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Carnival free cash flow 1991–2026
Carnival's free cash flow in Q3 FY2026, the three months to 31 August 2026, was 712.00M USD, down 3.3% on the same quarter a year before. Carnival's free cash flow over the last twelve months was 3.18B USD, up 9.0% on the twelve months before. In fiscal year 2025 it was 2.61B USD, up 101.0% on the year before.
Last updated 6 Nov 2026 · Next report 18 Dec 2026
Free cash flow
Free cash flow · +1.5% a year over 10 yearsFree cash flow margin
Growth
| Fiscal year | Period ending | Free cash flow | Growth | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| TTM | 31 Aug 2026 | 3.18B | +8.99% | 11.51% | 6.82B | -3.65B | 2.29 |
| FY2025 | 30 Nov 2025 | 2.61B | +101.00% | 9.79% | 6.22B | -3.61B | 1.86 |
| FY2024 | 30 Nov 2024 | 1.30B | +30.09% | 5.18% | 5.92B | -4.63B | 0.93 |
| FY2023 | 30 Nov 2023 | 997.00M | — | 4.62% | 4.28B | -3.28B | 0.79 |
| FY2022 | 30 Nov 2022 | -6.61B | — | -54.32% | -1.67B | -4.94B | -5.60 |
| FY2021 | 30 Nov 2021 | -7.72B | — | -404.40% | -4.11B | -3.61B | -6.87 |
| FY2020 | 30 Nov 2020 | -9.92B | -21,667.39% | -177.35% | -6.30B | -3.62B | -12.80 |
| FY2019 | 30 Nov 2019 | 46.00M | -97.44% | 0.22% | 5.48B | -5.43B | 0.07 |
| FY2018 | 30 Nov 2018 | 1.80B | -24.31% | 9.53% | 5.55B | -3.75B | 2.54 |
| FY2017 | 30 Nov 2017 | 2.38B | +14.77% | 13.58% | 5.32B | -2.94B | 3.28 |
| FY2016 | 30 Nov 2016 | 2.07B | -7.95% | 12.64% | 5.13B | -3.06B | 2.77 |
| FY2015 | 30 Nov 2015 | 2.25B | +165.76% | 14.32% | 4.55B | -2.29B | 2.89 |
| FY2014 | 30 Nov 2014 | 847.00M | +23.65% | 5.33% | 3.43B | -2.58B | 1.09 |
| FY2013 | 30 Nov 2013 | 685.00M | +2.70% | 4.43% | 2.83B | -2.15B | 0.88 |
| FY2012 | 30 Nov 2012 | 667.00M | -37.66% | 4.34% | 3.00B | -2.33B | 0.86 |
| FY2011 | 30 Nov 2011 | 1.07B | +347.70% | 6.78% | 3.77B | -2.70B | 1.36 |
| FY2010 | 30 Nov 2010 | 239.00M | — | 1.65% | 3.82B | -3.58B | 0.30 |
| FY2009 | 30 Nov 2009 | -38.00M | -200.00% | -0.28% | 3.34B | -3.38B | -0.05 |
| FY2008 | 30 Nov 2008 | 38.00M | -94.98% | 0.25% | 3.39B | -3.35B | 0.05 |
| FY2007 | 30 Nov 2007 | 757.00M | -34.35% | 5.81% | 4.07B | -3.31B | 0.91 |
| FY2006 | 30 Nov 2006 | 1.15B | -19.54% | 9.74% | 3.63B | -2.48B | 1.40 |
| FY2005 | 30 Nov 2005 | 1.43B | — | 12.92% | 3.41B | -1.98B | 1.72 |
| FY2004 | 30 Nov 2004 | -370.00M | — | -3.80% | 3.22B | -3.59B | -0.45 |
| FY2003 | 30 Nov 2003 | -583.00M | — | -8.68% | 1.93B | -2.52B | -0.80 |
| FY2002 | 30 Nov 2002 | -517.45M | -225.48% | -11.81% | 1.47B | -1.99B | -0.86 |
