Filing Flows › Carnival (CCL) › Q3 FY26 › vs Q3 FY25
Carnival (CCL) Q3 FY26 vs Q3 FY25 (year over year)
Carnival's revenue rose $282M (+3%) from $8.2B in Q3 FY25 to $8.4B in Q3 FY26. The biggest changes: North America Segment +$195M (+4%); Europe Segment +$55.0M (+2%); Cruise Support +$22.0M (+30%). Operating margin 26.3% against 27.9% (-1.5 pts).
Carnival, Q3 FY26: revenue $8.4B (+4% year over year), operating margin 26.3%, net earnings $1.9B, operating cash flow $1.4B. The chart draws each line against Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 26.3% | 27.9% | -1.5 pts |
| Net margin | 22.8% | 22.7% | +0.1 pts |
| Free cash flow margin | 8.4% | 9.0% | -0.6 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| North America Segment | $5.5B | $5.3B | $195M | +4% |
| Europe Segment | $2.6B | $2.6B | $55.0M | +2% |
| Tour and Other | $191M | $179M | $12.0M | +7% |
| Cruise Support | $96.0M | $74.0M | $22.0M | +30% |
| Revenue | $8.4B | $8.2B | $282M | +3% |
| Operating profit | $2.2B | $2.3B | −$51.0M | -2% |
| Costs & expenses | $6.2B | $5.9B | $333M | +6% |
| Pre-tax earnings | $1.9B | $1.9B | $79.0M | +4% |
| Other expense, net | $281M | $411M | −$130M | -32% |
| SG&A | $834M | $779M | $55.0M | +7% |
| Other operating costs | $5.4B | $718M | $4.7B | +649% |
| Net earnings | $1.9B | $1.9B | $69.0M | +4% |
| Income tax | $16.0M | $6.0M | $10.0M | +167% |
| Depreciation & amortization | $754M | $717M | $37.0M | +5% |
| Share-based compensation | $23.0M | $25.0M | −$2.0M | -8% |
| Working capital & other | $1.3B | $1.2B | $77.0M | +6% |
| Operating cash flow | $1.4B | $1.4B | $27.0M | +2% |
| Free cash flow (OCF − capex) | $712M | $736M | −$24.0M | -3% |
| Capital expenditures | $698M | $647M | $51.0M | +8% |
Questions
How much did Carnival's revenue grow year over year in Q3 FY26?
Carnival's revenue rose $282M (+3%) from $8.2B in Q3 FY25 to $8.4B in Q3 FY26.
What drove Carnival's revenue change in Q3 FY26?
North America Segment +$195M (+4%); Europe Segment +$55.0M (+2%); Cruise Support +$22.0M (+30%).