Carnival annual free cash flow
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2024
2025
Carnival Free Cash Flow (FCF) History (CCL)
Carnival reported $2.61B in free cash flow for fiscal 2025, an increase of 101.00% from the previous fiscal year, with a free cash flow margin of 9.79%.
View full Carnival company overviewCarnival free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-11-30 | $2.61B | $1.31B | +101.00% | +9.79% |
| 2024 | 2024-11-30 | $1.30B | $300.0M | +30.09% | +5.18% |
| 2023 | 2023-11-30 | $997.0M | $7.61B | — | +4.62% |
| 2022 | 2022-11-30 | −$6.61B | $1.11B | — | −54.32% |
| 2021 | 2021-11-30 | −$7.72B | $2.21B | — | −404.40% |
| 2020 | 2020-11-30 | −$9.92B | −$9.97B | — | −177.32% |
| 2019 | 2019-11-30 | $46.0M | −$1.75B | −97.44% | +0.22% |
| 2018 | 2018-11-30 | $1.80B | −$578.0M | −24.31% | +9.53% |
| 2017 | 2017-11-30 | $2.38B | $306.0M | +14.77% | +13.58% |
| 2016 | 2016-11-30 | $2.07B | −$179.0M | −7.95% | +12.64% |
| 2015 | 2015-11-30 | $2.25B | $1.40B | +165.76% | +14.32% |
| 2014 | 2014-11-30 | $847.0M | $162.0M | +23.65% | +5.33% |
| 2013 | 2013-11-30 | $685.0M | $18.0M | +2.70% | — |
| 2012 | 2012-11-30 | $667.0M | −$403.0M | −37.66% | — |
| 2011 | 2011-11-30 | $1.07B | $831.0M | +347.70% | — |
| 2010 | 2010-11-30 | $239.0M | $277.0M | — | — |
| 2009 | 2009-11-30 | −$38.0M | −$76.0M | — | −0.29% |
| 2008 | 2008-11-30 | $38.0M | −$719.0M | −94.98% | +0.26% |
| 2007 | 2007-11-30 | $757.0M | — | — | +5.81% |
Carnival quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-05-31 | $1.75B | $214.0M | +13.89% | +26.34% |
| Q1 2026 | 2026-02-28 | $697.0M | $379.0M | +119.18% | +11.31% |
| Q4 2025 | 2025-11-30 | $12.0M | −$307.0M | −96.24% | +0.19% |
| Q3 2025 | 2025-08-31 | $736.0M | $108.0M | +17.20% | +9.03% |
| Q2 2025 | 2025-05-31 | $1.54B | $821.0M | +114.03% | +24.35% |
| Q1 2025 | 2025-02-28 | $318.0M | $688.0M | — | +5.47% |
| Q4 2024 | 2024-11-30 | $319.0M | $72.0M | +29.15% | +5.37% |
| Q3 2024 | 2024-08-31 | $628.0M | −$369.0M | −37.01% | +7.95% |
| Q2 2024 | 2024-05-31 | $720.0M | $280.0M | +63.64% | +12.45% |
| Q1 2024 | 2024-02-29 | −$370.0M | $317.0M | — | −6.84% |
| Q4 2023 | 2023-11-30 | $247.0M | $1.54B | — | +4.58% |
| Q3 2023 | 2023-08-31 | $997.0M | $1.88B | — | +14.55% |
| Q2 2023 | 2023-05-31 | $440.0M | $928.0M | — | +8.96% |
| Q1 2023 | 2023-02-28 | −$687.0M | $3.25B | — | −15.50% |
| Q4 2022 | 2022-11-30 | −$1.30B | −$443.0M | — | −33.81% |
| Q3 2022 | 2022-08-31 | −$882.0M | $960.0M | — | −20.49% |
| Q2 2022 | 2022-05-31 | −$488.0M | $1.25B | — | −20.32% |
| Q1 2022 | 2022-02-28 | −$3.94B | −$665.0M | — | −242.88% |
| Q4 2021 | 2021-11-30 | −$855.0M | $2.52B | — | −66.49% |
| Q3 2021 | 2021-08-31 | −$1.84B | $1.23B | — | −337.36% |
| Q2 2021 | 2021-05-31 | −$1.74B | $1.32B | — | −3484.00% |
| Q1 2021 | 2021-02-28 | −$3.28B | −$2.87B | — | −12603.85% |
| Q4 2020 | 2020-11-30 | −$3.37B | −$2.45B | — | −9637.14% |
| Q3 2020 | 2020-08-31 | −$3.08B | −$3.89B | — | −9922.58% |
