Income StatementBalance SheetCash FlowSegments
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Carnival Corporation Business Segments

Business, geographic, and product segment breakdowns

Carnival Corporation generates $27.0B in annual revenue across 4 key segments: Cruise Support ($314.0M), Europe Segment ($8.7B), North America Segment ($16.5B), and Tour And Other ($239.0M). The company-wide operating margin is 16.86%. Based on the Q4 2025 filing.

Cruise Support (TTM)$314.0MEurope Segment (TTM)$8.7BNorth America Segment (TTM)$16.5BTour And Other (TTM)$239.0M
Latest FilingQ4 2025
Report Date2026-03-27
Market Cap$34.9B
P/E Ratio11.27
ROE27.88%

Products & Services

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Passenger ticket$3.9B$3.8B$4.1B$5.4B$4.1B$4.0B
Onboard and other$2.1B$2.0B$2.2B$2.7B$2.3B$2.1B

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue from Contract with Customer, Excluding Assessed Tax$144.0M$296.0M$275.0M$231.0M$4.6B$1.3B

Business Segments

Adjusted Operating Costs And Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$2.6B$2.4B———$2.5B
Europe Segment$1.2B$1.3B———$1.4B
Cruise Support$39.0M$45.0M———$53.0M
Tour And Other$48.3M$15.0M———$13.0M

Adjusted Operating Costs And Expenses, Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$632.8M$571.0M———$606.0M
Europe Segment$261.8M$247.0M———$339.0M
Cruise Support$17.3M$25.0M———$28.0M
Tour And Other$48.3M$15.0M———$13.0M

Adjusted Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$651.3M$516.0M———$569.0M
Europe Segment$336.8M$140.0M———$170.0M
Cruise Support-$103.5M-$91.0M———-$92.0M
Tour And Other$4.5M-$22.0M———-$24.0M

Adjusted Selling, General And Administrative Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$484.5M$520.0M———$537.0M
Europe Segment$238.3M$250.0M———$283.0M
Cruise Support$80.0M$72.0M———$83.0M
Tour And Other$4.8M$4.0M———$5.0M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$30.9B———$31.4B$31.3B
Europe Segment$15.0B———$16.0B$16.4B
Cruise Support$2.7B———$3.8B$3.4B
Tour And Other$390.0M———$421.0M$421.0M

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$985.8M$291.0M———$264.0M
Europe Segment$67.5M$120.0M———$172.0M
Cruise Support$95.5M$182.0M———$113.0M
Tour And Other$8.0M$15.0M———$17.0M

Commissions, transportation and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$518.0M$457.0M———$468.0M
Europe Segment$311.3M$419.0M———$442.0M
Cruise Support-$21.5M-$26.0M———-$38.0M
Tour And Other$0.0$0.0———$0.0

Depreciation and amortization expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$416.0M$434.0M———$460.0M
Europe Segment$175.0M$169.0M$187.0M$196.0M$194.0M$194.0M
Cruise Support$51.0M$45.0M$50.0M$53.0M$52.0M$34.0M
Tour And Other$6.0M$6.0M$6.0M$7.0M$7.0M$7.0M

Food

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$262.8M$257.0M———$268.0M
Europe Segment$101.5M$97.0M———$113.0M
Cruise Support$250.0K$0.0———$1.0M
Tour And Other$0.0$0.0———$0.0

Fuel

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$342.8M$319.0M———$270.0M
Europe Segment$158.5M$146.0M———$127.0M
Cruise Support$500.0K$0.0———$1.0M
Tour And Other$0.0$0.0———$0.0

Onboard and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$537.8M$473.0M———$465.0M
Europe Segment$119.8M$114.0M———$133.0M
Cruise Support$12.0M$12.0M———$20.0M
Tour And Other$0.0$0.0———$0.0

Payroll and related

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$354.8M$359.0M———$375.0M
Europe Segment$231.0M$247.0M———$268.0M
Cruise Support$30.3M$33.0M———$41.0M
Tour And Other$0.0$0.0———$0.0

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America Segment$4.2B$3.9B———$4.0B
Europe Segment$1.9B$1.8B$2.0B$2.6B$2.1B$2.1B
Cruise Support$71.0M$72.0M$73.0M$74.0M$90.0M$77.0M
Tour And Other$33.0M$2.0M$31.0M$179.0M$29.0M$0.0

Exchange movements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe Segment-$10.0M-$1.0M$17.0M$3.0M—$4.0M

Indefinite-Lived Intangible Assets (Excluding Goodwill)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Europe Segment$234.0M$233.0M$250.0M$252.0M$249.0M$253.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North American Segment$579.0M$579.0M$579.0M$579.0M$579.0M$579.0M