Carnival (CCL) Operating Expenses (2009 - 2026)
Carnival's Operating Expenses was $4.23 billion in fiscal Q2 2026 (quarter ended May 31, 2026), up 8.7% from $3.89 billion a year earlier and up 7.3% from the prior quarter.
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Analysis
Carnival (CCL) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Carnival's Operating Expenses was $16.46 billion through May 31, 2026, up 4.3% year-over-year; for FY2025 (ended Nov 30, 2025), it came in at $15.95 billion, up 2.0% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 2.0% (FY2020 to FY2025).
- In earlier fiscal years, Operating Expenses was $15.64 billion in FY2024 (+9.2%), $14.32 billion in FY2023 (-13.5%), $16.55 billion in FY2022 (+83.9%) and $9 billion in FY2021 (-37.8%).
- Quarterly Operating Expenses has moved between -$307 million (fiscal Q4 2023) and $5.23 billion (fiscal Q3 2023) over five years.
- Compared with a year earlier, Operating Expenses has increased for four straight quarters, with an average decline of 7.5% over the last seven quarters.
- The best year-over-year quarter for Operating Expenses over five years was fiscal Q2 2022 (growth of 132.7%); the worst was fiscal Q1 2025 (a decline of 26.6%).
- Per Business Quant data, CCL's Operating Expenses in the three fiscal quarters before Q2 2026 was $3.94 billion (Q1 2026), $3.91 billion (Q4 2025) and $4.39 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.50 Bn | 91.55 Bn | 1.55 Bn | 5.84 Bn |
| 2 | Hilton Worldwide Holdings | 72.30 Bn | 68.78 Bn | 3.08 Bn | 2.48 Bn |
| 3 | Royal Caribbean Cruises | 64.91 Bn | 62.49 Bn | 2.29 Bn | 513.00 Mn |
| 4 | Viking Holdings | 35.75 Bn | 20.87 Bn | 996.62 Mn | -268.67 Mn |
| 5 | Carnival | 30.35 Bn | 23.01 Bn | - | 4.23 Bn |
| 6 | Intercontinental Hotels | 26.52 Bn | 22.08 Bn | - | - |
| 7 | Trip.com | 25.92 Bn | -19.63 Bn | 1.84 Bn | -1.49 Bn |
| 8 | Hyatt Hotels | 15.20 Bn | 12.68 Bn | 388.00 Mn | 1.70 Bn |
| 9 | H World | 13.30 Bn | 4.22 Bn | - | -753.00 Mn |
| 10 | Atour Lifestyle Holdings | 8.20 Bn | 4.90 Bn | 493.22 Mn | 80.75 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | 4.23 Bn |
| Feb 28, 2026 | 3.94 Bn |
| Nov 30, 2025 | 3.91 Bn |
| Aug 31, 2025 | 4.39 Bn |
| May 31, 2025 | 3.89 Bn |
| Feb 28, 2025 | 3.77 Bn |
| Nov 30, 2024 | 3.83 Bn |
| Aug 31, 2024 | 4.30 Bn |
| May 31, 2024 | 5.22 Bn |
| Feb 29, 2024 | 5.13 Bn |
| Nov 30, 2023 | -307.00 Mn |
| Aug 31, 2023 | 5.23 Bn |
| May 31, 2023 | 4.79 Bn |
| Feb 28, 2023 | 4.60 Bn |
| Nov 30, 2022 | 4.97 Bn |
| Aug 31, 2022 | 4.59 Bn |
| May 31, 2022 | 3.87 Bn |
| Feb 28, 2022 | 3.11 Bn |
| Nov 30, 2021 | 3.18 Bn |
| Aug 31, 2021 | 2.60 Bn |
API Access
Carnival Operating Expenses 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=operating-expenses&ticker=CCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=CCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();