What is Carnival Corporation's net debt?

Carnival Corporation (CCL) reported net debt of $27.37B in Q4 2025.

How has Carnival Corporation's net debt changed year-over-year?

Carnival Corporation's net debt decreased by 8.0% year-over-year, from $29.76B to $27.37B.

What is the long-term trend for Carnival Corporation's net debt?

Over 5 years (2020 to 2025), Carnival Corporation's net debt has grown at a 5.6% compound annual growth rate (CAGR), from $22.4B to $29.38B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Carnival Corporation CCL Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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2.5×-0.2×

Zillow Group, Inc.ZG

-2.1×-4.3×

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1.1×+0.4×

Clearwater AnalyticsCWAN

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-5.1×—

Other financials

Income statement

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Revenue$6.2B+6.1%

Gross profit$3.8B+4.9%

Operating income$607.0M+11.8%

Net income$258.0M+431%

EPS (diluted)$0.19+417%

Balance sheet

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Cash & equivalents$1.5B+70.2%

Total debt$28.8B-5.9%

Total equity$13.0B+41.9%

Total assets$51.6B+6.2%

Cash flow

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Operating cash flow$1.3B+36.5%

CapEx$566.0M-6.8%

Free cash flow$697.0M+119%

Valuation

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Market cap$42.76B+34.8%

Enterprise value$70.13B+14.3%

P/E13.8×-1.7×

P/S1.6×+0.3×

Profitability

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Gross margin39.5%+2.5pp

Operating margin16.9%+1.7pp

Net margin11.5%+3.4pp

FCF margin11.1%+3.3pp

Returns & leverage

See full

Return on equity27.9%+2.0pp

Debt / equity2.2×-1.1×

Current ratio0.3×0.0×

Where this comes from

Calculated from Carnival Corporation’s reported figures.

$28.8Btotal debt−$1.5Bcash and equivalents=$27.37B

The official record: Carnival Corporation’s 10-Q, filed March 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Carnival Corporation's net debt?: Carnival Corporation (CCL) reported net debt of $27.37B in Q4 2025.
How has Carnival Corporation's net debt changed year-over-year?: Carnival Corporation's net debt decreased by 8.0% year-over-year, from $29.76B to $27.37B.
What is the long-term trend for Carnival Corporation's net debt?: Over 5 years (2020 to 2025), Carnival Corporation's net debt has grown at a 5.6% compound annual growth rate (CAGR), from $22.4B to $29.38B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.