Carnival

CCL · Consumer Discretionary · Market cap $38.0B

Q4 FY25 Sep 1 – Nov 30, 2025 reported Jan 27, 2026

Revenue$6.3B +7% year over year

Gross profit–

Operating profit$0.7B

Net profit$0.4B 7% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Nov 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.3	100%	+7%
Cruise Passenger Ticket	4.1	65%	+5%
Cruise Onboard and Other	2.3	37%	+9%
SG&A	−1	15%	+0pp
Other	−4.6	73%	+0pp
Operating profit	0.7	12% margin	+2pp
Interest & other costs	−0.3
Net profit	0.4	7%	+2pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Aug 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	8.2	100%	+3%
Cruise Passenger Ticket	5.4	66%	+4%
Cruise Onboard and Other	2.7	33%	+2%
Cost of revenue	−4.4	54%
Gross profit	3.8	46% margin	+1pp
SG&A	−0.8	10%	+0pp
Other	−0.7	9%	+0pp
Operating profit	2.3	28% margin	+0pp
Interest & other costs	−0.4
Net profit	1.9	23%	+1pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends May 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.3	100%	+9%
Cruise Passenger Ticket	4.1	65%	+9%
Cruise Onboard and Other	2.2	35%	+10%
Cost of revenue	−3.9	62%
Gross profit	2.4	39% margin	+4pp
SG&A	−0.8	13%	−1pp
Other	−0.7	11%	+0pp
Operating profit	0.9	15% margin	+5pp
Interest & other costs	−0.3
Net profit	0.6	9%	+7pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Feb 28, 2025).
Item	Value	Share of revenue	Year over year
Revenue	5.8	100%	+7%
Cruise Passenger Ticket	3.8	66%	+6%
Cruise Onboard and Other	2	34%	+11%
Cost of revenue	−3.8	66%
Gross profit	2	35% margin	+4pp
SG&A	−0.8	15%	+0pp
Other	−0.7	11%	+0pp
Operating profit	0.5	9% margin	+4pp
Interest & other costs	−0.6
Net profit	-0.1	-1%	+3pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q4 FY25	Sep 1 – Nov 30, 2025	Jan 27, 2026	$6.3B	+7%	11%	$0.4B	7%
Q3 FY25	Aug 31, 2025	Sep 29, 2025	$8.2B	+3%	28%	$1.9B	23%
Q2 FY25	Mar 1 – May 31, 2025	Jun 26, 2025	$6.3B	+9%	14%	$0.6B	9%
Q1 FY25	Dec 1, 2024 – Feb 28, 2025	Mar 25, 2025	$5.8B	+7%	9%	$-0.1B	-1%