Carnival Corp Ltd. (CCL) closed fiscal year 2025 with a gross margin of 40.1 % and a net margin of 10.4 %.
Carnival Corp Ltd. (CCL) closed fiscal year 2025 with a gross margin of 40.1 % and a net margin of 10.4 %. The same year shows an EBITDA margin of 27.3 % and an EBIT margin of 16.8 %. The free cash flow margin was 9.8 %. Against the previous year the gross margin moved +2.6 pp and the net margin +2.7 pp. Across the period the gross margin ranges between -144.0 % in 2021 and 42.7 % in 2016. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: November
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 41.47 % | 36.23 % | 36.10 % | 37.16 % | 34.79 % | 32.91 % | 31.13 % | 34.39 % | 39.88 % | 42.75 % | 40.03 % | 41.27 % | 38.01 % | — | -143.97 % | 3.38 % | 33.70 % | 37.50 % | 40.09 % |
| EBITDA margin (%) | 29.36 % | 27.16 % | 26.32 % | 26.01 % | 23.92 % | 20.60 % | 18.89 % | 21.46 % | 26.73 % | 29.34 % | 26.58 % | 28.29 % | 26.10 % | -118.39 % | -254.51 % | -17.29 % | 20.03 % | 24.50 % | 27.32 % |
| EBIT margin (%) | 20.91 % | 18.63 % | 16.37 % | 16.22 % | 14.28 % | 10.67 % | 8.60 % | 11.16 % | 16.38 % | 18.74 % | 16.04 % | 17.61 % | 15.73 % | -158.45 % | -371.54 % | -35.99 % | 9.06 % | 14.28 % | 16.84 % |
| Net margin (%) | 18.48 % | 15.87 % | 13.60 % | 13.67 % | 12.11 % | 8.44 % | 6.83 % | 7.66 % | 11.18 % | 16.96 % | 14.88 % | 16.69 % | 14.36 % | -182.95 % | -497.96 % | -50.07 % | -0.34 % | 7.66 % | 10.37 % |
| FCF margin (%) | 5.81 % | 0.26 % | -0.29 % | 1.65 % | 6.78 % | 4.34 % | 4.43 % | 5.33 % | 14.32 % | 12.64 % | 13.58 % | 9.53 % | 0.22 % | -177.32 % | -404.40 % | -54.32 % | 4.62 % | 5.18 % | 9.79 % |
