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CCL · Cruise Lines · Consumer Cyclical

Carnival Corporation Ltd.

$29.34−4.4%Close 11/12 · Next earnings Dec 18, 2026 (in 35 days)
Compare CCL with another stock
What it sells
Passenger ticket is 65% of revenue (fiscal year to Nov 2025), the same as two years earlier.
Growing?
Yes: revenue up 3% on a year earlier (quarter ended Aug 2026); earnings per share up 19% over the last four quarters.
Expensive?
Cheaper than usual: 12.8× trailing earnings; its median since Mar 2024 is 15.8×. Priced 33% below the peer median of 19.1x.
Analysts?
77% of 30 say buy; average 12-month target $33.49, 14% above today's price.
Risky?
Much swingier than most large companies: its price swung 50% over the past year (the S&P 500's 14%), and it fell as much as 74% since Nov 2021.
Market cap$39.5B
Revenue (TTM)$27.6B
Net income (TTM)$3.1B
P/E (trailing)12.8x
52-week closing range$22 – $34
Forward P/E11.4x

Carnival Corporation & plc is a global cruise company operating a portfolio of cruise lines (including Carnival Cruise Line, Princess Cruises, Holland America Line, Costa Cruises, AIDA Cruises, Cunard, and Seabourn) and related destination/land-tour assets.

More about Carnival Corporation

Revenue is primarily generated from passenger cruise ticket sales and onboard spending (e.g., beverages, excursions, specialty dining), with additional revenue from destination and land-based tour operations.

Market Position

Carnival is one of the world’s largest cruise operators, competing mainly with Royal Caribbean Group (RCL) and Norwegian Cruise Line Holdings (NCLH) across contemporary, premium, and luxury offerings, with differentiated scale in fleet capacity, global itineraries, and a multi-brand portfolio.

Key Segments

Carnival reports four segments: North America cruise operations, Europe cruise operations, Cruise Support (port destinations/exclusive islands and related services), and Tour and Other (including Holland America Princess Alaska Tours hotel/transportation operations).

How has the stock done?

Over the past year CCL rose 8.1%; the consumer discretionary ETF (XLY) rose 1.3% and the S&P 500 rose 10.8%.

CCL +8.1%Consumer discretionary ETF (XLY) +1.3%Earnings released
How much it movesRisk
Biggest fall
−74%

From Nov 8, 2021 to Oct 10, 2022, the deepest drop from a high since Nov 2021

Volatility, past year
50%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year
2.00

When the S&P 500 moves 1%, the stock has moved about 2.0% the same way

Show the earnings releases
ReleasedQuarterRevenueEPS vs estimateStock, day after5 days after
Sep 29, 2026ended Aug 2026$8.4B (+3% vs a year earlier)$1.43 vs $1.35 (beat)+10.8%+20.1%
Jun 23, 2026ended May 2026$6.7B (+5% vs a year earlier)$0.41 vs $0.34 (beat)−4.2%−5.4%
Mar 27, 2026ended Feb 2026$6.2B (+6% vs a year earlier)$0.20 vs $0.18 (beat)−5.2%+2.7%
Dec 19, 2025ended Nov 2025$6.3B (+7% vs a year earlier)$0.34 vs $0.25 (beat)+13.6%+8.4%
Sep 29, 2025ended Aug 2025$8.2B (+3% vs a year earlier)—−5.6%−5.0%
Jun 24, 2025ended May 2025$6.3B (+9% vs a year earlier)—+6.0%+19.1%
Mar 21, 2025ended Feb 2025$5.8B (+7% vs a year earlier)—+1.1%−6.3%
Dec 20, 2024ended Nov 2024$5.9B (+10% vs a year earlier)—+2.2%−0.5%
Sep 30, 2024ended Aug 2024$7.9B (+15% vs a year earlier)—−2.8%−2.9%
Jun 25, 2024ended May 2024$5.8B (+18% vs a year earlier)—+12.1%+7.1%
Mar 27, 2024ended Feb 2024$5.4B (+22% vs a year earlier)—−4.1%−11.6%
Dec 21, 2023ended Nov 2023$5.4B (+41% vs a year earlier)—+4.8%+2.6%
Sep 29, 2023ended Aug 2023$6.9B (+59% vs a year earlier)—−5.5%−8.2%
Jun 26, 2023ended May 2023$4.9B (+105% vs a year earlier)—+0.6%+20.0%
Mar 27, 2023ended Feb 2023$4.4B (+173% vs a year earlier)—+1.1%+8.0%
Dec 21, 2022ended Nov 2022$3.8B (+198% vs a year earlier)—−2.7%−0.2%
Sep 30, 2022ended Aug 2022$4.3B (+688% vs a year earlier)—−25.2%−26.2%
Jun 24, 2022ended May 2022$2.4B (+4702% vs a year earlier)—+9.3%−8.6%
Mar 22, 2022ended Feb 2022$1.6B (+6142% vs a year earlier)—−3.4%+5.2%
Dec 20, 2021ended Nov 2021$1.3B (+3685% vs a year earlier)—+12.4%+14.3%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $8.4B in the quarter ended Aug 2026, up 3% from a year earlier.

Revenue by quarter
Change from the same quarter a year earlier
Show the data
Quarter endedRevenuevs a year earlier
Nov 2022$3.8B+198%
Feb 2023$4.4B+173%
May 2023$4.9B+105%
Aug 2023$6.9B+59%
Nov 2023$5.4B+41%
Feb 2024$5.4B+22%
May 2024$5.8B+18%
Aug 2024$7.9B+15%
Nov 2024$5.9B+10%
Feb 2025$5.8B+7%
May 2025$6.3B+9%
Aug 2025$8.2B+3%
Nov 2025$6.3B+7%
Feb 2026$6.2B+6%
May 2026$6.7B+5%
Aug 2026$8.4B+3%
Revenue by productFiscal years, from Carnival Corporation's 10-K

In the fiscal year to Nov 2025, Passenger ticket was 65% and Onboard and other was 35% of revenue.

Passenger ticketOnboard and other
Show the data
Fiscal yearPartRevenueShare
FY2023Passenger ticket$14.1B65%
FY2023Onboard and other$7.5B35%
FY2024Passenger ticket$16.5B66%
FY2024Onboard and other$8.6B34%
FY2025Passenger ticket$17.4B65%
FY2025Onboard and other$9.2B35%
Revenue by regionFiscal years, from Carnival Corporation's 10-K

In the fiscal year to Nov 2025, United States was 56% and Germany was 13% of revenue.

United StatesGermanyUnited KingdomOther
Show the data
Fiscal yearPartRevenueShare
FY2023United States$12.3B57%
FY2023Germany$2.7B12%
FY2023United Kingdom$2.3B11%
FY2023Other$4.4B20%
FY2024United States$14.1B56%
FY2024Germany$3.1B12%
FY2024United Kingdom$2.7B11%
FY2024Other$5.2B21%
FY2025United States$14.8B56%
FY2025Germany$3.3B13%
FY2025United Kingdom$3.1B11%
FY2025Other$5.4B20%
Earnings per shareDiluted, GAAP
EPS, quarter ended Aug 2026
$1.40+5% on a year earlier

A year earlier $1.33

EPS, last four quarters
$2.29+19% on the four before

Diluted, from SEC filings

PEG, on the last year's growth
0.7

The P/E of 12.8× over the 19% EPS growth of the last four quarters; near 1 or below is cheap for the growth

