Carnival Corp Ltd.
CCL · Water Transportation · 1.37B shares · +16%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$41M (gross $12M, SBC $53M)
Reference price $28.10 · est. market cap ~$38.5B — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Largest global cruise operator delivering record results and strong cash generation while rapidly deleveraging.
Strengths
- Record revenue $26.6B, operating margin 16.8% (83rd pct) and FCF $2.6B (95.7th)
- ROE 22.5% (66.7th) and OCF margin 23.4%; reinstated dividend after surpassing IG leverage threshold
Risks
- Debt/equity 1.96 (90th pct) and current ratio 0.32; ROA only 5.3% (44.4th)
- Highly cyclical, capital-intensive, exposed to geopolitical and weather shocks
Notable findings
- Weak liquidityCurrent ratio 0.32 (<1)
- Chronic dilutionShare count +16%/yr over 4y (dilution, book value/share -45%)
- Insider sellingInsider selling — 5 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$14M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
16.8%
Net margin
10.4%
Return on equity
22.5%
Return on assets
5.3%
ROIC
9.8%
Revenue growth (QoQ)
8.1%
Net-income growth
44.1%
Debt / equity
2.0×
Net debt / EBITDA
3.0×
Current ratio
0.3×
Free cash flow
$2.6B
EBITDA
$7.3B
Tangible book value
$10.5B
Cash & investments
$1.9B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | deynes bettina alejandra | Sell | 43K | $28.10 |
| 2026-05-11 | SUBOTNICK STUART | Tax withheld | 616 | $26.38 |
| 2026-05-11 | Deeble Helen | Tax withheld | 3.6K | $26.38 |
| 2026-05-11 | SUBOTNICK STUART | Sell | 0 | $25.22 |
| 2026-05-11 | Connors Nelda J | Tax withheld | 616 | $26.38 |
| 2026-05-11 | Lahey Katie | Tax withheld | 616 | $26.38 |
| 2026-05-11 | cahilly jason glen | Tax withheld | 616 | $26.38 |
| 2026-05-11 | WEIL LAURA A | Tax withheld | 616 | $26.38 |
| 2026-05-11 | Gearhart Jeffrey J | Tax withheld | 616 | $26.38 |
| 2026-05-11 | BAND SIR JONATHON | Tax withheld | 3.5K | $26.38 |
| 2026-05-08 | Connors Nelda J | Grant | 7.7K | — |
| 2026-05-08 | cahilly jason glen | Grant | 7.7K | — |
| 2026-05-08 | Bernstein David | Grant | 50K | — |
| 2026-05-08 | BAND SIR JONATHON | Grant | 7.7K | — |
| 2026-05-08 | WEISENBURGER RANDALL J | Grant | 7.7K | — |
| 2026-05-08 | weinstein joshua ian | Grant | 191K | — |
| 2026-05-08 | WEIL LAURA A | Grant | 7.7K | — |
| 2026-05-08 | SUBOTNICK STUART | Grant | 7.7K | — |
| 2026-05-08 | MIGUEZ ENRIQUE | Grant | 31K | — |
| 2026-05-08 | Ljoen Lars Jakob | Grant | 22K | — |
| 2026-05-08 | Lahey Katie | Grant | 7.7K | — |
| 2026-05-08 | Gearhart Jeffrey J | Grant | 7.7K | — |
| 2026-05-08 | deynes bettina alejandra | Grant | 21K | — |
| 2026-05-08 | Deeble Helen | Grant | 7.7K | — |
| 2026-04-21 | weinstein joshua ian | Tax withheld | 22K | $28.74 |
| 2026-04-21 | weinstein joshua ian | Tax withheld | 35K | $28.74 |
| 2026-04-21 | MIGUEZ ENRIQUE | Tax withheld | 2.6K | $28.74 |
| 2026-04-21 | MIGUEZ ENRIQUE | Tax withheld | 4.5K | $28.74 |
| 2026-04-21 | Ljoen Lars Jakob | Tax withheld | 1.7K | $28.74 |
| 2026-04-21 | Ljoen Lars Jakob | Tax withheld | 3.1K | $28.74 |
| 2026-04-21 | deynes bettina alejandra | Tax withheld | 2.3K | $28.74 |
| 2026-04-21 | deynes bettina alejandra | Tax withheld | 3.9K | $28.74 |
| 2026-04-21 | Bernstein David | Tax withheld | 7.6K | $28.74 |
| 2026-04-21 | Bernstein David | Tax withheld | 9.7K | $28.74 |
| 2026-04-01 | BAND SIR JONATHON | Sell | 12K | $26.19 |
| 2026-03-31 | BAND SIR JONATHON | Sell | 12 | $24.98 |
| 2026-02-10 | deynes bettina alejandra | Tax withheld | 1.7K | $33.22 |
| 2026-02-10 | MIGUEZ ENRIQUE | Grant | 64K | — |
| 2026-02-10 | MIGUEZ ENRIQUE | Tax withheld | 25K | $33.22 |
| 2026-02-10 | MIGUEZ ENRIQUE | Tax withheld | 2.1K | $33.22 |
| 2026-02-10 | Ljoen Lars Jakob | Grant | 18K | — |
| 2026-02-10 | Ljoen Lars Jakob | Tax withheld | 7.5K | $33.22 |
| 2026-02-10 | Ljoen Lars Jakob | Tax withheld | 2.9K | $33.22 |
