For the year ending 2025-11-30, CCL had $727M increase in cash & cash equivalents over the period. $2,607M in free cash flow.
| Cash Flow | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 |
|---|---|---|---|---|
| Net income (loss) | - | 1,916 | -74 | -6,093 |
| Depreciation and amortization | - | 2,557 | 2,370 | 2,275 |
| Impairments | - | 0 | 21 | 470 |
| (gain) loss on debt extinguishment | - | -76 | -98 | -1 |
| (income) loss from equity-method investments | - | 9 | -13 | -38 |
| Share-based compensation | - | 62 | 53 | 101 |
| Amortization of discounts and debt issue costs | - | 141 | 161 | 171 |
| Non-cash lease expense | - | 142 | 145 | 148 |
| Gain on sales of ships | - | 41 | 88 | - |
| Greenhouse gas regulatory expense | - | 46 | - | - |
| Other, net | - | - | - | -57 |
| Other | - | 71 | 56 | - |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | -6,363 | - | - | - |
| Receivables | 84 | 49 | 180 | 171 |
| Inventories | -2 | -9 | 85 | 95 |
| Prepaid expenses and other assets | 214 | -352 | -397 | 874 |
| Accounts payable | 61 | -26 | 77 | 283 |
| Accrued liabilities and other | -218 | 167 | 147 | 341 |
| Customer deposits | 308 | 507 | 1,169 | 1,679 |
| Net cash provided by operating activities | 6,218 | 5,923 | 4,281 | -1,670 |
| Purchases of property and equipment | 3,611 | 4,626 | 3,284 | 4,940 |
| Proceeds from sales of ships and other property and equipment | 323 | 58 | 340 | 70 |
| Purchase of minority interest | - | - | 0 | 1 |
| Purchase of short-term investments | - | 0 | 0 | 315 |
| Proceeds from maturity of short-term investments | - | 0 | 0 | 515 |
| Advances to affiliates | 100 | - | - | - |
| Other | -67 | -34 | -134 | 96 |
| Net cash used in investing activities | -3,321 | -4,535 | -2,810 | -4,767 |
| Proceeds from (repayments of) short-term borrowings, net | - | - | - | -2,590 |
| Repayments of short-term borrowings | 0 | 0 | 200 | - |
| Principal repayments of long-term debt | 12,936 | 5,436 | 7,660 | 2,075 |
| Debt issuance costs | 144 | 203 | 131 | - |
| Debt extinguishment costs | 272 | 41 | 79 | 1 |
| Proceeds from issuance of long-term debt | 11,152 | 3,095 | 2,961 | 7,209 |
| Dividends paid | - | - | - | 0 |
| Purchases of common stock | - | - | - | 0 |
| Proceeds from issuance of common stock | - | 0 | 5 | 1,180 |
| Proceeds from issuance of common stock under the stock swap program | - | 0 | 22 | 95 |
| Purchase of treasury stock under the stock swap program | - | 0 | 20 | 87 |
| Other | 12 | 1 | 13 | -154 |
| Net cash provided by (used in) financing activities | -2,189 | -2,584 | -5,089 | 3,577 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 19 | -8 | 17 | -79 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 727 | -1,204 | -3,601 | -2,940 |
| Cash and cash equivalents at beginning of period | 1,231 | 2,436 | 6,037 | 8,976 |
| Cash and cash equivalents at end of period | 1,958 | 1,231 | 2,436 | 6,037 |
CARNIVAL CORP (CCL)
CARNIVAL CORP (CCL)