Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Carnival Corp. & plc, solvency ratios

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Debt Ratios
	Debt to equity
	Debt to equity (including operating lease liability)
	Debt to capital
	Debt to capital (including operating lease liability)
	Debt to assets
	Debt to assets (including operating lease liability)
	Financial leverage
	Coverage Ratios
	Interest coverage
	Fixed charge coverage

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).

Debt to Equity Ratio: The debt to equity ratio exhibited a marked increase from 0.42 in 2018 to a peak of 4.89 in 2022, reflecting a substantial rise in leverage. In 2023, there was a slight decline to 4.44, indicating a moderate reduction in reliance on debt relative to equity. When including operating lease liabilities, a similar pattern is observed, with ratios slightly higher but following the same trend.
Debt to Capital Ratio: Debt to capital showed an upward trend from 0.30 in 2018 to 0.83 in 2022, indicating greater use of debt financing in the company's capital structure. This level stabilized in 2023 at 0.82. Inclusion of operating lease liabilities resulted in marginally higher ratios but did not alter the overall trajectory.
Debt to Assets Ratio: There was a steady increase in debt to assets from 0.24 in 2018 to 0.67 in 2022, followed by a slight decrease to 0.62 in 2023. This suggests an increased proportion of company assets financed through debt until 2022, with a modest shift towards a lower dependency on debt in the most recent year. Inclusion of operating leases consistently raised the ratio but maintained the upward then stabilizing trend.
Financial Leverage: The financial leverage ratio rose significantly from 1.73 in 2018 to a peak of 7.32 in 2022, illustrating a growing amplification of company exposure to debt in relation to equity. In 2023, this figure slightly decreased to 7.14, hinting at a small reduction in leverage while remaining elevated compared to earlier years.
Interest Coverage Ratio: Interest coverage demonstrated a sharp deterioration, moving from a healthy 17.53 in 2018 down to a negative -10.46 in 2020, reflecting a failure to generate sufficient operating income to cover interest expenses. Although there was a marginal improvement, it remained negative through 2022 at -2.78, before turning positive at 0.97 in 2023. This trajectory indicates significant operating challenges during the period, with some recovery towards the end.
Fixed Charge Coverage Ratio: Mirroring the interest coverage pattern, fixed charge coverage declined from 17.53 in 2018 to a low of -8.34 in 2020. It slightly improved over the next two years but stayed negative until 2022. By 2023, the ratio improved to 0.97, suggesting the company began regaining the ability to cover fixed charges, including interest and lease obligations.

Debt Ratios

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Coverage Ratios

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Carnival Corp. & plc, debt to equity calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt

	Shareholders’ equity
	Solvency Ratio
	Debt to equity¹
	Benchmarks
	Debt to Equity, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Equity, Sector
	Consumer Services
	Debt to Equity, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =

² Click competitor name to see calculations.

Total Debt: The total debt exhibits a significant upward trend from 2018 to 2022, increasing from 10,323 million US dollars in 2018 to a peak of 34,546 million US dollars in 2022. This indicates a substantial rise in the company's borrowing over this period. In 2023, total debt slightly decreases to 30,572 million US dollars, suggesting a modest reduction but remaining at a level nearly three times higher than in 2018.
Shareholders' Equity: Shareholders’ equity shows a declining trend throughout the observed years. Starting at 24,443 million US dollars in 2018, it remains relatively stable in 2019 but decreases sharply thereafter, reaching 20,555 million in 2020 and dropping further to 12,144 million in 2021. This downward trajectory continues into 2022 and 2023, with equity levels of 7,065 million and 6,882 million US dollars respectively. This contraction in equity suggests a reduction in net assets or retained earnings, which could be indicative of losses or significant distributions.
Debt to Equity Ratio: The debt to equity ratio reflects a marked increase over the period analyzed, signifying a growing reliance on debt financing relative to shareholders’ funds. Initially, the ratio is low and stable at 0.42 and 0.45 in 2018 and 2019. However, it escalates sharply in 2020 to 1.31, indicating more than a doubling of debt relative to equity. This ratio nearly doubles again in 2021 to 2.74, and more than doubles by 2022 to 4.89. In 2023, the ratio slightly decreases to 4.44 but remains significantly elevated. The trend highlights increasing financial leverage and potential risk associated with higher debt burdens relative to the equity base.

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Carnival Corp. & plc, debt to equity (including operating lease liability) calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Current portion of operating lease liabilities
	Long-term operating lease liabilities
	Total debt (including operating lease liability)

	Shareholders’ equity
	Solvency Ratio
	Debt to equity (including operating lease liability)¹
	Benchmarks
	Debt to Equity (including Operating Lease Liability), Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Equity (including Operating Lease Liability), Sector
	Consumer Services
	Debt to Equity (including Operating Lease Liability), Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= ÷ =

² Click competitor name to see calculations.

