Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 5/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Exclusive destinations have substantial actual usage, but attributable economic benefits and competitive replication barriers are unestablished.
durability · — · Existing destination operations and recent enhancements establish current differentiation, without sufficient evidence of enduring competitive protection.
customer dependency · — · Strong occupancy and early loyalty engagement do not establish customer dependency or durable switching friction. Some deposits are refundable.
erosion resilience · — · Positive yields and efficiency improvements coexist with operating-income pressure and itinerary disruptions. These do not establish resilience of a competitive advantage whose economics remain uncertain.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Higher ticket prices contributed $141 million to nine-month 2026 revenue. Second- and third-quarter constant-currency net yields increased 2.2% and 2.4%. These demonstrate positive realized pricing and monetization, without establishing a durable premium or full cost pass-through.
retention · 2/4 · Nine-month occupancy remained 106.5% as passengers carried increased from 10.3 million to 10.5 million. Initial loyalty engagement also increased. This supports sustained demand and engagement indirectly; neither repeat-customer retention nor durable loyalty is quantified.
margin resilience · 2/4 · Operating income increased substantially during 2023–2025, but nine-month 2026 operating income fell from $3.748 billion to $3.678 billion while revenue increased. Third-quarter gross margin yield declined 1.3% despite positive net yield growth. Resilience is mixed, with incomplete fuel-cost protection.
contractual freedom · 2/4 · Carnival manages cabin pricing and generally requires deposits followed by payment before sailing, with cancellation fees where applicable. Refundable deposits and absent post-booking repricing terms limit evidence of contractual power.
Prévisibilité40
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 220.15
- Positive FCF years (%)
- 60.00
- FCF margin volatility (pp)
- 160.04
Solidité financière5
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 21.12
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 10.22
- Net debt / operating income (x)
- 5.51
- Interest coverage (x)
- 3.32
- Current ratio (x)
- 0.32
Allocation du capital41
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 9.29
- 3-year average dilution (%)
- 3.63
- 3-year average SBC / revenue (%)
- 0.29
- cashConversionGrade
- 0.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month operating cash of $5.303 billion covered $2.139 billion of property purchases, while $2.186 billion of debt was repaid without new debt proceeds. However, dividends and repurchases accompanied a $718 million cash decline, substantial debt remained, and convertible settlement issued 69.1 million shares. Investment and repurchase returns remain unproven.
incentive alignment · 3/4 · Implemented incentives include operating income, ROIC, relative TSR and emissions metrics, with multiyear performance vesting, clawbacks and default double-trigger protection. Actual 2025 bonus results are disclosed. These demonstrate strong alignment design, although adjusted metrics, time-based awards and missing ownership detail limit conclusions about long-term effectiveness.
execution · 3/4 · The multiyear operating recovery, increased operating cash, debt repayments, completed unification, covenant compliance and realized fuel-efficiency gains demonstrate strong execution. Management attribution is indirect; recent operating-income declines and unproven unification benefits constrain the grade.
governance · 2/4 · Actual audit committee oversight and existing clawback provisions support functioning governance. The longstanding chair was not independent on appointment, and the latest external board review was in 2022. Post-unification effectiveness remains unestablished.
Preuves
We operate a portfolio of port destinations and exclusive islands enabling us to offer exceptional experiences to 6.5 million guests by creating a wide variety of high-quality destinations that are uniquely tailored to our guests’ preferences.
Business / Port Destinations and Exclusive Islands · Dépôt 27/01/2025
Other Recent Highlights
•Celebration Key commemorated one year of creating memorable guest experiences and a lasting positive impact in Grand Bahama, welcoming almost 2.5 million guests during its first year (learn more here).
Other Recent Highlights / Celebration Key first-year guest usage · Dépôt 29/09/2026
•RelaxAway, Half Moon Cay and Isla Tropicale each welcomed more than 250,000 guests, following the completion of their recent enhancements.
Other Recent Highlights / enhanced destination guest usage · Dépôt 29/09/2026
•Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.
Risk factors / overcapacity and vacation competition · Dépôt 27/01/2026
We have been forced to, and in the future may be forced to, alter itineraries, including diverting from our port destinations and exclusive islands, or cancel a cruise or a series of cruises or tours due to these or other types of disruptions.
Risk factors / realized itinerary diversions and cancellations · Dépôt 27/01/2026
•Capital expenditures of $2.1 billion principally attributable to ship improvements, our ongoing new shipbuilding program and development of our portfolio of exclusive destinations
Investing Activities / ship and exclusive destination capital expenditures · Dépôt 29/09/2026
•$141 million - higher ticket prices
Nine-month 2026 revenue bridge / higher ticket prices · Dépôt 29/09/2026
Record net yields (in constant currency) up 2.2 percent.
Second Quarter 2026 Results / realized constant-currency net yield growth · Dépôt 23/06/2026
All-time high net yields (in constant currency) up 2.4 percent, over a point better than June guidance.
Third Quarter 2026 Results / realized constant-currency net yield growth · Dépôt 29/09/2026
OTHER INFORMATION
OTHER BALANCE SHEET INFORMATION (in millions)
August 31, 2026
November 30, 2025
Debt (current and long-term)
$
23,912
$
26,640
Customer deposits (current and long-term)
$
7,639
$
7,246
Three Months Ended
August 31,
Nine Months Ended
August 31,
CASH FLOW INFORMATION (in millions)
2026
2025
2026
2025
Cash from operations
$
1,410
$
1,383
$
5,303
$
4,700
Capital expenditures (Purchases of Property and Equipment)
$
698
$
648
$
2,139
$
2,105
Dividends paid
$
204
$
—
$
618
$
—
Three Months Ended
August 31,
Nine Months Ended
August 31,
STATISTICAL INFORMATION
2026
2025
2026
2025
Passenger Cruise Days (“PCDs”) (in millions) (a)
27.9
27.5
78.0
77.1
ALBDs (in millions) (b)
24.9
24.6
73.3
72.3
Occupancy percentage (c)
111.8
%
111.7
%
106.5
%
106.5
%
Passengers carried (in millions)
3.9
3.8
10.5
10.3
Fuel consumption in metric tons (in millions)
0.7
0.7
2.1
2.1
Fuel consumption in metric tons per thousand ALBDs
26.9
28.0
28.0
29.4
Fuel cost per metric ton consumed (excluding emission allowances)
$
826
$
607
$
726
$
621
Currencies (USD to 1)
AUD
$
0.70
$
0.65
$
0.70
$
0.64
CAD
$
0.71
$
0.73
$
0.72
$
0.71
EUR
$
1.15
$
1.16
$
1.16
$
1.10
GBP
$
1.34
$
1.35
$
1.34
$
1.30
Notes to Statistical Information
Other Information / debt, cash flow, occupancy, passengers and fuel statistics · Dépôt 29/09/2026
•Carnival Cruise Line successfully launched its new Carnival Rewards loyalty program on September 1, generating substantial early engagement with co-branded credit card issuances increasing over 300 percent in the weeks following the launch compared to pre-announcement levels (learn more here).
Other Recent Highlights / initial Carnival Rewards engagement · Dépôt 29/09/2026
Commissions, transportation and other
3,331
3,232
2,761
Onboard and other
2,816
2,678
2,375
Payroll and related
2,589
2,464
2,373
Fuel
1,808
2,007
2,047
Food
1,499
1,457
1,335
Other operating
3,904
3,801
3,426
Total Cruise and tour operating expenses
15,947
15,638
14,317
Selling and administrative expense
3,402
3,252
2,950
Depreciation and amortization expense
2,790
2,557
2,370
Operating Income
4,483
3,574
1,956
Interest income
51
93
233
Interest expense, net of capitalized interest
(1,349)
(1,755)
(2,066)
Debt extinguishment and modification costs
(409)
(79)
(111)
Other income (expense), net
(4)
83
(75)
Income (Loss) Before Income Taxes
2,772
1,915
(62)
Income tax benefit (expense), net
(12)
1
(13)
Net Income (Loss)
$
2,760
$
1,916
$
(74)
Earnings Per Share
Basic
$
2.10
$
Net income (loss)
—
—
—
1,916
—
—
1,916
Other comprehensive income (loss)
—
—
—
—
(36)
—
(36)
Conversion of Convertible Notes
—
—
414
—
—
—
415
Issuance of treasury shares for vested share-based awards
—
—
(47)
—
—
47
—
Share-based compensation and other
—
—
76
—
—
(2)
75
At November 30, 2024
13
361
17,155
2,101
(1,975)
(8,404)
9,251
Net income (loss)
—
—
—
2,760
—
—
2,760
Other comprehensive income (loss)
—
—
—
—
165
—
165
Issuance of treasury shares for vested share-based awards
—
—
—
(44)
—
44
—
Share-based compensation and other
—
—
112
—
—
(5)
107
At November 30, 2025
$
13
$
361
$
17,267
$
4,817
$
(1,810)
$
(8,364)
$
12,284
(a)We adopted the provisions of Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity’s Own Equity on December 1, 2022.
Consolidated Statements of Income / 2023–2025 operating results · Dépôt 27/01/2026
1,172
1,124
Other operating
1,081
1,044
3,135
2,858
Total Cruise and tour operating expenses
4,628
4,385
12,792
12,037
Selling and administrative expense
834
779
2,621
2,442
Depreciation and amortization expense
754
717
2,172
2,064
Operating Income
2,220
2,271
3,678
3,748
Interest income
17
15
41
34
Interest expense, net of capitalized interest
(285)
(317)
(862)
(1,034)
Debt extinguishment and modification costs
(23)
(111)
(23)
(366)
Other income (expense), net
10
0
(60)
(4)
Income Before Income Taxes
1,939
1,860
2,774
2,377
Income tax expense, net
(16)
(6)
(50)
(30)
Net Income
1,923
1,854
2,725
2,348
Less: net income attributable to noncontrolling interests
3
2
9
10
Net Income attributable to Carnival Corporation Ltd.
Consolidated Statements of Income / quarterly and nine-month operating results · Dépôt 29/09/2026
Other (a)
1,552
1,532
4,239
4,094
$
8,435
$
8,153
$
21,263
$
20,292
(a)No other individual country’s revenue exceeded 10% for the three and nine months ended August 31, 2026 and 2025.
Revenue disclosures / quarterly and nine-month consolidated revenues · Dépôt 29/09/2026
•Gross margin yields down 1.3 percent compared to prior year, driven by higher fuel prices.
Third Quarter 2026 Results / fuel-driven gross margin yield decline · Dépôt 29/09/2026
Our maritime and/or shoreside operations, including our ability to manage our inventory of cabins held for sale and set pricing, control costs and serve our guests, depends on the reliability of our information technology operations and system networks, as well as our ability to refine and update to more advanced systems and technologies.
Technology risk / cabin inventory management and price setting · Dépôt 27/01/2026
Customer Deposits
Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage.
Customer Deposits / reservation and advance payment terms · Dépôt 29/09/2026
These amounts include refundable deposits.
Customer Deposits / refundable deposits · Dépôt 29/09/2026
Guest cancellation fees, when applicable, are recognized in Passenger ticket revenues at the time of cancellation.
Revenue recognition / applicable guest cancellation fees · Dépôt 29/09/2026
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in millions)
Nine Months Ended
August 31,
2026
2025
OPERATING ACTIVITIES
Net income
$
2,725
$
2,348
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
2,172
2,064
Loss on debt extinguishment
23
358
Share-based compensation
73
70
Amortization of discounts and debt issue costs
81
88
Non-cash lease expense
127
119
(Gain) loss on sales of ships
2
(103)
Greenhouse gas regulatory expense
118
63
Other
96
35
5,417
5,041
Changes in operating assets and liabilities
Trade and other receivables, net
21
(63)
Inventories
(26)
35
Prepaid expenses and other assets
(221)
(138)
Accounts payable
(15)
15
Accrued liabilities and other
(190)
(360)
Customer deposits
318
171
Net cash provided by operating activities
5,303
4,700
INVESTING ACTIVITIES
Purchases of property and equipment
(2,139)
(2,105)
Proceeds from sales of ships and other property and equipment
3
312
Advances to affiliates
(50)
(90)
Other
3
68
Consolidated Statements of Cash Flows / operating cash and property purchases · Dépôt 29/09/2026
Net cash used in investing activities
(2,183)
(1,815)
FINANCING ACTIVITIES
Repayments of long-term debt
(2,186)
(10,676)
Debt issuance costs
(51)
(68)
Debt extinguishment costs
(18)
(242)
Proceeds from issuance of long-term debt
—
8,618
Dividends paid
(618)
—
Share repurchases
(929)
—
Other
(31)
13
Net cash used in financing activities
(3,832)
(2,355)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(5)
30
Net increase (decrease) in cash, cash equivalents and restricted cash
(718)
560
Cash, cash equivalents and restricted cash at beginning of period
1,958
1,231
Cash, cash equivalents and restricted cash at end of period
$
1,240
$
1,792
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statements of Cash Flows / financing, distributions and cash decline · Dépôt 29/09/2026
Convertible Notes
In December 2025, we settled $1.1 billion principal amount of the 2027 Convertible Notes, resulting in the issuance of 69.1 million shares of Carnival Corporation common stock and a cash payment of $500 million.
Convertible Notes / December 2025 settlement and share issuance · Dépôt 26/06/2026
Operating Income (80%)
•
HESS (20%)
•
Safe & Compliant ships
•
Safe and Healthy Passengers & Crew
•
Protecting the Environment
Additional Detail:
•
Payout will range from 0 to 200% of target
•
Focuses performance on our critical priority areas
•
Continued the mix of pre-established metrics based on our primary financial performance measurement and critical sustainability initiatives
Long-Term Incentive
PBS (Performance-Based Share Grants)
Three years
Performance Metrics and Weighting:
•
Normalized Operating Income per ALBD (45%)
•
Adjusted ROIC (20%)
•
Relative TSR (20%)
•
GHG Intensity Reduction (15%)
Additional Detail:
•
Cliff vests following a three-year measurement period
•
Payout range of 0 to 200% of target
•
Continued a structure based on multiple pre-established quantifiable metrics measured over a multi-year period
•
Incorporated updated metrics that are designed to reflect normalized operations and leverage levels, align with shareholder interests and reward our long-term success, including by benchmarking our TSR relative to our peers in the travel and leisure sector
Executive compensation / annual and multiyear incentive metrics and vesting · Dépôt 27/02/2026
Normalized Adjusted Operating Income (80%)
Threshold
Target
Maximum
2025 Actual
Normalized Adjusted Operating Income ($ in millions)1
3,605
3,916
4,337
4,300
Payout (%) of Target
50
100
200
191.1
The HESS (Health, Environmental, Safety and Security) component of the MIP annual cash bonus, described in more detail below, measures our performance against established goals in each of our three identified HESS focus areas: safe and compliant ships, safe and healthy passengers and crew, and protecting the environment.
Executive compensation / actual 2025 operating-income bonus result · Dépôt 27/02/2026
Under the terms of the Carnival Corporation 2020 Stock Plan, however, the default provision upon a change in control would provide only for a “double trigger” acceleration of equity grants (such that no acceleration would occur unless the participant’s employment were subsequently terminated by Carnival Corporation & plc or its successor without cause and other than due to death or disability).
Post-employment compensation / default double-trigger equity acceleration · Dépôt 27/02/2026
The pre-existing clawback provisions give the Compensation Committees authority to recover equity grants and annual bonus incentives from Executive Officers and non-executives in the event Carnival Corporation & plc is required to restate its financial statements due to fraud or other misconduct, or in the event of other specified detrimental activity, including a breach of confidentiality or restrictive covenants, any activity that would be grounds for termination for cause, or maligning, denigrating or disparaging Carnival Corporation & plc, its directors or its employees.
Executive compensation / existing clawback provisions · Dépôt 27/02/2026
In May 2026, we completed the unification of the dual listed company structure under a single company, Carnival Corporation Ltd., listed solely on the New York Stock Exchange (“DLC Unification”).
General notes / completed May 2026 unification · Dépôt 29/09/2026
At August 31, 2026, we were in compliance with the applicable covenants under our debt agreements.
Debt / August 2026 covenant compliance · Dépôt 29/09/2026
•Fuel consumption per ALBD improved 3.8 percent compared to prior year, reflecting the company’s efforts and investments to continuously reduce fuel consumption.
Third Quarter 2026 Results / fuel consumption efficiency improvement · Dépôt 29/09/2026
The strategic management and direction of, and significant commercial decisions in relation to, global operations of Carnival Corporation & plc, except to the extent reserved to the full Boards under their schedule of reserved matters, is delegated by the Boards to the boards of directors of subsidiary companies within the group and to management, which in turn delegate to local management as
Committees of the Boards
•
reviewed and approved fees for audit and non-audit related services provided by Carnival Corporation & plc’s independent auditors;
•
received and reviewed various reports from the independent auditors regarding the planning, status, execution and conclusions of their work;
•
received reporting, as well as quarterly briefings, from RAAS, the Carnival Corporation & plc internal audit department, concerning results from their internal audit work, including significant findings, any identified internal control deficiencies and the status of management plans for remedial action;
•
reviewed reports of RAAS regarding the results of its independent internal investigations of alleged or actual impropriety as assigned by the General Counsel and in coordination with the Chief Risk and Compliance Officer on the status and results of those investigations;
•
reviewed RAAS’s historical audit coverage and assessment of risk for the purpose of developing an audit plan for the upcoming year;
•
reviewed reports of RAAS concerning progress against their audit plan, department staffing and professional qualifications, and the status of management action plans for previously identified action steps;
•
reviewed reports regarding information technology security, including cybersecurity, and responses to and investigations of breaches; and
•
reviewed the status of any accounting, internal accounting controls or auditing related complaints received through Carnival Corporation & plc’s third-party administered hotline and other channels.
Corporate Governance Report / actual audit committee activities · Dépôt 27/02/2026
Our Chair of the Board of Directors of Carnival plc has been in his post for longer than nine years and was not considered independent on appointment.
Governance code exceptions / chair tenure and independence on appointment · Dépôt 27/02/2026
The most recent externally facilitated review was conducted in 2022.
Governance code exceptions / latest externally facilitated board review · Dépôt 27/02/2026
We believe that adjusted gross margin is a more meaningful measure in determining net yields than gross margin because it reflects the cruise revenues earned net of only our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees.
Non-GAAP Financial Measures / net yield methodology and excluded costs · Dépôt 29/09/2026