| FY2001 | 30 Nov 2001 | 412.37M | +83.41% | 9.07% | 1.24B | -826.57M | 0.70 |
| FY2000 | 30 Nov 2000 | 224.84M | -50.77% | 5.93% | 1.28B | -1.05B | 0.37 |
| FY1999 | 30 Nov 1999 | 456.74M | — | 13.02% | 1.33B | -872.98M | 0.74 |
| FY1998 | 30 Nov 1998 | -58.57M | -115.42% | -1.95% | 1.09B | -1.15B | -0.10 |
| FY1997 | 30 Nov 1997 | 379.92M | — | 15.52% | 877.58M | -497.66M | 0.66 |
| FY1996 | 30 Nov 1996 | -160.38M | -255.25% | -7.25% | 741.52M | -901.91M | -0.28 |
| FY1995 | 30 Nov 1995 | 103.31M | — | 5.17% | 587.21M | -483.90M | 0.18 |
| FY1994 | 30 Nov 1994 | -57.65M | — | -3.19% | 537.14M | -594.79M | -0.10 |
| FY1993 | 30 Nov 1993 | -233.00M | -185.19% | -14.97% | 479.80M | -712.80M | -0.41 |
| FY1992 | 30 Nov 1992 | 273.50M | +20.11% | 18.56% | 394.30M | -120.80M | 0.48 |
| FY1991 | 30 Nov 1991 | 227.70M | — | 16.21% | 344.40M | -116.70M | 0.40 |
| Quarter | Period ending | Free cash flow | Growth on a year before | Free cash flow margin | Operating cash flow | Capital expenditure | Free cash flow per share |
|---|---|---|---|---|---|---|---|
| Q3 FY2026 | 31 Aug 2026 | 712.00M | -3.26% | 8.44% | 1.41B | -698.00M | 0.52 |
| Q2 FY2026 | 31 May 2026 | 1.76B | +13.89% | 26.34% | 2.63B | -875.00M | 1.26 |
| Q1 FY2026 | 28 Feb 2026 | 697.00M | +119.18% | 11.31% | 1.26B | -566.00M | 0.50 |
| Q4 FY2025 | 30 Nov 2025 | 12.00M | -96.24% | 0.19% | 1.52B | -1.51B | 0.01 |
| Q3 FY2025 | 31 Aug 2025 | 736.00M | +17.20% | 9.03% | 1.38B | -647.00M | 0.52 |
| Q2 FY2025 | 31 May 2025 | 1.54B | +114.03% | 24.35% | 2.39B | -851.00M | 1.10 |
| Q1 FY2025 | 28 Feb 2025 | 318.00M | — | 5.47% | 925.00M | -607.00M | 0.24 |
| Q4 FY2024 | 30 Nov 2024 | 319.00M | +29.15% | 5.37% | 911.00M | -592.00M | 0.23 |
| Q3 FY2024 | 31 Aug 2024 | 628.00M | -37.01% | 7.95% | 1.21B | -577.00M | 0.45 |
| Q2 FY2024 | 31 May 2024 | 720.00M | +63.64% | 12.45% | 2.04B | -1.32B | 0.57 |
| Q1 FY2024 | 29 Feb 2024 | -369.00M | — | -6.82% | 1.77B | -2.14B | -0.29 |
| Q4 FY2023 | 30 Nov 2023 | 247.00M | — | 4.58% | 922.00M | -675.00M | 0.20 |
| Q3 FY2023 | 31 Aug 2023 | 997.00M | — | 14.55% | 1.83B | -837.00M | 0.71 |
| Q2 FY2023 | 31 May 2023 | 440.00M | — | 8.96% | 1.14B | -697.00M | 0.35 |
| Q1 FY2023 | 28 Feb 2023 | -687.00M | — | -15.50% | 388.00M | -1.08B | -0.55 |
| Q4 FY2022 | 30 Nov 2022 | -1.30B | — | -33.81% | -117.00M | -1.18B | -1.03 |
| Q3 FY2022 | 31 Aug 2022 | -882.00M | — | -20.48% | -344.00M | -538.00M | -0.74 |
| Q2 FY2022 | 31 May 2022 | -488.00M | — | -20.32% | 3.00M | -491.00M | -0.43 |
