Carnival
Cruise Lines
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | 3Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Ships in Service | 91 | 92 | 94 | 95 | 95 | 94 | 94 | 93 | 93 | 93 | 93 |
| Passengers Carried (mm) | 7.7 | 12.4 | 3.0 | 3.3 | 3.9 | 3.3 | 13.5 | 3.2 | 3.4 | 3.8 | 13.8 |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $12,168 | $21,593 | $5,406 | $5,781 | $7,896 | $5,938 | $25,021 | $5,810 | $6,328 | $8,153 | $26,229 |
| COGS | 11,757 | 14,137 | 3,705 | 3,798 | 4,303 | 3,832 | 15,638 | 3,766 | 3,886 | 4,385 | 15,869 |
| Gross Profit | 411 | 7,456 | 1,701 | 1,983 | 3,593 | 2,106 | 9,383 | 2,044 | 2,442 | 3,768 | 10,360 |
| SG&A | 2,515 | 2,950 | 813 | 789 | 763 | 887 | 3,252 | 848 | 816 | 779 | 3,330 |
| Other Opex | 2,275 | 2,550 | 612 | 634 | 652 | 659 | 2,557 | 653 | 692 | 718 | 2,722 |
| Operating Income | -4,379 | 1,956 | 276 | 560 | 2,178 | 560 | 3,574 | 543 | 934 | 2,271 | 4,308 |
| D&A | 2,275 | 2,370 | 613 | 634 | 651 | 659 | 2,557 | 654 | 692 | 718 | 2,723 |
| EBITDA | $-2,104 | $4,326 | $889 | $1,194 | $2,829 | $1,219 | $6,131 | $1,197 | $1,626 | $2,989 | $7,031 |
| Adjustments | 420 | -95 | -18 | 3 | -7 | 1 | -21 | 8 | -118 | 4 | -105 |
| Adj. EBITDA | $-1,684 | $4,231 | $871 | $1,197 | $2,822 | $1,220 | $6,110 | $1,205 | $1,508 | $2,993 | $6,926 |
| Interest | 1,609 | 2,066 | 471 | 450 | 431 | 403 | 1,755 | -377 | 341 | 317 | 684 |
| FREE CASH FLOW | |||||||||||
| Change in NWC | 1,163 | 1,525 | 1,237 | 1,153 | -1,306 | -124 | 960 | -19 | 1,069 | -1,390 | -464 |
| All Other CFO | -2,833 | 2,756 | 531 | 886 | 2,511 | 1,035 | 4,963 | 944 | 1,323 | 2,773 | 6,075 |
| CF From Ops | -1,670 | 4,281 | 1,768 | 2,039 | 1,205 | 911 | 5,923 | 925 | 2,392 | 1,383 | 5,611 |
| Capex | -4,940 | -3,284 | -2,138 | -1,319 | -577 | -592 | -4,626 | -607 | -851 | -647 | -2,697 |
| Free Cash Flow | -6,610 | 997 | -370 | 720 | 628 | 319 | 1,297 | 318 | 1,541 | 736 | 2,914 |
| Dividends & Share Repurchases | -87 | -20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow | -6,697 | 977 | -370 | 720 | 628 | 319 | 1,297 | 318 | 1,541 | 736 | 2,914 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 537.7% | 77.5% | 22.0% | 17.7% | 15.2% | 10.0% | 321.4% | 7.5% | 9.5% | -66.7% | 7.1% |
| Adj. EBITDA Growth | -59.2% | -351.2% | 128.0% | 75.8% | 27.1% | 29.0% | 400.8% | 38.3% | 26.0% | -48.7% | 49.1% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 3.4% | 34.5% | 31.5% | 34.3% | 45.5% | 35.5% | 37.5% | 35.2% | 38.6% | 46.2% | 39.5% |
| Adj. EBITDA Margin % | -13.8% | 19.6% | 16.1% | 20.7% | 35.7% | 20.5% | 24.4% | 20.7% | 23.8% | 36.7% | 26.4% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | -1.0x | 2.0x | 1.9x | 1.8x | 1.7x | 3.5x | 3.5x | 7.1x | 8.5x | 10.1x | 10.1x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 4,029 | 2,415 | 2,242 | 1,646 | 1,522 | 1,210 | 1,210 | 833 | 2,146 | 1,763 | 1,763 |
| Total Debt | $34,546 | $30,572 | $30,739 | $29,335 | $28,856 | $27,474 | $27,474 | $27,018 | $27,254 | $26,481 | $26,481 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | -20.5x | 7.2x | 6.5x | 5.6x | 4.9x | 4.5x | 4.5x | 4.2x | 4.0x | 3.8x | 3.8x |
| Net Leverage | -18.1x | 6.7x | 6.0x | 5.3x | 4.7x | 4.3x | 4.3x | 4.1x | 3.7x | 3.6x | 3.6x |
Cap Table
As of: 08/31/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| Sec. Gtd. Notes due June 2027 | $192 | — |
| Sec. Gtd. Notes due August 2028 | $2,406 | — |
| Sec. Gtd. Notes due August 2029 | $500 | — |
| Total Secured Debt | $3,098 | 0.4x |
| Gtd. Convertible Notes due December 2027 | $1,131 | — |
| Gtd. Notes due May 2029 | $2,000 | — |
| Gtd. EUR Notes due January 2030 | $584 | — |
| Gtd. Notes due March 2030 | $1,000 | — |
| Gtd. Notes due June 2031 | $1,000 | — |
| Gtd. EUR Notes due July 2031 | $1,168 | — |
| Gtd. Notes due August 2032 | $3,000 | — |
| Gtd. Notes due February 2033 | $2,000 | — |
| Gtd. Loan due August 2027 | $400 | — |
| Gtd. ECF Loans | $2,543 | — |
| Gtd. ECF EUR Loans | $8,013 | — |
| Notes due January 2028 | $200 | — |
| EUR Notes due October 2029 | $701 | — |
| EUR Loan due April 2029 | $351 | — |
| Total Debt | $27,189 | 3.9x |
| Total Traded Bonds | 15,882 | — |
| Total Traded Loans | — | — |
| Total Traded Debt | 15,882 | — |
Vital Signs
- Leverage: 3.8x
- Free Cash Flow: 2,914
Company Info
Website: https://www.carnivalcorp.com/investors/
Industry
- Cruise Lines
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD