50/100BCarnival financials
Yes. Carnival earned 3.14B USD of net income over the last twelve months, 11.4% of its revenue. It made a profit in 36 of its 40 fiscal years since 1986. Its last loss was in fiscal year 2023.
- Revenue (TTM)
- 27.59B USD
- Net income (TTM)
- 3.14B USD
- Free cash flow (TTM)
- 3.18B USD
- Cash and short-term investments
- 1.22B USD
- Total debt
- 25.16B USD
- Shareholders' equity
- 14.19B USD
Cash, debt and equity as of 31 Aug 2026.
Carnival earnings
Revenue
EPS
| Period | Report date | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|---|
| Q3 FY2027 | 1.58 | — | — | +10.51% | 8.77B | — | — | +3.93% | |
| Q2 FY2027 | 0.46 | — | — | +12.75% | 6.83B | — | — | +2.53% | |
| Q1 FY2027 | 0.12 | — | — | -40.54% | 6.26B | — | — | +1.50% | |
| Q4 FY2026 | 0.22 | — | — | -35.29% | 6.47B | — | — | +2.22% | |
| Q3 FY2026 | 1.35 | 1.43 | +5.93% | 0.00% | 8.39B | 8.44B | +0.57% | +3.46% | |
| Q2 FY2026 | 0.34 | 0.41 | +19.12% | +17.14% | 6.69B | 6.66B | -0.37% | +5.29% | |
| Q1 FY2026 | 0.18 | 0.20 | +8.46% | +53.85% | 6.14B | 6.17B | +0.42% | +6.11% | |
| Q4 FY2025 | 0.25 | 0.34 | +37.04% | +142.86% | 6.37B | 6.33B | -0.62% | +6.60% | |
| Q3 FY2025 | 1.32 | 1.43 | +8.33% | +12.60% | 8.10B | 8.15B | +0.62% | +3.25% | |
| Q2 FY2025 | 0.25 | 0.35 | +41.93% | +218.18% | 6.21B | 6.33B | +1.96% | +9.46% |
| Period | EPS estimate | Reported EPS | Surprise | EPS growth | Revenue estimate | Reported revenue | Surprise | Revenue growth |
|---|---|---|---|---|---|---|---|---|
| FY2028 | 3.06 | — | — | +18.52% | 29.78B | — | — | +4.08% |
| FY2027 | 2.58 | — | — | +14.19% | 28.61B | — | — | +3.22% |
| FY2026 | 2.26 | — | — | +0.36% | 27.72B | — | — | +4.11% |
| FY2025 | 2.15 | 2.25 | +4.75% | +63.04% | 26.65B | 26.62B | -0.11% | +6.39% |
| FY2024 | 1.34 | 1.38 | +2.74% | — | 25.01B | 25.02B | +0.03% | +15.87% |
| FY2023 | -0.07 | -0.07 | -6.95% | — | 21.53B | 21.59B | +0.30% | +77.45% |
| FY2022 | -4.72 | -4.72 | -0.09% | — | 12.33B | 12.17B | -1.27% | +537.79% |
Carnival growth and profitability
Full income statement- Revenue (TTM)
- 27.59B USD
- Net income (TTM)
- 3.14B USD
- Gross margin
- 34.22%
- Operating margin
- 15.99%
- Net margin
- 11.37%
Revenue / Net income
How Carnival makes its money
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.
Carnival revenue breakdown
By product
| Segment | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Tour And Other | 17.42B | 65.4% | +5.8% |
| Cruise | 9.20B | 34.6% | +7.5% |
By region
| Region | Revenue | Share of revenue | Change on the year |
|---|---|---|---|
| Europe Australia And Asia Cruise Brands | 8.47B | 100.0% | +11.8% |
Operating and free cash flow
Full cash flow statementCarnival financial health
Full balance sheet- Cash and short-term investments
- 1.22B USD
- Total debt
- 25.16B USD
- Net cash
- -23.94B USD
- Free cash flow (TTM)
- 3.18B USD
- Current ratio
- 0.27
- Debt to equity
- 1.77
- Piotroski score
- 6 / 9
- Altman Z-score
- 1.44
Cash, debt and free cash flow
Assets, liabilities and equity
Carnival valuation
- Price to earnings ratio (TTM)
- 12.81
- Forward P/E (FY2026)
- 13.10
- Price to sales (TTM)
- 1.44
- Price to book
- 2.80
- EV / EBITDA (TTM)
- 8.77
Capital structure
Valuation over time
Carnival against its own history
Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.
Its peers: Expedia Group, Royal Caribbean Cruises, Airbnb, Booking Holdings, Norwegian Cruise Line Holdings, and Travel + Leisure, the US Travel Services companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.
- Gross marginAt its median29.6%-144.0%37.5%Against its peers: 6 of 7Peers' median 59.5%
- Operating marginHighest in 5 years16.8%-371.5%16.8%Against its peers: 5 of 7Peers' median 19.5%
- Net marginHighest in 5 years10.4%-498.0%10.4%Against its peers: 4 of 7Peers' median 14.4%
- Return on equityHighest in 5 years22.5%-86.3%22.5%Against its peers: 4 of 5Peers' median 36.6%
- Free cash flow marginHighest in 5 years9.8%-404.4%9.8%Against its peers: 5 of 7Peers' median 17.1%
- Revenue growthBelow its median6.4%-65.9%537.8%Against its peers: 5 of 7Peers' median 8.2%
- Debt to EBITDALowest in 5 years4.05×4.05×7.29×Against its peers: 6 of 7Peers' median 3.06×
- Current ratioBelow its median0.320.290.97Against its peers: 5 of 7Peers' median 1.03
Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.
Carnival dividends
- Annual dividend
- 0.60 USD
- Dividend yield (indicated)
- 2.03%
- Payout ratio
- 25.97%
- Frequency
- Quarterly
- Last payment
- 0.15 USD
- Last ex-dividend date
- 6 Nov 2026
- Last payment date
- 27 Nov 2026
Dividends per share
Carnival ownership
- Institutions
- 69.40%
- Institutional holders
- 1,074 (-60)
- Free float
- 92.85%
Who owns the shares
Shares free to trade
Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.
Insider trading
| Quarter | Purchases | Sales | Shares acquired | Shares disposed of |
|---|---|---|---|---|
| Q4 2026 | 0 | 1 | 0.00 | 25.00K |
| Q3 2026 | 0 | 0 | 248.02K | 0.00 |
| Q2 2026 | 0 | 3 | 384.24K | 158.05K |
| Q1 2026 | 0 | 2 | 1.10M | 691.16K |
Shares outstanding
Common questions about Carnival's financials
Source: Financial Modeling Prep