Carnival Corporation key statistics and ratios

In fiscal 2025, Carnival Corporation had return on equity of 25.6%, an operating margin of 16.8%, debt equal to 223.2% of equity and a current ratio of 0.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Carnival Corporation: financial ratios, annual
Fiscal year	2007Nov 2007	2008Nov 2008	2009Nov 2009	2014Nov 2014	2015Nov 2015	2016Nov 2016	2017Nov 2017	2018Nov 2018	2019Nov 2019	2020Nov 2020	2021Nov 2021	2022Nov 2022	2023Nov 2023	2024Nov 2024	2025Nov 2025	LTMAug 2026
Gross margin	41.5%	36.2%	36.1%	34.4%	39.9%	42.7%	40.0%	41.3%	38.0%	—	—	3.4%	33.7%	37.5%	—	—
Operating margin	20.9%	18.6%	16.4%	11.2%	16.4%	18.7%	16.0%	17.6%	15.7%	−158.4%	−371.5%	−36.0%	9.1%	14.3%	16.8%	16.0%
Net margin	18.5%	15.9%	13.6%	7.7%	11.2%	17.0%	14.9%	16.7%	14.4%	−182.9%	−498.0%	−50.1%	−0.3%	7.7%	10.4%	11.4%
Free-cash-flow margin	5.8%	0.3%	−0.3%	5.3%	14.3%	12.6%	13.6%	9.5%	0.2%	−177.3%	−404.4%	−54.3%	4.6%	5.2%	9.8%	11.5%
Return on equity	12.0%	11.9%	8.7%	5.3%	7.3%	12.0%	11.1%	13.0%	12.0%	−44.6%	−58.1%	−63.4%	−1.1%	23.8%	25.6%	23.7%
Return on assets	—	7.0%	5.1%	3.2%	4.5%	7.1%	6.5%	7.6%	6.8%	−20.8%	−17.8%	−11.6%	−0.1%	3.9%	5.5%	6.1%
Asset turnover	—	0.44	0.37	0.42	0.40	0.42	0.44	0.45	0.48	0.11	0.04	0.23	0.43	0.51	0.53	0.54
Current ratio	—	0.29	0.31	0.21	0.35	0.24	0.18	0.24	0.23	1.22	0.97	0.71	0.46	0.29	0.32	0.27
Debt to equity	0.0%	47.4%	49.3%	37.5%	37.0%	43.6%	40.0%	45.7%	46.3%	146.1%	296.6%	506.9%	455.4%	305.0%	223.2%	173.1%
Interest cover (operating income ÷ interest)	7.4x	6.5x	5.7x	6.2x	11.9x	13.8x	14.2x	17.1x	15.9x	n/m	n/m	n/m	0.9x	2.0x	3.3x	3.8x
Effective tax rate	0.7%	2.0%	0.9%	0.7%	2.3%	−1.7%	2.3%	1.7%	2.3%	—	—	—	—	−0.1%	0.4%	1.0%
SG&A as % of revenue	12.1%	11.1%	12.1%	12.9%	13.2%	13.4%	12.9%	13.0%	11.9%	33.6%	98.8%	20.7%	13.7%	13.0%	12.8%	13.0%
Capital spending as % of revenue	25.4%	22.9%	25.7%	16.3%	14.6%	18.7%	16.8%	19.9%	26.1%	64.7%	189.0%	40.6%	15.2%	18.5%	13.6%	13.2%
Free cash flow ÷ net income	31.4%	1.6%	−2.1%	69.7%	128.1%	74.6%	91.3%	57.1%	1.5%	—	—	—	—	67.7%	94.5%	101.2%
Dividends ÷ net income	41.1%	54.3%	17.5%	63.8%	46.4%	35.2%	41.7%	43.0%	46.4%	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	173.8%	>999%	—	91.6%	59.9%	160.1%	68.9%	156.8%	>999%	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Carnival Corporation: financial ratios, quarterly
Quarter	2024 Q4Nov 2024	2025 Q1Feb 2025	2025 Q2May 2025	2025 Q3Aug 2025	2025 Q4Nov 2025	2026 Q1Feb 2026	2026 Q2May 2026	2026 Q3Aug 2026
Gross margin	35.4%	35.2%	38.6%	46.2%	—	—	—	—
Operating margin	9.4%	9.3%	14.8%	27.9%	11.6%	9.8%	12.8%	26.3%
Net margin	5.1%	−1.3%	8.9%	22.7%	6.7%	4.2%	8.1%	22.8%
Free-cash-flow margin	5.4%	5.5%	24.4%	9.0%	0.2%	11.3%	26.3%	8.4%
Current ratio	0.29	0.26	0.34	0.34	0.32	0.30	0.33	0.27
Debt to equity	297.0%	294.2%	272.3%	222.0%	217.1%	194.1%	191.9%	168.5%
SG&A as % of revenue	14.9%	14.6%	12.9%	9.6%	15.2%	15.0%	13.0%	9.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · August 31, 2026

What it owns · $51.0bn

Short-term assets $3.4bnLonger-term assets $47.5bn

What it owes, and who funded it · $26.7bn

Short-term liabilities $12.5bnShareholders' equity $14.2bn

Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $12.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $1.2bn of cash against $23.9bn of debt.
Debt below 40% of shareholders' equity Debt is 169% of equity.
Debt burden no higher than five years ago Debt to equity moved from 290% to 169% over five years.
A year's operating cash flow covers at least 20% of debt $6.8bn of operating cash flow against $23.9bn of debt.
Operating profit covers interest at least five times over Operating income of $4.4bn against $1.2bn of interest.

From Carnival Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

53 /100

Moderate moat

How hard Carnival's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 15 / 20

Cash operating profit has been a median 12.0% of total assets over 9 years.
Pricing power 5 / 20

Gross margin has been a median 37.8%, moving by 16.8 percentage points (standard deviation) across 10 years.
Durability 4 / 20

Operating margin has been a median 14.9%; its worst year was -1042.5%.
Cash conversion 9 / 20

Free cash flow was positive in 6 of 10 years, at a median 5.2% of revenue.
Discipline 20 / 20

The diluted share count fell 99.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Carnival Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Carnival Corporation.