Quarters: Carnival Corporation Ltd.'s SEC filings, named by the month they end. Fiscal years: Carnival Corporation Ltd.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $10.4 ends up as net income. Net margin rose from −50.1% to 10.4% over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-11-30
RevenueGross profitOperating incomeNet income
Revenue
Total sales
$26.6B100%
Gross profit
Revenue minus direct costs
$10.7B40.1% of revenue
Cost of revenue
Direct cost of making or buying goods
$15.9B59.9% of revenue
Operating income
Profit from the core business
$4.5B16.8% of revenue
Operating expenses
R&D, marketing and admin
$6.2B23.3% of revenue
Net income
What is left for shareholders after tax
$2.8B10.4% of revenue
Taxes & other
Income tax and non-operating items
$1.7B6.4% of revenue
Gross margin, fiscal year
40.1%

+36.7 pts over 3 years

Operating margin, fiscal year
16.8%

+52.8 pts over 3 years

Net margin, fiscal year
10.4%

+60.4 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Carnival Corporation Ltd.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Carnival Corporation buys from Grand Bahama, White Pass.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Suppliers

Space Exploration Technologies SPCX
Grand Bahama
White Pass
CCLCarnival Corporation

Partners

Floating DocksJoint venture constructing two floating drydocks33% noncontrolling interest at November 30, 2025; $130 million investment at November 30, 2025
White PassCarnival Corporation invested in it · Investment in port, railroad and retail operations45% noncontrolling interest; $64 million investment at November 30, 2025
Grand BahamaCarnival Corporation invested in it · Noncontrolling investment in ship repair facility33% noncontrolling interest at November 30, 2025; $27 million investment at November 30, 2025

Changes since the previous annual report (10-K filed Jan 27, 2025)

Floating DocksPartner, share of ownership50% → 33%
Grand BahamaPartner, share of ownership49% → 33%
Show the filing's words
CompanyRoleIn the filing's words
Grand Bahamapartner · Carnival Corporation invested in it“At November 30, 2025 and 2024, we had a 33% and 49% noncontrolling interest in Grand Bahama Shipyard Ltd. (“Grand Bahama”), a ship repair and maintenance facility. As of November 30, 2025, our investment in Grand Bahama was $27 million, consisting of $16 million in equity and a loan of $10 million.”
Grand Bahamasupplier“Grand Bahama provided an immaterial amount of services to us in 2025, 2024 and 2023.”
Floating Dockspartner · joint venture with it“At November 30, 2025 and 2024, we had a 33% and 50% noncontrolling interest in Floating Docks S. de RL. (“Floating Docks”), our joint venture with the other shareholders of Grand Bahama, which will construct two floating drydocks....As of November 30, 2025 and 2024 our investment in Floating Docks was $130 million and $81 million.”
White Passpartner · Carnival Corporation invested in it“We have a 45% noncontrolling interest in the White Pass & Yukon Route (“White Pass”) that includes port, railroad and retail operations in Skagway, Alaska....As of November 30, 2025, our investment in White Pass was $64 million, consisting of $32 million in equity and a loan of $32 million.”
White Passsupplier“White Pass provided an immaterial amount of services to us in 2025, 2024 and 2023.”
Space Exploration Technologies (424B4 filed Jun 12, 2026)calls it a customer“We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full- fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.”

Only the companies Carnival Corporation names in its 10-K filed Jan 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 12.8x, below the peer median of 19.1x, with earnings still growing.

12.8×P/E (trailing)

Priced 33% below the peer median of 19.1x.

Vs. peersP/E, trailing (x)
CCLPeersPeer median 19.1x
Show the data
CompanyP/E (trailing)
ABNB · Airbnb, Inc.34×
VIK · Viking Holdings Ltd29.5×
RCL · Royal Caribbean Cruises Ltd.19.1×
BKNG · Booking Holdings Inc.17.5×
EXPE · Expedia Group, Inc.15.3×
CCL · Carnival Corporation Ltd.12.8×
Against its own pastTrailing P/E since Mar 2024

At 12.8× trailing earnings CCL is below most of its range since Mar 2024; the median is 15.8×.

Trailing P/EMiddle half since Mar 2024 12.8×–21.7×Median 15.8×
Show the data
DateTrailing P/E
Apr 4, 202457.9×
Jul 5, 202426.5×
Oct 3, 202426.7×
Jan 3, 202521.8×
Apr 7, 202511.0×
Jul 9, 202515.6×
Oct 7, 202515.0×
Jan 7, 202616.1×
Apr 9, 202612.4×
Jul 10, 202612.1×
Oct 8, 202611.4×
Nov 12, 202612.8×

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $33.49, 14% above the current price; 77% of 30 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

12-month price targetsCurrent price $29.34
12 mo agoTodayIn 12 mo
High target
$43.00+47%
Average target
$33.49+14%
Low target
$23.00−22%
Ratings30 analysts
Strong Buy 5Buy 18Hold 7Sell 0Strong Sell 0

Buy or Strong Buy: 23 analysts (77%). Sell or Strong Sell: 0.

Targets and ratings over the past year62 changes by 23 firms

Over the past year the average of the analysts' latest price targets went from $35.29 to $33.58 (−5%), while CCL went from $26.14 to $29.34 (+12%). In the past three months targets were raised 3 times and cut 12 times. 2 upgrades and no downgrades over the year; the latest: HSBC moved it to Buy from Hold on Mar 30, 2026.

Average target $33.58CCLMiddle half of targetsUpgrade
Targets raised, by monthTargets cut
Show every change
DateFirmChangeRatingTarget
Oct 13, 2026Tigress FinancialTarget keptBuy$42.00
Oct 1, 2026Freedom BrokerTarget raisedBuy$36.00, was $35.00
Oct 1, 2026Argus ResearchTarget cutBuy$30.00, was $35.00
Oct 1, 2026Wells FargoTarget cutOverweight$34.00, was $36.00
Sep 30, 2026Morgan StanleyTarget raisedOverweight$32.50, was $31.00
Sep 30, 2026SusquehannaTarget raisedPositive$29.00, was $28.00
Sep 30, 2026MizuhoTarget cutOutperform$38.00, was $39.00
Sep 30, 2026BNP ParibasTarget cutOutperform$31.00, was $33.00
Sep 24, 2026JP MorganTarget cutOverweight$39.00, was $43.00
Sep 24, 2026SusquehannaTarget cutPositive$28.00, was $33.00
Sep 22, 2026TD CowenTarget cutBuy$32.00, was $34.00
Sep 17, 2026Goldman SachsTarget cutBuy$30.00, was $35.00
Sep 16, 2026StifelTarget cutBuy$35.00, was $37.00
Sep 16, 2026BarclaysTarget cutOverweight$33.00, was $35.00
Sep 15, 2026Deutsche BankTarget cutHold$29.00, was $34.00
Sep 14, 2026Wells FargoTarget cutOverweight$36.00, was $38.00
Jul 23, 2026Truist SecuritiesTarget raisedHold$31.00, was $29.00
Jul 8, 2026BMO CapitalBegan coverageMarket Perform$30.00
Jun 30, 2026Tigress FinancialTarget raisedBuy$42.00, was $40.00
Jun 25, 2026Wells FargoTarget raisedOverweight$38.00, was $36.00
Jun 24, 2026SusquehannaTarget raisedPositive$33.00, was $30.00
Jun 24, 2026BarclaysTarget cutOverweight$35.00, was $36.00
Jun 16, 2026CitigroupTarget raisedBuy$37.00, was $35.00
Jun 12, 2026StifelTarget raisedBuy$36.00, was $35.00
Jun 3, 2026Freedom BrokerBegan coverageBuy$35.00
Jun 1, 2026Loop CapitalBegan coverageBuy$36.00
May 22, 2026Truist SecuritiesTarget cutHold$29.00, was $30.00
May 15, 2026TD CowenTarget raisedBuy$34.00, was $33.00
Apr 15, 2026Wells FargoTarget cutOverweight$36.00, was $37.00
Apr 13, 2026UBSTarget cutBuy$35.00, was $38.00
Mar 30, 2026CitigroupTarget cutBuy$35.00, was $39.00
Mar 30, 2026Wells FargoTarget cutOverweight$37.00, was $40.00
Mar 30, 2026BernsteinTarget cutMarket Perform$28.70, was $33.00
Mar 30, 2026HSBCUpgradeBuy, was Hold$30.10, was $33.60
Mar 27, 2026MizuhoTarget raisedOutperform$39.00, was $38.00
Mar 24, 2026Truist SecuritiesTarget cutHold$30.00, was $34.00
Mar 24, 2026BarclaysTarget cutOverweight$36.00, was $37.00
Mar 23, 2026SusquehannaTarget cutPositive$30.00, was $40.00
Mar 19, 2026Morgan StanleyUpgradeOverweight, was Equal-Weight$31.00, was $33.00
Mar 11, 2026Goldman SachsTarget cutBuy$30.00, was $34.00
Mar 11, 2026StifelTarget cutBuy$35.00, was $40.00
Mar 5, 2026Wells FargoTarget raisedOverweight$40.00, was $38.00
Jan 22, 2026Truist SecuritiesTarget raisedHold$34.00, was $31.00
Jan 13, 2026TD CowenTarget raisedBuy$38.00, was $35.00
Jan 12, 2026UBSTarget raisedBuy$38.00, was $37.00
Jan 12, 2026B of A SecuritiesTarget raisedBuy$45.00, was $40.00
Jan 6, 2026BernsteinTarget raisedMarket Perform$33.00, was $26.00
Dec 22, 2025Deutsche BankTarget raisedHold$34.00, was $33.00
Dec 22, 2025StifelTarget raisedBuy$40.00, was $38.00
Dec 22, 2025MizuhoTarget raisedOutperform$38.00, was $37.00
Dec 22, 2025CitigroupTarget raisedBuy$39.00, was $36.00
Dec 22, 2025Wells FargoTarget raisedOverweight$38.00, was $35.00
Dec 22, 2025Argus ResearchTarget keptBuy$35.00
Dec 22, 2025BarclaysTarget raisedOverweight$37.00, was $36.00
Dec 18, 2025UBSTarget raisedBuy$37.00, was $35.00
Dec 17, 2025BarclaysTarget cutOverweight$36.00, was $37.00
Dec 16, 2025SusquehannaTarget raisedPositive$40.00, was $35.00
Dec 15, 2025JefferiesTarget raisedBuy$37.00, was $34.00
Dec 12, 2025Wells FargoTarget raisedOverweight$35.00, was $34.00
Dec 12, 2025CitigroupTarget cutBuy$36.00, was $38.00
Dec 1, 2025Wells FargoTarget cutOverweight$34.00, was $37.00
Nov 18, 2025Wells FargoBegan coverageOverweight$37.00
Earnings against estimatesLast 4 quarters, per share
Average estimateReported, beat
Show the data
QuarterEstimateReportedSurprise
Nov ’25$0.25$0.34+36.0%
Feb ’26$0.18$0.20+11.1%
May ’26$0.34$0.41+20.6%
Aug ’26$1.35$1.43+5.9%

The day after each of these reports the stock moved +13.6% (Nov 2025, beat); −5.2% (Feb 2026, beat); −4.2% (May 2026, beat); +10.8% (Aug 2026, beat).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Nov 2026 (Carnival Corporation reports on Dec 18, 2026), analysts expect adjusted earnings of $0.22 a share, 34% less than the $0.34 of a year earlier, and revenue of $6.5B, up 2% on a year earlier. For the fiscal year ending Nov 2027, they expect adjusted earnings of $2.57 a share, 14% more than the year before's estimate of $2.26, and revenue of $28.6B, up 3% on the year before's estimate.

EPS, quarter ending Nov 2026
$0.22−34% on a year earlier

Adjusted. Nov 2025: $0.34; range $0.18 to $0.30; 23 analysts

Revenue, quarter ending Nov 2026
$6.5B+2% on a year earlier

Nov 2025: $6.3B; range $6.4B to $6.5B; 18 analysts

EPS, year ending Nov 2027
$2.57+14% on the year before's estimate

Adjusted. The year to Nov 2026: $2.26 expected; range $2.30 to $2.88; 29 analysts

Revenue, year ending Nov 2027
$28.6B+3% on the year before's estimate

The year to Nov 2026: $27.7B expected; range $28.2B to $29.0B; 26 analysts

Show the data
PeriodFigureExpectedLow to highAnalystsA year earlierChange
Quarter ending Nov 2026, results Dec 18, 2026EPS (adjusted)$0.22$0.18 to $0.3023$0.34 (Nov 2025)−34%
Quarter ending Nov 2026, results Dec 18, 2026Revenue$6.5B$6.4B to $6.5B18$6.3B (Nov 2025)+2%
Quarter ending Feb 2027EPS (adjusted)$0.12$0.03 to $0.1912$0.20 (Feb 2026)−41%
Quarter ending Feb 2027Revenue$6.3B$6.2B to $6.4B9$6.2B (Feb 2026)+2%
Year ending Nov 2026EPS (adjusted)$2.26$2.21 to $2.3428——
Year ending Nov 2026Revenue$27.7B$27.5B to $27.9B26$26.6B (year to Nov 2025)+4%
Year ending Nov 2027EPS (adjusted)$2.57$2.30 to $2.8829$2.26 (expected, year to Nov 2026)+14%
Year ending Nov 2027Revenue$28.6B$28.2B to $29.0B26$27.7B (expected, year to Nov 2026)+3%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $3.2B in free cash flow over the year, of which $1.2B went back to shareholders (dividends plus buybacks), leaving $2.0B in the company.

Where a year of cash went4 quarters to Aug 2026
Show the data
LineAmount
Op. cash flow$6.8B
Capex−$3.6B
Free cash flow$3.2B
Dividends−$600M
Buybacks−$600M
Cash retained$2.0B
Free cash flow yield
8.1%

For every $100 of market cap, the company generates about $8.1 in free cash flow a year.

Dividend yield
1.5%

For every $100 of market cap, you receive about $1.5 in dividends a year.

Shareholder yield
3.0%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $3.0 went back to shareholders.

By quarter: free cash flow and what went back to shareholdersLast 12 quarters
Free cash flowDividendsBuybacks
Show the data
Quarter endedFree cash flowDividendsBuybacks
Nov 2023$247M——
Feb 2024−$370M——
May 2024$720M——
Aug 2024$628M——
Nov 2024$319M——
Feb 2025$318M$0—
May 2025$1.5B$0—
Aug 2025$736M$0$0
Nov 2025$12M——
Feb 2026$697M$208M—
May 2026$1.8B$206M—
Aug 2026$712M$204M$548M
Diluted sharesDown 2.4% in a year

Carnival Corporation had 1.37B diluted shares in the quarter ended Aug 2026, 2.4% fewer than a year earlier, and 10.8% more each year on average since May 2020. It spent $548M on buybacks over the last four quarters.

Show the data
Quarter endedDiluted shares
May 2020721M
Aug 2020775M
Feb 20211.09B
May 20211.13B
Aug 20211.13B
Feb 20221.14B
May 20221.14B
Aug 20221.19B
Feb 20231.26B
May 20231.26B
Aug 20231.40B
Feb 20241.26B
May 20241.27B
Aug 20241.40B
Feb 20251.31B
May 20251.40B
Aug 20251.40B
Feb 20261.39B
May 20261.39B
Aug 20261.37B

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.3, short-term debt coverage is tight; debt-to-equity 2.2, debt is high, which adds pressure if the economy weakens.

Current ratio
0.3Tight liquidity

Assets that can be turned into cash soon are 0.3x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity
2.2High debt

For every $1 of shareholder funds, there is $2.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net debt
$24.7BMore debt than cash

Cash and short-term investments of $1.9B against debt of $26.6B. Lease obligations of $1.4B are not counted: they are rent owed, not money borrowed.

AssetsTotal ~$51.7B
Cash
$1.9B3.7%
Receivables
$700M1.3%
Inventory
$500M1.0%
Property & equipment
$44.8B86.7%
Goodwill
$600M1.1%
Intangibles
$1.2B2.3%
Other
$2.0B3.9%
Liabilities & equityTotal ~$51.7B
Current
$13.1B25.3%
Long-term
$26.3B50.9%
Equity
$12.3B23.8%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves CCL out (on the exchange, not in the app yet): Swiss National Bank, Norges Bank, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Fisher Asset Management.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held CCL at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 2 cut and 5 bought new. The largest of them is Norges Bank, 15.58M shares worth $445M at Jun 30, 2026.

Funds that added shares
9

5 of them new holders

Funds that cut
2

Over their latest quarter

Each fund's change in sharesChange in shares over the latest quarter
Added or newCut or sold all
Show every fund
FundQuarterSharesValueChange in sharesChangeFiled
Norges BankQ2 2026 vs Q4 202515.58M$445M+15.58MNewAug 12, 2026
Viking Global InvestorsQ2 202614.30M$409M+14.30MNewAug 14, 2026
Swiss National BankQ3 20263.47M$85.0M−140,600−3.9%Nov 12, 2026
National Pension ServiceQ3 20263.28M$80.6M+55,008+1.7%Nov 12, 2026
Renaissance TechnologiesQ3 20261.54M$37.9M+1.05M+213%Nov 12, 2026
Korea InvestmentQ2 20261.21M$34.5M+1.21MNewAug 12, 2026
Nomura HoldingsQ2 2026874,374$25.0M+874,374NewAug 14, 2026
Tudor Investment Corp Et AlQ2 2026687,830$19.7M+442,269+180%Aug 14, 2026
Canada Pension Plan Investment BoardQ2 2026345,665$9.9M+345,665NewAug 14, 2026
Mirae Asset Global InvestmentsQ3 2026322,847$7.9M+39,371+14%Nov 3, 2026
Fisher Asset ManagementQ3 202636,786$903K−14,959−29%Nov 6, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CCL at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $15.1M of CCL on the open market in the 12 months to Nov 11, 2026; none bought. The largest was David Bernstein (CFO & CAO), who sold $12.9M in 2 sales.

Sold
$15.1M

7 sales

Bought
None

0 purchases

Under 10b5-1 plans
0%

Share of the sales' value

Trades on the priceA dot a day, sized by value
CCLSale
Who tradedOpen-market trades, last 12 months
David Bernstein
CFO & CAO
−$12.9M2 trades
bettina alejandra deynes
Chief Human Resources Officer
−$1.2M1 trade
Helen Deeble
Director
−$694K1 trade
Sir Jonathon Band
Director
−$314K2 trades
Stuart Subotnick
Director
−$51 trade
Show every trade
DateInsiderRoleTradeSharesPriceValueFiled
Nov 4, 2026David BernsteinCFO & CAOSale26,681$31.26$834KNov 6, 2026
Oct 28, 2026Helen DeebleDirectorSale25,000$27.75$694KOct 30, 2026
May 28, 2026bettina alejandra deynesChief Human Resources OfficerSale43,058$28.10$1.2MJun 1, 2026
May 11, 2026Stuart SubotnickDirectorSale0$25.22$5May 12, 2026
Apr 1, 2026Sir Jonathon BandDirectorSale11,988$26.19$314KApr 2, 2026
Mar 31, 2026Sir Jonathon BandDirectorSale12$24.98$300Apr 2, 2026
Feb 10, 2026David BernsteinCFO & CAOSale361,790$33.22$12.0MFeb 12, 2026

From the Form 4s filed with the SEC about Carnival Corporation Ltd. (30 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 48 other transactions (grants, shares withheld for tax and gifts).