CCL Carnival Corp Ltd.

Overview and Growth

In fiscal 2025, Carnival Corp Ltd. recorded $26.62B of revenue, net income of $2.76B, and an operating cash inflow of $6.22B. Revenue of $26.62B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 6.4% above fiscal 2024 revenue of $25.02B, marking a year-over-year increase. The company reported diluted EPS of $2.02, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 40.3% increase from fiscal 2024 diluted EPS of $1.44. Asset turnover was 0.52x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced $4.48B of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 16.8%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $2.76B, after the operating, financing, tax, and other items recognized for the period. Net margin was 10.4%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $2.77B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 10.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $12.00M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 0.4% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 22.5%, relating annual net income to the equity capital on the balance sheet.

Liquidity and Capital Structure

Total assets were $51.69B, supported by $39.40B of liabilities and $12.28B of shareholder equity. The near-term balance sheet paired $4.22B of current assets with $13.09B of current liabilities at the reporting date. At 0.32x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Reported cash and equivalents were $1.93B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 14.7%, excluding receivables and other current assets. The company carried $26.64B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 2.17x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 51.5% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 76.2%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 3.7% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 5.4% higher than fiscal 2024 assets of $49.06B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $6.22B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 2.25x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $3.61B of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 58.1%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $2.61B of positive free cash flow for the period. Free cash flow represented 9.8% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 5.0%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Nov 30, 2025. Analysis generated Oct 21, 2026.