Stock Analysis on Net
Stock Analysis on Net

Carnival Corp. & plc (NYSE:CCL)

$22.49

This company has been moved to the archive! The financial data has not been updated since March 27, 2024.

Common-Size Income Statement
Quarterly Data

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Carnival Corp. & plc, common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018
Passenger ticket
Onboard and other
Revenues
Commissions, transportation and other
Onboard and other
Payroll and related
Fuel
Food
Ship and other impairments
Other operating
Cruise and tour operating expenses
Gross profit (loss)
Selling and administrative
Depreciation and amortization
Goodwill impairments
Operating income (loss)
Interest income
Interest expense, net of capitalized interest
Debt extinguishment and modification costs
Gains on fuel derivatives, net
Other income (expense), net
Nonoperating income (expense)
Income (loss) before income taxes
Income tax (expense) benefit, net
Net income (loss)

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

Revenue Composition
The proportion of revenue derived from passenger tickets generally declined from around 74% in early 2018 to a low near 11-12% during much of 2020 and early 2021, reflecting significant disruption. From mid-2021 onwards, a recovery is evident, with this percentage rising steadily toward mid-60% by early 2024. In contrast, onboard and other revenues as a percentage of total revenues increased from around 26% in early 2018 to a peak of 100% in mid-2020, before declining and stabilizing around 33-34% by early 2024. This shift indicates a temporary reliance on non-ticket revenue sources during the disruption period.
Cost Structure and Operating Expenses
Cruise and tour operating expenses as a percentage of revenues showed significant volatility. Normally ranging between approximately -50% to -74% before 2020, these expenses dramatically increased in magnitude during 2020, reaching extreme negative values exceeding -4900%, reflecting extraordinary impairment or write-downs. Subsequently, these expenses decreased in severity but remained elevated relative to pre-2020 levels through 2023, indicating ongoing cost pressures. Other major operating expense categories such as payroll, fuel, food, and other operating expenses exhibited a similar pattern of sharp increases in cost ratios during 2020, followed by partial normalization in subsequent periods.
Profitability Trends
Gross profit margins fluctuated significantly. Positive margins around 30-50% before 2020 turned sharply negative during 2020, coinciding with pandemic impacts. From 2021 through early 2024, margins improved gradually, returning to positive territory and approaching mid-to-high 20% to low 40% ranges in recent quarters. Operating income exhibited parallel swings, with positive income prior to 2020, massive losses during the height of disruptions, and gradual recovery afterward, though still below pre-2020 levels. Net income followed a similar pattern, experiencing deep losses in 2020, with continued volatility and partial recovery into early 2024.
Interest, Impairments, and Nonoperating Items
Interest expense increased sharply during 2020, peaking at extremely high negative percentages relative to revenues, indicating elevated financing costs. Debt extinguishment and modification costs emerged as a notable expense from late 2020, contributing to elevated non-operating losses. Goodwill impairments and ship and other impairments spiked dramatically in 2020 and early 2021, reflecting significant asset write-downs. Gains on fuel derivatives were minimal and inconsistent, while other income and nonoperating income showed elevated negative impacts during the disruption period, partially abating in later quarters.
Summary of Operational Recovery
Overall, the data clearly capture severe operational disruptions during 2020, characterized by sharp declines in ticket revenue share, extreme negative profitability measures, and large impairments and costs. A pattern of gradual recovery is observed starting mid-2021, with improving revenue composition, declining operating losses or improving profits, and normalization of cost ratios. Despite ongoing challenges, financial metrics indicate a trajectory toward stabilization by early 2024.