$4.0B$2.4B$1.2B$1.9B
Receivables$246.0M$395.0M$556.0M$590.0M$678.0M
Inventory$356.0M$428.0M$528.0M$507.0M$505.0M
Total current assets$10.1B$7.5B$5.3B$3.4B$4.2B
PP&E, net$39.4B$40.0B$41.4B$43.2B$44.8B
Goodwill & intangibles$1.8B$1.7B$1.7B$1.7B$1.8B
Total assets$53.3B$51.7B$49.1B$49.1B$51.7B
Accounts payable$797.0M$1.1B$1.2B$1.1B$1.2B
Total current liabilities$10.4B$10.6B$11.5B$11.6B$13.1B
Long-term debt$28.5B$32.0B$28.5B$25.9B$24.0B
Total liabilities$41.2B$44.6B$42.2B$39.8B$39.4B
Shareholders' equity$12.1B$7.1B$6.9B$9.3B$12.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$9.5B−$6.1B−$74.0M$1.9B$2.8B
Depreciation & amortization$2.2B$2.3B$2.4B$2.6B$2.8B
Stock-based compensation$121.0M$101.0M$53.0M$62.0M$98.0M
Change in working capital$958.0M$1.2B$1.5B$960.0M−$145.0M
Operating cash flow−$4.1B−$1.7B$4.3B$5.9B$6.2B
Capital expenditure−$3.6B−$4.9B−$3.3B−$4.6B−$3.6B
Free cash flow−$7.7B−$6.6B$997.0M$1.3B$2.6B
Investing cash flow−$3.5B−$4.8B−$2.8B−$4.5B−$3.3B
Net debt issued / repaid$7.1B$2.5B−$4.9B−$2.3B−$1.9B
Buybacks−$188.0M$0$0$0$0
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin-144.0%3.4%33.7%37.5%37.4%
Operating margin-371.6%-36.0%9.1%14.3%16.8%
Net margin-498.0%-50.1%-0.3%7.7%10.4%
FCF margin-404.4%-54.3%4.6%5.2%9.8%
ROE-58.1%-63.4%-1.1%23.8%25.6%
ROIC-14.9%-8.9%4.3%9.7%11.6%
ROA-17.8%-11.6%-0.1%3.9%5.5%
Debt / equity2.855.084.633.122.28
Interest coveragen/mn/m1.0x2.1x3.1x
Current ratio0.970.710.460.290.32
Revenue growth−65.9%+537.8%+77.5%+15.9%+6.4%
EPS growth+36.6%+42.2%+98.8%+2,437.5%+43.7%
P/E at year endn/mn/mn/m18.6x13.1x
EV / EBITDA at year endn/mn/m11.1x10.2x9.0x
FCF yield at year end-38.58%-52.87%5.24%3.65%7.21%
Dividend payout———0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Tour And Other———$16.5B$17.4B
Cruise Passenger Ticket$1.0B$7.0B$14.1B——
Cruise$100.0M——$8.6B$9.2B
Cruise Onboard And Other$908.0M$5.1B$7.5B——

Revenue by region · FY2025

Europe Australia And Asia Cruise Brands$8.5B · 100%

Street estimates by fiscal year

Next report 2026-12-18 · consensus EPS $0.22 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$27.7B$27.5B – $27.9B$2.25$2.19 – $2.291411.5x
2027$28.6B$28.2B – $29.2B$2.58$2.47 – $2.751710.1x
2028$29.8B$29.7B – $29.9B$3.06$2.90 – $3.2098.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-09-29$1.35$1.43+5.9%$8.4B$8.4B+0.6%
2026-06-23$0.34$0.41+19.1%$6.7B$6.7B−0.4%
2026-03-27$0.18$0.20+8.5%$6.1B$6.2B+0.4%
2026-01-27$0.18$0.30+62.7%$6.1B$6.3B+3.1%
2025-09-29$1.32$1.43+8.3%$8.1B$8.2B+0.6%
2025-06-24$0.25$0.35+41.9%$6.2B$6.3B+2.0%
2025-03-21$0.03$0.13+381.5%$5.7B$5.8B+1.1%
2024-12-20$0.06$0.14+133.3%$5.9B$5.9B+0.0%
2024-09-30$1.16$1.27+9.5%$7.8B$7.9B+0.9%
2024-06-25$0.01$0.11+766.1%$5.7B$5.8B+1.8%
2024-03-27$-0.18$-0.14+20.7%$5.4B$5.4B−0.3%
2023-12-21$-0.12$-0.07+41.7%$5.4B$5.4B−0.7%
2023-06-26$-0.33$-0.31+6.1%$6.6B$4.9B−25.8%
2023-03-27$-0.62$-0.55+11.3%$4.3B$4.4B+2.3%
2022-12-21$-0.89$-0.85+4.5%$3.9B$3.8B−2.3%
2022-09-30$-0.12$-0.58−383.3%$5.0B$4.3B−14.7%
2022-06-24$-1.14$-1.64−43.9%$2.7B$2.4B−11.7%
2022-03-22$-1.23$-1.65−34.1%$2.3B$1.6B−28.0%
2021-12-20$-1.45$-1.72−18.6%$2.3B$1.3B−43.7%
2021-09-30$-1.53$-1.75−14.4%$870.0M$546.0M−37.2%
2021-06-28$-1.68$-1.80−7.1%$193.5M$49.0M−74.7%
2021-04-07$-1.66$-1.79−7.8%$237.9M$26.0M−89.1%
2021-01-26$-1.92$-2.02−5.2%$31.6M$33.0M+4.3%
2020-10-08$-2.22$-2.19+1.4%$31.1M$31.0M−0.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-151.006-220.406-290.507-060.407-130.507-200.607-270.508-030.408-100.408-170.408-240.508-31
Week ofNotionalSharesTrades
2026-08-31$493.5M20,873,465164,823
2026-08-24$449.0M17,554,588138,665
2026-08-17$430.6M16,318,556150,956
2026-08-10$411.4M14,665,699148,510
2026-08-03$466.5M15,950,243156,005
2026-07-27$597.7M21,573,950182,101

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1537.7%
DateShort shareShort volumeTotal volume
2026-10-1537.7%2,937,0247,785,717
2026-10-1445.2%3,654,2378,085,096
2026-10-1345.6%3,009,2826,595,640
2026-10-1238.5%2,381,3046,184,727
2026-10-0945.2%2,756,7336,096,192
2026-10-0848.4%3,425,7717,084,351
2026-10-0750.0%3,254,2016,510,818
2026-10-0637.2%4,158,25011,190,893
2026-10-0537.2%3,367,2429,044,636
2026-10-0239.3%4,502,41211,467,649
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.5Jan-1.5Feb-3.0Mar+3.3Apr+0.7May+0.0Jun-0.5Jul+3.0Aug+0.2Sep+1.2Oct+4.8Nov+4.8Dec
MonthAvg returnUp yearsYears
Jan−0.5%45%20
Feb−1.5%35%20
Mar−3.0%52%21
Apr+3.3%50%20
May+0.7%50%20
Jun+0.0%45%20
Jul−0.5%55%20
Aug+3.0%75%20
Sep+0.2%60%20
Oct+1.2%60%20
Nov+4.8%70%20
Dec+4.8%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1456.5
MFI71.5
ADX32.9
Stochastic %K / %D79.8 / 87.2
Williams %R-35.4
CCI62
TSI / signal19.5 / 7.8
Chaikin money flow0.08
ATR$0.85
Bollinger width29.6%
Volume vs 20-day avg0.76x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$24.77 (+4.6%)
SMA 50$24.88 (+4.1%)
SMA 200$27.24 (−4.9%)
EMA 21$25.25 (+2.6%)
EMA 50$25.17 (+2.9%)
EMA 200$26.43 (−2.0%)
Bollinger upper$28.43 (−8.9%)
Bollinger lower$21.11 (+22.7%)
Parabolic SAR$25.07 (+3.3%)
Open the live chart, 110+ indicators

About Carnival Corporation & plc

Carnival Corporation & plc operates as a prominent global entity in the leisure travel sector. Its extensive fleet of vessels navigates to nearly 700 different ports globally, sailing under a diverse portfolio of acclaimed brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard. Beyond its core cruise operations, the company also provides port services and other related offerings. Its holdings include and it manages hotels, lodges, unique glass-domed railcars, and motor coaches. Customers primarily book their cruises through a network of travel agencies, tour operators, vacation planners, and direct online channels. The corporation maintains a broad international presence, with operations spanning the United States, Canada, continental Europe, the United Kingdom, Australia, New Zealand, Asia, and other global markets. It commands a significant fleet of 87 ships, collectively providing capacity for 223,000 passengers in lower berths. Carnival Corporation & plc was established in 1972 and has its headquarters situated in Miami, Florida.

https://www.carnivalcorp.com

Key executives

NameTitlePayBorn
Joshua Ian WeinsteinChief Executive Officer & Director$6.9M1974
David BernsteinChief Financial Officer & Chief Accounting Officer$3.6M1958
Enrique MiguezChief Legal & Administrative Officer$1.9M1965
Lars LjoenChief Maritime Officer$1.8M1970
Bettina DeynesGlobal Chief Human Resources Officer$1.5M1973
Michael Meir ArisonExecutive Chairman of the Board$126,5071949
Beth RobertsSenior Vice President of Investor Relations——
E. H. Horst RaheLife President of AIDA Cruises——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Josh Weinstein CEO2025$1.4M$0$5.4M$18.9M
David Bernstein Chief Financial Officer and Chief Accounting Officer2025$988,462$0$2.5M$6.9M
Enrique Miguez General Counsel2025$692,789$0$1.2M$3.5M
Bettina Deynes Chief Human Resources Officer2025$568,269$0$934,500$2.9M
Lars Ljoen Chief Maritime Officer2025$689,029$0$934,500$2.8M

Employees

88k201892k201992k202030k202175k202292k2023100k2024101k2025

Dividends

Ex-dateAmountPaid
2026-08-07$0.152026-08-28
2026-05-18$0.152026-05-29
2026-02-13$0.152026-02-27
2020-02-20$0.52020-03-13
2019-11-21$0.52019-12-13
2019-08-22$0.52019-09-13
2019-05-23$0.52019-06-14
2019-02-21$0.52019-03-15

Moat model

Wide · Cost Advantage · 2026-08-31
Cost advantage82
Intangibles62
Switching costs72
Network effect60
Efficient scale80
Our component scores (0-100) and overall 70.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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