Income StatementBalance SheetCash FlowSegments
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Carnival Corporation Cash Flow Statement

Operating, investing, and financing cash movements

Carnival Corporation generated $6.6B in operating cash flow over the trailing twelve months. After $3.6B in capital expenditures, free cash flow was $3.0B. Free cash flow increased 0.5% year-over-year. Based on the Q4 2025 filing.

Net Cash From Operating (TTM)$6.6BNet Cash From Investing (TTM)-$3.3BNet Cash From Financing (TTM)-$2.8BCapital Expenditures (TTM)$3.6BDepreciation And Amortization Cf (TTM)$2.8BNet Change In Cash (TTM)$602.0M
Latest FilingQ4 2025
Report Date2026-03-27
Market Cap$34.9B
P/E Ratio11.27
ROE27.88%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Amortization of debt issuance costs$34.0M$30.0M$30.0M$28.0M$28.0M$27.0M
Change in accounts payable—-$31.0M$21.0M$25.0M$46.0M-$33.0M
Change in deferred revenue$80.0M$503.0M$1.1B-$1.4B$137.0M$585.0M
Change in inventories—$17.0M-$50.0M-$2.0M—$3.0M
Change in other assets—$64.0M$145.0M-$71.0M$76.0M$149.0M
Change in other liabilities—-$443.0M$61.0M$22.0M—-$296.0M
Other working capital changes$4.0M$24.0M$48.0M-$22.0M$8.0M$72.0M
Change in receivables—-$33.0M$11.0M$85.0M$21.0M-$17.0M
Depreciation and amortization$659.0M$654.0M$692.0M$717.0M$727.0M$696.0M
Loss on extinguishment of debt-$1.0M-$249.0M-$4.0M-$105.0M-$43.0M$0.0
Net cash from operating activities$911.0M$925.0M$2.4B$1.4B$1.5B$1.3B
Net income$303.0M-$78.0M$565.0M$1.9B$421.0M$263.0M
Greenhouse gas regulatory expense—$6.0M$23.0M$34.0M$28.0M$15.0M
Non-cash lease expense$37.0M$37.0M$40.0M$42.0M$42.0M$42.0M
Stock-based compensation$15.0M$18.0M$27.0M$25.0M$28.0M$28.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$592.0M$607.0M$851.0M$647.0M$1.5B$566.0M
Net cash from investing activities-$574.0M-$605.0M-$586.0M-$624.0M-$1.5B-$597.0M
Other investing activities—$9.0M$36.0M-$113.0M$0.0-$3.0M
Proceeds from sale of property, plant and equipment$14.5M$11.0M———$3.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$47.0M$3.0B$1.1B$4.5B$2.5B$0.0
Repayments of debt$0.0$3.4B$1.6B$5.6B-$10.7B$945.0M
Dividends paid—$0.0———$208.0M
Net cash from financing activities-$631.0M-$690.0M-$521.0M-$1.1B$0.0-$1.2B
Other financing activities$0.0-$1.0M$11.0M$3.0M$0.0-$9.0M
Payment of debt issuance costs$81.0M$24.0M$17.0M$27.0M$76.0M$4.0M
Premiums Paid to Extinguish Debt$0.0$197.0M$0.0$45.0M$30.0M$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$319.0M$318.0M$1.5B$736.0M$12.0M$697.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$18.0M-$6.0M$30.0M$6.0M—-$2.0M
Net increase (decrease) in cash-$311.0M-$376.0M$1.3B-$380.0M$167.0M-$501.0M