Filing Flows › Carnival (CCL) › Q4 FY25
Carnival (CCL) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Jan 27, 2026
Carnival (CCL) reported revenue of $6.3B for the fourth quarter fiscal 2025 (Q4 FY25), +7% from a year earlier and -22% from the quarter before. Operating margin was 11.6%, net earnings $422M (6.7% of revenue).
Carnival, Q4 FY25: revenue $6.3B (+7% year over year), operating margin 11.6%, net earnings $422M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.3B | -22% | +7% |
| Operating profit | $735M | -68% | +31% |
| Net earnings | $422M | -77% | +39% |
| Operating cash flow | $1.5B | +10% | +67% |
| Free cash flow | $12.0M | -98% | -96% |
What changed
Revenue was $6.3B in Q4 FY25, up 7% year over year and down 22% from the previous quarter. Passenger ticket was the largest line at 64% of revenue.
Operating profit was $0.73B, a 11.6% margin (up 2.2 points year over year). Of the extra revenue versus Q4 FY24, 44% reached operating profit, above the 9% margin then. Total costs grew 4% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+604%). Net earnings were $0.42B, up 39% year over year. The effective tax rate was -4.5%.
Operating cash flow was $1.5B (up 67% year over year), 360% of net earnings. Non-cash charges added back $0.73B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.34B. Capital expenditures of $1.5B left free cash flow of $0.01B.
Questions
What was Carnival's revenue in the fourth quarter fiscal 2025?
Carnival (CCL) reported revenue of $6.3B for the fourth quarter fiscal 2025 (Q4 FY25), +7% from a year earlier and -22% from the quarter before.
Was Carnival profitable in the fourth quarter fiscal 2025?
Operating profit was $735M (11.6% of revenue) and net earnings $422M.
Source: Carnival 10-K on SEC EDGAR.