Selected Financial Data
since 2005
Income Statement
Carnival Corp. & plc, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Nov 30, 2023 | 21,593) | 1,956) | (74) |
| Nov 30, 2022 | 12,168) | (4,379) | (6,093) |
| Nov 30, 2021 | 1,908) | (7,089) | (9,501) |
| Nov 30, 2020 | 5,595) | (8,865) | (10,236) |
| Nov 30, 2019 | 20,825) | 3,276) | 2,990) |
| Nov 30, 2018 | 18,881) | 3,325) | 3,152) |
| Nov 30, 2017 | 17,510) | 2,809) | 2,606) |
| Nov 30, 2016 | 16,389) | 3,071) | 2,779) |
| Nov 30, 2015 | 15,714) | 2,574) | 1,757) |
| Nov 30, 2014 | 15,884) | 1,792) | 1,236) |
| Nov 30, 2013 | 15,456) | 1,352) | 1,078) |
| Nov 30, 2012 | 15,382) | 1,642) | 1,298) |
| Nov 30, 2011 | 15,793) | 2,255) | 1,912) |
| Nov 30, 2010 | 14,469) | 2,347) | 1,978) |
| Nov 30, 2009 | 13,157) | 2,154) | 1,790) |
| Nov 30, 2008 | 14,646) | 2,729) | 2,330) |
| Nov 30, 2007 | 13,033) | 2,725) | 2,408) |
| Nov 30, 2006 | 11,839) | 2,613) | 2,279) |
| Nov 30, 2005 | 11,087) | 2,639) | 2,257) |
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).
The financial performance from 2005 to 2023 is characterized by a prolonged period of steady growth, followed by a severe contraction and a subsequent recovery phase.
- Revenue Trends
- Revenues demonstrated a consistent upward trajectory from 2005, rising from 11,087 million USD to a peak of 20,825 million USD in 2019. This growth was interrupted by a sharp decline in 2020 and 2021, with revenues falling to 5,595 million USD and 1,908 million USD respectively. A rapid recovery occurred thereafter, with revenues reaching 21,593 million USD by 2023, surpassing the previous 2019 peak.
- Operating Income Analysis
- Operating income remained relatively stable between 2005 and 2011, generally fluctuating between 2,154 million USD and 2,729 million USD. A notable decline occurred between 2012 and 2013, where income dropped to a low of 1,352 million USD, before recovering and peaking at 3,325 million USD in 2018. The period from 2020 to 2022 was marked by significant operating losses, with the most severe deficit of 8,865 million USD recorded in 2020. Operating profitability returned in 2023 with a positive result of 1,956 million USD.
- Net Income and Profitability
- Net income mirrored the trends of operating income, maintaining positive values from 2005 through 2019. The highest net income was achieved in 2018 at 3,152 million USD. A period of extreme volatility followed, with substantial net losses recorded from 2020 to 2022, including a peak loss of 10,236 million USD in 2020. By 2023, the entity reached a near break-even state, reporting a marginal net loss of 74 million USD.
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Balance Sheet: Assets
Carnival Corp. & plc, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Nov 30, 2023 | 5,266) | 49,120) |
| Nov 30, 2022 | 7,492) | 51,703) |
| Nov 30, 2021 | 10,133) | 53,344) |
| Nov 30, 2020 | 10,563) | 53,593) |
| Nov 30, 2019 | 2,059) | 45,058) |
| Nov 30, 2018 | 2,225) | 42,401) |
| Nov 30, 2017 | 1,596) | 40,778) |
| Nov 30, 2016 | 1,689) | 38,936) |
| Nov 30, 2015 | 2,451) | 38,237) |
| Nov 30, 2014 | 1,503) | 39,532) |
| Nov 30, 2013 | 1,937) | 40,104) |
| Nov 30, 2012 | 1,821) | 39,161) |
| Nov 30, 2011 | 1,312) | 38,637) |
| Nov 30, 2010 | 1,244) | 37,490) |
| Nov 30, 2009 | 1,518) | 36,835) |
| Nov 30, 2008 | 1,650) | 33,400) |
| Nov 30, 2007 | 1,976) | 34,181) |
| Nov 30, 2006 | 1,995) | 30,552) |
| Nov 30, 2005 | 2,215) | 28,432) |
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).
