CarnivalCCLRevenue: is the business selling more than it used to?
$26.6B+6% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $26.6B in 2025, compounding +30% a year since 2022 and the pace is picking up. The last twelve months (+5%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $27.3B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLNet income: how much of that revenue becomes profit?
$2.8B+44% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $2.8B in 2025, against $1.9B the year before. Trailing twelve-month profit stands at $3.1B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLHow fast is it growing, year by year?
+6.4%revenue growth, FY 2025
Off the axis: 2020 earnings -442.3% - rebounds off a collapsed prior year.
→Revenue grew +6% in 2025 against a five-year average of +114%. Earnings grew faster (+44%), so each new dollar of sales is arriving more profitably. 2020's swing into loss (-442%) sits off the axis.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLRevenue per share: is your slice growing as fast as the company?
$18.99revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-05-31), not a full fiscal year
→Revenue per share reached $18.99 in 2025, compounding +23% a year against +30% for CCL as a whole. Dilution absorbed about 7.2 points of that growth. Free cash flow per share stands at $1.86.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLFree cash flow: what is left in real cash after everything?
$2.6B+101% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $2.6B in 2025. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $3.2B.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→10 cents of every sales dollar became free cash in 2025, up 64 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-05-31), not a full fiscal year
→The biggest claim on each sales dollar is capital spending, at 14% of revenue (stock compensation 0%). That share has fallen since 2022, so the cost of competing is easing.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLWhen sales grow, do profits grow faster?
→Operating profit outgrew revenue in 3 of the last 5 years, most recently +25% against +6%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-05-31), not a full fiscal year
→Operating margin widened 53 points to 17% since 2022. After everything, 10 cents of each sales dollar reaches net profit. CCL doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-05-31), not a full fiscal year
→ROE of 24% sits well above ROCE of 12%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLWhat has the market paid for CCL over time?
10.7xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 10.7x earnings, the market is paying 16% less than CCL's own 6-year median of 12.8x. Pessimism is priced in - the question is whether it is deserved. Today's multiple is the lowest in the charted history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLWhat cash return does the business throw off per dollar of market value?
9.9%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 9.9% of annual free cash flow, more than its 10-year median of 5.4% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLCould it handle its debt if things went wrong?
→Debt of $24.9B sits against $2.2B of cash, or 1.9x shareholders' equity. Earnings cover interest 3.7 times - adequate, with less room than it looks in a downturn.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLIs the company's own capital growing?
→The company's own capital grew from $6.9B in 2023 to $13.0B (+88%). The business is building book value rather than consuming it.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLHow much goes back, and how much leaks out as stock comp?
→CCL returned no cash to shareholders in the latest filed year: everything is being retained or reinvested.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLHow fast is your ownership being diluted - or concentrated?
→The share count grew 0.3% in 2025, averaging 6.0% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLIs the dividend cheque growing?
→The dividend per share reached $0.89 in 2020, compounding -3% a year since 2015.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLCan it afford the dividend?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-05-31), not a full fiscal year
→The dividend consumed 46% of profit and 3015% of free cash flow in 2019. That is a thin cushion: a bad year would put the payment under real pressure.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLDoes CCL earn more on its capital than that capital costs?
→CCL earns 11.6% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. That is the highest in CCL's filed history.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLCCL has issued or retired shares - did shareholders end up better off?
→CCL issued +78% more shares from 2011 to 2025 and revenue per share still fell -7%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31
CarnivalCCLAre the people running it buying or selling?
→Insiders sold $16M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 53 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-05-31