Total debt (including operating lease liability): The total debt demonstrates a significant upward trend from 2018 through 2022, increasing from approximately 10.3 billion USD in 2018 to a peak of around 35.9 billion USD in 2022. Notably, there is a dramatic rise between 2019 and 2020, where debt more than doubled. Following the peak in 2022, debt decreased somewhat in 2023 to about 31.9 billion USD, indicating some deleveraging or debt repayment efforts in the most recent period.
Shareholders’ equity: Shareholders' equity shows a declining pattern over the observed period. Starting at roughly 24.4 billion USD in 2018, equity increased slightly to 25.4 billion USD in 2019 but then experienced a continuous decline thereafter, dropping sharply in 2021 to approximately 12.1 billion USD and further decreasing to around 6.9 billion USD by 2023. This downward trend suggests erosion of equity value, potentially due to losses, dividends, or other equity-reducing factors.
Debt to equity (including operating lease liability): The debt to equity ratio exhibits a pronounced increase, signaling a growing leverage position. From a conservative 0.42 ratio in 2018, it rose marginally to 0.45 in 2019 before escalating significantly to 1.38 in 2020. The ratio nearly doubled again the following year to 2.85 and peaked at 5.08 in 2022. In 2023, there is a slight improvement as the ratio declines to 4.63, but this still represents a substantially higher leverage level compared to earlier years. This indicates an increasing reliance on debt financing relative to equity.

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Carnival Corp. & plc, debt to capital calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Shareholders’ equity
	Total capital
	Solvency Ratio
	Debt to capital¹
	Benchmarks
	Debt to Capital, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Capital, Sector
	Consumer Services
	Debt to Capital, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

² Click competitor name to see calculations.

Total Debt: Total debt increased steadily from 2018 to 2022, rising from $10,323 million to a peak of $34,546 million. This represents a more than threefold increase over the four-year period. However, in 2023, total debt decreased notably to $30,572 million, indicating a reduction of approximately 12% compared to the previous year.
Total Capital: Total capital also showed an overall upward trend from 2018 through 2020, increasing from $34,766 million to $47,511 million. Notably, there was a reversal starting in 2021, with a decline each year thereafter, reaching $37,454 million in 2023. This decline implies a contraction of total capital by about 21% over the three-year span from 2020 to 2023.
Debt to Capital Ratio: The debt to capital ratio reveals a significant increase over the analyzed period. Starting at 0.30 in 2018, the ratio remained relatively stable through 2019 but then escalated sharply, reaching 0.57 by 2020 and peaking at 0.83 in 2022. This indicates a growing reliance on debt-financing as a proportion of total capital. In 2023, the ratio maintained a high level at 0.82, suggesting that despite the reduction in total debt, debt still represents a dominant component of the capital structure.
Overall Insights: The data reflects increasing leverage from 2018 through 2022, marked by a surge in total debt and a high debt-to-capital ratio. The decline in total capital following 2020 suggests potential challenges in equity or other capital components. Though there was a modest reduction in total debt in 2023, the ratio indicates that debt remains a significant part of financing. This pattern may illustrate heightened financial risk, heightened reliance on debt financing, or strategic capital restructuring during this period.

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Carnival Corp. & plc, debt to capital (including operating lease liability) calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Current portion of operating lease liabilities
	Long-term operating lease liabilities
	Total debt (including operating lease liability)
	Shareholders’ equity
	Total capital (including operating lease liability)
	Solvency Ratio
	Debt to capital (including operating lease liability)¹
	Benchmarks
	Debt to Capital (including Operating Lease Liability), Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Capital (including Operating Lease Liability), Sector
	Consumer Services
	Debt to Capital (including Operating Lease Liability), Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

² Click competitor name to see calculations.

Total Debt (including operating lease liability)

The total debt demonstrates a significant upward trend from November 2018 through November 2022, increasing from 10,323 million USD to a peak of 35,881 million USD in 2022. This rise reflects more than a threefold increase over this period, indicative of substantial additional borrowing or obligations incurred by the company.

In the final observed year, November 2023, there is a noticeable decrease in total debt to 31,891 million USD. Although reduced, the debt level remains substantially higher than earlier periods, suggesting some deleveraging efforts or restructuring took place after the 2022 peak.

Total Capital (including operating lease liability)

Total capital exhibits an initial steady increase from 34,766 million USD in 2018 to 48,935 million USD in 2020. However, following this peak, total capital decreases progressively over the next three years, declining to 38,773 million USD by 2023.