| Q1 FY2022 | 28 Feb 2022 | -3.94B | — | -242.88% | -1.21B | -2.73B | -3.47 |
| Q4 FY2021 | 30 Nov 2021 | -855.00M | — | -66.43% | -368.00M | -487.00M | -0.75 |
| Q3 FY2021 | 31 Aug 2021 | -1.84B | — | -337.36% | -879.00M | -963.00M | -1.63 |
| Q2 FY2021 | 31 May 2021 | -1.74B | — | -3,555.10% | -1.36B | -383.00M | -1.54 |
| Q1 FY2021 | 28 Feb 2021 | -3.28B | — | -12,603.85% | -1.50B | -1.77B | -2.99 |
| Q4 FY2020 | 30 Nov 2020 | -3.37B | — | -10,221.21% | -1.65B | -1.72B | -4.35 |
| Q3 FY2020 | 31 Aug 2020 | -3.08B | -475.58% | -9,922.58% | -2.85B | -231.00M | -3.97 |
| Q2 FY2020 | 31 May 2020 | -3.06B | -363.97% | -413.78% | -2.72B | -342.00M | -4.25 |
| Q1 FY2020 | 29 Feb 2020 | -410.00M | — | -8.56% | 916.00M | -1.33B | -0.60 |
| Q4 FY2019 | 30 Nov 2019 | -919.00M | -725.17% | -19.22% | 1.06B | -1.98B | -1.34 |
| Q3 FY2019 | 31 Aug 2019 | 819.00M | +6.92% | 12.54% | 1.25B | -427.00M | 1.19 |
| Q2 FY2019 | 31 May 2019 | 1.16B | +192.93% | 23.98% | 2.05B | -893.00M | 1.67 |
| Q1 FY2019 | 28 Feb 2019 | -1.01B | -306.73% | -21.68% | 1.12B | -2.13B | -1.46 |
| Q4 FY2018 | 30 Nov 2018 | 147.00M | -60.90% | 3.30% | 1.11B | -966.00M | 0.21 |
| Q3 FY2018 | 31 Aug 2018 | 766.00M | -24.31% | 13.13% | 1.35B | -583.00M | 1.08 |
| Q2 FY2018 | 31 May 2018 | 396.00M | -15.74% | 9.09% | 2.02B | -1.63B | 0.55 |
| Q1 FY2018 | 28 Feb 2018 | 490.00M | -5.77% | 11.58% | 1.06B | -574.00M | 0.68 |
| Q4 FY2017 | 30 Nov 2017 | 376.00M | -0.53% | 8.83% | 1.02B | -648.00M | 0.52 |
| Q3 FY2017 | 31 Aug 2017 | 1.01B | +3.37% | 18.35% | 1.45B | -437.00M | 1.39 |
| Q2 FY2017 | 31 May 2017 | 470.00M | +90.28% | 11.91% | 1.92B | -1.45B | 0.65 |
| Q1 FY2017 | 28 Feb 2017 | 520.00M | +11.11% | 13.72% | 932.00M | -412.00M | 0.71 |
| Q4 FY2016 | 30 Nov 2016 | 378.00M | -2.58% | 9.61% | 1.02B | -646.00M | 0.52 |
| Q3 FY2016 | 31 Aug 2016 | 979.00M | +2.19% | 19.21% | 1.43B | -450.00M | 1.32 |
| Q2 FY2016 | 31 May 2016 | 247.00M | -77.04% | 6.67% | 1.88B | -1.64B | 0.33 |
| Q1 FY2016 | 29 Feb 2016 | 468.00M | — | 12.82% | 798.00M | -330.00M | 0.61 |
| Q4 FY2015 | 30 Nov 2015 | 388.00M | — | 10.46% | 978.00M | -590.00M | 0.50 |
| Q3 FY2015 | 31 Aug 2015 | 958.00M | +24.09% | 19.62% | 1.28B | -323.00M | 1.23 |
| Q2 FY2015 | 31 May 2015 | 1.08B | +389.09% | 29.97% | 1.52B | -439.00M | 1.38 |
| Q1 FY2015 | 28 Feb 2015 | -171.00M | -237.90% | -4.84% | 771.00M | -942.00M | -0.22 |
| Q4 FY2014 | 30 Nov 2014 | -269.00M | -294.93% | -7.23% | 637.00M | -906.00M | -0.35 |
