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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Carnival Corp. & plc, consolidated income statement
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 financial data exhibits significant volatility over the analyzed periods, reflecting extreme operational and market conditions.
- Revenue Trends
- Revenues initially rose from 18,881 million USD in 2018 to a peak of 20,825 million USD in 2019. However, there was a sharp decline in 2020 and 2021 to 5,595 and 1,908 million USD respectively. A strong recovery is noted in 2022 and 2023 with revenues increasing to 12,168 million USD and then to 21,593 million USD, approximating pre-pandemic levels.
- Passenger Ticket and Onboard Revenues
- Passenger ticket revenues mirror the overall revenue trend, dropping steeply in 2020 and 2021 before recovering to exceed pre-2019 levels by 2023. Onboard and other revenue also follows a similar pattern, experiencing a substantial decline during 2020 and 2021 but demonstrating significant growth thereafter.
- Operating Expenses
- Operating expenses related to commissions, payroll, fuel, food, and other cruise and tour activities decreased sharply in 2020 and 2021 in line with reduced operations. Commissions and transportation expenses, for instance, dropped from -2,720 million USD in 2019 to -269 million USD in 2021 but rebounded in 2022 and 2023. Payroll expenses also declined markedly in 2020 and 2021, reflecting operational contractions, but rose again subsequently.
- Impairments and Other Costs
- Significant impairments are visible in 2020, including ship and other impairments of -1,967 million USD and goodwill impairments of -2,096 million USD. These impairments reflect write-downs likely associated with the challenging market environment. The impact lessened in subsequent years, with impairments either reducing or ceasing by 2023.
- Profitability and Income
- Gross profit turned negative in 2020 and 2021 (-2,650 and -2,747 million USD respectively) following the revenue decline and operational challenges, then returned to a modest positive in 2022 (411 million USD) and further improved in 2023 (7,276 million USD). Operating income similarly swung from profits pre-2020 to substantial losses in 2020 and 2021, before returning to profit in 2023.
- Nonoperating and Financing Costs
- Interest expense increased significantly during the pandemic years (peaking near -1,601 million USD in 2021 and further to -2,066 million USD in 2023), likely reflecting higher debt levels or refinancing costs. Debt extinguishment and modification costs also appeared in 2020 and 2021. Nonoperating income turned negative from 2020 onward, further pressuring overall financial results.
- Net Income
- Net income followed a steep downward trajectory during 2020 and 2021 with losses above 9 billion USD, correlating with the operational disruptions and impairments. Minor losses persisted in 2022 and 2023, indicating ongoing challenges despite operational recovery.
Overall, the data indicates a period of significant disruption and recovery. The company experienced sharp declines in revenue and profitability during 2020-2021, with extensive impairments and elevated financing costs impacting net income. The financial performance showed marked recovery by 2023, approaching or surpassing pre-disruption levels in revenues and gross profit, though net income remains marginally negative, suggesting continuing pressures or transitional costs.