Analysis of Revenues
Revenues as Reported
Carnival Corp. & plc, income statement, revenues
US$ in millions
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).
The annual revenue data reveals significant fluctuations across regions and total revenues over the examined periods. A detailed analysis of each geographical segment and the overall revenue is as follows:
- North America
- Revenues in North America demonstrate an initial growth from 10,066 million USD in 2018 to 11,502 million USD in 2019. This is followed by a sharp decline in 2020 and 2021, reaching a low of 1,066 million USD in 2021. However, there is a notable recovery beginning in 2022, with revenues climbing back to 7,866 million USD and further increasing to 13,112 million USD in 2023, surpassing the pre-2020 figures.
- Europe
- European revenues display a similar pattern. After moderate growth from 5,957 million USD in 2018 to 6,318 million USD in 2019, a significant drop occurs in 2020 and 2021, with figures falling to 1,643 million USD and 811 million USD respectively. Recovery begins in 2022, with revenues increasing to 3,918 million USD and then to 6,565 million USD in 2023, almost returning to the 2019 level.
- Australia
- In Australia, revenues were relatively stable between 2018 and 2019, with a slight increase from 2,530 million USD to 2,632 million USD. This was followed by a sharp decline in 2020 and 2021, with revenue nearly 100% reduced by 2021 (18 million USD). Revenues gradually recovered to 312 million USD in 2022 and further improved to 1,181 million USD in 2023, though still below pre-2020 levels.
- Other regions
- The 'Other' category shows the most volatile trend, with revenues declining from 328 million USD in 2018 to 13 million USD in 2021. A partial but substantial recovery is observed in 2023, reaching 735 million USD, which exceeds the initial 2018 figure.
- Total Revenues
- The total revenue mirrored these regional trends closely. From an increasing trend peaking at 20,825 million USD in 2019, total revenues plummeted to 1,908 million USD in 2021. Thereafter, a strong recovery is evident, with revenues rising to 12,168 million USD in 2022 and reaching 21,593 million USD in 2023, marginally exceeding the 2019 peak.
Overall, the data indicates a significant impact on revenues beginning in 2020, with the lowest points recorded in 2021 across all regions. The decline likely reflects external factors influencing the business environment during that period. From 2022 onwards, there is a pronounced recovery trend, with revenue figures for 2023 approaching or exceeding pre-2020 levels in most regions. North America and the 'Other' regions show the strongest rebounds, while Australia has a more modest recovery relative to its previous performance.