Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Carnival Corp. & plc, adjusted financial ratios

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Activity Ratio
Total Asset Turnover
Reported	0.44	0.24	0.04	0.10	0.46	0.45
Adjusted	0.44	0.24	0.04	0.10	0.44	0.44
Solvency Ratios
Debt to Equity
Reported	4.44	4.89	2.74	1.31	0.45	0.42
Adjusted	4.63	5.08	2.85	1.38	0.53	0.44
Debt to Capital
Reported	0.82	0.83	0.73	0.57	0.31	0.30
Adjusted	0.82	0.84	0.74	0.58	0.35	0.30
Financial Leverage
Reported	7.14	7.32	4.39	2.61	1.78	1.73
Adjusted	7.14	7.32	4.39	2.61	1.85	1.75
Profitability Ratios
Net Profit Margin
Reported	-0.34%	-50.07%	-497.96%	-182.95%	14.36%	16.69%
Adjusted	-0.14%	-54.03%	-501.42%	-171.69%	13.80%	15.81%
Return on Equity (ROE)
Reported	-1.08%	-86.24%	-78.24%	-49.80%	11.79%	12.90%
Adjusted	-0.44%	-93.05%	-78.78%	-46.73%	11.33%	12.22%
Return on Assets (ROA)
Reported	-0.15%	-11.78%	-17.81%	-19.10%	6.64%	7.43%
Adjusted	-0.06%	-12.71%	-17.93%	-17.92%	6.12%	6.98%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Carnival Corp. & plc adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Carnival Corp. & plc adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Carnival Corp. & plc adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc, Financial Ratios: Reported vs. Adjusted

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	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Activity Ratio
Total asset turnover¹	0.44	0.24	0.04	0.10	0.46	0.45
Adjusted
Selected Financial Data (US$ in millions)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Adjusted total assets²	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Activity Ratio
Adjusted total asset turnover³	0.44	0.24	0.04	0.10	0.44	0.44

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 21,593 ÷ 49,120 = 0.44

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 21,593 ÷ 49,120 = 0.44

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Carnival Corp. & plc adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	30,572)	34,546)	33,226)	26,956)	11,502)	10,323)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Debt to equity¹	4.44	4.89	2.74	1.31	0.45	0.42
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	31,891)	35,881)	34,607)	28,380)	13,391)	10,686)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Adjusted debt to equity³	4.63	5.08	2.85	1.38	0.53	0.44

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 30,572 ÷ 6,882 = 4.44

² Adjusted total debt. See details »

³ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity
= 31,891 ÷ 6,882 = 4.63

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Carnival Corp. & plc adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	30,572)	34,546)	33,226)	26,956)	11,502)	10,323)
Total capital	37,454)	41,611)	45,370)	47,511)	36,867)	34,766)
Solvency Ratio
Debt to capital¹	0.82	0.83	0.73	0.57	0.31	0.30
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	31,891)	35,881)	34,607)	28,380)	13,391)	10,686)
Adjusted total capital³	38,773)	42,946)	46,751)	48,935)	38,756)	35,129)
Solvency Ratio
Adjusted debt to capital⁴	0.82	0.84	0.74	0.58	0.35	0.30

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,572 ÷ 37,454 = 0.82

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 31,891 ÷ 38,773 = 0.82

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Carnival Corp. & plc adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Financial leverage¹	7.14	7.32	4.39	2.61	1.78	1.73
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Adjusted financial leverage³	7.14	7.32	4.39	2.61	1.85	1.75

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 49,120 ÷ 6,882 = 7.14

² Adjusted total assets. See details »

³ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Shareholders’ equity
= 49,120 ÷ 6,882 = 7.14

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Profitability Ratio
Net profit margin¹	-0.34%	-50.07%	-497.96%	-182.95%	14.36%	16.69%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	(30)	(6,574)	(9,567)	(9,606)	2,873)	2,986)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Profitability Ratio
Adjusted net profit margin³	-0.14%	-54.03%	-501.42%	-171.69%	13.80%	15.81%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × -74 ÷ 21,593 = -0.34%

² Adjusted net income (loss). See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × -30 ÷ 21,593 = -0.14%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Profitability Ratio
ROE¹	-1.08%	-86.24%	-78.24%	-49.80%	11.79%	12.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	(30)	(6,574)	(9,567)	(9,606)	2,873)	2,986)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Profitability Ratio
Adjusted ROE³	-0.44%	-93.05%	-78.78%	-46.73%	11.33%	12.22%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
ROE = 100 × Net income (loss) ÷ Shareholders’ equity
= 100 × -74 ÷ 6,882 = -1.08%

² Adjusted net income (loss). See details »

³ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Shareholders’ equity
= 100 × -30 ÷ 6,882 = -0.44%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Profitability Ratio
ROA¹	-0.15%	-11.78%	-17.81%	-19.10%	6.64%	7.43%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	(30)	(6,574)	(9,567)	(9,606)	2,873)	2,986)
Adjusted total assets³	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Profitability Ratio
Adjusted ROA⁴	-0.06%	-12.71%	-17.93%	-17.92%	6.12%	6.98%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

¹ 2023 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -74 ÷ 49,120 = -0.15%

² Adjusted net income (loss). See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -30 ÷ 49,120 = -0.06%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc (NYSE:CCL)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Carnival Corp. & plc, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)