Filing Flows › Carnival (CCL) › Q2 FY26 › vs Q2 FY25
Carnival (CCL) Q2 FY26 vs Q2 FY25 (year over year)
Carnival's revenue rose $335M (+5%) from $6.3B in Q2 FY25 to $6.7B in Q2 FY26. The biggest changes: North America Segment +$198M (+5%); Europe Segment +$111M (+6%); Cruise Support +$22.0M (+30%). Operating margin 12.8% against 14.8% (-2.0 pts).
Carnival, Q2 FY26: revenue $6.7B (+5% year over year), operating margin 12.8%, net earnings $539M, operating cash flow $2.6B. The chart draws each line against Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 12.8% | 14.8% | -2.0 pts |
| Net margin | 8.1% | 9.0% | -0.9 pts |
| Free cash flow margin | 26.3% | 24.4% | +2.0 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| North America Segment | $4.4B | $4.2B | $198M | +5% |
| Europe Segment | $2.1B | $2.0B | $111M | +6% |
| Cruise Support | $95.0M | $73.0M | $22.0M | +30% |
| Tour and Other | $34.0M | $31.0M | $3.0M | +10% |
| Revenue | $6.7B | $6.3B | $335M | +5% |
| Operating profit | $851M | $934M | −$83.0M | -9% |
| Costs & expenses | $5.8B | $5.4B | $418M | +8% |
| Pre-tax earnings | $555M | $585M | −$30.0M | -5% |
| Other expense, net | $296M | $349M | −$53.0M | -15% |
| SG&A | $863M | $816M | $47.0M | +6% |
| Other operating costs | $4.9B | $692M | $4.3B | +615% |
| Net earnings | $539M | $568M | −$29.0M | -5% |
| Income tax | $17.0M | $17.0M | $0 | 0% |
| Depreciation & amortization | $723M | $692M | $31.0M | +4% |
| Share-based compensation | $22.0M | $27.0M | −$5.0M | -19% |
| Working capital & other | $1.3B | $1.1B | $241M | +22% |
| Operating cash flow | $2.6B | $2.4B | $238M | +10% |
| Free cash flow (OCF − capex) | $1.8B | $1.5B | $214M | +14% |
| Capital expenditures | $875M | $851M | $24.0M | +3% |
Questions
How much did Carnival's revenue grow year over year in Q2 FY26?
Carnival's revenue rose $335M (+5%) from $6.3B in Q2 FY25 to $6.7B in Q2 FY26.
What drove Carnival's revenue change in Q2 FY26?
North America Segment +$198M (+5%); Europe Segment +$111M (+6%); Cruise Support +$22.0M (+30%).