Income Statement
Quarterly Data
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 pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Carnival Corp. & plc, consolidated income statement (quarterly data)
US$ in millions
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 Trends
- Revenues showed a generally strong seasonal pattern with peaks mostly occurring around August each year, reaching a high of $6,533 million in August 2019 before a sharp decline started in early 2020 due to unforeseen disruptions. A dramatic fall occurred after February 2020, with revenues dropping to as low as $26 million by November 2020, reflecting a significant downturn. Recovery signs appeared from February 2021 onward, with revenues gradually increasing and surpassing pre-2020 levels by November 2023, reaching $6,854 million.
- Passenger Ticket Revenue
- Passenger ticket revenue mirrored overall revenue trends, peaking notably in August 2018 and again in August 2019. It plunged substantially in 2020, reaching near negligible values during mid-2020. Recovery commenced in 2021 with steady increases noted until the most recent period, leveling at $3,616 million by February 2024, indicating a partial but ongoing recovery toward previous highs.
- Onboard and Other Revenue
- This revenue segment exhibited growth leading up to early 2020 but then collapsed sharply during the pandemic impact period, similar to passenger ticket revenues. A moderate rebound followed starting in 2021, achieving $1,790 million by February 2024, though it remained below peak levels seen in late 2019.
- Operating Expenses Overview
- Operating expenses experienced fluctuations that correspond with revenue trends but also reflected cost management efforts. Commissions, transportation, payroll, fuel, and food costs generally declined in 2020, coinciding with reduced operations. Notably, payroll and related expenses remained significant, reflecting sustained fixed costs. Fuel costs, however, showed a sharp decrease accompanying operational slowdowns and gradually increased again in subsequent periods.
- Impairments and Other Significant Charges
- Ship and other impairments appeared intermittently from late 2019 through 2022, peaking with sizeable charges around 2020 and 2021, indicating asset value adjustments due to operational disruptions. Goodwill impairments were significant, particularly in 2019 and 2020, reflecting reassessment of asset valuations amid challenging market conditions.
- Gross Profit and Operating Income
- Gross profit fluctuated markedly; it was strong and positive prior to 2020 but turned negative for multiple quarters during the height of disruptions in 2020 and early 2021. Operating income mirrored this pattern, with several quarters showing losses surpassing $1 billion during 2020 and 2021. A recovery phase began mid-2021, culminating in positive operating income quarters by 2023, indicating improvements in operational efficiency and revenue resurgence.
- Nonoperating Items
- Interest expense increased notably during the disruption period, with net interest expense rising, likely reflecting increased borrowing or refinancing activities. Debt extinguishment and modification costs were incurred mainly during 2020 and 2021, evidencing restructuring efforts. Other nonoperating income and expenses showed volatility but generally contributed negative impacts during challenging years.
- Net Income
- Net income followed operating income trends tightly, exhibiting strong profits before 2020, severe losses throughout 2020 and much of 2021, and partial recovery thereafter. The most recent quarters illustrate a movement back toward profitability with net income becoming positive again in late 2023 and early 2024, although margins remain below the pre-disruption level.
- Overall Financial Health Indicators
- The data reveals a company severely impacted by external shocks beginning in early 2020, with drastic reductions in revenue and large operating losses. Subsequent periods show ongoing recovery efforts reflected in improving revenue, controlled expenses, and return to positive profitability. Persistent impairments and elevated interest expenses suggest continued challenges in asset utilization and financing costs. The trend toward recovery is consistent but gradual, indicating an improving financial position heading into the latest period.