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How Carnival (CCL) makes money

Carnival (CCL) made $8.4B of revenue in the third quarter fiscal 2026 (Q3 FY26), +3% from a year earlier. North America Segment brought in $5.5B (66%); Europe Segment brought in $2.6B (31%); Tour and Other brought in $191M (2%). Of every dollar of revenue, 26¢ was left as operating profit, 23¢ was left as net earnings.

Drawing the Sankey…

Carnival revenue by segment, Q3 FY26Carnival revenue by segment, Q3 FY26North America Segment$5.5BEurope Segment$2.6BTour and Other$191MCruise Support$96.0M
Carnival: revenue by line, Q1 FY26 to Q3 FY26Carnival: revenue by line, Q1 FY26 to Q3 FY26North America SegmentEurope SegmentCruise SupportTour and OtherNorth America Segment: $5.5B latest$5.5BEurope Segment: $2.6B latest$2.6BCruise Support: $96.0M latestTour and Other: $191M latestQ1 FY26Q2 FY26Q3 FY26
Europe Segment went from 34% of revenue in Q1 FY26 to 31% in Q3 FY26, the largest shift in the mix.
Carnival revenue by quarterCarnival revenue by quarter$5.9BQ4 FY24$6.3BQ2 FY25$8.2BQ3 FY25$6.3BQ4 FY25$6.2BQ1 FY26$6.7BQ2 FY26$8.4BQ3 FY26
Carnival: where each dollar of revenue goesCarnival: where each dollar of revenue goesOperating profit26¢Income tax0¢Net earnings23¢Operating cash flow17¢Free cash flow8¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
North America Segment$5.5B65.7%+26%+4%
Europe Segment$2.6B30.9%+23%+2%
Tour and Other$191M2.3%+462%+7%
Cruise Support$96.0M1.1%+1%+30%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$8.4B100.0%
Operating profit$2.2B26.3%
Income tax$16.0M0.2%
Net earnings$1.9B22.8%
Operating cash flow$1.4B16.7%
Free cash flow$712M8.4%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$8.4B+4%
Q2 FY26$6.7B+5%
Q1 FY26$6.2B+6%
Q4 FY25$6.3B+7%
Q3 FY25$8.2B+3%
Q2 FY25$6.3B+10%
Q4 FY24$5.9B+10%

From Carnival's 10-Q filed Sep 29, 2026 (on EDGAR).

Questions

How does Carnival make money?

Carnival (CCL) made $8.4B of revenue in the third quarter fiscal 2026 (Q3 FY26), +3% from a year earlier. North America Segment brought in $5.5B (66%); Europe Segment brought in $2.6B (31%); Tour and Other brought in $191M (2%). Of every dollar of revenue, 26¢ was left as operating profit, 23¢ was left as net earnings.

What is Carnival's biggest business?

North America Segment: $5.5B in the third quarter fiscal 2026, 66% of revenue, +4% from a year earlier.

What is Carnival's profit margin?

Net earnings were $1.9B, 22.8% of revenue, in the third quarter fiscal 2026; the operating margin was 26.3%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.