ccl-20250831

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-9610

Commission file number: 001-15136

Carnival Corporation

Carnival plc

(Exact name of registrant as
specified in its charter)

Republic of Panama

England and Wales

(State or other jurisdiction of
incorporation or organization)

59-1562976

98-0357772

(I.R.S. Employer Identification No.)

3655 N.W. 87th Avenue

Carnival House, 100 Harbour Parade

Miami,

Florida

33178-2428

Southampton

SO15 1ST

United Kingdom

(Address of principal
executive offices)
(Zip Code)


(305)	599-2600	011	44 23 8065 5000
(Registrant’s telephone number, including area code)		(Registrant’s telephone number, including area code)

None		None
(Former name, former address and former fiscal year, if changed since last report)		(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	CCL	New York Stock Exchange, Inc.
Ordinary Shares each represented by American Depositary Shares ($1.66 par value), Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust	CUK	New York Stock Exchange, Inc.
1.000% Senior Notes due 2029	CUK29	New York Stock Exchange LLC

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filers

☑

Accelerated filers

☐

Non-accelerated filers

☐

Smaller reporting companies

☐

Emerging growth companies

☐

If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑


At September 22, 2025, Carnival Corporation had outstanding 1,167,541,049 shares of Common Stock, $0.01 par value.						At September 22, 2025, Carnival plc had outstanding 188,483,863 Ordinary Shares $1.66 par value, one Special Voting Share, GBP 1.00 par value and 1,167,541,049 Trust Shares of beneficial interest in the P&O Princess Special Voting Trust.

Table of Content

CARNIVAL CORPORATION & PLC

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II - OTHER INFORMATION

Item 1.

Item 1A.

Item 5.

Item 6.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

(in millions, except per share data)


	Three Months Ended August 31,				Nine Months Ended August 31,
	2025		2024		2025		2024
Passenger ticket	$	5,430	$	5,239	$	13,366	$	12,609
Onboard and other	2,723		2,657		6,925		6,474
Total Revenues	8,153		7,896		20,292		19,083
Cruise and tour operating expenses:
Commissions, transportation and other	973		958		2,603		2,510
Onboard and other	883		866		2,154		2,043
Payroll and related	636		575		1,915		1,812
Fuel	451		515		1,384		1,546
Food	398		393		1,124		1,099

Other operating	1,044		995		2,858		2,796
Total Cruise and tour operating expenses	4,385		4,303		12,037		11,805
Selling and administrative expense	779		763		2,442		2,366
Depreciation and amortization expense	717		651		2,064		1,898


Operating Income	2,271		2,178		3,748		3,013
Interest income	15		19		34		77
Interest expense, net of capitalized interest	(317)		(431)		(1,034)		(1,352)
Debt extinguishment and modification costs	(111)		(13)		(366)		(78)
Other income (expense), net	(2)		(10)		(14)		(35)

Income Before Income Taxes	1,857		1,743		2,368		1,626
Income tax expense, net	(6)		(8)		(30)		(13)
Net Income	$	1,852	$	1,735	$	2,338	$	1,613
Earnings Per Share
Basic	$	1.41	$	1.37	$	1.78	$	1.27
Diluted	$	1.33	$	1.26	$	1.71	$	1.21

The accompanying notes are an integral part of these consolidated financial statements.

Table of Content

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in millions)


	Three Months Ended August 31,				Nine Months Ended August 31,
	2025		2024		2025		2024
Net Income	$	1,852	$	1,735	$	2,338	$	1,613
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	18		64		233		71
Other	20		(38)		27		(26)
Other Comprehensive Income (Loss)	39		26		260		45
Total Comprehensive Income (Loss)	$	1,890	$	1,761	$	2,598	$	1,658

The accompanying notes are an integral part of these consolidated financial statements.

Table of Content

CARNIVAL CORPORATION & PLC

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in millions, except par values)


	August 31, 2025		November 30, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	1,763	$	1,210
Trade and other receivables, net	651		590
Inventories	475		507
Prepaid expenses and other	979		1,070
Total current assets	3,868		3,378
Property and Equipment, Net	42,889		41,795
Operating Lease Right-of-Use Assets, Net	1,352		1,368
Goodwill	579		579
Other Intangibles	1,181		1,163
Other Assets	962		775
	$	50,831	$	49,057
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities

Current portion of long-term debt	$	1,417	$	1,538
Current portion of operating lease liabilities	178		163
Accounts payable	1,173		1,133
Accrued liabilities and other	1,977		2,358
Customer deposits	6,691		6,425
Total current liabilities	11,436		11,617
Long-Term Debt	25,064		25,936
Long-Term Operating Lease Liabilities	1,201		1,239
Other Long-Term Liabilities	1,202		1,012
Contingencies and Commitments
Shareholders’ Equity
Carnival Corporation common stock, $0.01 par value; 1,960 shares authorized; 1,298 shares issued at 2025 and 1,294 shares issued at 2024	13		13
Carnival plc ordinary shares, $1.66 par value; 217 shares issued at 2025 and 2024	361		361
Additional paid-in capital	17,238		17,155
Retained earnings

SEC Form 10-Q filed by Carnival Plc