Carnival (CCL) Free Cash Flow (2009 - 2026)
Carnival (CCL) posted Free Cash Flow of $1.76 billion for fiscal Q2 2026 (quarter ended May 31, 2026), up 13.9% from $1.54 billion a year earlier and up 151.8% from the prior quarter.
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Analysis
Carnival (CCL) Free Cash Flow (2009 - 2026) Analysis & Trends
For the trailing twelve months through May 31, 2026, Free Cash Flow at Carnival was $3.2 billion, up 14.0% year-over-year; for FY2025 (ended Nov 30, 2025), it came in at $2.61 billion, up 101.0% from FY2024.
- In prior fiscal years, Carnival's Free Cash Flow was $1.3 billion in FY2024 (+30.1%), $997 million in FY2023, -$6.61 billion in FY2022 and -$7.72 billion in FY2021.
- The fiscal Q2 2026 figure stands as the highest quarterly Free Cash Flow in data going back to fiscal Q1 2009.
- On a year-over-year basis, Free Cash Flow increased in five of the last seven quarters, with growth averaging 22.9%.
- The strongest year-over-year quarter for Free Cash Flow in the past five years was fiscal Q1 2026, with growth of 119.2%; the weakest was fiscal Q4 2025, with a decline of 96.2%.
- According to Business Quant data, Free Cash Flow for the three prior fiscal quarters was $697 million (Q1 2026), $12 million (Q4 2025) and $736 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.50 Bn | 91.55 Bn | 1.55 Bn | 796.00 Mn |
| 2 | Hilton Worldwide Holdings | 72.30 Bn | 68.78 Bn | 3.08 Bn | 460.00 Mn |
| 3 | Royal Caribbean Cruises | 64.91 Bn | 62.49 Bn | 2.29 Bn | -877.00 Mn |
| 4 | Viking Holdings | 35.75 Bn | 20.87 Bn | 996.62 Mn | 1.12 Bn |
| 5 | Carnival | 30.35 Bn | 23.01 Bn | - | 1.76 Bn |
| 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 | 28.00 Mn |
| 9 | H World | 13.30 Bn | 4.22 Bn | - | 525.03 Mn |
| 10 | Atour Lifestyle Holdings | 8.20 Bn | 4.90 Bn | 493.22 Mn | 123.61 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | 1.76 Bn |
| Feb 28, 2026 | 697.00 Mn |
| Nov 30, 2025 | 12.00 Mn |
| Aug 31, 2025 | 736.00 Mn |
| May 31, 2025 | 1.54 Bn |
| Feb 28, 2025 | 318.00 Mn |
| Nov 30, 2024 | 319.00 Mn |
| Aug 31, 2024 | 628.00 Mn |
| May 31, 2024 | 720.00 Mn |
| Feb 29, 2024 | -370.00 Mn |
| Nov 30, 2023 | 247.00 Mn |
| Aug 31, 2023 | 997.00 Mn |
| May 31, 2023 | 440.00 Mn |
| Feb 28, 2023 | -687.00 Mn |
| Nov 30, 2022 | -1.30 Bn |
| Aug 31, 2022 | -882.00 Mn |
| May 31, 2022 | -488.00 Mn |
| Feb 28, 2022 | -3.94 Bn |
| Nov 30, 2021 | -855.00 Mn |
| Aug 31, 2021 | -1.84 Bn |
API Access
Carnival Free Cash Flow 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=free-cash-flow&ticker=CCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "free-cash-flow", "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=free-cash-flow&ticker=CCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();