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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Carnival Corp. & plc, consolidated income statement

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Passenger ticket	14,067)	7,021)	1,000)	3,684)	14,104)	13,930)
Onboard and other	7,526)	5,147)	908)	1,911)	6,721)	4,951)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Commissions, transportation and other	(2,761)	(1,630)	(269)	(1,139)	(2,720)	(2,590)
Onboard and other	(2,375)	(1,528)	(272)	(605)	(2,101)	(638)
Payroll and related	(2,373)	(2,181)	(1,309)	(1,780)	(2,249)	(2,190)
Fuel	(2,047)	(2,157)	(680)	(823)	(1,562)	(1,619)
Food	(1,335)	(863)	(187)	(413)	(1,083)	(1,066)
Ship and other impairments	—)	(440)	(591)	(1,967)	(26)	(16)
Other operating	(3,426)	(2,958)	(1,347)	(1,518)	(3,168)	(2,970)
Cruise and tour operating expenses	(14,317)	(11,757)	(4,655)	(8,245)	(12,909)	(11,089)
Gross profit (loss)	7,276)	411)	(2,747)	(2,650)	7,916)	7,792)
Selling and administrative	(2,950)	(2,515)	(1,883)	(1,878)	(2,480)	(2,450)
Depreciation and amortization	(2,370)	(2,275)	(2,233)	(2,241)	(2,160)	(2,017)
Goodwill impairments	—)	—)	(226)	(2,096)	—)	—)
Operating income (loss)	1,956)	(4,379)	(7,089)	(8,865)	3,276)	3,325)
Interest income	233)	74)	12)	18)	23)	14)
Interest expense, net of capitalized interest	(2,066)	(1,609)	(1,601)	(895)	(206)	(194)
Debt extinguishment and modification costs	(111)	(1)	(670)	(459)	—)	—)
Gains on fuel derivatives, net	—)	—)	—)	—)	—)	59)
Other income (expense), net	(74)	(165)	(174)	(52)	(32)	2)
Nonoperating income (expense)	(2,018)	(1,701)	(2,433)	(1,388)	(215)	(119)
Income (loss) before income taxes	(62)	(6,080)	(9,522)	(10,253)	3,061)	3,206)
Income tax (expense) benefit, net	(12)	(13)	21)	17)	(71)	(54)
Net income (loss)	(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).

The financial performance from 2018 to 2023 exhibits a severe cyclical disruption followed by a significant recovery phase. Revenues peaked in 2019 at 20.83 billion USD before collapsing to a low of 1.91 billion USD in 2021. By 2023, revenues recovered to 21.59 billion USD, surpassing pre-pandemic levels. This recovery is driven by both passenger ticket sales and a notable increase in onboard and other revenue, which grew from 4.95 billion USD in 2018 to 7.53 billion USD in 2023.

Revenue Composition and Trends: Passenger ticket revenue remained the primary driver, mirroring the overall revenue trajectory with a sharp decline in 2020 and 2021 and a return to 14.07 billion USD by 2023. Onboard and other revenue showed greater resilience and a stronger growth trajectory post-recovery, indicating an increase in per-passenger spending.
Operating Expense Management: Cruise and tour operating expenses decreased during the period of lowest revenue but failed to scale down proportionally, resulting in significant gross losses in 2020 and 2021. Specifically, ship and other impairments created substantial non-cash charges in 2020 (1.97 billion USD) and 2021 (591 million USD), which contributed to the erosion of gross profit. By 2023, operating expenses rose to 14.32 billion USD as operations returned to full capacity.
Operating Income Volatility: Operating income shifted from a stable range of approximately 3.3 billion USD in 2018-2019 to deep deficits, peaking at a loss of 8.87 billion USD in 2020. A gradual improvement followed, culminating in a return to positive operating income of 1.96 billion USD in 2023, suggesting a restoration of the core business model's viability.
Debt and Non-Operating Obligations: A critical trend is observed in the net interest expense, which escalated from 194 million USD in 2018 to 2.07 billion USD in 2023. This suggests a massive increase in leverage to sustain operations during the revenue collapse. These rising financing costs have effectively offset the recovery in operating income, preventing the company from returning to net profitability.

Net income reflects the combined impact of operational volatility and increased financial leverage. After generating nearly 3 billion USD annually in 2018 and 2019, the entity suffered cumulative net losses exceeding 25 billion USD between 2020 and 2022. Although the net loss narrowed significantly to 74 million USD in 2023, the bottom line remains constrained by the substantial interest burden associated with the debt acquired during the downturn.

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