01—Abstract
Summary
Summary of the 10-K filed January 27, 2025. Cited figures are marked; the original filing is the authoritative source.
Carnival Corporation & plc (CCL) reported a strong financial performance for the fiscal year ending November 30, 2024, with record-breaking revenues of $25 billiona and operating income of $3.6 billion, representing significant year-over-year growth.
The company achieved seven consecutive quarters of record revenues and nearly $6 billionb in cash from operations. CCL has proactively reduced its debt by over $8 billion since January 2023, bringing the total debt down to $27.5 billion. The company is focused on enhancing its guest experience through fleet modernization, including the introduction of three new ships in 2024.
Furthermore, CCL is expanding its destination offerings with the upcoming opening of Celebration Key and enhancements to Half Moon Cay, aiming to attract new-to-cruise guests and improve itinerary efficiency. Sustainability remains a key priority, with the company on track to achieve its greenhouse gas emission intensity reduction goals and working towards net-zero emissions by 2050.
02—Key points
Key Highlights
- Record annual revenues of $25 billion, a 15% increase from the prior year.
- Record operating income of $3.6 billion, an over 80% increase year-over-year.
- Achieved record full-year cash from operations of almost $6 billion.
- Reduced total debt by over $8 billion from its peak in January 2023, ending the year at $27.5 billion.
- Introduced three new ships in 2024, enhancing the fleet's capacity and modernity.
- Expanded destination offerings with new cruise port Celebration Key (Summer 2025) and enhancements to Half Moon Cay.
- Made significant progress on sustainability goals, reducing GHG emission intensity by 17.5% compared to 2019.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Carnival Corp kept $0.08.
- Revenue$25.02B100.0%
- Cost of revenue−$15.64B62.5%
- Gross profit$9.38B37.5%
- Operating costs−$5.81B23.2%
- Operating income$3.57B14.3%
- Interest, other & tax−$1.66B6.6%
- Net income$1.92B7.7%
Where FY2024 revenue went
$25.02B- Cost of revenue: $15.64B, 62% of revenue
- SG&A: $3.25B, 13% of revenue
- Net income: $1.92B, 7.7% of revenue
- Other operating costs: $2.56B, 10% of revenue
- Interest, other & tax: $1.66B, 6.6% of revenue
Kept 7.7% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed January 27, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $25.02B$21.59B | +15.9% |
| Cost of Revenue | $15.64B$14.32B | +9.2% |
| Gross Profit | $9.38B$7.28B | +29.0% |
| SG&A Expenses | $3.25B$2.95B | +10.2% |
| Operating Expenses | $21.45B$19.64B | +9.2% |
| Operating Income | $3.57B$1.96B | +82.7% |
| Net Income | $1.92B-$74.00M | +2689.2% |
| EPS (Basic) | $1.50$-0.06 | +2600.0% |
| EPS (Diluted) | $1.44$-0.06 | +2500.0% |
| Shares Outstanding (Basic) | 1.27B1.26B | +1.0% |
| Shares Outstanding (Diluted) | 1.40B1.26B | +10.8% |
05—Questions
Frequently Asked Questions
What was Carnival Corporation's revenue and profitability performance in the fiscal year 2024?
Carnival Corporation & plc (CCL) reported a strong financial performance in fiscal year 2024, achieving record annual revenues of $25 billion, a 15% increase from the prior year, and a record operating income of $3.6 billion, an over 80% increase year-over-year. The company also generated nearly $6 billion in cash from operations.
How has Carnival Corporation managed its debt?
Carnival Corporation & plc has made significant progress in debt reduction, prepaying over $3 billion in 2024 and over $7 billion since the beginning of 2023. The company has reduced its total debt by over $8 billion from its peak in January 2023, ending the fiscal year 2024 with $27.5 billion in debt.
What are Carnival Corporation's key investments and strategic initiatives for future growth?
Key strategic initiatives include fleet modernization with the introduction of new, efficient ships, and an enhanced destination strategy with the upcoming opening of Celebration Key and improvements to Half Moon Cay. These initiatives aim to improve guest experiences, attract new customers, and optimize itinerary efficiency.
What is Carnival Corporation's approach to sustainability?
Carnival Corporation & plc is committed to sustainability, with a focus on six areas including Climate Action, Circular Economy, and Sustainable Tourism. The company is on track to meet its greenhouse gas emission intensity reduction goals, having achieved a 17.5% reduction compared to 2019, and aims for net-zero emissions by 2050. Investments are being made in fleet optimization, energy efficiency, new technologies, and alternative fuels.
06—Continue