Name: Carnival Corp. & plc (NYSE:CCL) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Carnival Corp. & plc, income statement, revenues

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
North America	13,112)	7,866)	1,066)	3,084)	11,502)	10,066)
Europe	6,565)	3,918)	811)	1,643)	6,318)	5,957)
Australia	1,181)	312)	18)	687)	2,632)	2,530)
Other	735)	72)	13)	181)	373)	328)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)

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).

Total revenues exhibited a volatile trajectory between 2018 and 2023, characterized by a period of growth, a severe contraction, and a subsequent robust recovery. After reaching a pre-pandemic peak of 20,825 million US dollars in 2019, total revenues declined sharply to a low of 1,908 million US dollars in 2021. However, a strong upward trend followed, with revenues expanding to 21,593 million US dollars by November 30, 2023, surpassing previous historical highs.

North American Market Performance: North America serves as the primary revenue driver, consistently contributing the largest share of total income. This segment showed significant resilience and the most aggressive recovery; after falling from 11,502 million US dollars in 2019 to 1,066 million US dollars in 2021, it surged to 13,112 million US dollars in 2023, representing a growth phase that exceeded pre-pandemic levels.
European Market Performance: The European segment followed a similar pattern of contraction and recovery. Revenue decreased from 6,318 million US dollars in 2019 to 811 million US dollars in 2021. By 2023, the segment recovered to 6,565 million US dollars, effectively returning to and slightly exceeding its 2019 performance levels.
Australian and Other Market Performance: The Australian market experienced the most acute decline and a slower recovery pace. Revenue dropped from 2,632 million US dollars in 2019 to a near-total cessation of 18 million US dollars in 2021. Although it rose to 1,181 million US dollars in 2023, it remained significantly below its 2019 baseline. Conversely, the Other segment showed an unexpected expansion in 2023, reaching 735 million US dollars, which is nearly double its 2019 value of 373 million US dollars.
Aggregate Revenue Recovery Analysis: The recovery of total revenues was non-linear, with a substantial acceleration occurring between 2021 and 2023. The total revenue increase from 2021 to 2023 represents a growth of over 1,000%, driven primarily by the North American and European markets, which together compensated for the slower recovery observed in the Australian region.

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