Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Carnival Corp. & plc, income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Current 12 13 (21) (17) 71 54
Deferred — — — — — —
Income tax expense (benefit), net 12 13 (21) (17) 71 54

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Carnival Corp. & plc current increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.
Income tax expense (benefit), net Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Carnival Corp. & plc income tax expense (benefit), net increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Effective Income Tax Rate (EITR)

Carnival Corp. & plc, effective income tax rate (EITR) reconciliation

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Effective income tax rate -19.35% -0.21% 0.22% 0.17% 2.32% 1.71%
Effective income tax rate -19.35% -0.21% 0.22% 0.17% 2.32% 1.71%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Carnival Corp. & plc effective income tax rate decreased from 2021 to 2022 and from 2022 to 2023.

Components of Deferred Tax Assets and Liabilities

Carnival Corp. & plc, components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Deferred tax assets (liabilities), net — — — — — —

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Item Description The company
Deferred tax assets (liabilities), net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.

Adjustments to Financial Statements: Removal of Deferred Taxes

Carnival Corp. & plc, adjustments to financial statements

US$ in millions

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported) 6,882 7,065 12,144 20,555 25,365 24,443
Less: Net deferred tax assets (liabilities) — — — — — —
Shareholders’ equity (adjusted) 6,882 7,065 12,144 20,555 25,365 24,443
Adjustment to Net Income (loss)
Net income (loss) (as reported) (74) (6,093) (9,501) (10,236) 2,990 3,152
Add: Deferred income tax expense (benefit) — — — — — —
Net income (loss) (adjusted) (74) (6,093) (9,501) (10,236) 2,990 3,152

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Carnival Corp. & plc, Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Carnival Corp. & plc, adjusted financial ratios

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Net Profit Margin
Reported net profit margin -0.34% -50.07% -497.96% -182.95% 14.36% 16.69%
Adjusted net profit margin -0.34% -50.07% -497.96% -182.95% 14.36% 16.69%
Financial Leverage
Reported financial leverage 7.14 7.32 4.39 2.61 1.78 1.73
Adjusted financial leverage 7.14 7.32 4.39 2.61 1.78 1.73
Return on Equity (ROE)
Reported ROE -1.08% -86.24% -78.24% -49.80% 11.79% 12.90%
Adjusted ROE -1.08% -86.24% -78.24% -49.80% 11.79% 12.90%
Return on Assets (ROA)
Reported ROA -0.15% -11.78% -17.81% -19.10% 6.64% 7.43%
Adjusted ROA -0.15% -11.78% -17.81% -19.10% 6.64% 7.43%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc, Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Revenues 21,593 12,168 1,908 5,595 20,825 18,881
Profitability Ratio
Net profit margin1 -0.34% -50.07% -497.96% -182.95% 14.36% 16.69%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Revenues 21,593 12,168 1,908 5,595 20,825 18,881
Profitability Ratio
Adjusted net profit margin2 -0.34% -50.07% -497.96% -182.95% 14.36% 16.69%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

1 Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × -74 ÷ 21,593 = -0.34%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × -74 ÷ 21,593 = -0.34%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets 49,120 51,703 53,344 53,593 45,058 42,401
Shareholders’ equity 6,882 7,065 12,144 20,555 25,365 24,443
Solvency Ratio
Financial leverage1 7.14 7.32 4.39 2.61 1.78 1.73
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets 49,120 51,703 53,344 53,593 45,058 42,401
Adjusted shareholders’ equity 6,882 7,065 12,144 20,555 25,365 24,443
Solvency Ratio
Adjusted financial leverage2 7.14 7.32 4.39 2.61 1.78 1.73

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

1 Financial leverage = Total assets ÷ Shareholders’ equity
= 49,120 ÷ 6,882 = 7.14

2 Adjusted financial leverage = Total assets ÷ Adjusted shareholders’ equity
= 49,120 ÷ 6,882 = 7.14

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Shareholders’ equity 6,882 7,065 12,144 20,555 25,365 24,443
Profitability Ratio
ROE1 -1.08% -86.24% -78.24% -49.80% 11.79% 12.90%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Adjusted shareholders’ equity 6,882 7,065 12,144 20,555 25,365 24,443
Profitability Ratio
Adjusted ROE2 -1.08% -86.24% -78.24% -49.80% 11.79% 12.90%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

1 ROE = 100 × Net income (loss) ÷ Shareholders’ equity
= 100 × -74 ÷ 6,882 = -1.08%

2 Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted shareholders’ equity
= 100 × -74 ÷ 6,882 = -1.08%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Total assets 49,120 51,703 53,344 53,593 45,058 42,401
Profitability Ratio
ROA1 -0.15% -11.78% -17.81% -19.10% 6.64% 7.43%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) (74) (6,093) (9,501) (10,236) 2,990 3,152
Total assets 49,120 51,703 53,344 53,593 45,058 42,401
Profitability Ratio
Adjusted ROA2 -0.15% -11.78% -17.81% -19.10% 6.64% 7.43%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -74 ÷ 49,120 = -0.15%

2 Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × -74 ÷ 49,120 = -0.15%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.