| 2026-02-10 | deynes bettina alejandra | Grant | 48K | — |
| 2026-02-10 | deynes bettina alejandra | Tax withheld | 19K | $33.22 |
| 2026-02-10 | Bernstein David | Grant | 334K | — |
| 2026-02-10 | Bernstein David | Sell | 362K | $33.22 |
| 2026-02-10 | weinstein joshua ian | Grant | 636K | — |
| 2026-02-10 | weinstein joshua ian | Tax withheld | 250K | $33.22 |
| 2026-02-10 | weinstein joshua ian | Tax withheld | 21K | $33.22 |
| 2025-11-25 | ARISON MICKY MEIR | Gift | 8.5M | — |
| 2025-08-21 | ARISON MICKY MEIR | Gift | 739K | — |
| 2025-08-05 | BAND SIR JONATHON | Sell | 12K | $29.75 |
| 2025-05-15 | Bernstein David | Sell | 105K | $22.84 |
| 2025-04-22 | weinstein joshua ian | Tax withheld | 22K | $17.62 |
| 2025-04-22 | MIGUEZ ENRIQUE | Tax withheld | 2.6K | $17.62 |
| 2025-04-22 | Ljoen Lars Jakob | Tax withheld | 1.6K | $17.62 |
| 2025-04-22 | deynes bettina alejandra | Tax withheld | 2.3K | $17.62 |
| 2025-04-22 | Bernstein David | Tax withheld | 7.5K | $17.62 |
| 2025-04-16 | WEISENBURGER RANDALL J | Grant | 11K | — |
| 2025-04-16 | weinstein joshua ian | Grant | 262K | — |
| 2025-04-16 | WEIL LAURA A | Grant | 11K | — |
| 2025-04-16 | SUBOTNICK STUART | Grant | 11K | — |
| 2025-04-16 | MIGUEZ ENRIQUE | Grant | 34K | — |
| 2025-04-16 | Ljoen Lars Jakob | Grant | 21K | — |
| 2025-04-16 | Lahey Katie | Grant | 11K | — |
| 2025-04-16 | Gearhart Jeffrey J | Grant | 11K | — |
| 2025-04-16 | deynes bettina alejandra | Grant | 30K | — |
| 2025-04-16 | Deeble Helen | Grant | 11K | — |
| 2025-04-16 | Connors Nelda J | Grant | 11K | — |
| 2025-04-16 | cahilly jason glen | Grant | 11K | — |
| 2025-04-16 | Bernstein David | Grant | 74K | — |
| 2025-04-16 | BAND SIR JONATHON | Grant | 11K | — |
| 2025-02-18 | weinstein joshua ian | Tax withheld | 22K | $25.93 |
| 2025-02-18 | weinstein joshua ian | Tax withheld | 21K | $25.93 |
| 2025-02-18 | weinstein joshua ian | Tax withheld | 21K | $25.93 |
| 2025-02-18 | MIGUEZ ENRIQUE | Tax withheld | 4.9K | $25.93 |
| 2025-02-18 | MIGUEZ ENRIQUE | Tax withheld | 1.9K | $25.93 |
| 2025-02-18 | MIGUEZ ENRIQUE | Tax withheld | 2.1K | $25.93 |
| 2025-02-18 | Ljoen Lars Jakob | Tax withheld | 688 | $25.93 |
| 2025-02-18 | Ljoen Lars Jakob | Tax withheld | 777 | $25.93 |
| 2025-02-18 | Ljoen Lars Jakob | Tax withheld | 2.8K | $25.93 |
| 2025-02-18 | deynes bettina alejandra | Tax withheld | 494 | $25.93 |
| 2025-02-18 | deynes bettina alejandra | Tax withheld | 486 | $25.93 |
| 2025-02-18 | deynes bettina alejandra | Tax withheld | 1.6K | $25.93 |
| 2025-02-18 | Bernstein David | Tax withheld | 17K | $25.93 |
| 2025-02-18 | Bernstein David | Tax withheld | 33K | $25.93 |
| 2025-02-18 | Bernstein David | Tax withheld | 11K | $25.93 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | ResultsExhibits | filing ↗ |
| 2026-05-07 | 1.02Acquisition/dispositionDelisting notice3.023.035.015.03Reg FDExhibits | filing ↗ |
| 2026-04-20 | Shareholder vote | filing ↗ |
| 2026-03-27 | ResultsExhibits | filing ↗ |
| 2026-02-20 | Material agreementExhibits | filing ↗ |
| 2026-02-12 | Material agreement3.03Exhibits | filing ↗ |
| 2025-12-19 | ResultsExhibits | filing ↗ |
| 2025-10-15 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-06-26 | 2026-05-31 | 0000815097-26-000096 ↗ |
| 8-K | 2026-06-23 | 2026-06-23 | 0000815097-26-000086 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-057200 ↗ |
| 8-K | 2026-04-20 | 2026-04-17 | 0000815097-26-000043 ↗ |
| 10-Q | 2026-03-27 | 2026-02-28 | 0000815097-26-000037 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0000815097-26-000034 ↗ |
| 8-K | 2026-02-20 | 2026-02-20 | 0000950142-26-000454 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0000950142-26-000354 ↗ |
| 10-K | 2026-01-27 | 2025-11-30 | 0000815097-26-000007 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0001628280-25-058106 ↗ |
| 8-K | 2025-10-15 | 2025-10-15 | 0000950142-25-002811 ↗ |
| 8-K | 2025-09-30 | 2025-09-30 | 0000950142-25-002580 ↗ |