| Q3 FY2014 | 31 Aug 2014 | 772.00M | +76.26% | 15.61% | 1.12B | -348.00M | 0.99 |
| Q2 FY2014 | 31 May 2014 | 220.00M | — | 6.06% | 1.20B | -976.00M | 0.28 |
| Q1 FY2014 | 28 Feb 2014 | 124.00M | -21.52% | 3.46% | 477.00M | -353.00M | 0.16 |
| Q4 FY2013 | 30 Nov 2013 | 138.00M | -61.13% | 3.77% | 475.00M | -337.00M | 0.18 |
| Q3 FY2013 | 31 Aug 2013 | 438.00M | -48.53% | 9.27% | 803.00M | -365.00M | 0.56 |
| Q2 FY2013 | 31 May 2013 | -49.00M | — | -1.41% | 1.16B | -1.21B | -0.06 |
| Q1 FY2013 | 28 Feb 2013 | 158.00M | +187.27% | 4.40% | 399.00M | -241.00M | 0.20 |
| Q4 FY2012 | 30 Nov 2012 | 355.00M | -27.40% | 9.92% | 523.00M | -168.00M | 0.46 |
| Q3 FY2012 | 31 Aug 2012 | 851.00M | +111.69% | 18.17% | 1.02B | -167.00M | 1.09 |
| Q2 FY2012 | 31 May 2012 | -594.00M | — | -16.79% | 1.14B | -1.73B | -0.76 |
| Q1 FY2012 | 29 Feb 2012 | 55.00M | -77.08% | 1.54% | 322.00M | -267.00M | 0.07 |
| Q4 FY2011 | 30 Nov 2011 | 489.00M | — | 13.23% | 750.00M | -261.00M | 0.63 |
| Q3 FY2011 | 31 Aug 2011 | 402.00M | -35.16% | 7.95% | 1.22B | -813.00M | 0.51 |
| Q2 FY2011 | 31 May 2011 | -61.00M | -115.29% | -1.69% | 1.39B | -1.45B | -0.08 |
| Q1 FY2011 | 28 Feb 2011 | 240.00M | — | 7.02% | 412.00M | -172.00M | 0.30 |
| Q4 FY2010 | 30 Nov 2010 | -7.00M | — | -0.19% | 734.00M | -741.00M | -0.01 |
| Q3 FY2010 | 31 Aug 2010 | 620.00M | -16.55% | 13.70% | 1.29B | -670.00M | 0.77 |
| Q2 FY2010 | 31 May 2010 | 399.00M | — | 12.21% | 1.40B | -999.00M | 0.50 |
| Q1 FY2010 | 28 Feb 2010 | -773.00M | — | -24.32% | 396.00M | -1.17B | -0.96 |
| Q4 FY2009 | 30 Nov 2009 | -266.00M | — | -8.30% | 712.00M | -978.00M | -0.33 |
| Q3 FY2009 | 31 Aug 2009 | 743.00M | — | 17.95% | 1.19B | -446.00M | 0.92 |
| Q2 FY2009 | 31 May 2009 | -514.00M | -580.37% | -17.44% | 1.14B | -1.65B | -0.64 |
| Q1 FY2009 | 28 Feb 2009 | -1.00M | -100.87% | -0.03% | 305.00M | -306.00M | -0.00 |
| Q4 FY2008 | 30 Nov 2008 | -118.00M | — | -3.57% | 512.00M | -630.00M | -0.14 |
| Q3 FY2008 | 31 Aug 2008 | -66.00M | -107.54% | -1.37% | 1.06B | -1.13B | -0.08 |
| Q2 FY2008 | 31 May 2008 | 107.00M | +10,600.00% | 3.17% | 1.44B | -1.34B | 0.13 |
| Q1 FY2008 | 29 Feb 2008 | 115.00M | — | 3.65% | 373.00M | -258.00M | 0.14 |
| Q4 FY2007 | 30 Nov 2007 | -79.00M | -115.58% | -2.53% | 857.00M | -936.00M | -0.10 |
| Q3 FY2007 | 31 Aug 2007 | 875.00M | +258.61% | 20.25% | 1.12B | -246.00M | 1.06 |
| Q2 FY2007 | 31 May 2007 | 1.00M | -99.82% | 0.03% | 1.49B | -1.49B | 0.00 |
| Q1 FY2007 | 28 Feb 2007 | -40.00M | — | -1.49% | 597.00M | -637.00M | -0.05 |
