ccl-20250531

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 May 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 June 19, 2025, Carnival Corporation had outstanding 1,167,404,107 shares of Common Stock, $0.01 par value.						At June 19, 2025, Carnival plc had outstanding 188,478,051 Ordinary Shares $1.66 par value, one Special Voting Share, GBP 1.00 par value and 1,167,404,107 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 May 31,				Six Months Ended May 31,
	2025		2024		2025		2024
Revenues
Passenger ticket	$	4,104	$	3,754	$	7,936	$	7,370
Onboard and other	2,224		2,027		4,202		3,817
	6,328		5,781		12,139		11,187
Operating Expenses
Commissions, transportation and other	780		732		1,631		1,552
Onboard and other	671		628		1,271		1,178
Payroll and related	640		614		1,280		1,237
Fuel	468		525		933		1,030
Food	372		360		726		706

Other operating	955		938		1,813		1,800
Cruise and tour operating expenses	3,886		3,798		7,653		7,502
Selling and administrative	816		789		1,663		1,603
Depreciation and amortization	692		634		1,346		1,247

	5,394		5,221		10,662		10,352
Operating Income	934		560		1,477		836
Nonoperating Income (Expense)
Interest income	12		25		18		58
Interest expense, net of capitalized interest	(341)		(450)		(718)		(921)
Debt extinguishment and modification costs	(4)		(33)		(255)		(66)
Other income (expense), net	(20)		(7)		(12)		(25)
	(353)		(464)		(967)		(953)
Income (Loss) Before Income Taxes	582		96		510		(118)
Income Tax Expense, Net	(17)		(5)		(24)		(5)
Net Income (Loss)	$	565	$	92	$	486	$	(123)
Earnings Per Share
Basic	$	0.43	$	0.07	$	0.37	$	(0.10)
Diluted	$	0.42	$	0.07	$	0.37	$	(0.10)

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 May 31,				Six Months Ended May 31,
	2025		2024		2025		2024
Net Income (Loss)	$	565	$	92	$	486	$	(123)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	227		7		215		7
Other	6		11		6		12
Other Comprehensive Income (Loss)	233		18		221		19
Total Comprehensive Income (Loss)	$	798	$	110	$	708	$	(104)

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)


	May 31, 2025		November 30, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	2,146	$	1,210
Trade and other receivables, net	569		590
Inventories	476		507
Prepaid expenses and other	1,158		1,070
Total current assets	4,349		3,378
Property and Equipment, Net	42,751		41,795
Operating Lease Right-of-Use Assets, Net	1,365		1,368
Goodwill	579		579
Other Intangibles	1,178		1,163
Other Assets	943		775
	$	51,165	$	49,057
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities

Current portion of long-term debt	$	1,392	$	1,538
Current portion of operating lease liabilities	177		163
Accounts payable	1,198		1,133
Accrued liabilities and other	2,072		2,358
Customer deposits	8,082		6,425
Total current liabilities	12,920		11,617
Long-Term Debt	25,862		25,936

SEC Form 10-Q filed by Carnival Plc