Carnival (CCL) FCF Margin (2009 - 2026)
Carnival (CCL) recorded FCF Margin of 26.34% in fiscal Q2 2026 (quarter ended May 31, 2026), up 1.99 percentage points from 24.35% a year earlier and up 15.03 percentage points from the prior quarter.
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Analysis
Carnival (CCL) FCF Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Carnival's FCF Margin came in at 11.72% as of May 31, 2026, up 0.91 percentage points year-over-year; for FY2025 (ended Nov 30, 2025), it was 9.79%, up 4.61 percentage points from FY2024.
- Annual FCF Margin has increased for four straight fiscal years, with a five-year change of +187.11 percentage points (FY2020 to FY2025).
- Across earlier fiscal years, FCF Margin came in at 5.18% in FY2024 (+0.57 pp), 4.62% in FY2023 (+58.94 pp), -54.32% in FY2022 (+350.08 pp) and -404.40% in FY2021 (-227.08 pp).
- The fiscal Q2 2026 figure is the highest quarterly FCF Margin since fiscal Q2 2015.
- On a year-over-year basis, FCF Margin rose in six of the last eight quarters, with an average year-over-year change of +2.77 percentage points.
- Peak year-over-year performance for FCF Margin in the last five years was a gain of 12360.96 percentage points in fiscal Q1 2022, against a drop of 6.59 percentage points in fiscal Q3 2024 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at 11.31% (Q1 2026), 0.19% (Q4 2025) and 9.03% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.50 Bn | 91.55 Bn | 1.55 Bn | 11.26% |
| 2 | Hilton Worldwide Holdings | 72.30 Bn | 68.78 Bn | 3.08 Bn | 13.77% |
| 3 | Royal Caribbean Cruises | 64.91 Bn | 62.49 Bn | 2.29 Bn | -18.15% |
| 4 | Viking Holdings | 35.75 Bn | 20.87 Bn | 996.62 Mn | 51.36% |
| 5 | Carnival | 30.35 Bn | 23.01 Bn | - | 26.34% |
| 6 | Intercontinental Hotels | 26.52 Bn | 22.08 Bn | - | - |
| 7 | Trip.com | 25.92 Bn | -19.63 Bn | 1.84 Bn | - |
| 8 | Hyatt Hotels | 15.20 Bn | 12.68 Bn | 388.00 Mn | 1.53% |
| 9 | H World | 13.30 Bn | 4.22 Bn | - | 50.00% |
| 10 | Atour Lifestyle Holdings | 8.20 Bn | 4.90 Bn | 493.22 Mn | 24.03% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | 26.34% |
| Feb 28, 2026 | 11.31% |
| Nov 30, 2025 | 0.19% |
| Aug 31, 2025 | 9.03% |
| May 31, 2025 | 24.35% |
| Feb 28, 2025 | 5.47% |
| Nov 30, 2024 | 5.37% |
| Aug 31, 2024 | 7.95% |
| May 31, 2024 | 12.45% |
| Feb 29, 2024 | -6.84% |
| Nov 30, 2023 | 4.58% |
| Aug 31, 2023 | 14.55% |
| May 31, 2023 | 8.96% |
| Feb 28, 2023 | -15.50% |
| Nov 30, 2022 | -33.81% |
| Aug 31, 2022 | -20.49% |
| May 31, 2022 | -20.32% |
| Feb 28, 2022 | -242.88% |
| Nov 30, 2021 | -66.43% |
| Aug 31, 2021 | -337.36% |
API Access
Carnival FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=CCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "CCL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=CCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();