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Carnival Corporation CCL Operating margin

Operating margin at other companies

Royal Caribbean Group logo
Royal Caribbean GroupRCL
27.9%+2.2pp
Packaging Corp of America logo
Packaging Corp of AmericaPKG
11.7%-2.2pp

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
Net margin11.5%+3.4pp
FCF margin11.1%+3.3pp

Returns & leverage

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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.

Based on trailing twelve months.

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 operating margin?
Carnival Corporation (CCL) reported operating margin of 16.9% in Q4 2025.
How has Carnival Corporation's operating margin changed year-over-year?
Carnival Corporation's operating margin increased by 11.5% year-over-year, from 15.1% to 16.9%.
What is the long-term trend for Carnival Corporation's operating margin?
Over 5 years (2020 to 2025), Carnival Corporation's operating margin has grown at a -36.1% compound annual growth rate (CAGR), from -158.5% to 16.8%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.