该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
266.22亿美元
同比 +6.40%
每股收益（稀释）
2.02美元
同比 +40.28%
营业利润
44.83亿美元
同比 +25.43%
SEC XBRL 原值
Carnival (CCL) FY2025 营收 266.22亿美元，同比增长 6.4%。 营业利润率 16.8%，较去年同期的 14.3% 扩大 2.5 个百分点。 经营活动现金流 62.18亿美元，同比增长 5.0%。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.41 | 0.35 | 超预期 +17.3% |
| 2026年3月 | 0.20 | 0.19 | 超预期 +7.3% |
| 2025年12月本次财报 | 0.34 | 0.25 | 超预期 +37.2% |
| 2025年9月 | 1.43 | 1.34 | 超预期 +7.0% |
2025年12月 实际 EPS 0.34美元，分析师一致预期 0.25美元，超预期 +37.2%。
由 AI 基于本次 SEC 报告整理
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.
来源: 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.
来源: 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.
来源: 10-K Income Statement, Financial Data
Long-term debt declined 2.9% to $27.38B while stockholders' equity grew 32.8% to $12.28B, indicating the company is deleveraging and rebuilding its balance sheet following pandemic-era borrowing.
来源: 10-K Balance Sheet, Financial Data
Operating cash flow reached $6.22B in FY2025, up 5.0% from $5.92B, while investing outflows moderated to -$3.32B from -$4.54B, reflecting disciplined capital allocation and improving cash generation capacity.
来源: 10-K Cash Flow Statement, Financial Data
由 AI 基于本次 SEC 报告整理 · 高 3 中 1 低 1
CCL 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.
来源: 10-K Balance Sheet, Financial Data
CCL's current ratio stands at just 0.32, meaning current liabilities of $13.09B far exceed current assets of $4.22B. This structural liquidity mismatch is common in the cruise industry due to advance ticket sales, but it leaves the company vulnerable to sudden demand disruptions or credit market tightening.
来源: 10-K Balance Sheet & Key Ratios, Financial Data
As a capital-intensive global operator, CCL's profitability is highly sensitive to fuel price fluctuations and broader macroeconomic conditions that affect consumer discretionary spending. A recession or spike in fuel costs could materially compress margins that have only recently recovered.
来源: 10-K Financial Data (Operating Cost Structure)
CCL operates globally across multiple brands and itineraries, making it exposed to geopolitical instability, port closures, or regional conflicts that could force costly itinerary changes and reduce bookings in affected regions.
来源: 10-K Risk Profile, Financial Data
SG&A expenses grew 4.6% to $3.40B in FY2025, and while this is below revenue growth, sustained increases in selling and administrative costs could limit further margin expansion as the company scales.
来源: 10-K Income Statement, Financial Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 266.22 亿美元 | 250.21 亿美元 | +6.40% |
营业利润 亿美元 | 44.83 亿美元 | 35.74 亿美元 | +25.43% |
净利润 亿美元 | 27.60 亿美元 | 19.16 亿美元 | +44.05% |
每股收益（基本） 美元 | 2.10 美元 | 1.50 美元 | +40.00% |
每股收益（稀释） 美元 | 2.02 美元 | 1.44 美元 | +40.28% |
销售及管理费用 亿美元 | 34.02 亿美元 | 32.52 亿美元 | +4.61% |
答案基于本次 SEC 报告与本页数据
酒店、度假村与邮轮 行业其他公司