Direct Answer
Carnival Corporation reported revenue of $26.6 billion for the fiscal year ended November 30, 2025, with an operating margin of 16.8% and net income of $2.8 billion, according to its SEC filings. Revenue grew 6.4% from the prior year.
What Are Carnival Corporation's Key Financial Figures?
| Fiscal year | FY2025 ended November 30, 2025 | FY2024 ended November 30, 2024 | FY2023 ended November 30, 2023 | FY2022 ended November 30, 2022 |
|---|---|---|---|---|
| Revenue | $26.6 billion | $25.0 billion | $21.6 billion | $12.2 billion |
| Operating income | $4.5 billion | $3.6 billion | $2.0 billion | -$4.4 billion |
| Operating margin | 16.8% | 14.3% | 9.1% | -36.0% |
| Net income | $2.8 billion | $1.9 billion | -$74 million | -$6.1 billion |
| Net margin | 10.4% | 7.7% | -0.3% | -50.1% |
| Operating cash flow | $6.2 billion | $5.9 billion | $4.3 billion | -$1.7 billion |
| Capital expenditures | $3.6 billion | $4.6 billion | $3.3 billion | $4.9 billion |
| Free cash flow | $2.6 billion | $1.3 billion | $997 million | -$6.6 billion |
Operating margin widened by 2.6 percentage points between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was $2.6 billion against net income of $2.8 billion; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement.
What Does Carnival Corporation's Balance Sheet Show?
| Cash and cash equivalents | $1.9 billion |
|---|---|
| Long-term debt | $24.0 billion |
| Total assets | $51.7 billion |
| Total liabilities | Not reported |
| Shareholders' equity | $12.3 billion |
| Current ratio | 0.3x |
Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions.
Where These Numbers Come From
Every figure on this page is a value Carnival Corporation reported in its own SEC filings, read from the SEC's XBRL data (accession 0000815097-26-000007 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary.
Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation.
Frequently Asked Questions
What was Carnival Corporation's revenue in fiscal 2025?
Carnival Corporation reported revenue of $26.6 billion for the fiscal year ended November 30, 2025, according to its SEC filings.
What is Carnival Corporation's operating margin?
Carnival Corporation's operating margin was 16.8% in fiscal 2025: operating income of $4.5 billion on revenue of $26.6 billion.
How much free cash flow did Carnival Corporation generate?
Operating cash flow of $6.2 billion less capital expenditures of $3.6 billion gives free cash flow of $2.6 billion for fiscal 2025.