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Carnival (CCL)

Market Price (10/14/2025): $28.04 | Market Cap: $36.8 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Carnival (CCL)

Market Price (10/14/2025): $28.04
Market Cap: $36.8 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 7.9%		  Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 5.6 Bil, FCF LTM is 2.9 Bil		  
2 Low stock price volatility
Vol 12M is 46%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 7.9%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 5.6 Bil, FCF LTM is 2.9 Bil
2 Low stock price volatility
Vol 12M is 46%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71%

Market Valuation & Key Metrics

CCLS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)26.2
Rev Chg Q3.3%6.1%
Rev Chg LTM7.1%5.2%
Rev Chg 3Y Avg45.9%5.3%
PROFITABILITYFAIR
Op Inc LTM ($ Bil)4.3
Op Mgn LTM16.4%18.6%
CFO LTM ($ Bil)5.6
CFO/Rev LTM21.4%20.3%
Net Inc LTM ($ Bil)2.6
Net Inc Mgn10.1%12.7%
VALUATIONLOW
P/S1.43.2
P/CFO6.615.6
P/FCF12.620.6
P/E13.923.6
STABILITYPOOR
Debt/Equity0.760.21
Cash/Assets0.030.07

CCL Stock

Factor Drivers of Stock Movement
The 57.6% change in CCL stock from 4/14/2025 to 10/13/2025 was primarily driven by a 24.8% change in the company's Net Income Margin (%).

414202510132025Change
Stock Price ($)17.8228.0957.63%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)25425.0026229.003.16%
Net Income Margin (%)8.07%10.07%24.81%
P/E Multiple11.3713.9622.80%
Shares Outstanding (Mil)1309.001313.00-0.31%
Cumulative Contribution57.63%

LTM = Last Twelve Months as of date shown
The 37.5% change in CCL stock from 10/13/2024 to 10/13/2025 was primarily driven by a 57.6% change in the company's Net Income Margin (%).

1013202410132025Change
Stock Price ($)20.4328.0937.49%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)24480.0026229.007.14%
Net Income Margin (%)6.39%10.07%57.56%
P/E Multiple16.5413.96-15.60%
Shares Outstanding (Mil)1267.001313.00-3.63%
Cumulative Contribution37.31%

LTM = Last Twelve Months as of date shown
The 294.0% change in CCL stock from 10/14/2022 to 10/13/2025 was primarily driven by a 172.7% change in the company's Total Revenues ($ Mil).

1014202210132025Change
Stock Price ($)7.1328.09293.97%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)9617.0026229.00172.74%
P/S Multiple0.881.4160.05%
Shares Outstanding (Mil)1185.001313.00-10.80%
Cumulative Contribution289.37%

LTM = Last Twelve Months as of date shown

Price Returns Compared

 202020212022202320242025Total [1]
Returns
CCL Return-57%-7%-60%130%34%13%-45%
Peers Return-10%-10%-31%74%11%-4%4%
S&P 500 Return16%27%-19%24%23%13%103%

Monthly Win Rates [3]
CCL Win Rate42%50%42%50%50%56% 
Peers Win Rate48%50%43%60%55%56% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
CCL Max Drawdown-84%-24%-68%-1%-25%-34% 
Peers Max Drawdown-47%-25%-43%-5%-30%-31% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: RCL, NCLH, UOKA, BKNG, ABNB. See CCL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/13/2025 (YTD)

Downturns Compared

Unique KeyEventCCLS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-79.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven390.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1051 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-84.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven551.2%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-44.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven79.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-70.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven241.7%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2426 days1480 days


How Low Can It Go?

Carnival's stock fell -79.6% during the 2022 Inflation Shock from a high on 6/2/2021. A -79.6% loss requires a 390.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Carnival (CCL)

Carnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK), and Cunard brand names. The company also provides port destinations and other services, as well as owns and owns and operates hotels, lodges, glass-domed railcars, and motor coaches. It sells its cruises primarily through travel agents, tour operators, vacation planners, and websites. The company operates in the United States, Canada, Continental Europe, the United Kingdom, Australia, New Zealand, Asia, and internationally. It operates 87 ships with 223,000 lower berths. Carnival Corporation & plc was founded in 1972 and is headquartered in Miami, Florida.