| Q4 FY2006 | 30 Nov 2006 | 507.00M | +85.71% | 18.04% | 805.00M | -298.00M | 0.62 |
| Q3 FY2006 | 31 Aug 2006 | 244.00M | -51.97% | 6.25% | 943.00M | -699.00M | 0.30 |
| Q2 FY2006 | 31 May 2006 | 546.00M | -17.89% | 20.51% | 1.27B | -726.00M | 0.66 |
| Q1 FY2006 | 28 Feb 2006 | -144.00M | — | -5.85% | 613.00M | -757.00M | -0.18 |
| Q4 FY2005 | 30 Nov 2005 | 273.00M | — | 10.63% | 618.00M | -345.00M | 0.33 |
| Q3 FY2005 | 31 Aug 2005 | 508.00M | -27.22% | 14.08% | 1.03B | -523.00M | 0.60 |
| Q2 FY2005 | 31 May 2005 | 665.00M | — | 26.43% | 1.22B | -553.00M | 0.81 |
| Q1 FY2005 | 28 Feb 2005 | -13.00M | — | -0.54% | 543.00M | -556.00M | -0.02 |
| Q4 FY2004 | 30 Nov 2004 | -127.00M | — | -5.66% | 594.00M | -721.00M | -0.15 |
| Q3 FY2004 | 31 Aug 2004 | 698.00M | — | 21.48% | 915.00M | -217.00M | 0.83 |
| Q2 FY2004 | 31 May 2004 | -120.00M | — | -5.33% | 1.17B | -1.29B | -0.14 |
| Q1 FY2004 | 29 Feb 2004 | -821.00M | -1,499.26% | -41.44% | 542.00M | -1.36B | -1.01 |
| Q4 FY2003 | 30 Nov 2003 | -81.94M | — | -4.51% | 537.57M | -619.51M | -0.11 |
| Q3 FY2003 | 31 Aug 2003 | -553.35M | -1,751.55% | -21.92% | 730.57M | -1.28B | -0.68 |
| Q2 FY2003 | 31 May 2003 | -6.38M | -101.87% | -0.48% | 494.05M | -500.43M | -0.01 |
| Q1 FY2003 | 28 Feb 2003 | 58.67M | — | 5.67% | 170.81M | -112.14M | 0.10 |
| Q4 FY2002 | 30 Nov 2002 | -663.41M | -3,392.86% | -64.06% | 300.61M | -964.02M | -1.10 |
| Q3 FY2002 | 31 Aug 2002 | 33.51M | -90.25% | 2.33% | 461.61M | -428.11M | 0.06 |
| Q2 FY2002 | 31 May 2002 | 340.95M | +13,720.35% | 34.47% | 491.91M | -150.96M | 0.58 |
| Q1 FY2002 | 28 Feb 2002 | -228.49M | -593.66% | -25.20% | 214.90M | -443.39M | -0.39 |
| Q4 FY2001 | 30 Nov 2001 | 20.15M | -80.93% | 2.10% | 133.39M | -113.24M | 0.03 |
| Q3 FY2001 | 31 Aug 2001 | 343.47M | — | 23.05% | 465.27M | -121.80M | 0.58 |
| Q2 FY2001 | 31 May 2001 | 2.47M | -98.35% | 0.23% | 473.17M | -470.70M | 0.00 |
| Q1 FY2001 | 28 Feb 2001 | 46.29M | -35.91% | 4.59% | 167.11M | -120.83M | 0.08 |
| Q4 FY2000 | 30 Nov 2000 | 105.63M | — | 12.42% | 277.87M | -172.24M | 0.18 |
| Q3 FY2000 | 31 Aug 2000 | -102.93M | -352.28% | -8.38% | 387.09M | -490.02M | -0.17 |
| Q2 FY2000 | 31 May 2000 | 149.93M | -60.82% | 17.13% | 449.32M | -299.39M | 0.25 |
| Q1 FY2000 | 29 Feb 2000 | 72.21M | -54.24% | 8.75% | 165.26M | -93.05M | 0.12 |
| Q4 FY1999 | 30 Nov 1999 | -124.56M | -204.47% | -15.89% | 263.22M | -387.78M | -0.20 |
| Q3 FY1999 | 31 Aug 1999 | 40.80M | -77.03% | 3.49% | 413.10M | -372.30M | 0.07 |
| Q2 FY1999 | 31 May 1999 | 382.70M | — | 48.07% | 444.60M | -61.90M | 0.62 |
| Q1 FY1999 | 28 Feb 1999 | 157.80M | — | 21.09% | 208.80M | -51.00M | 0.26 |
| Q4 FY1998 | 30 Nov 1998 | 119.23M | — | 16.36% | 213.94M | -94.71M | 0.20 |
| Q3 FY1998 | 31 Aug 1998 | 177.60M | -9.98% | 16.73% | 285.00M | -107.40M | 0.30 |
| Q2 FY1998 | 31 May 1998 | -207.90M | -194.29% | -31.43% | 378.70M | -586.60M | -0.35 |
| Q1 FY1998 | 28 Feb 1998 | -147.50M | -211.49% | -26.44% | 214.20M | -361.70M | -0.25 |
| Q4 FY1997 | 30 Nov 1997 | -170.18M | — | -32.45% | 168.58M | -338.76M | -0.29 |
| Q3 FY1997 | 31 Aug 1997 | 197.30M | +16.68% | 24.50% | 272.10M | -74.80M | 0.34 |
| Q2 FY1997 | 31 May 1997 | 220.50M | +276.92% | 36.96% | 242.30M | -21.80M | 0.38 |
| Q1 FY1997 | 28 Feb 1997 | 132.30M | — | 25.39% | 194.60M | -62.30M | 0.23 |
| Q4 FY1996 | 30 Nov 1996 | -302.38M | — | -63.66% | 85.32M | -387.71M | -0.52 |
| Q3 FY1996 | 31 Aug 1996 | 169.10M | — | 21.90% | 227.00M | -57.90M | 0.29 |
| Q2 FY1996 | 31 May 1996 | 58.50M | -69.53% | 11.32% | 261.30M | -202.80M | 0.10 |
| Q1 FY1996 | 29 Feb 1996 | -85.60M | -297.69% | -19.07% | 167.90M | -253.50M | -0.15 |
| Q4 FY1995 | 30 Nov 1995 | -36.90M | — | -8.15% | 64.61M | -101.50M | -0.06 |
| Q3 FY1995 | 31 Aug 1995 | -95.10M | — | -14.14% | 211.40M | -306.50M | -0.16 |
| Q2 FY1995 | 31 May 1995 | 192.00M | +19.78% | 42.40% | 213.90M | -21.90M | 0.33 |
| Q1 FY1995 | 28 Feb 1995 | 43.30M | +25.87% | 10.31% | 97.30M | -54.00M | 0.08 |
| Q4 FY1994 | 30 Nov 1994 | -119.25M | — | -29.05% | 69.94M | -189.19M | -0.21 |
| Q3 FY1994 | 31 Aug 1994 | -133.10M | -234.44% | -22.15% | 177.50M | -310.60M | -0.24 |
| Q2 FY1994 | 31 May 1994 | 160.30M | +19.81% | 39.15% | 174.60M | -14.30M | 0.28 |
| Q1 FY1994 | 28 Feb 1994 | 34.40M | — | 8.93% | 115.10M | -80.70M | 0.06 |
| Q4 FY1993 | 30 Nov 1993 | -373.30M | — | -114.61% | 88.50M | -461.80M | -0.66 |
| Q3 FY1993 | 31 Aug 1993 | 99.00M | — | 18.70% | 131.40M | -32.40M | 0.22 |
| Q2 FY1993 | 31 May 1993 | 133.80M | — | 35.38% | 151.20M | -17.40M | 0.24 |
| Q1 FY1993 | 28 Feb 1993 | -92.50M | — | -28.58% | 108.70M | -201.20M | -0.16 |
Figures in USD. Free cash flow is operating cash flow less capital expenditure. Quarterly growth is on the same quarter a year before; TTM is the last four quarters.
See also:Revenue,Net income,EPS,Shares outstanding,Operating income,Cash on hand,Total debt,Stock buybacks,Cash flow
Common questions about Carnival's free cash flow
Source: Financial Modeling Prep