This downward trend in capital, particularly between 2020 and 2023, might reflect asset sales, repayments, or reductions in equity, indicating a contraction in the company’s overall capital base after reaching a high point in 2020.

Debt to Capital Ratio (including operating lease liability)

The debt to capital ratio reveals a marked increase over the six-year period. Starting at 0.30 in 2018, the ratio rises modestly to 0.31 in 2019, then surges significantly to 0.58 in 2020. The ratio continues upwards, reaching 0.84 in 2022, before slightly declining to 0.82 in 2023.

This pattern indicates a growing proportion of debt within the capital structure, with a spike during the 2020-2022 period, suggesting increased financial leverage. The slight reduction in 2023 mirrors the decrease in total debt but remains at elevated levels compared to earlier years.

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Carnival Corp. & plc, debt to assets calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt

	Total assets
	Solvency Ratio
	Debt to assets¹
	Benchmarks
	Debt to Assets, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Assets, Sector
	Consumer Services
	Debt to Assets, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

² Click competitor name to see calculations.

Total Debt: The total debt exhibited a substantial increase from 2018 to 2020, rising from $10,323 million to $26,956 million. This sharp growth continued into 2021, peaking at $33,226 million, with a slight increase to $34,546 million in 2022. However, in 2023, total debt decreased notably to $30,572 million, indicating a potential effort toward debt reduction or improved financial management after several years of expansion.
Total Assets: Total assets showed a steady upward trend from 2018 through 2020, increasing from $42,401 million to $53,593 million. Beginning in 2021, the total assets slightly declined to $53,344 million and continued to decrease in subsequent years to $51,703 million in 2022 and further down to $49,120 million in 2023. This pattern suggests a contraction or revaluation of assets after a period of growth, possibly reflecting strategic asset management or external market conditions impacting asset values.
Debt to Assets Ratio: The debt to assets ratio rose significantly over the period analyzed. Starting from a low ratio of 0.24 in 2018, it increased moderately to 0.26 in 2019 before undergoing a sharp escalation to 0.50 in 2020. This upward trend continued, reaching 0.62 by 2021 and peaking at 0.67 in 2022. In 2023, the ratio decreased slightly to 0.62. The rising ratio over these years indicates increasing leverage, with debt growing faster than assets, which may imply higher financial risk. The recent decline could point to initial efforts to improve the capital structure and reduce financial vulnerability.

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Carnival Corp. & plc, debt to assets (including operating lease liability) calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Short-term borrowings
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Current portion of operating lease liabilities
	Long-term operating lease liabilities
	Total debt (including operating lease liability)

	Total assets
	Solvency Ratio
	Debt to assets (including operating lease liability)¹
	Benchmarks
	Debt to Assets (including Operating Lease Liability), Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Debt to Assets (including Operating Lease Liability), Sector
	Consumer Services
	Debt to Assets (including Operating Lease Liability), Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

² Click competitor name to see calculations.

Total debt (including operating lease liability): The total debt increased significantly from 10,323 million USD in 2018 to 31,891 million USD in 2023. A substantial rise is observed starting in 2020, where the total debt jumped sharply from 11,502 million USD in 2019 to 28,380 million USD in 2020. This elevated debt level continued to rise until 2022, peaking at 35,881 million USD, before slightly decreasing to 31,891 million USD in 2023.
Total assets: Total assets showed a steady growth from 42,401 million USD in 2018 to a peak of 53,593 million USD in 2020. However, after 2020, asset values slightly declined, reaching 49,120 million USD in 2023. This indicates an initial upward trend followed by a moderate decrease over the most recent years.
Debt to assets ratio (including operating lease liability): The debt to assets ratio remained relatively low and stable between 0.24 and 0.26 in 2018 and 2019. From 2020 onwards, the ratio increased markedly, more than doubling to 0.53, and continued to rise to 0.69 by 2022. In 2023, the ratio slightly decreased to 0.65 but remains significantly higher compared to the pre-2020 period. This trend reflects a considerable increase in leverage, indicating higher reliance on debt financing in recent years relative to the asset base.

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Carnival Corp. & plc, financial leverage calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Total assets
	Shareholders’ equity
	Solvency Ratio
	Financial leverage¹
	Benchmarks
	Financial Leverage, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Financial Leverage, Sector
	Consumer Services
	Financial Leverage, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

² Click competitor name to see calculations.

