10-KPeriod: FY2024

CARNIVAL CORP Annual Report, Year Ended Nov 30, 2024

Filed January 27, 2025For Securities:CCL

Summary

Carnival Corporation & plc (CCL) reported a strong financial performance for the fiscal year ending November 30, 2024, with record-breaking revenues of $25 billion 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 billion 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.

Financial Highlights

49 data points
Beta

Revenue

$25.02B

37.5% Gross Margin

Net Income

$1.92B

7.7% Net Margin

EPS (Diluted)

$1.44

Total Assets

$49.06B

Cash & Equivalents

$1.21B

Free Cash Flow

$1.30B

Financial Statements
Beta
Revenue$25.02B
Cost of Revenue$15.64B
Gross Profit$9.38B
SG&A Expenses$3.25B
Operating Expenses$21.45B
Operating Income$3.57B
Net Income$1.92B
EPS (Basic)$1.50
EPS (Diluted)$1.44
Shares Outstanding (Basic)1.27B
Shares Outstanding (Diluted)1.40B

Key Highlights

  • 1Record annual revenues of $25 billion, a 15% increase from the prior year.
  • 2Record operating income of $3.6 billion, an over 80% increase year-over-year.
  • 3Achieved record full-year cash from operations of almost $6 billion.
  • 4Reduced total debt by over $8 billion from its peak in January 2023, ending the year at $27.5 billion.
  • 5Introduced three new ships in 2024, enhancing the fleet's capacity and modernity.
  • 6Expanded destination offerings with new cruise port Celebration Key (Summer 2025) and enhancements to Half Moon Cay.
  • 7Made significant progress on sustainability goals, reducing GHG emission intensity by 17.5% compared to 2019.

Frequently Asked Questions

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.

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.

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.

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.