C

Carnival Corporation Ltd.

CCL · CIK 0000815097

19 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$26.62B6.4%
FY2025
Net income (FY)
$2.76B44.1%
FY2025
Free cash flow (FY)
$2.61B101.0%
FY2025
Diluted EPS (FY)
$2.0240.3%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20BFY2007 · Revenue $13.03B · Net income $2.41B · 0001193125-10-016470 · filed 2010-01-29FY07Revenue $13.03BNet income $2.41B0001193125-10-016470 · filed 2010-01-29FY2008 · Revenue $14.65B · Net income $2.32B · 0001193125-10-016470 · filed 2010-01-29 · 0001193125-11-018320 · filed 2011-01-31FY08Revenue $14.65BNet income $2.32B0001193125-10-016470 · filed 2010-01-29 · 0001193125-11-018320 · filed 2011-01-31FY2009 · Revenue $13.16B · Net income $1.79B · 0001193125-10-016470 · filed 2010-01-29 · 0001193125-12-028375 · filed 2012-01-30FY09Revenue $13.16BNet income $1.79B0001193125-10-016470 · filed 2010-01-29 · 0001193125-12-028375 · filed 2012-01-30FY2014 · Revenue $15.88B · Net income $1.22B · 0000815097-17-000001 · filed 2017-01-30FY14Revenue $15.88BNet income $1.22B0000815097-17-000001 · filed 2017-01-30FY2015 · Revenue $15.71B · Net income $1.76B · 0000815097-18-000005 · filed 2018-01-29FY15Revenue $15.71BNet income $1.76B0000815097-18-000005 · filed 2018-01-29FY2016 · Revenue $16.39B · Net income $2.78B · 0000815097-19-000004 · filed 2019-01-28FY16Revenue $16.39BNet income $2.78B0000815097-19-000004 · filed 2019-01-28FY2017 · Revenue $17.51B · Net income $2.61B · 0000815097-20-000003 · filed 2020-01-28FY17Revenue $17.51BNet income $2.61B0000815097-20-000003 · filed 2020-01-28FY2018 · Revenue $18.88B · Net income $3.15B · 0000815097-21-000027 · filed 2021-01-26FY18Revenue $18.88BNet income $3.15B0000815097-21-000027 · filed 2021-01-26FY2019 · Revenue $20.82B · Net income $2.99B · 0000815097-22-000009 · filed 2022-01-27FY19Revenue $20.82BNet income $2.99B0000815097-22-000009 · filed 2022-01-27FY2020 · Revenue $5.59B · Net income −$10.24B · 0000815097-23-000012 · filed 2023-01-27FY20Revenue $5.59BNet income −$10.24B0000815097-23-000012 · filed 2023-01-27FY2021 · Revenue $1.91B · Net income −$9.50B · 0000815097-24-000011 · filed 2024-01-26FY21Revenue $1.91BNet income −$9.50B0000815097-24-000011 · filed 2024-01-26FY2022 · Revenue $12.17B · Net income −$6.09B · 0000815097-25-000007 · filed 2025-01-27FY22Revenue $12.17BNet income −$6.09B0000815097-25-000007 · filed 2025-01-27FY2023 · Revenue $21.59B · Net income −$74.0M · 0000815097-26-000007 · filed 2026-01-27FY23Revenue $21.59BNet income −$74.0M0000815097-26-000007 · filed 2026-01-27FY2024 · Revenue $25.02B · Net income $1.92B · 0000815097-26-000007 · filed 2026-01-27FY24Revenue $25.02BNet income $1.92B0000815097-26-000007 · filed 2026-01-27FY2025 · Revenue $26.62B · Net income $2.76B · 0000815097-26-000007 · filed 2026-01-27FY25Revenue $26.62BNet income $2.76B0000815097-26-000007 · filed 2026-01-27FY25Revenue $26.62BNet income $2.76B0000815097-26-000007 · filed 2026-01-27FY07FY09FY15FY17FY19FY21FY23FY25

revenue 2.0× since FY2007 · net margin 18.5% → 10.4%

MarginsNet marginFCF margin
-400%-200%0%FY2007 · Net margin 18.5% · FCF margin 5.8%FY07Net margin 18.5%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 15.9% · FCF margin 0.3%FY08Net margin 15.9%FCF margin 0.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 13.6% · FCF margin -0.3%FY09Net margin 13.6%FCF margin -0.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 7.7% · FCF margin 5.3%FY14Net margin 7.7%FCF margin 5.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 11.2% · FCF margin 14.3%FY15Net margin 11.2%FCF margin 14.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 17.0% · FCF margin 12.6%FY16Net margin 17.0%FCF margin 12.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 14.9% · FCF margin 13.6%FY17Net margin 14.9%FCF margin 13.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 16.7% · FCF margin 9.5%FY18Net margin 16.7%FCF margin 9.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 14.4% · FCF margin 0.2%FY19Net margin 14.4%FCF margin 0.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin -182.9% · FCF margin -177.3%FY20Net margin -182.9%FCF margin -177.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin -498.0% · FCF margin -404.4%FY21Net margin -498.0%FCF margin -404.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin -50.1% · FCF margin -54.3%FY22Net margin -50.1%FCF margin -54.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin -0.3% · FCF margin 4.6%FY23Net margin -0.3%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 7.7% · FCF margin 5.2%FY24Net margin 7.7%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 10.4% · FCF margin 9.8%FY25Net margin 10.4%FCF margin 9.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 10.4%FCF margin 9.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’16’19’22’25