Total Assets: The total assets showed a consistent increase from 2018 to 2020, rising from 42,401 million US dollars to 53,593 million US dollars. Following this peak, total assets slightly declined in 2021 and continued to decrease over the next two years, reaching 49,120 million US dollars by 2023. This trend suggests a period of asset growth followed by moderate asset reduction or portfolio adjustments in recent years.
Shareholders’ Equity: Shareholders' equity experienced growth from 24,443 million US dollars in 2018 to 25,365 million US dollars in 2019. However, from 2019 onwards, equity values declined sharply, dropping to 20,555 million in 2020 and further decreasing to 6,882 million US dollars by 2023. The steep decline indicates significant reductions in net assets or accumulated losses over the period, adversely impacting the equity base.
Financial Leverage: The financial leverage ratio demonstrated a substantial upward trend. Starting at 1.73 in 2018, the leverage ratio increased steadily each year, reaching a high of 7.32 in 2022 before slightly reducing to 7.14 in 2023. This growth reflects a rising reliance on debt relative to equity, indicating increased financial risk and a leveraged capital structure over the analyzed period.

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Carnival Corp. & plc, interest coverage calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Net income (loss)
	Add: Income tax expense
	Add: Interest expense, net of capitalized interest
	Earnings before interest and tax (EBIT)
	Solvency Ratio
	Interest coverage¹
	Benchmarks
	Interest Coverage, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Interest Coverage, Sector
	Consumer Services
	Interest Coverage, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

² Click competitor name to see calculations.

Earnings Before Interest and Tax (EBIT): The earnings before interest and tax show a declining trend from 2018 to 2020, turning negative in 2020 with a substantial loss of 9358 million USD. This negative trend continues, although the losses reduce in magnitude from 2020 to 2022. A notable recovery is observed in 2023 with EBIT returning to a positive value of 2004 million USD, indicating an improvement in operating profitability after several years of losses.
Interest Expense, Net of Capitalized Interest: The interest expense has consistently increased over the analyzed periods. Starting at 194 million USD in 2018, it rises gradually each year to reach 2066 million USD in 2023. This steady increase suggests growing interest obligations, which may reflect higher debt levels or changes in interest rates.
Interest Coverage Ratio: The interest coverage ratio, representing the company's ability to meet interest payments from operating earnings, declines sharply. It starts at a healthy level of 17.53 in 2018 and decreases steadily, becoming negative in 2020 and remaining negative through 2022. This negative coverage ratio indicates the company was unable to cover interest expenses from EBIT during these years. In 2023, the ratio improves to 0.97, approaching positive territory but still below the generally acceptable threshold of 1, suggesting marginal or insufficient ability to cover interest expenses from earnings.

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Carnival Corp. & plc, fixed charge coverage calculation, comparison to benchmarks

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
	Selected Financial Data (US$ in millions)
	Net income (loss)
	Add: Income tax expense
	Add: Interest expense, net of capitalized interest
	Earnings before interest and tax (EBIT)
	Add: Operating lease expense
	Earnings before fixed charges and tax

	Interest expense, net of capitalized interest
	Operating lease expense
	Fixed charges
	Solvency Ratio
	Fixed charge coverage¹
	Benchmarks
	Fixed Charge Coverage, Competitors²
	Airbnb Inc.
	Booking Holdings Inc.
	Chipotle Mexican Grill Inc.
	McDonald’s Corp.
	Starbucks Corp.
	Fixed Charge Coverage, Sector
	Consumer Services
	Fixed Charge Coverage, Industry
	Consumer Discretionary

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).

¹ 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

² Click competitor name to see calculations.

Earnings before fixed charges and tax: The earnings before fixed charges and tax remained positive and relatively stable for the years 2018 and 2019, at 3,400 million USD and 3,267 million USD respectively. However, starting in 2020, there was a significant deterioration, with earnings turning negative at -9,155 million USD and continuing to be negative through 2021 and 2022, although the magnitude of losses decreased somewhat in those years. In 2023, a recovery is observed with earnings returning to positive territory at 2,217 million USD.
Fixed charges: Fixed charges showed a steady increase over the period, starting from 194 million USD in 2018 and rising to 206 million USD in 2019. There was a sharp increase in 2020 to 1,098 million USD, followed by further increases in 2021 and 2022, with values around 1,800 million USD. In 2023, fixed charges reached their highest level in the period at 2,279 million USD. This upward trend indicates growing financial obligations related to fixed costs or interest expenses.
Fixed charge coverage ratio: The fixed charge coverage ratio was strong and well above 1 for 2018 and 2019, with values of 17.53 and 15.86 respectively, reflecting ample ability to cover fixed charges from earnings. This ratio turned negative in 2020, indicating inability to cover fixed charges due to negative earnings, and remained negative in 2021 and 2022, although the negative magnitude became smaller over time. In 2023, the ratio improved to a positive value of 0.97, approaching but not yet reaching full coverage of fixed charges from earnings.

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Carnival Corp. & plc (NYSE:CCL)

Analysis of Solvency Ratios

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Solvency Ratios (Summary)

Debt Ratios

Coverage Ratios

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage