Carnival annual operating margin
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Carnival Operating Margin Growth & History (CCL)
Carnival's operating margin was 16.84% for fiscal 2025.
View full Carnival company overviewCarnival annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-11-30 | 16.84% | +2.56 pp |
| 2024 | 2024-11-30 | 14.28% | +5.23 pp |
| 2023 | 2023-11-30 | 9.06% | +45.05 pp |
| 2022 | 2022-11-30 | −35.99% | +335.55 pp |
| 2021 | 2021-11-30 | −371.54% | −213.10 pp |
| 2020 | 2020-11-30 | −158.45% | −174.18 pp |
| 2019 | 2019-11-30 | 15.73% | −1.88 pp |
| 2018 | 2018-11-30 | 17.61% | +1.57 pp |
| 2017 | 2017-11-30 | 16.04% | −2.70 pp |
| 2016 | 2016-11-30 | 18.74% | +2.36 pp |
| 2015 | 2015-11-30 | 16.38% | +5.22 pp |
| 2014 | 2014-11-30 | 11.16% | −5.22 pp |
| 2009 | 2009-11-30 | 16.37% | −2.26 pp |
| 2008 | 2008-11-30 | 18.63% | −2.28 pp |
| 2007 | 2007-11-30 | 20.91% | — |
Carnival quarterly operating margin
Q3.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-05-31 | 12.77% | −1.99 pp |
| Q1 2026 | 2026-02-28 | 9.85% | +0.50 pp |
| Q4 2025 | 2025-11-30 | 11.61% | +2.18 pp |
| Q3 2025 | 2025-08-31 | 27.85% | +0.27 pp |
| Q2 2025 | 2025-05-31 | 14.76% | +5.07 pp |
| Q1 2025 | 2025-02-28 | 9.35% | +4.24 pp |
| Q4 2024 | 2024-11-30 | 9.43% | +2.31 pp |
| Q3 2024 | 2024-08-31 | 27.58% | +3.89 pp |
| Q2 2024 | 2024-05-31 | 9.69% | +7.24 pp |
| Q1 2024 | 2024-02-29 | 5.11% | +8.99 pp |
| Q4 2023 | 2023-11-30 | 7.12% | +36.71 pp |
| Q3 2023 | 2023-08-31 | 23.69% | +30.18 pp |
| Q2 2023 | 2023-05-31 | 2.44% | +63.79 pp |
| Q1 2023 | 2023-02-28 | −3.88% | +87.99 pp |
| Q4 2022 | 2022-11-30 | −29.59% | +117.53 pp |
| Q3 2022 | 2022-08-31 | −6.48% | +370.26 pp |
| Q2 2022 | 2022-05-31 | −61.35% | +3170.65 pp |
| Q1 2022 | 2022-02-28 | −91.87% | +5769.67 pp |
| Q4 2021 | 2021-11-30 | −147.12% | +4544.31 pp |
| Q3 2021 | 2021-08-31 | −376.74% | +7149.07 pp |
| Q2 2021 | 2021-05-31 | −3,232.00% | −2667.54 pp |
| Q1 2021 | 2021-02-28 | −5,861.54% | −5846.65 pp |
| Q4 2020 | 2020-11-30 | −4,691.43% | −4701.57 pp |
| Q3 2020 | 2020-08-31 | −7,525.81% | −7554.74 pp |
| Q2 2020 | 2020-05-31 | −564.46% | −575.10 pp |
| Q1 2020 | 2020-02-29 | −14.89% | −23.15 pp |
| Q4 2019 | 2019-11-30 | 10.14% | −2.27 pp |
| Q3 2019 | 2019-08-31 | 28.93% | −1.81 pp |
| Q2 2019 | 2019-05-31 | 10.64% | −2.19 pp |
| Q1 2019 | 2019-02-28 | 8.26% | −1.64 pp |
| Q4 2018 | 2018-11-30 | 12.41% | −0.46 pp |
| Q3 2018 | 2018-08-31 | 30.74% | +5.48 pp |
| Q2 2018 | 2018-05-31 | 12.83% | +0.16 pp |
| Q1 2018 | 2018-02-28 | 9.90% | +0.19 pp |
| Q4 2017 | 2017-11-30 | 12.87% | −2.30 pp |
| Q3 2017 | 2017-08-31 | 25.26% | −5.39 pp |
| Q2 2017 | 2017-05-31 | 12.67% | −0.23 pp |
| Q1 2017 | 2017-02-28 | 9.71% | −2.18 pp |
| Q4 2016 | 2016-11-30 | 15.17% | −15.76 pp |
| Q3 2016 | 2016-08-31 | 30.65% | +19.72 pp |
| Q2 2016 | 2016-05-31 | 12.90% | +4.66 pp |
| Q1 2016 | 2016-02-29 | 11.89% | +2.72 pp |
| Q3 2015 | 2015-08-31 | 30.92% | +2.03 pp |
| Q2 2010 | 2010-05-31 | 10.92% | −1.05 pp |
| Q1 2010 | 2010-02-28 | 8.24% | −2.62 pp |
| Q4 2009 | 2009-11-30 | 9.17% | −21.68 pp |
| Q3 2009 | 2009-08-31 | 28.90% | — |
| Q2 2009 | 2009-05-31 | 11.97% | — |
| Q1 2009 | 2009-02-28 | 10.86% | — |
| Q3 2008 | 2008-08-31 | 30.85% | — |
Carnival operating margin trends
Over the last five reported fiscal years, Carnival's operating margin increased from −158.45% to 16.84%, a change of +175.28 percentage points. The latest reported quarter, Q2 2026, shows 12.77%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Carnival filings at SEC.gov ↗