Better Bets than Carnival (CCL)

 CCLBetter Performance than CCL
MetricValueIndustry (Hotels, Resorts & Cruise Lines)
Rev Chg LTM7.1%BKNG (11.7%), RCL (12.1%), ABNB (10.2%), VIK (17.7%), MMYT (18.1%)
Rev Chg 3Y Avg45.9%RCL (65.4%), NCLH (79.0%), YTRA (58.8%)
Op Mgn LTM16.4%BKNG (32.8%), RCL (26.4%), ABNB (22.5%), HLT (21.1%), VIK (21.6%)
CFO/Rev LTM21.4%BKNG (38.3%), RCL (33.4%), ABNB (37.2%), VIK (38.9%), WH (23.6%)
FCF/Rev LTM11.1%BKNG (36.9%), RCL (20.9%), ABNB (37.2%), HLT (18.7%), EXPE (14.2%)
Total Yield7.2%WH (7.7%), TNL (13.9%), VAC (16.2%), PRSU (33.3%)
 CCLBetter Performance than CCL
MetricValueAll Other Sectors
Rev Chg LTM7.1%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg45.9%NVDA (92.0%), NU (70.1%), APO (129.8%), SLF (53.4%), RKLB (58.4%)
Op Mgn LTM16.4%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM21.4%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM11.1%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield7.2%XOM (9.9%), JNJ (7.6%), BAC (7.4%), UNH (8.9%), KO (7.2%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Carnival Earnings Notes  
2With Carnival Stock Down 15% In A Month, How Confident Are You?Return 
3Time To Buy Carnival Stock?Buy or Fear 
4How Does Carnival Stock Stack Up Against Its Peers?Peer Comparison 
5RCL Looks Stronger Than CCL With 30% Return PotentialPeer Comparison 
6CCL Dip Buy Analysis  
7Carnival vs. Advanced Micro Devices: With Return Forecast Of 55%, Advanced Micro Devices Is A Better BetPeer Comparison 
8Carnival vs. McDonald's: With Return Forecast Of 37%, Carnival Is A Better BetPeer Comparison 
9Carnival vs. Adobe: With Return Forecast Of 37%-38%, Both Seem Like Good BetsPeer Comparison 
10Carnival vs. NRG Energy: With Return Forecast Of 37%, Carnival Is A Better BetPeer Comparison 
11ARTICLES  
12CCL Looks Like a Smarter Buy Than Tripadvisor Stock: Lower Valuation, Stronger Growth October 9th, 2025
13What If You Were Missing The Value In Carnival Stock? October 9th, 2025
14Better Bet Than Expedia Stock: Pay Less To Get More From CCL October 2nd, 2025
15Is Market Overlooking CCL Right Now? October 1st, 2025
16CCL Lost 9.5% In A Month. Do You Buy Or Wait? September 30th, 2025
Title
0DASHBOARDS
1CCL Looks Like a Smarter Buy Than Tripadvisor Stock: Lower Valuation, Stronger Growth
2What If You Were Missing The Value In Carnival Stock?
3Better Bet Than Expedia Stock: Pay Less To Get More From CCL
4Is Market Overlooking CCL Right Now?
5CCL Lost 9.5% In A Month. Do You Buy Or Wait?
6ARTICLES
7Carnival Earnings Notes
8With Carnival Stock Down 15% In A Month, How Confident Are You?
9Time To Buy Carnival Stock?
10How Does Carnival Stock Stack Up Against Its Peers?
11RCL Looks Stronger Than CCL With 30% Return Potential
12CCL Dip Buy Analysis
13Carnival vs. Advanced Micro Devices: With Return Forecast Of 55%, Advanced Micro Devices Is A Better Bet
14Carnival vs. McDonald's: With Return Forecast Of 37%, Carnival Is A Better Bet
15Carnival vs. Adobe: With Return Forecast Of 37%-38%, Both Seem Like Good Bets
16Carnival vs. NRG Energy: With Return Forecast Of 37%, Carnival Is A Better Bet

