Carnival Corp
Carnival Corp returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Aug 31, 2026 | — | 11.33% | — | 24.02% | 6.16% | — |
| FY 2026 Q2 | May 31, 2026 | — | 11.59% | — | 26.72% | 5.94% | — |
| FY 2026 Q1 | Feb 28, 2026 | — | 11.95% | — | 27.88% | 6.19% | — |
| FY 2025 Q4 | Nov 30, 2025 | 12.31% | 11.79% | — | 25.63% | 5.48% | 4.6 pp |
| FY 2025 Q3 | Aug 31, 2025 | 11.8% | 11.2% | 130.68% | 25.74% | 5.25% | 4.1 pp |
| FY 2025 Q2 | May 31, 2025 | 12.03% | 11.32% | 222.38% | 30.02% | 5.01% | 4.3 pp |
| FY 2025 Q1 | Feb 28, 2025 | 10.86% | 10.34% | 777.65% | 25.87% | 4.18% | 3.2 pp |
| FY 2024 Q4 | Nov 30, 2024 | — | 9.52% | — | 23.75% | 3.9% | — |
| FY 2024 Q3 | Aug 31, 2024 | 9.39% | 8.91% | — | 20.12% | 3.14% | 1.7 pp |
| FY 2024 Q2 | May 31, 2024 | 8.12% | 7.46% | — | 14.26% | 1.78% | 0.4 pp |
| FY 2024 Q1 | Feb 29, 2024 | 6.67% | 6.14% | — | 6.3% | 0.8% | -1 pp |
| FY 2023 Q4 | Nov 30, 2023 | — | 4.97% | — | -1.06% | -0.15% | — |
| FY 2023 Q3 | Aug 31, 2023 | — | 1.12% | — | -21.17% | -3.19% | — |
| FY 2023 Q2 | May 31, 2023 | — | -3.68% | — | -49.1% | -6.61% | — |
| FY 2023 Q1 | Feb 28, 2023 | — | -7.35% | — | -59.4% | -9.3% | — |
| FY 2022 Q4 | Nov 30, 2022 | — | -10.42% | — | -63.44% | -11.6% | — |
| FY 2022 Q3 | Aug 31, 2022 | — | -12.38% | — | -61.23% | -13.5% | — |
| FY 2022 Q2 | May 31, 2022 | — | -16.09% | — | -70.26% | -16.99% | — |
| FY 2022 Q1 | Feb 28, 2022 | — | -15.52% | — | -62.53% | -17.05% | — |
| FY 2021 Q4 | Nov 30, 2021 | — | -16.14% | — | -58.11% | -17.77% | — |
| FY 2021 Q3 | Aug 31, 2021 | — | -16.16% | — | -52.98% | -17.45% | — |
| FY 2021 Q2 | May 31, 2021 | — | -16.89% | — | -47.14% | -17.4% | — |
| FY 2021 Q1 | Feb 28, 2021 | — | -22.81% | — | -51.82% | -21.94% | — |
| FY 2020 Q4 | Nov 30, 2020 | — | -21.93% | — | -44.58% | -20.75% | — |
| FY 2020 Q3 | Aug 31, 2020 | — | -17.8% | — | -33.89% | -16.01% | — |
| FY 2020 Q2 | May 31, 2020 | — | -6.98% | — | -13.14% | -6.26% | — |
| FY 2020 Q1 | Feb 29, 2020 | 5.87% | 6.17% | -164.78% | 7.72% | 4.12% | -1.8 pp |
| FY 2019 Q4 | Nov 30, 2019 | 9.13% | 9.48% | -2.69% | 12.01% | 6.84% | 1.4 pp |
| FY 2019 Q3 | Aug 31, 2019 | 9.52% | 9.72% | 0.28% | 12.25% | 7.14% | 1.8 pp |
| FY 2019 Q2 | May 31, 2019 | 9.53% | 9.69% | 23.88% | 12.44% | 6.89% | 1.8 pp |
| FY 2019 Q1 | Feb 28, 2019 | 9.42% | 9.84% | 25.74% | 12.74% | 7.26% | 1.7 pp |
| FY 2018 Q4 | Nov 30, 2018 | 9.79% | 10.2% | 68.13% | 12.96% | 7.58% | 2.1 pp |
| FY 2018 Q3 | Aug 31, 2018 | 9.81% | 10% | 51.63% | 13.13% | 7.78% | 2.1 pp |
| FY 2018 Q2 | May 31, 2018 | 8.87% | 9.08% | -11.32% | 12.06% | 6.84% | 1.2 pp |
| FY 2018 Q1 | Feb 28, 2018 | 8.64% | 8.96% | -7.22% | 11.25% | 6.6% | 0.9 pp |
| FY 2017 Q4 | Nov 30, 2017 | 8.52% | 8.8% | -17.35% | 11.13% | 6.54% | 0.8 pp |
| FY 2017 Q3 | Aug 31, 2017 | 8.67% | 8.81% | -12.29% | 11.34% | 6.67% | 1 pp |
| FY 2017 Q2 | May 31, 2017 | 9.36% | 9.55% | 103.68% | 12.08% | 6.88% | 1.7 pp |
| FY 2017 Q1 | Feb 28, 2017 | 9.5% | 9.54% | 67.65% | 13.2% | 7.75% | 1.8 pp |
| FY 2016 Q4 | Nov 30, 2016 | 9.64% | 9.58% | 176.8% | 11.99% | 7.11% | 1.9 pp |
| FY 2016 Q3 | Aug 31, 2016 | 9.23% | 9.28% | 430.64% | 10.33% | 6.25% | 1.5 pp |
| FY 2016 Q2 | May 31, 2016 | 9.16% | 9.32% | 163.95% | 9.7% | 5.69% | 1.5 pp |
| FY 2016 Q1 | Feb 29, 2016 | 8.51% | 8.7% | — | 8.05% | 4.8% | 0.8 pp |
| FY 2015 Q4 | Nov 30, 2015 | 7.83% | 7.93% | — | 7.31% | 4.46% | 0.1 pp |
| FY 2015 Q3 | Aug 31, 2015 | 6.91% | 7.18% | — | 5.59% | 3.52% | -0.8 pp |
| FY 2015 Q2 | May 31, 2015 | 6.49% | 6.62% | — | 5.95% | 3.58% | -1.2 pp |
| FY 2015 Q1 | Feb 28, 2015 | 5.98% | 6.16% | — | 5.44% | 3.31% | -1.7 pp |
| FY 2014 Q4 | Nov 30, 2014 | 5.33% | 5.43% | — | 5.06% | 3.1% | -2.4 pp |
| FY 2014 Q3 | Aug 31, 2014 | — | 4.94% | — | 5.68% | 3.49% | — |
| FY 2014 Q2 | May 31, 2014 | — | 3.94% | — | 4.58% | 2.71% | — |
| FY 2014 Q1 | Feb 28, 2014 | — | 3.93% | — | 4.28% | 2.61% | — |
| FY 2013 Q4 | Nov 30, 2013 | — | 4.15% | — | 4.45% | 2.72% | — |
| FY 2013 Q3 | Aug 31, 2013 | 4.31% | 4.31% | — | 4.56% | 2.78% | -3.4 pp |
| FY 2013 Q2 | May 31, 2013 | 5.45% | 5.51% | — | 6.48% | 3.78% | -2.3 pp |
| FY 2013 Q1 | Feb 28, 2013 | 5.71% | 5.81% | — | 6.25% | 3.8% | -2 pp |
| FY 2012 Q4 | Nov 30, 2012 | 5.03% | 5.1% | — | 5.44% | 3.34% | -2.7 pp |
| FY 2012 Q3 | Aug 31, 2012 | — | 5.35% | — | 5.81% | 3.6% | — |
| FY 2012 Q2 | May 31, 2012 | — | 5.84% | — | 6.1% | 3.61% | — |
| FY 2012 Q1 | Feb 29, 2012 | — | 6.02% | — | 6.88% | 4.21% | — |
| FY 2011 Q4 | Nov 30, 2011 | 6.97% | 7.02% | -11.81% | 8.16% | 5.02% | -0.7 pp |
| FY 2011 Q3 | Aug 31, 2011 | 6.94% | 7.14% | -0.95% | 8.21% | 5.06% | -0.8 pp |
| FY 2011 Q2 | May 31, 2011 | 7.14% | 7.22% | 4.3% | 8.54% | 5.04% | -0.6 pp |
| FY 2011 Q1 | Feb 28, 2011 | 7.24% | 7.38% | — | 8.72% | 5.23% | -0.5 pp |
| FY 2010 Q4 | Nov 30, 2010 | 7.39% | 7.38% | 49.98% | 8.78% | 5.32% | -0.3 pp |
| FY 2010 Q3 | Aug 31, 2010 | 7.45% | 7.47% | — | 8.71% | 5.25% | -0.3 pp |
| FY 2010 Q2 | May 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Feb 28, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Nov 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Aug 31, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 19, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CCL, USD. Latest completed close Oct 22, 2026. Price data retrieved Oct 23, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.