FY2025: net 10.4% · free cash flow 9.8% of revenue

Cash engineOperating cash flowFree cash flow
−$10B−$5B$0$5BFY2007 · OCF $4.07B · FCF $757.0M · 0001193125-10-016470 · filed 2010-01-29FY07OCF $4.07BFCF $757.0M0001193125-10-016470 · filed 2010-01-29FY2008 · OCF $3.39B · FCF $38.0M · 0001193125-11-018320 · filed 2011-01-31FY08OCF $3.39BFCF $38.0M0001193125-11-018320 · filed 2011-01-31FY2009 · OCF $3.34B · FCF −$38.0M · 0001193125-12-028375 · filed 2012-01-30FY09OCF $3.34BFCF −$38.0M0001193125-12-028375 · filed 2012-01-30FY2010 · OCF $3.82B · FCF $239.0M · 0001193125-13-027239 · filed 2013-01-29FY10OCF $3.82BFCF $239.0M0001193125-13-027239 · filed 2013-01-29FY2011 · OCF $3.77B · FCF $1.07B · 0001193125-14-025514 · filed 2014-01-29FY11OCF $3.77BFCF $1.07B0001193125-14-025514 · filed 2014-01-29FY2012 · OCF $3.00B · FCF $667.0M · 0000815097-15-000007 · filed 2015-01-29FY12OCF $3.00BFCF $667.0M0000815097-15-000007 · filed 2015-01-29FY2013 · OCF $2.83B · FCF $685.0M · 0000815097-16-000030 · filed 2016-01-29FY13OCF $2.83BFCF $685.0M0000815097-16-000030 · filed 2016-01-29FY2014 · OCF $3.43B · FCF $847.0M · 0000815097-17-000001 · filed 2017-01-30FY14OCF $3.43BFCF $847.0M0000815097-17-000001 · filed 2017-01-30FY2015 · OCF $4.54B · FCF $2.25B · 0000815097-18-000005 · filed 2018-01-29FY15OCF $4.54BFCF $2.25B0000815097-18-000005 · filed 2018-01-29FY2016 · OCF $5.13B · FCF $2.07B · 0000815097-19-000004 · filed 2019-01-28FY16OCF $5.13BFCF $2.07B0000815097-19-000004 · filed 2019-01-28FY2017 · OCF $5.32B · FCF $2.38B · 0000815097-20-000003 · filed 2020-01-28FY17OCF $5.32BFCF $2.38B0000815097-20-000003 · filed 2020-01-28FY2018 · OCF $5.55B · FCF $1.80B · 0000815097-21-000027 · filed 2021-01-26FY18OCF $5.55BFCF $1.80B0000815097-21-000027 · filed 2021-01-26FY2019 · OCF $5.47B · FCF $46.0M · 0000815097-22-000009 · filed 2022-01-27FY19OCF $5.47BFCF $46.0M0000815097-22-000009 · filed 2022-01-27FY2020 · OCF −$6.30B · FCF −$9.92B · 0000815097-23-000012 · filed 2023-01-27FY20OCF −$6.30BFCF −$9.92B0000815097-23-000012 · filed 2023-01-27FY2021 · OCF −$4.11B · FCF −$7.72B · 0000815097-24-000011 · filed 2024-01-26FY21OCF −$4.11BFCF −$7.72B0000815097-24-000011 · filed 2024-01-26FY2022 · OCF −$1.67B · FCF −$6.61B · 0000815097-25-000007 · filed 2025-01-27FY22OCF −$1.67BFCF −$6.61B0000815097-25-000007 · filed 2025-01-27FY2023 · OCF $4.28B · FCF $997.0M · 0000815097-26-000007 · filed 2026-01-27FY23OCF $4.28BFCF $997.0M0000815097-26-000007 · filed 2026-01-27FY2024 · OCF $5.92B · FCF $1.30B · 0000815097-26-000007 · filed 2026-01-27FY24OCF $5.92BFCF $1.30B0000815097-26-000007 · filed 2026-01-27FY2025 · OCF $6.22B · FCF $2.61B · 0000815097-26-000007 · filed 2026-01-27FY25OCF $6.22BFCF $2.61B0000815097-26-000007 · filed 2026-01-27FY25OCF $6.22BFCF $2.61B0000815097-26-000007 · filed 2026-01-27’09’13’17’21’25

FY2025: $6.22B operating cash − $3.61B capex = $2.61B free cash flow

Returns on capitalReturn on equityReturn on assets
-50%0%FY2008 · ROE 12.2% · ROA 7.0%FY08ROE 12.2%ROA 7.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 8.1% · ROA 4.9%FY09ROE 8.1%ROA 4.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 8.6% · ROA 5.3%FY10ROE 8.6%ROA 5.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 8.0% · ROA 4.9%FY11ROE 8.0%ROA 4.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 5.4% · ROA 3.3%FY12ROE 5.4%ROA 3.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 4.3% · ROA 2.6%FY13ROE 4.3%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 5.0% · ROA 3.1%FY14ROE 5.0%ROA 3.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 7.4% · ROA 4.5%FY15ROE 7.4%ROA 4.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 12.3% · ROA 7.1%FY16ROE 12.3%ROA 7.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 10.8% · ROA 6.4%FY17ROE 10.8%ROA 6.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 12.9% · ROA 7.4%FY18ROE 12.9%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 11.8% · ROA 6.6%FY19ROE 11.8%ROA 6.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE -49.8% · ROA -19.1%FY20ROE -49.8%ROA -19.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE -78.2% · ROA -17.8%FY21ROE -78.2%ROA -17.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE -86.2% · ROA -11.8%FY22ROE -86.2%ROA -11.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE -1.1% · ROA -0.2%FY23ROE -1.1%ROA -0.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 20.7% · ROA 3.9%FY24ROE 20.7%ROA 3.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 22.5% · ROA 5.3%FY25ROE 22.5%ROA 5.3%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 22.5%ROA 5.3%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 12% (FY2008) → 22% (FY2025) · on assets 5.3%

The receipts