Trade Ideas

Select past trade ideas related to CCL and Hotels, Resorts & Cruise Lines.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.2%-14.2%-14.2%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-6.2%-6.2%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-7.6%-7.6%-7.6%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-6.1%-6.1%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-11.7%-11.7%-11.7%
CCL_10312023_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE10312023CCLCarnivalDip BuyDB | Insider Buys | Low D/EDip Buy with Strong Insider Buying
Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		29.3%93.4%-1.4%
CCL_3312020_Dip_Buyer_High_CFO_Margins_ExInd_DE03312020CCLCarnivalDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		14.4%101.5%-39.5%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.2%-14.2%-14.2%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-6.2%-6.2%-6.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-7.6%-7.6%-7.6%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-6.1%-6.1%-6.1%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-11.7%-11.7%-11.7%
CCL_10312023_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE10312023CCLCarnivalDip BuyDB | Insider Buys | Low D/EDip Buy with Strong Insider Buying
Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		29.3%93.4%-1.4%
CCL_3312020_Dip_Buyer_High_CFO_Margins_ExInd_DE03312020CCLCarnivalDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		14.4%101.5%-39.5%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony106.6%844.1%
2BITFBitfarms55.8%261.7%
3ASPIASP Isotopes48.5%194.0%
4USARUSA Rare Earth47.0%129698.7%
5UUUUEnergy Fuels40.6%363.4%
6TMCTMC The Metals38.5%854.5%
7SESSES AI37.9%53.0%
8GLUEMonte Rosa Therapeutics35.8%49.9%
9APGEApogee Therapeutics35.5%19.1%
10METCRamaco Resources34.7%418.5%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1VGVenture Global-35.2% 
2BNBrookfield-34.2%17.5%
3BNTBrookfield Wealth Solutions-34.1%17.5%
4BBBYBed Bath & Beyond-28.6% 
5HELEHelen Of Troy-25.9%-67.4%
6PENGPenguin Solutions-23.8%16.3%
7USNAUsana Health Sciences-22.8%-42.8%
8TASKTaskUs-22.4%-21.8%
9NFENew Fortress Energy-21.8%-87.4%
10OPENOpendoor Technologies-21.7%354.4%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1297.9%389.0%
2QUREuniQure276.2%251.2%
3UAMYUnited States Antimony238.9%844.1%
4LACLithium Americas194.8%183.8%
5RGTIRigetti Computing187.6%259.8%
6USARUSA Rare Earth175.1%129698.7%
7SESSES AI168.0%53.0%
8PLUGPlug Power156.6%83.1%
9CLPTClearPoint Neuro150.4%70.8%
10BITFBitfarms141.7%261.7%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1ANGXAngel Studios-49.7% 
2REXREX American Resources-47.9%52.0%
3VGVenture Global-33.4% 
4USNAUsana Health Sciences-32.7%-42.8%
5FLYFirefly Aerospace-31.7% 
6LDIloanDepot-31.4%43.6%
7TIPTTiptree-29.9%-13.6%
8GOSSGossamer Bio-29.5%169.7%
9PGYPagaya Technologies-29.5%201.1%
10IDTIDT-29.4%-1.3%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1UAMYUnited States Antimony106.6%844.1%
2BITFBitfarms55.8%261.7%
3ASPIASP Isotopes48.5%194.0%
4USARUSA Rare Earth47.0%129698.7%
5UUUUEnergy Fuels40.6%363.4%
6TMCTMC The Metals38.5%854.5%
7SESSES AI37.9%53.0%
8GLUEMonte Rosa Therapeutics35.8%49.9%
9APGEApogee Therapeutics35.5%19.1%
10METCRamaco Resources34.7%418.5%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1VGVenture Global-35.2% 
2BNBrookfield-34.2%17.5%
3BNTBrookfield Wealth Solutions-34.1%17.5%
4BBBYBed Bath & Beyond-28.6% 
5HELEHelen Of Troy-25.9%-67.4%
6PENGPenguin Solutions-23.8%16.3%
7USNAUsana Health Sciences-22.8%-42.8%
8TASKTaskUs-22.4%-21.8%
9NFENew Fortress Energy-21.8%-87.4%
10OPENOpendoor Technologies-21.7%354.4%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Carnival

Financials

CCLRCLNCLHUOKABKNGABNBMedian
NameCarnival Royal Ca.Norwegia.MDJM Booking Airbnb  
Mkt Price28.09306.2223.043.035,253.85118.8673.47
Mkt Cap36.983.310.3-170.773.173.1
Rev LTM26,22917,1849,561-25,02511,58017,184
Op Inc LTM4,3094,5371,531-8,2202,6054,309
FCF LTM2,9143,587-504-9,2404,3083,587
FCF 3Y Avg1,1971,608-503-7,7314,1831,608
CFO LTM5,6115,7371,966-9,5784,3085,611
CFO 3Y Avg4,9294,5491,923-8,1094,1984,549

