Carnival Corporation Ltd.CCL
NYSE•Consumer Cyclical•Travel Services
Carnival Corporation Ltd., a cruise company, provides leisure travel services in North America, Australia, Europe, and internationally. The company operates through four segments: North America Cruise Operations, Europe Cruise Operations, Cruise Support, and Tour and Other. It operates port destinations and islands, as well as owns and operates hotels, lodges, glass-domed railcars, and motorcoaches. The company offers its services under the AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn brands. It sells its cruises through travel agents, tour operators, vacation planners, websites, and onboard future cruise consultants. Carnival Corporation Ltd. was founded in 1972 and is headquartered in Miami, Florida.
Carnival Corporation Ltd. (CCL) reported trailing twelve months revenue of $26.98B as of February 2026, a 6.1% increase year-over-year. Quarterly revenue reached $6.17B, reflecting continued top-line momentum.
Carnival Corporation Ltd. generated $3.10B in TTM net income, with quarterly EBITDA of $1.30B. The operating margin expanded from 9.3% to 9.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.8%) and net margin (4.2%) indicates moderate non-operating costs. Net margin has improved from -1.3% a year ago, signaling stronger bottom-line efficiency.
CCL trades at a P/E of 14.1x (below the broader market average) and a P/S of 1.6x. The price-to-book ratio of 3.3x reflects a moderate premium to book value.
The company generated $697.00M in free cash flow over the trailing twelve months, a 119.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $51.57B in total assets with $23.79B in long-term debt against $13.03B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~15.0%, suggesting durable pricing power and cost discipline.
ROE averages 21.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~16.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 8.8% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation