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Carnival
(LSE:CCL)
Carnival (CCL) vs. iShares MSCI United Kingdom ETF (EWC)
Carnival Business Overview & Revenue Model
Carnival Earnings Call Summary
Carnival Financial Statement Overview
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.62B | 25.02B | 21.59B | 12.17B | 1.91B |
| Gross Profit | 7.88B | 9.38B | 7.28B | 412.00M | -2.75B |
| EBITDA | 6.91B | 6.23B | 4.37B | -2.20B | -5.69B |
| Net Income | 2.76B | 1.92B | -74.00M | -6.09B | -9.50B |
Balance Sheet | |||||
| Total Assets | 51.64B | 48.28B | 49.12B | 51.70B | 53.34B |
| Cash, Cash Equivalents and Short-Term Investments | 1.93B | 1.21B | 2.42B | 4.03B | 9.14B |
| Total Debt | 27.97B | 28.88B | 31.89B | 35.88B | 34.61B |
| Total Liabilities | 39.37B | 39.03B | 42.24B | 44.64B | 41.20B |
| Stockholders Equity | 12.27B | 9.25B | 6.88B | 7.06B | 12.14B |
Cash Flow | |||||
| Free Cash Flow | 2.61B | 1.30B | 997.00M | -6.61B | -7.72B |
| Operating Cash Flow | 6.22B | 5.92B | 4.28B | -1.67B | -4.11B |
| Investing Cash Flow | -3.32B | -4.54B | -2.81B | -4.77B | -3.54B |
| Financing Cash Flow | -2.19B | -2.58B | -5.09B | 3.58B | 6.95B |
Carnival Technical Analysis
Carnival Risk Analysis
Carnival Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £2.17B | 1.18 | 23.98% | 1.18% | 7.17% | -2.22% | |
69 Neutral | £27.38B | 11.36 | 24.84% | ― | 3.46% | 33.88% | |
69 Neutral | $19.73B | 28.60 | ― | 1.23% | 5.55% | 19.27% | |
66 Neutral | £4.27B | 6.31 | 7.52% | 3.80% | -2.12% | 8.95% | |
64 Neutral | £284.01M | 15.55 | 14.50% | 1.39% | -5.30% | -30.17% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | £724.11M | 56.99 | 7.17% | 1.84% | 6.14% | 1.27% |
Carnival Corporate Events
Carnival plc has confirmed that, as of 28 February 2026, it had 217,413,915 issued ordinary shares, of which 28,398,278 are held in treasury and 42,876,272 held by Carnival Corporation do not carry voting rights. This results in 146,139,365 voting rights attached to 189,015,637 issued and outstanding ordinary shares, a figure shareholders must now use as the denominator when assessing disclosure obligations under FCA transparency rules.
The clarified voting rights position provides investors and other stakeholders with an updated reference point for monitoring significant shareholdings in Carnival plc. By formally disclosing the current capital and voting structure, the company supports regulatory compliance and enhances transparency in its ownership profile, which can influence how institutional investors track and report changes in their stakes.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2654.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival Corporation & plc has published its Carnival plc 2025 Annual Report and submitted it to the U.K. National Storage Mechanism, where it will be available for public inspection alongside digital access via the company’s corporate websites. The filing underscores the cruise operator’s ongoing regulatory compliance in its key listing markets and provides investors and other stakeholders with updated, detailed disclosures on its performance and activities.
The broad dissemination of the annual report supports transparency for shareholders and debt holders, particularly given Carnival’s scale in the global leisure travel sector and its multiple listed securities. Ready access to this information may influence market perceptions of the company’s financial health and strategic direction, and aids analysts and regulators in assessing its position within the competitive cruise industry.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2654.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival Corporation & plc has confirmed the exchange rate for its previously announced quarterly cash dividend of $0.15 per share, payable on February 27, 2026, to shareholders of record as of February 13, 2026. Holders of Carnival Corporation common stock and Carnival plc ADSs will receive the dividend in U.S. dollars, while Carnival plc ordinary shareholders will receive payment in sterling unless they elected U.S. dollars by the record date.
The company set the conversion for sterling-dividend payments using the Bloomberg BFIX rate at noon London time on February 17, 2026, fixing US$1 at 73.72457 pence. As a result, the cash dividend for Carnival plc ordinary shares will be 11.05869 pence per share, clarifying the sterling payout for U.K. and other sterling-based investors and providing transparency around the income stream from Carnival’s resumed dividend policy.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2300.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival plc reported that as of 31 January 2026 it had 217,413,915 issued ordinary shares, of which 28,927,231 are held in treasury and 188,486,684 are issued and outstanding. Of these, 42,876,272 shares held by Carnival Corporation carry no voting rights under the company’s Articles of Association.
As a result, the total number of voting rights in Carnival plc stands at 145,610,412, which investors and other obligated parties should use as the reference denominator when assessing disclosure thresholds. The updated capital and voting structure is significant for shareholders tracking their ownership levels under the FCA’s Disclosure and Transparency Rules and for understanding the company’s free-float governance base.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2300.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival Corporation & plc has filed its joint 2025 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission, confirming that its audited U.S. GAAP financial statements are unchanged from the strong fourth-quarter and full-year results released in December, including record revenue of $26.6 billion, all-time high operating income of $4.5 billion, record bookings and customer deposits, and the completion of a $19 billion refinancing that has cut more than $10 billion of debt since early 2023 and enabled the reinstatement of a quarterly dividend. The cruise giant is also seeking shareholder approval to authorize Carnival plc to repurchase up to 10% of its outstanding ordinary shares, while emphasizing initiatives aimed at long-term value creation—such as targeted marketing underpinned by AI, expansion of exclusive destinations including Celebration Key and additional “Paradise Collection” projects, progress on emissions and food-waste reduction goals, and a proposed unification of its dual-listed structure to streamline governance, cut costs and potentially boost trading liquidity and index inclusion.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2300.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival plc has clarified its share capital and voting rights position as of 31 December 2025, stating it has 217,411,094 issued ordinary shares of US$1.66 each, of which 28,927,231 are held in treasury. While 188,483,863 ordinary shares are issued and outstanding, 42,876,272 shares held by Carnival Corporation are non-voting under the company’s Articles of Association, leaving a total of 145,607,591 voting rights. This voting rights figure will serve as the key reference denominator for shareholders and other market participants when assessing and reporting their notifiable interests under UK disclosure and transparency rules, providing greater clarity on the company’s governance and ownership structure.
The most recent analyst rating on (GB:CCL) stock is a Hold with a £2450.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival Corporation & plc reported a record 2025, with net income of $2.8 billion and adjusted net income of $3.1 billion, more than 60% higher year-on-year, on record revenue of $26.6 billion and all-time high operating income of $4.5 billion. The company outperformed its guidance for the fourth time in 2025, driven by strong close-in demand, record net yields in constant currency, and tight cost control that limited adjusted cruise cost growth excluding fuel, while fuel consumption per berth continued to decline. Fourth-quarter adjusted net income surged over 140% versus 2024, record EBITDA and margins expanded, and customer deposits hit a new high, underscoring robust demand and strong pricing. Carnival has achieved a net debt to adjusted EBITDA ratio of 3.4x, completed a $19 billion refinancing plan in under a year, reduced total debt by over $10 billion from its peak, and secured investment-grade status from Fitch, enabling the reinstatement of a quarterly dividend of $0.15 per share. Looking ahead, the company expects another year of double-digit earnings growth in 2026, with adjusted net income projected to rise about 12% on minimal capacity growth, net yields to improve further, and return on invested capital to exceed 13.5%, supported by record advance bookings at historically high prices and a proposed simplification of its dual-listed corporate structure to streamline governance and reporting.
The most recent analyst rating on (GB:CCL) stock is a Buy with a £2012.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Carnival Corporation & plc has announced a conference call with analysts scheduled for December 19, 2025, to discuss its fourth quarter financial results. This call is significant as it provides insights into the company’s financial health and strategic direction, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (GB:CCL) stock is a Buy with a £2012.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.