Carnival (CCL) Operating Margin (2009 - 2026)
Carnival's Operating Margin came in at 12.77% for fiscal Q2 2026 (quarter ended May 31, 2026), down 1.99 percentage points from 14.76% a year earlier but up 2.93 percentage points from the prior quarter.
Carnival (CCL) Operating Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to May 31, 2026, Carnival reported Operating Margin of 16.35%, up 0.11 percentage points year-over-year; for FY2025 (ended Nov 30, 2025), it was 16.84%, up 2.56 percentage points from FY2024.
- Operating Margin has increased in each of the last four fiscal years, with a five-year change of +175.28 percentage points (FY2020 to FY2025).
- Going back by fiscal year, Operating Margin was 14.28% in FY2024 (+5.23 pp), 9.06% in FY2023 (+45.05 pp), -35.99% in FY2022 (+335.55 pp) and -371.54% in FY2021 (-213.10 pp).
- The five-year range for quarterly Operating Margin is -376.74% (fiscal Q3 2021) to 27.85% (fiscal Q3 2025).
- Year-over-year, Operating Margin increased in seven of the last eight quarters, with an average year-over-year change of +2.06 percentage points.
- The fastest year-over-year change in Operating Margin over five years came in fiscal Q3 2021 (a gain of 7149.07 percentage points), and the weakest in fiscal Q2 2026 (a drop of 1.99 percentage points).
- Business Quant data shows CCL's Operating Margin at 9.85% (Q1 2026), 11.61% (Q4 2025) and 27.85% (Q3 2025) in the three fiscal quarters before Q2 2026.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Marriott International | 93.50 Bn | 91.55 Bn | 1.55 Bn | 17.38% |
| 2 | Hilton Worldwide Holdings | 72.30 Bn | 68.78 Bn | 3.08 Bn | 25.68% |
| 3 | Royal Caribbean Cruises | 64.91 Bn | 62.49 Bn | 2.29 Bn | 27.05% |
| 4 | Viking Holdings | 35.75 Bn | 20.87 Bn | 996.62 Mn | 29.40% |
| 5 | Carnival | 30.35 Bn | 23.01 Bn | - | 12.77% |
| 6 | Intercontinental Hotels | 26.52 Bn | 22.08 Bn | - | - |
| 7 | Trip.com | 25.92 Bn | -19.63 Bn | 1.84 Bn | -9.36% |
| 8 | Hyatt Hotels | 15.20 Bn | 12.68 Bn | 388.00 Mn | -71.84% |
| 9 | H World | 13.30 Bn | 4.22 Bn | - | 31.05% |
| 10 | Atour Lifestyle Holdings | 8.20 Bn | 4.90 Bn | 493.22 Mn | 22.15% |
Historic Data
| Date | Value |
|---|---|
| May 31, 2026 | 12.77% |
| Feb 28, 2026 | 9.85% |
| Nov 30, 2025 | 11.61% |
| Aug 31, 2025 | 27.85% |
| May 31, 2025 | 14.76% |
| Feb 28, 2025 | 9.35% |
| Nov 30, 2024 | 9.45% |
| Aug 31, 2024 | 27.58% |
| May 31, 2024 | 9.69% |
| Feb 29, 2024 | 5.11% |
| Nov 30, 2023 | 7.12% |
| Aug 31, 2023 | 23.69% |
| May 31, 2023 | 2.44% |
| Feb 28, 2023 | -3.88% |
| Nov 30, 2022 | -29.56% |
| Aug 31, 2022 | -6.48% |
| May 31, 2022 | -61.35% |
| Feb 28, 2022 | -91.87% |
| Nov 30, 2021 | -147.09% |
| Aug 31, 2021 | -376.74% |
Carnival Operating 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=operating-margin&ticker=CCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=CCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();