Latest revenue
$6.17B
as of 2026-02-28
Latest net income
$258.0M
as of 2026-02-28
Net margin
4.2%
as of 2026-02-28
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $32.19B
- Enterprise value
- $56.06B
- P/E (trailing)
- 11.7×
- Forward P/E
- —
- P/B
- 2.47×
- Dividend yield
- 1.2%
- 52-wk high
- $34.03
- 52-wk low
- $22.11
- Beta
- —
- Shares out
- 1.24B
5-year trend
What this company does
Carnival operates the world's largest cruise vacation company, sailing brands like Carnival, Princess, Holland America, and Cunard across a fleet of ocean ships. It earns revenue primarily from passenger ticket sales (~$4.0B last quarter) supplemented by onboard spending on drinks, excursions, casinos, and specialty dining (~$2.1B). The business has swung firmly back to profitability with $258M net income versus a $78M loss a year earlier, record customer deposits of $7.5B signaling strong forward bookings, and management aggressively paying down debt while reinstating a dividend.
Generated from CCL's filing dated 2026-01-27
Key risks
- Heavy debt load: $23.8B long-term debt plus $1.5B current portion against only $1.4B cash; Q1 interest expense was $291M.
- Customer deposits liability hit $7.5B (up from $6.8B), meaning prepaid bookings must be honored even if demand softens or operations disrupt.
- Accounting change: ship depreciable lives extended to 35 years and residual values reset, flattering future earnings versus prior reporting basis.
Generated from CCL's filing dated 2026-01-27
Profitability
Operating margin
16.8%
17.9%Net margin
10.4%
35.4%Return on equity
22.5%
8.5%Return on assets
5.3%
36.7%Leverage
Debt / equity
3.21×
25.5%Long-term debt / equity
1.96×
30.2%Debt / assets
76.2%
6.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-02-28 | $6.17B | +6.1% | $258.0M | +430.8% | 4.2% |
Q4 2025 2025-11-30 | $6.33B | +6.6% | $500.0M | +17.6% | 7.9% |
Q3 2025 2025-08-31 | $8.15B | +3.3% | $1.85B | +14.8% | 22.7% |
Q2 2025 2025-05-31 | $6.33B | +9.5% | $486.0M | +428.3% | 7.7% |
Q1 2025 2025-02-28 | $5.81B | +7.5% | $-78.0M | +63.6% | -1.3% |
Q4 2024 2024-11-30 | $5.94B | — | $425.0M | — | 7.2% |
Q3 2024 2024-08-31 | $7.90B | +15.2% | $1.61B | +6303.8% | 20.4% |
Q2 2024 2024-05-31 | $5.78B | +17.7% | $92.0M | +122.6% | 1.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Water Transportation · SIC 4400
Your notes
Keep private notes on CCL — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$12.7M
Net activity
−$12.7M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns CCL
Institutional value
$11.91B
Total shares held
480.6M
Distinct holders
727
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 90.0M | $2.33B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 73.5M | $1.90B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 54.8M | $1.42B | — | New |
| 4 | BARROW HANLEY MEWHINNEY & STRAUSS LLC | 29.6M | $766.9M | — | New |
| 5 | JPMORGAN CHASE & CO | 19.8M | $474.7M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 15.9M | $411.4M | — | New |
| 7 | Invesco Ltd. | 14.2M | $367.6M | — | New |
| 8 | Nuveen, LLC | 8.8M | $227.6M | — | New |
| 9 | BNP PARIBAS FINANCIAL MARKETS | 8.7M | $224.4M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 6.5M | $168.0M | — | New |
| 11 | SEI INVESTMENTS CO | 5.7M | $148.5M | — | New |
| 12 | Bank of New York Mellon Corp | 5.6M | $145.2M | — | New |
| 13 | Legal & General Group Plc | 5.4M | $140.9M | — | New |
| 14 | PRIMECAP MANAGEMENT CO/CA/ | 5.4M | $138.8M | — | New |
| 15 | Voya Investment Management LLC | 5.3M | $137.1M | — | New |
| 16 | UBS Group AG | 4.8M | $125.1M | — | New |
| 17 | LOS ANGELES CAPITAL MANAGEMENT LLC | 4.4M | $113.8M | — | New |
| 18 | DEUTSCHE BANK AG\ | 4.4M | $112.7M | — | New |
| 19 | Assenagon Asset Management S.A. | 4.2M | $108.9M | — | New |
| 20 | COMMONWEALTH EQUITY SERVICES, LLC | 4.2M | $107.4M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
You extended ship depreciable lives to 35 years and cut residual values—quantify the EPS tailwind and why this isn't earnings management.
- 2
Customer deposits jumped to $7.47B from $6.83B—how much reflects pricing versus volume, and are 2026 booking curves decelerating?
- 3
With $25.3B total debt and only $1.4B cash, why resume a $0.15 dividend instead of accelerating deleveraging at current rates?
Refreshed when CCL files a new report · last from 2026-01-27