| Q2 2020 | 2020-05-31 | −$3.06B | −$4.22B | — | −413.78% |
| Q1 2020 | 2020-02-29 | −$410.0M | $603.0M | — | −8.56% |
| Q4 2019 | 2019-11-30 | −$920.0M | −$1.07B | — | −19.24% |
| Q3 2019 | 2019-08-31 | $818.0M | $52.0M | +6.79% | +12.52% |
| Q2 2019 | 2019-05-31 | $1.16B | $765.0M | +193.18% | +24.00% |
| Q1 2019 | 2019-02-28 | −$1.01B | −$1.50B | — | −21.68% |
| Q4 2018 | 2018-11-30 | $148.0M | −$228.0M | −60.64% | +3.32% |
| Q3 2018 | 2018-08-31 | $766.0M | −$246.0M | −24.31% | +13.13% |
| Q2 2018 | 2018-05-31 | $396.0M | −$74.0M | −15.74% | +9.09% |
| Q1 2018 | 2018-02-28 | $490.0M | −$30.0M | −5.77% | +11.58% |
| Q4 2017 | 2017-11-30 | $376.0M | −$2.0M | −0.53% | +8.83% |
| Q3 2017 | 2017-08-31 | $1.01B | $33.0M | +3.37% | +18.35% |
| Q2 2017 | 2017-05-31 | $470.0M | $223.0M | +90.28% | +11.91% |
| Q1 2017 | 2017-02-28 | $520.0M | $52.0M | +11.11% | +13.72% |
| Q4 2016 | 2016-11-30 | $378.0M | −$10.0M | −2.58% | +9.60% |
| Q3 2016 | 2016-08-31 | $979.0M | $21.0M | +2.19% | +19.21% |
| Q2 2016 | 2016-05-31 | $247.0M | −$829.0M | −77.04% | +6.67% |
| Q1 2016 | 2016-02-29 | $468.0M | $639.0M | — | +12.82% |
| Q4 2015 | 2015-11-30 | $388.0M | $657.0M | — | — |
| Q3 2015 | 2015-08-31 | $958.0M | $186.0M | +24.09% | +19.62% |
| Q2 2015 | 2015-05-31 | $1.08B | $856.0M | +389.09% | — |
| Q1 2015 | 2015-02-28 | −$171.0M | −$295.0M | — | — |
| Q4 2014 | 2014-11-30 | −$269.0M | −$407.0M | — | — |
| Q3 2014 | 2014-08-31 | $772.0M | $334.0M | +76.26% | — |
| Q2 2014 | 2014-05-31 | $220.0M | $269.0M | — | — |
| Q1 2014 | 2014-02-28 | $124.0M | −$34.0M | −21.52% | — |
| Q4 2013 | 2013-11-30 | $138.0M | −$217.0M | −61.13% | — |
| Q3 2013 | 2013-08-31 | $438.0M | −$413.0M | −48.53% | — |
| Q2 2013 | 2013-05-31 | −$49.0M | $545.0M | — | — |
| Q1 2013 | 2013-02-28 | $158.0M | $103.0M | +187.27% | — |
| Q4 2012 | 2012-11-30 | $355.0M | −$134.0M | −27.40% | — |
| Q3 2012 | 2012-08-31 | $851.0M | $449.0M | +111.69% | — |
| Q2 2012 | 2012-05-31 | −$594.0M | −$533.0M | — | — |
| Q1 2012 | 2012-02-29 | $55.0M | −$185.0M | −77.08% | — |
| Q4 2011 | 2011-11-30 | $489.0M | $496.0M | — | — |
| Q3 2011 | 2011-08-31 | $402.0M | −$218.0M | −35.16% | — |
| Q2 2011 | 2011-05-31 | −$61.0M | −$460.0M | — | — |
| Q1 2011 | 2011-02-28 | $240.0M | $1.01B | — | — |
| Q4 2010 | 2010-11-30 | −$7.0M | $259.0M | — | — |
| Q3 2010 | 2010-08-31 | $620.0M | −$123.0M | −16.55% | — |
| Q2 2010 | 2010-05-31 | $399.0M | $913.0M | — | +12.49% |
| Q1 2010 | 2010-02-28 | −$773.0M | −$772.0M | — | −24.98% |
| Q4 2009 | 2009-11-30 | −$266.0M | — | — | −8.30% |
| Q3 2009 | 2009-08-31 | $743.0M | — | — | +17.95% |
| Q2 2009 | 2009-05-31 | −$514.0M | — | — | −17.44% |
| Q1 2009 | 2009-02-28 | −$1.0M | — | — | −0.03% |
Carnival free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$9.92B to $2.61B, a net increase of $12.53B. Carnival's latest reported quarter, Q2 2026, generated $1.75B in free cash flow, an increase of 13.89% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Carnival filings at SEC.gov ↗