Carnival Corporation plc reported Q4 2024 revenue of $5.938 billion, up 10.0% year over year, as demand for leisure travel continued to recover from the pandemic era. Despite the top-line strength, the quarter featured a sizable sequential decline (QoQ -24.8%), reflecting seasonality and a return to normalized operating conditions. The company posted EBITDA of $1.351 billion and an operating profit of $561 million, with a net income of $303 million and basic EPS of $0.17, underscoring a material improvement versus the prior-year period.
Key Performance Indicators
Revenue
Increasing
5.94B
QoQ: -24.80% | YoY: 10.04%
Gross Profit
Increasing
2.11B
35.45% margin
QoQ: -41.41% | YoY: 19.13%
Operating Income
Increasing
561.00M
QoQ: -74.24% | YoY: 46.09%
Net Income
Increasing
303.00M
QoQ: -82.54% | YoY: 731.25%
EPS
Increasing
0.17
QoQ: -87.59% | YoY: 525.00%
Revenue Trend
Margin Analysis
Financial Highlights
Key Q4 2024 metrics (USD):
- Revenue: $5.938B; YoY +10.04%; QoQ -24.80%
- Gross profit: $2.105B; gross margin 35.45% (vs. 35.45% implied by given ratios)
- EBITDA: $1.351B; EBITDA margin ~22.75%
- Operating income: $561M; operating margin ~9.45%
- Net income: $303M; net margin ~5.10%; EPS $0.17; diluted $0.17
- Cash flow: Operating cash flow $0.911B; capex $-0.592B; free cash flow $0.319B
- Balance sheet (end of period): total assets $49.056B; total liabilities $39.806B; total equity $9.252B
- Debt: total debt $28.876B; net debt $27.666B; long-term debt $27.175B; short-term debt $1.701B
- Liquidity: cash and cash equivalents $1.210B; cash at end of period $1.231B; deferred revenue $6.425B
- Key liquidity ratios: current ratio 0.262; quick ratio 0.218; cash ratio 0.104
- Leverage & coverage: debt-to-capitalization 0.757; debt-to-equity 3.12; interest coverage 1.39; ROA 0.62%; ROE 3.28%; ROCE 1.50%
- Valuation snapshot (period end): P/E ~27.3x; P/B ~3.58x; P/S ~5.57x; EV/Revenue not provided; cash flow metrics imply meaningful FCF on a quarterly basis despite heavy capital structure.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
5.94B
10.04%
-24.80%
Gross Profit
2.11B
19.13%
-41.41%
Operating Income
561.00M
46.09%
-74.24%
Net Income
303.00M
731.25%
-82.54%
EPS
0.17
525.00%
-87.59%
Key Financial Ratios
Gross Profit Margin
Fair
24.40%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Fair
9.43%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
5.10%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
0.62%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.28%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.26
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
3.12
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Growth
27.30x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
Premium
3.58x
Trading at premium to book value, reflects strong intangibles or growth
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