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Carnival cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$712M in Q3 FY26 · $3.2B over twelve months

Operating cash flow$1.4B
Capital spending−$698M
Free cash flow+$712M
Cash / net income0.7×

Analysis

In Q3 FY26, Carnival generated $1.4B of operating cash flow and spent $698M on capital projects, leaving free cash flow of $712M. That is $24.0M less than in Q3 FY25 ($736M).

Over the twelve months to Aug 31, 2026, operating cash flow was $6.8B; the largest uses were other financing ($3.7B), capital spending ($3.6B), other investing ($58.0M); besides operations, cash came from asset & business sales ($14.0M); the cash balance fell by $551M.

Operating cash flow was $1.4B against net income of $1.9B — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$1.3B, depreciation & amortization +$754M, other liabilities −$97.0M.

Free cash flow

Carnival: free cash flow by quarterCarnival: free cash flow by quarter$319MQ4 FY24$318MQ1 FY25$1.5BQ2 FY25$736MQ3 FY25$12.0MQ4 FY25$697MQ1 FY26$1.8BQ2 FY26$712MQ3 FY26
Operating cash flow less capital spending.
Carnival: operating cash flow against capital spendingCarnival: operating cash flow against capital spendingOperating cash flowCapital spending$911M$592MQ4 FY24$925M$607MQ1 FY25$2.4B$851MQ2 FY25$1.4B$647MQ3 FY25$1.5B$1.5BQ4 FY25$1.3B$566MQ1 FY26$2.6B$875MQ2 FY26$1.4B$698MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.4B, Capital spending $698M.

Capital allocation, year by year

Carnival: where the cash came from (up) and went (down), by fiscal yearCarnival: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY21: Operating cash flow −$4.1BFY21: Net borrowing −$586MFY21: Shares issued $1.0BFY21: Asset sales $351MFY21: Capital spending −$3.6B$1.4BFY21FY22: Operating cash flow −$1.7BFY22: Net borrowing −$5.2BFY22: Shares issued $1.2BFY22: Asset sales $70.0MFY22: Capital spending −$4.9B$1.2BFY22FY23: Operating cash flow $4.3BFY23: Net borrowing −$200MFY23: Shares issued $5.0MFY23: Asset sales $340MFY23: Capital spending −$3.3B$4.6BFY23FY24: Operating cash flow $5.9BFY24: Asset sales $58.0MFY24: Capital spending −$4.6B$6.0BFY24FY25: Operating cash flow $6.2BFY25: Asset sales $323MFY25: Capital spending −$3.6B$6.5BFY25
Over these 5 years operating cash flow totalled $10.6B; the largest uses were capital spending ($20.1B) and net borrowing ($6.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$24.6B
Net debt$23.3B
Due within a year$2.6B

Carnival funds itself: free cash flow was $3.2B over the last twelve months, and $1.2B of cash and investments stands against $24.6B of debt ($2.6B due within a year, 0.5× covered by cash).

Carnival: debt maturities by year (FY25)Carnival: debt maturities by year (FY25)$2.6BYear 1$2.5BYear 2$4.0BYear 3$4.1BYear 4$2.9BYear 5$11.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

Carnival: sources (+) and uses (−) of cash, Q3 FY26Carnival: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$1.4BCash drawn (+) / kept (−)$1.0BOther financing−$976MCapital spending−$698MBuybacks−$548MDividends−$204MOther investing−$4.0MNot reconciled−$1.0M
Carnival: sources (+) and uses (−) of cash, TTM to Q3 FY26Carnival: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$6.8BOther financing−$3.7BCapital spending−$3.6BCash drawn (+) / kept (−)$551MOther investing−$58.0MExchange rates−$16.0MAsset & business sales$14.0MNot reconciled−$1.0M

From profit to cash

Carnival: net income to operating cash flow, Q3 FY26Carnival: net income to operating cash flow, Q3 FY26Net income$1.9BDepreciation & amortization$754MStock-based pay$23.0MInventory$22.0MPayables−$11.0MDeferred revenue−$1.3BPrepaid and other assets$9.0MOther liabilities−$97.0MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2571025-8
Q2 FY2581227-7
Q1 FY2591227-6
Q4 FY2491226-5

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.4B−$698M−$548M−$204M$1.0B$712M
Q2 FY26$2.6B−$875M—−$206M−$804M$1.8B
Q1 FY26$1.3B−$566M—−$208M$501M$697M
Q4 FY25$1.5B−$1.5B——−$167M$12.0M
Q3 FY25$1.4B−$647M——$380M$736M
Q2 FY25$2.4B−$851M——−$1.3B$1.5B
Q1 FY25$925M−$607M——$376M$318M
Q4 FY24$911M−$592M——$311M$319M

Carnival: income statement and cash flow

Carnival, Q3 FY26: revenue $8.4B (+4% year over year), operating margin 26.3%. The chart follows the revenue to costs, profit and cash.

Carnival: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.