Carnival annual free cash flow
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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% | +326.19% |
| 2012 | 2012-11-30 | $667.0M | −$403.0M | −37.66% | +316.11% |
| 2011 | 2011-11-30 | $1.07B | $831.0M | +347.70% | +384.89% |
| 2010 | 2010-11-30 | $239.0M | $277.0M | — | +85.05% |
| 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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| 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 | — | +3.60% |
| Q3 2015 | 2015-08-31 | $958.0M | $186.0M | +24.09% | +19.62% |
| Q2 2015 | 2015-05-31 | $1.08B | $856.0M | +389.09% | +3074.29% |
| Q1 2015 | 2015-02-28 | −$171.0M | −$295.0M | — | −1710.00% |
| Q4 2014 | 2014-11-30 | −$269.0M | −$407.0M | — | −1.71% |
| Q3 2014 | 2014-08-31 | $772.0M | $334.0M | +76.26% | +536.11% |
| Q2 2014 | 2014-05-31 | $220.0M | $269.0M | — | +733.33% |
| Q1 2014 | 2014-02-28 | $124.0M | −$34.0M | −21.52% | +1550.00% |
| Q4 2013 | 2013-11-30 | $138.0M | −$217.0M | −61.13% | +418.18% |
| Q3 2013 | 2013-08-31 | $438.0M | −$413.0M | −48.53% | +310.64% |
| Q2 2013 | 2013-05-31 | −$49.0M | $545.0M | — | −181.48% |
| Q1 2013 | 2013-02-28 | $158.0M | $103.0M | +187.27% | +1755.56% |
| Q4 2012 | 2012-11-30 | $355.0M | −$134.0M | −27.40% | +1420.00% |
| Q3 2012 | 2012-08-31 | $851.0M | $449.0M | +111.69% | +538.61% |
| Q2 2012 | 2012-05-31 | −$594.0M | −$533.0M | — | −3126.32% |
| Q1 2012 | 2012-02-29 | $55.0M | −$185.0M | −77.08% | +611.11% |
| Q4 2011 | 2011-11-30 | $489.0M | $496.0M | — | +1746.43% |
| Q3 2011 | 2011-08-31 | $402.0M | −$218.0M | −35.16% | +186.98% |
| Q2 2011 | 2011-05-31 | −$61.0M | −$460.0M | — | −244.00% |
| Q1 2011 | 2011-02-28 | $240.0M | $1.01B | — | +2400.00% |
| Q4 2010 | 2010-11-30 | −$7.0M | $259.0M | — | — |
| Q3 2010 | 2010-08-31 | $620.0M | −$123.0M | −16.55% | +306.93% |
| 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 $1.75B in free cash flow, an increase of 13.89% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Carnival source filings ↗Community posts
Carnival lifts operating outlook after record quarterly earnings
Carnival ($CCL) reported third-quarter revenue of $8.44 billion and net income of $1.9 billion, with adjusted earnings of $1.43 per share. Constant-currency net yields increased 2.4%, beating its earlier guidance by more than one percentage ...