Growth & Margins

CCLRCLNCLHUOKABKNGABNBMedian
NameCarnival Royal Ca.Norwegia.MDJM Booking Airbnb  
Rev Chg LTM7.1%12.1%5.2%-11.7%10.2%10.2%
Rev Chg 3Y Avg45.9%65.4%79.0%-19.9%16.3%45.9%
Rev Chg Q3.3%10.4%6.1%-16.0%12.7%10.4%
QoQ Delta Rev Chg LTM1.0%2.6%1.5%-3.9%3.1%2.6%
Op Mgn LTM16.4%26.4%16.0%-32.8%22.5%22.5%
Op Mgn 3Y Avg10.8%20.6%8.9%-30.8%19.7%19.7%
QoQ Delta Op Mgn LTM0.2%0.7%0.6%-0.4%0.3%0.4%
CFO/Rev LTM21.4%33.4%20.6%-38.3%37.2%33.4%
CFO/Rev 3Y Avg20.6%30.3%22.6%-36.3%40.6%30.3%
FCF/Rev LTM11.1%20.9%-5.3%-36.9%37.2%20.9%
FCF/Rev 3Y Avg4.5%10.7%-6.0%-34.6%40.5%10.7%

Valuation

CCLRCLNCLHUOKABKNGABNBMedian
NameCarnival Royal Ca.Norwegia.MDJM Booking Airbnb  
Mkt Cap36.983.310.3-170.773.173.1
P/S1.44.81.1-6.86.34.8
P/EBIT9.016.77.4-21.928.116.7
P/E14.023.114.3-35.527.823.1
P/CFO6.614.55.2-17.817.014.5
Total Yield7.2%4.7%7.0%-3.5%3.6%4.7%
Dividend Yield0.0%0.4%0.0%-0.7%0.0%0.0%
FCF Yield 3Y Avg3.6%3.2%-5.7%-5.7%4.9%3.6%
D/E0.80.21.3-0.10.00.2
Net D/E0.70.21.3-0.0-0.10.2

Returns

CCLRCLNCLHUOKABKNGABNBMedian
NameCarnival Royal Ca.Norwegia.MDJM Booking Airbnb  
1M Rtn-10.9%-8.7%-13.5%7.1%-3.7%-3.0%-6.2%
3M Rtn-4.2%-10.2%-1.0%12.2%-8.7%-14.2%-6.5%
6M Rtn57.6%60.6%41.3%-21.2%15.7%5.0%28.5%
12M Rtn37.5%58.3%-1.5%-78.4%23.5%-11.6%11.0%
3Y Rtn294.0%596.1%76.8%-92.9%219.0%8.9%147.9%
1M Excs Rtn-11.9%-9.8%-14.6%6.0%-4.8%-4.1%-7.3%
3M Excs Rtn-9.6%-16.6%-5.3%6.5%-13.9%-19.5%-11.7%
6M Excs Rtn35.2%36.3%17.1%-46.7%-9.1%-20.3%4.0%
12M Excs Rtn24.2%45.6%-15.0%-95.0%8.4%-27.2%-3.3%
3Y Excs Rtn224.7%527.7%-4.4%-170.6%134.0%-71.2%64.8%

Comparison Analyses

Financials

$ Mil | FY: 11/302025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End8/31/20255/31/20252/28/202511/30/20248/31/20245/31/20242/29/202411/30/20238/31/20235/31/20232/28/202311/30/2022
Filing Date9/29/20256/26/20253/25/20251/27/20259/30/20246/27/20243/27/20241/26/20249/29/20236/28/20233/29/20231/27/2023
Key Financials Quarterly            
Total Revenue8,1536,3285,8105,9387,8965,7815,4075,3966,8544,9114,4333,839
Ebitda2,8921,6159601,3512,8251,1808701,0232,179737435-586
Operating Income2,2729345425612,1805602763831,624121-172-1,135
Net Income1,852565-783031,73592-214-481,074-407-693-1,598
EPS1.410.43-0.060.231.370.07-0.17-0.040.85-0.32-0.55-1.27
Key Financials TTM            
Total Revenue TTM26,22925,97225,42525,02224,48023,43822,56821,59420,03717,48914,97912,169
Ebitda TTM6,8186,7516,3166,2265,8985,2524,8094,3742,765830-796-2,197
Operating Income TTM4,3094,2173,8433,5773,3992,8432,4041,956438-1,465-3,059-4,378
Net Income TTM2,6422,5252,0521,9161,565904405-74-1,624-3,468-4,895-6,093
Growth Rates Quarterly            
Total Revenue Growth3.3%9.5%7.5%10.0%15.2%17.7%22.0%40.6%59.2%104.5%173.1%198.3%
EBITDA Growth2.4%36.9%10.3%32.1%29.6%60.1%100.0%274.6%793.0%182.9%145.0%66.0%
Operating Income Growth4.2%66.8%96.4%46.5%34.2%362.8%260.5%133.7%682.1%108.2%88.5%32.0%
Net Income Growth6.7%514.1%63.6%731.2%61.5%122.6%69.1%97.0%239.5%77.8%63.4%39.0%
Margins Quarterly            
EBITDA Margin35.5%25.5%16.5%22.8%35.8%20.4%16.1%19.0%31.8%15.0%9.8%-15.3%
Operating Income Margin27.9%14.8%9.3%9.4%27.6%9.7%5.1%7.1%23.7%2.5%-3.9%-29.6%
Net Income Margin22.7%8.9%-1.3%5.1%22.0%1.6%-4.0%-0.9%15.7%-8.3%-15.6%-41.6%
Cash & Debt            
Total Cash1,7632,1468331,2101,5221,6462,2422,4152,8424,4685,4554,029
Total Debt27,86028,64828,39128,87630,27330,65332,01531,89132,62935,07936,44035,881
Net Debt / (Cash)26,09726,50227,55827,66628,75129,00729,77329,47629,78730,61130,98531,852
Cash Flows Quarterly            
FCF from Operations1,3832,3929259111,2052,0391,7689221,8341,137388-117
Cash Flows TTM            
FCF from Operations TTM5,6115,4335,0805,9235,9346,5635,6614,2813,2421,064-70-1,670
Returns to Shareholders Quarterly            
Dividends000000000000
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC34.7%13.7%7.9%8.1%30.2%7.3%3.7%5.2%21.8%1.6%-2.2%-14.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM16.4%15.8%13.9%12.9%11.7%9.7%8.0%6.6%1.5%-4.8%-9.9%-13.7%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
North America14,5888,2811,1083,62713,612
Europe6,5353,5317121,7906,650
Tour and Other26518546110390
Cruise Support2061714268173
Total21,59412,1681,9085,59520,825


