Carnival Corporation Ltd. (CCL) Stock Analysis
Consumer Cyclical · Travel Services · NYSE
Carnival Corporation Ltd. (CCL) posted $26.62B in revenue for fiscal 2025 (up 6.4% year over year), at a 10.4% net margin, and has compounded revenue about 36.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Carnival Corporation Ltd.
Carnival Corporation Ltd. has grown revenue from $16.39B to $26.62B over the last 10 fiscal years, compounding about 36.6% a year. The most recent year was up 6.4%, so growth has cooled from its longer-run pace.
Net margin sits at 10.4%, up 2.7 points year over year. It carries about $27.38B of total debt.
At today's valuation the market is pricing in roughly 3.4% annual free-cash-flow growth. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Carnival Corporation Ltd.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Carnival Corporation Ltd. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.39B | $17.51B | $18.88B | $20.82B | $5.59B | $1.91B | $12.17B | $21.59B | $25.02B | $26.62B |
| Gross profit | $7.01B | $7.01B | $7.79B | $7.92B | — | $-2.75B | $411.00M | $7.28B | $9.38B | — |
| Net income | $2.78B | $2.61B | $3.15B | $2.99B | $-10.24B | $-9.50B | $-6.09B | $-74.00M | $1.92B | $2.76B |
| Net margin | 17.0% | 14.9% | 16.7% | 14.4% | -182.9% | -498.0% | -50.1% | -0.3% | 7.7% | 10.4% |
Source: Carnival Corporation Ltd. SEC filings (10-K). 19 years of history available in the interactive view.
Carnival Corporation Ltd.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $32589M is 5.2× last year's operating cash flow — it would take years of cash flow to clear.
What growth is priced into CCL stock?
At today's market cap of $38.09B, Carnival Corporation Ltd. is priced for free-cash-flow growth of about 3.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.61B from the FY ending 2025-11-30). For comparison, revenue 36.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Carnival Corporation Ltd. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Carnival Corporation Ltd. financial history by metric
Compare Carnival Corporation Ltd. with peers
About Carnival Corporation Ltd.
Carnival Corporation Ltd., a cruise company, provides leisure travel services. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches. The company offers its services under the AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn brands. It sells its cruises through travel agents, tour operators, vacation planners, websites, and onboard future cruise consultants. Carnival Corporation Ltd. was founded in 1972 and is headquartered in Miami, Florida.
Carnival Corporation Ltd. — frequently asked questions
What is Carnival Corporation Ltd.'s revenue?
Carnival Corporation Ltd. (CCL) reported revenue of $26.62B for fiscal year 2025, up 6.4% from the prior year, according to its SEC filings.
Is Carnival Corporation Ltd. profitable?
Yes. CCL earned net income of $2.76B in fiscal 2025, a net margin of 10.4%.
What is CCL's P/E ratio?
Carnival Corporation Ltd. trades at a price-to-earnings ratio of about 12.5 based on the latest data in our nightly-refreshed cache.
How fast is Carnival Corporation Ltd. growing?
CCL's revenue grew at roughly 36.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Carnival Corporation Ltd. have?
As of fiscal year 2025, CCL carried roughly $27.38B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Carnival Corporation Ltd.'s market cap?
Carnival Corporation Ltd. (CCL) has a market capitalization of about $38.09B, based on the latest data in our nightly-refreshed cache.
When does Carnival Corporation Ltd.'s fiscal year end?
CCL's fiscal year ends in November. Its most recent annual filing covers the fiscal year ending 2025-11-30.
What growth is priced into CCL stock?
At today's market cap of $38.09B, Carnival Corporation Ltd. is priced for free-cash-flow growth of about 3.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $2.61B from the FY ending 2025-11-30). For comparison, revenue 36.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Carnival Corporation Ltd.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.