The asset structure of the organization exhibits a long-term growth trend characterized by steady expansion through 2019, followed by a significant anomaly in 2020 and a subsequent gradual contraction.
- Total Asset Trajectory
- Total assets grew consistently from 28,432 million US$ in 2005 to a peak of 53,593 million US$ in 2020. This growth was relatively stable between 2010 and 2017, with values oscillating between 37,490 million US$ and 40,778 million US$. A notable acceleration occurred between 2018 and 2020, after which a downward trend emerged, bringing total assets to 49,120 million US$ by November 30, 2023.
- Current Asset Volatility
- Current assets remained relatively stagnant for over a decade, typically fluctuating between 1,244 million US$ and 2,451 million US$ from 2005 to 2019. A sharp and unprecedented increase occurred in 2020, where current assets surged to 10,563 million US$, representing a more than fivefold increase over the 2019 level. Following this peak, current assets entered a period of steady decline, falling to 5,266 million US$ by 2023.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets shifted dramatically in 2020. Prior to this period, current assets constituted a small fraction of the total asset base, generally remaining below 6%. In 2020, this proportion rose sharply to approximately 19.7%, indicating a significant increase in liquidity or short-term holdings relative to long-term investments. While this liquidity level has decreased since 2020, the 2023 current asset figure remains substantially higher than the pre-2020 average.
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Balance Sheet: Liabilities and Stockholders’ Equity
Carnival Corp. & plc, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|
| Nov 30, 2023 | 11,481) | 30,572) | 6,882) |
| Nov 30, 2022 | 10,605) | 34,546) | 7,065) |
| Nov 30, 2021 | 10,408) | 33,226) | 12,144) |
| Nov 30, 2020 | 8,686) | 26,956) | 20,555) |
| Nov 30, 2019 | 9,127) | 11,502) | 25,365) |
| Nov 30, 2018 | 9,204) | 10,323) | 24,443) |
| Nov 30, 2017 | 8,800) | 9,195) | 24,216) |
| Nov 30, 2016 | 7,072) | 9,454) | 22,597) |
| Nov 30, 2015 | 6,956) | 8,787) | 23,771) |
| Nov 30, 2014 | 6,921) | 9,088) | 24,288) |
| Nov 30, 2013 | 6,720) | 9,560) | 24,556) |
| Nov 30, 2012 | 7,340) | 8,902) | 23,929) |
| Nov 30, 2011 | 6,105) | 9,353) | 23,832) |
| Nov 30, 2010 | 5,755) | 9,364) | 23,031) |
| Nov 30, 2009 | 4,967) | 10,047) | 22,035) |
| Nov 30, 2008 | 5,781) | 9,343) | 19,098) |
| Nov 30, 2007 | 7,260) | 8,852) | 19,963) |
| Nov 30, 2006 | 5,415) | 7,847) | 18,210) |
| Nov 30, 2005 | 5,192) | 7,352) | 16,972) |
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).
An analysis of the balance sheet components from 2005 to 2023 reveals two distinct financial phases: a period of relative stability and gradual growth from 2005 to 2019, followed by a period of severe financial volatility and structural shift beginning in 2020.
- Current Liabilities
- Current liabilities exhibited a long-term upward trajectory, increasing from 5,192 million in 2005 to 9,127 million in 2019. While there was a slight contraction to 8,686 million in 2020, the trend resumed its ascent, reaching a peak of 11,481 million by 2023. This indicates a steady increase in short-term obligations over the eighteen-year period.
- Total Debt Profile
- Total debt remained relatively contained between 2005 and 2019, fluctuating within a range of approximately 7,300 million to 11,500 million. However, a critical inflection point occurred in 2020, where debt surged to 26,956 million, more than doubling the previous year's balance. This upward momentum continued to a peak of 34,546 million in 2022, before a modest reduction to 30,572 million in 2023.