Operating Income by Segment
$ Mil20242023202220212020
North America1,752-2,170-3,928-5,7942,451
Europe593-1,830-2,617-2,7291,115
Tour and Other11-64-67-2956
Cruise Support-399-315-477-313-347
Total1,957-4,379-7,089-8,8653,275


Assets by Segment
$ Mil20242023202220212020
North America28,54727,41325,60625,25727,102
Europe16,52415,31716,08816,50515,473
Cruise Support3,6678,46111,01411,1351,861
Tour and Other382512637696623
Total49,12051,70353,34553,59345,059


Price Behavior

CCL Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.491.971.971.781.771.81
Up Beta6.703.843.351.831.871.76
Down Beta-0.151.221.601.681.731.67
Up Capture-49%101%128%249%290%1768%
Bmk +ve Days13233574144420
Stock +ve Days8182966128383
Down Capture252%201%182%151%130%109%
Bmk -ve Days8192952107330
Stock -ve Days12233357118359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity53,274,870
Short Interest: % Change Since 91520253.0%
Average Daily Volume29,971,274
Days-to-Cover Short Interest1.78
Basic Shares Quantity1,313,000,000
Short % of Basic Shares4.1%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/29/2025-4.0%-6.7% 
6/24/20256.9%17.0%23.9%
3/21/2025-1.2%-2.0%-18.7%
12/20/20246.4%-0.4%1.7%
9/30/2024-0.3%-2.8%18.2%
6/25/20248.7%8.1%11.0%
3/27/20240.9%-9.9%-10.9%
12/21/20236.2%3.3%-10.1%
...
SUMMARY STATS   
# Positive131010
# Negative101313
Median Positive6.2%9.1%13.5%
Median Negative-3.2%-6.7%-9.9%
Max Positive12.4%19.2%32.3%
Max Negative-23.3%-23.8%-22.9%

SEC Filings

Expand for More

Report DateFiling DateFiling
8312025929202510-Q 8/31/2025
5312025626202510-Q 5/31/2025
2282025325202510-Q 2/28/2025
11302024127202510-K 11/30/2024
8312024930202410-Q 8/31/2024
5312024627202410-Q 5/31/2024
2292024327202410-Q 2/29/2024
11302023126202410-K 11/30/2023
8312023929202310-Q 8/31/2023
5312023628202310-Q 5/31/2023
2282023329202310-Q 2/28/2023
11302022127202310-K 11/30/2022
8312022930202210-Q 8/31/2022
5312022629202210-Q 5/31/2022
2282022328202210-Q 2/28/2022
11302021127202210-K 11/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0BAND SIR JONATHON 8052025Sell29.7512,500371,9121,916,269Form
1Bernstein DavidCFO & CAO5162025Sell22.84105,0102,398,5333,198,951Form
2BAND SIR JONATHON 10312024Sell21.7217,500380,1001,428,935Form

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