What is the primary revenue source for Carnival (CCL)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze CCL's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Carnival's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Carnival Makes Money: CCL Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

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Revenue grew while operating profit fell, so growth did not translate into better earnings.

The largest revenue segment accounts for 64.67% of revenue, indicating concentration.

Operating margin declined by 0.8 percentage points year over year.

Revenue: USD 12.83B
Largest revenue segment share (Cruise Passenger Ticket): 64.67%
Selling, general and administrative: USD 1.79B
Income tax expense: USD 34.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenue from contract with customer, excluding assessed tax · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling and administrative expense · SellingGeneralAndAdministrativeExpense
Income tax expenseIncome tax expense (benefit) · IncomeTaxExpenseBenefit
Largest revenue segment share (Cruise Passenger Ticket)Cruise Passenger Ticket · segment_value / revenue * 100
Operating marginOperating income · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

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Current assets do not cover near-term liabilities, indicating short-term funding pressure.

Property, plant and equipment: USD 43.62B
Cash and cash equivalents: USD 2.24B
Accounts receivable: USD 633.00M
Shareholder equity: USD 12.98B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal shareholders’ equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
Accounts receivableTrade and other receivables, net · ReceivablesNetCurrent
Property, plant and equipmentProperty and equipment, net · PropertyPlantAndEquipmentNet

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 489.81% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 795.00M
Operating cash flow: USD 3.89B
Cash conversion: 489.81%
Free cash flow: USD 2.45B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income attributable to carnival corporation ltd. · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Steady

Dividends and net buybacks are covered by free cash flow, so cash genuinely reached shareholders.

Cash dividends: USD 414.00M
Share repurchases: USD 381.00M
Net shareholder return: USD 795.00M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of dividends · PaymentsOfDividends · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?