- Shareholders' Equity Erosion
- Equity demonstrated consistent growth for the first fourteen years of the period, rising from 16,972 million in 2005 to a peak of 25,365 million in 2019. Beginning in 2020, a precipitous decline is observed. Equity fell to 20,555 million in 2020 and continued to collapse to 6,882 million by 2023. This represents a loss of approximately 73% of the equity value from its 2019 peak.
- Capital Structure Shift
- The relationship between debt and equity underwent a fundamental transformation. Prior to 2020, the company maintained a conservative leverage profile where shareholders' equity significantly exceeded total debt. Post-2020, this dynamic inverted sharply; by 2023, total debt was more than four times the value of shareholders' equity, indicating a substantial increase in financial leverage and a heightened reliance on borrowed capital to sustain operations.
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Cash Flow Statement
Carnival Corp. & plc, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Nov 30, 2023 | 4,281) | (2,810) | (5,089) |
| Nov 30, 2022 | (1,670) | (4,767) | 3,577) |
| Nov 30, 2021 | (4,109) | (3,543) | 6,949) |
| Nov 30, 2020 | (6,301) | (3,240) | 18,650) |
| Nov 30, 2019 | 5,475) | (5,277) | (655) |
| Nov 30, 2018 | 5,549) | (3,502) | (1,460) |
| Nov 30, 2017 | 5,322) | (3,089) | (2,452) |
| Nov 30, 2016 | 5,134) | (3,323) | (2,591) |
| Nov 30, 2015 | 4,545) | (2,478) | (942) |
| Nov 30, 2014 | 3,430) | (2,507) | (1,028) |
| Nov 30, 2013 | 2,834) | (2,056) | (780) |
| Nov 30, 2012 | 2,999) | (1,772) | (1,190) |
| Nov 30, 2011 | 3,766) | (2,646) | (1,093) |
| Nov 30, 2010 | 3,818) | (3,501) | (404) |
| Nov 30, 2009 | 3,342) | (3,384) | (93) |
| Nov 30, 2008 | 3,391) | (3,255) | (315) |
| Nov 30, 2007 | 4,069) | (3,746) | (604) |
| Nov 30, 2006 | 3,633) | (2,443) | (1,212) |
| Nov 30, 2005 | 3,410) | (1,970) | (892) |
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).
The financial trajectory from 2005 to 2023 is characterized by a long period of operational stability followed by a severe liquidity crisis and a subsequent recovery phase. Between 2005 and 2019, the organization maintained a consistent pattern of positive operational cash flow and steady capital investment, supported by a financing structure focused on debt reduction or shareholder distributions. This stability was abruptly interrupted between 2020 and 2022, necessitating a fundamental shift in how the organization funded its operations and investments.
- Operating Cash Flow Trends
- A period of sustained growth is observed from 2005 through 2018, with net cash provided by operating activities rising from 3,410 million US$ to a peak of 5,549 million US$. However, a drastic reversal occurred in 2020, where operating cash flow plummeted to a deficit of 6,301 million US$. While this deficit narrowed in 2021 and 2022, the organization did not return to a positive operational cash position until 2023, when it recovered to 4,281 million US$.
- Investing Activity Patterns
- Net cash used in investing activities remained consistently negative throughout the entire 18-year period, indicating continuous capital expenditure. Spending was relatively stable between 2,000 million US$ and 3,500 million US$ for much of the period, with notable increases in 2019 (5,277 million US$) and 2022 (4,767 million US$). The persistence of these outflows, even during the period of operational deficits from 2020 to 2022, suggests a commitment to maintaining or expanding asset bases despite liquidity challenges.
- Financing Activity Shifts
- From 2005 to 2019, financing activities consistently resulted in net cash outflows, ranging from 604 million US$ to 2,591 million US$. This trend reversed sharply in 2020, with a massive influx of 18,650 million US$ in financing cash, followed by additional inflows of 6,949 million US$ in 2021 and 3,577 million US$ in 2022. This shift indicates a heavy reliance on external borrowing to offset operating losses and fund investments during the crisis. By 2023, the trend reverted to a net outflow of 5,089 million US$, suggesting a return to debt repayment or other financing obligations.
