Operating Profit Margin
since 2005
Calculation
Carnival Corp. & plc, operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| Nov 30, 2023 | 9.06% | = | 100 | × | 1,956) | ÷ | 21,593) |
| Nov 30, 2022 | -35.99% | = | 100 | × | (4,379) | ÷ | 12,168) |
| Nov 30, 2021 | -371.54% | = | 100 | × | (7,089) | ÷ | 1,908) |
| Nov 30, 2020 | -158.45% | = | 100 | × | (8,865) | ÷ | 5,595) |
| Nov 30, 2019 | 15.73% | = | 100 | × | 3,276) | ÷ | 20,825) |
| Nov 30, 2018 | 17.61% | = | 100 | × | 3,325) | ÷ | 18,881) |
| Nov 30, 2017 | 16.04% | = | 100 | × | 2,809) | ÷ | 17,510) |
| Nov 30, 2016 | 18.74% | = | 100 | × | 3,071) | ÷ | 16,389) |
| Nov 30, 2015 | 16.38% | = | 100 | × | 2,574) | ÷ | 15,714) |
| Nov 30, 2014 | 11.28% | = | 100 | × | 1,792) | ÷ | 15,884) |
| Nov 30, 2013 | 8.75% | = | 100 | × | 1,352) | ÷ | 15,456) |
| Nov 30, 2012 | 10.67% | = | 100 | × | 1,642) | ÷ | 15,382) |
| Nov 30, 2011 | 14.28% | = | 100 | × | 2,255) | ÷ | 15,793) |
| Nov 30, 2010 | 16.22% | = | 100 | × | 2,347) | ÷ | 14,469) |
| Nov 30, 2009 | 16.37% | = | 100 | × | 2,154) | ÷ | 13,157) |
| Nov 30, 2008 | 18.63% | = | 100 | × | 2,729) | ÷ | 14,646) |
| Nov 30, 2007 | 20.91% | = | 100 | × | 2,725) | ÷ | 13,033) |
| Nov 30, 2006 | 22.07% | = | 100 | × | 2,613) | ÷ | 11,839) |
| Nov 30, 2005 | 23.80% | = | 100 | × | 2,639) | ÷ | 11,087) |
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), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).
1 US$ in millions
The operating profit margin exhibits three distinct phases: a period of gradual compression, a phase of stabilization and moderate recovery, and a period of extreme volatility followed by a return to profitability.
- Long-Term Margin Erosion (2005–2013)
- A consistent downward trend in operating profit margins is observed during this period, falling from a peak of 23.80% in 2005 to a low of 8.75% in 2013. Despite a general increase in revenues from 11,087 million to 15,456 million during this timeframe, operating income failed to keep pace, indicating a sustained decrease in operational efficiency or rising cost pressures.
- Stabilization and Recovery (2014–2019)
- Profitability metrics improved starting in 2014, with margins recovering to 11.28% and peaking at 18.74% in 2016. Between 2016 and 2019, margins remained relatively stable, fluctuating between 15.73% and 17.61%. This phase was characterized by growth in both revenues and operating income, suggesting a period of optimized cost management and revenue expansion.
- Severe Operational Crisis (2020–2022)
- A catastrophic collapse in margins occurred between 2020 and 2022, coinciding with a sharp decline in revenues. Operating margins turned deeply negative, reaching a nadir of -371.54% in 2021. The scale of operating losses relative to the diminished revenue base during these years reflects a period of extreme financial distress and a complete loss of operational profitability.
- Return to Positive Territory (2023)
- A recovery is evident in 2023, as operating income returned to a positive value of 1,956 million. While revenues reached a historical peak of 21,593 million, the operating profit margin of 9.06% remains significantly lower than the levels maintained between 2005 and 2019, indicating that while the company has returned to profitability, full operational efficiency has not yet been restored to pre-crisis levels.
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Comparison to Competitors
Carnival Corp. & plc, operating profit margin, long-term trends, comparison to competitors
| Carnival Corp. & plc | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Nov 30, 2023 | 9.06% | 15.31% | 27.31% | 15.78% | -6.71% | 45.68% | 16.32% |
| Nov 30, 2022 | -35.99% | 21.45% | 29.85% | 13.44% | -17.07% | 40.42% | 14.32% |
| Nov 30, 2021 | -371.54% | 7.17% | 22.78% | 10.67% | -9.25% | 44.59% | 16.77% |
| Nov 30, 2020 | -158.45% | -106.27% | -9.28% | 4.85% | -15.11% | 38.13% | 6.64% |
| Nov 30, 2019 | 15.73% | — | 35.48% | 7.95% | — | 43.03% | 15.38% |
| Nov 30, 2018 | 17.61% | — | 36.77% | 5.31% | — | 41.96% | 15.71% |
| Nov 30, 2017 | 16.04% | — | 35.79% | 6.05% | — | 41.86% | 18.47% |
| Nov 30, 2016 | 18.74% | — | 27.05% | 0.89% | — | 31.45% | 19.57% |
| Nov 30, 2015 | 16.38% | — | 35.33% | 16.96% | — | 28.12% | 18.79% |
| Nov 30, 2014 | 11.28% | — | 36.41% | 17.30% | — | 28.97% | 18.73% |
| Nov 30, 2013 | 8.75% | — | 35.51% | 16.57% | — | 31.18% | -2.19% |
| Nov 30, 2012 | 10.67% | — | 34.78% | 16.69% | — | 31.21% | 15.02% |
| Nov 30, 2011 | 14.28% | — | 32.12% | 15.45% | — | 31.58% | 14.77% |
| Nov 30, 2010 | 16.22% | — | 25.50% | 15.68% | — | 31.04% | 13.26% |
| Nov 30, 2009 | 16.37% | — | 20.14% | 13.42% | — | 30.08% | 5.75% |
| Nov 30, 2008 | 18.63% | — | 15.36% | 9.31% | — | 27.39% | 4.85% |
| Nov 30, 2007 | 20.91% | — | 9.79% | 9.96% | — | 17.02% | 11.20% |
| Nov 30, 2006 | 22.07% | — | 5.52% | 7.53% | — | 20.59% | 11.48% |
| Nov 30, 2005 | 23.80% | — | 3.73% | 4.94% | — | 19.66% | 12.26% |
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), 10-K (reporting date: 2017-11-30), 10-K (reporting date: 2016-11-30), 10-K (reporting date: 2015-11-30), 10-K (reporting date: 2014-11-30), 10-K (reporting date: 2013-11-30), 10-K (reporting date: 2012-11-30), 10-K (reporting date: 2011-11-30), 10-K (reporting date: 2010-11-30), 10-K (reporting date: 2009-11-30), 10-K (reporting date: 2008-11-30), 10-K (reporting date: 2007-11-30), 10-K (reporting date: 2006-11-30), 10-K (reporting date: 2005-11-30).