AI Takeaway
CCL delivered strong FY2025 results with revenue rising 6.4% to $26.6B and net income surging 44.1% to $2.76B, driven by improved operating leverage and continued demand recovery in the cruise industry.
Revenue
$26.62B
++6.40% YoY
EPS (Basic)
$2.10
++40.00% YoY
Operating Income
$4.48B
++25.43% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
CCL grew total revenue by 6.4% year-over-year to $26.62B in FY2025, up from $25.02B in FY2024, reflecting continued strong consumer demand for cruise vacations and higher onboard spending.
Source: Source: 10-K Income Statement, Financial Data
Operating income jumped 25.4% to $4.48B, with operating margin expanding approximately 260 basis points to 16.84% from 14.28%, demonstrating meaningful cost discipline relative to revenue growth.
Source: Source: 10-K Income Statement & Key Ratios, Financial Data
Net income surged 44.1% to $2.76B and diluted EPS rose 40.3% to $2.02, significantly outpacing revenue growth and signaling improved profitability as fixed costs are spread over a larger revenue base.
Source: Source: 10-K Income Statement, Financial Data
2 more insights available
Upgrade to unlockCCL carries $27.38B in long-term debt, which, while declining slightly, remains substantial relative to its $12.28B in stockholders' equity. Elevated interest expense constrains net income and limits financial flexibility, particularly if revenue growth slows or interest rates remain high.
Source: Source: 10-K Balance Sheet, Financial Data
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Upgrade to unlockReported EPS of $0.34 versus the $0.25 analyst consensus — a +37.2% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $26.62B | $25.02B | +6.40% |
Operating Income | $4.48B | $3.57B | +25.43% |
Net Income | $2.76B | $1.92B | +44.05% |
EPS (Basic) | $2.10 | $1.50 | +40.00% |
EPS (Diluted) | $2.02 | $1.44 | +40.28% |
SG&A Expense | $3.4B | $3.25B | +4.61% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $51.69B | $49.06B | +5.36% |
Current Assets | $4.22B | $3.38B | +24.90% |
Current Liabilities | $13.09B | $11.62B | +12.70% |
Stockholders' Equity | $12.28B | $9.25B | +32.79% |
Cash & Equivalents | $1.93B | $1.21B | +59.34% |
Long-Term Debt | $27.38B | $28.21B | -2.94% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $6.22B | $5.92B | +4.98% |
Investing Cash Flow | $-3.32B | $-4.54B | +26.77% |
Financing Cash Flow | $-2.19B | $-2.58B | +15.29% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 16.8% | 14.3% | +2.56% |
Net Margin | 10.4% | — | — |
ROE | 22.5% | — | — |
ROA | 5.3% | — | — |
Current Ratio | $0.322 | — | — |
CCL posted Q2 FY2026 revenue of $6.66B (+5.3% YoY), but operating income fell 8.9% to $851M as higher SG&A costs compressed margins, while the company continued deleveraging with long-term debt down 8.6% to $25.57B.
CCL delivered a strong Q1 FY2026 with revenue rising 6.1% YoY to $6.17B and net income swinging to $258M from a prior-year loss of $78M, reflecting continued recovery in cruise demand and improving operational leverage.
Other companies in Hotels, Resorts & Cruise Lines
CCL had a strong FY2025, with revenue growing 6.4% to $26.62B and net income surging 44.1% to $2.76B. Operating margin expanded to 16.84% from 14.28%, reflecting significant operating leverage as the cruise business continued its post-pandemic recovery.
The standout takeaways from CCL's FY2025 results are the 44.1% jump in net income to $2.76B, diluted EPS rising to $2.02, and long-term debt declining to $27.38B as the company deleverages. Operating cash flow of $6.22B also underscores the strength of the underlying business.
Yes, CCL reduced its long-term debt by 2.9% to $27.38B in FY2025, while stockholders' equity grew 32.8% to $12.28B. The company generated $6.22B in operating cash flow, providing ample capacity to continue paying down its pandemic-era debt.
CCL's most significant risks include its high debt load of $27.38B, a very low current ratio of 0.32 indicating limited short-term liquidity, and sensitivity to fuel prices and macroeconomic downturns that could reduce consumer spending on discretionary travel. Geopolitical disruptions to global itineraries also pose an ongoing operational risk.
CCL's profitability improved dramatically in FY2025 versus FY2024: net income rose 44.1% to $2.76B, diluted EPS increased 40.3% to $2.02, and operating margin expanded by roughly 260 basis points to 16.84%. These gains reflect both stronger revenue and disciplined cost management across the business.