- Overall Liquidity Dynamic
- The interplay between the three cash flow components reveals a transition from a self-sustaining model to one dependent on external capital, and finally back toward operational self-sufficiency. Between 2005 and 2019, operating cash flows were sufficient to cover both investing activities and financing obligations. During the 2020-2022 window, the organization faced a "double drain" where both operating and investing activities consumed cash, creating a funding gap that was entirely bridged by massive financing inflows. The 2023 data indicates a restoration of the original model, where operating cash flow once again supports investing activities and enables the repayment of the debts accumulated during the crisis.
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Per Share Data
Carnival Corp. & plc, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Nov 30, 2023 | -0.06 | -0.06 | 0.00 |
| Nov 30, 2022 | -5.16 | -5.16 | 0.00 |
| Nov 30, 2021 | -8.46 | -8.46 | 0.00 |
| Nov 30, 2020 | -13.20 | -13.20 | 0.50 |
| Nov 30, 2019 | 4.34 | 4.32 | 2.00 |
| Nov 30, 2018 | 4.45 | 4.44 | 1.95 |
| Nov 30, 2017 | 3.61 | 3.59 | 1.60 |
| Nov 30, 2016 | 3.73 | 3.72 | 1.35 |
| Nov 30, 2015 | 2.26 | 2.26 | 1.10 |
| Nov 30, 2014 | 1.59 | 1.59 | 1.00 |
| Nov 30, 2013 | 1.39 | 1.39 | 1.00 |
| Nov 30, 2012 | 1.67 | 1.67 | 1.50 |
| Nov 30, 2011 | 2.43 | 2.42 | 1.00 |
| Nov 30, 2010 | 2.51 | 2.47 | 0.40 |
| Nov 30, 2009 | 2.27 | 2.24 | 0.00 |
| Nov 30, 2008 | 2.96 | 2.90 | 1.60 |
| Nov 30, 2007 | 3.04 | 2.95 | 1.38 |
| Nov 30, 2006 | 2.85 | 2.77 | 1.03 |
| Nov 30, 2005 | 2.80 | 2.70 | 0.80 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2023 exhibits three distinct phases: a period of relative stability and moderate fluctuation, a cycle of high growth, and a severe contraction followed by a gradual recovery.
- Earnings Per Share (EPS) Trends
- Basic and diluted EPS maintained a close correlation throughout the analyzed period. Between 2005 and 2014, earnings fluctuated moderately, reaching a peak of $3.04 in 2007 before declining to a low of $1.39 in 2013. A period of significant expansion followed from 2015 to 2019, with basic EPS peaking at $4.45 in 2018. This growth was abruptly reversed in 2020, resulting in a substantial loss of -$13.20 per share. Since 2020, a consistent upward trajectory in EPS is observed, with losses narrowing to -$8.46 in 2021, -$5.16 in 2022, and nearly reaching a break-even point at -$0.06 in 2023.
- Dividend Distribution Patterns
- Dividend payments historically mirrored earnings performance. A steady increase was noted from 2005 to 2008, peaking at $1.60 before dividends were suspended in 2009. Following a reinstatement in 2010 at $0.40, dividends grew progressively to reach a high of $2.00 in 2019. This trend was interrupted in 2020 by a significant reduction to $0.50, followed by a total suspension of dividend payments from 2021 through 2023.
- Profitability and Shareholder Return Correlation
- The data indicates a direct relationship between net profitability and the company's capacity to return value to shareholders. The suspension of dividends in 2009 aligned with a contraction in EPS, and the subsequent growth in dividends from 2010 to 2019 occurred in tandem with recovering and then expanding earnings. The total cessation of dividends starting in 2021 corresponds with the period of deepest net losses, suggesting a prioritization of capital preservation during the financial recovery phase.
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