Financial Analysis

Compensation Plans and Post-Employment Benefits Equity Plans We issue our share-based compensation awards, which at November 30, 2025 included time-based share awards (restricted stock awards and restricted stock units) and performance-based share awards (restricted stock units) (collectively equity awards), under the Carnival Corporation and Carnival plc stock plans. Equity awards are principally granted to management level employees and members of our Boards of Directors. The plans are administered by the Compensation Committees which are made up of independent directors who determine which employees are eligible to participate, the monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold within a specified term. We had an aggregate of 22.7 million shares available for future grant at November 30, 2025. We fulfill our equity award obligations using shares purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a three-year period, subject to earlier vesting under certain conditions. Shares Weighted-Average Grant Date Fair Value Outstanding at November 30, 2024 11,922,246 $ 12.48 Granted 6,025,742 $ 17.76 Vested (4,295,161) $ 13.89 Forfeited (1,088,724) $ 14.38 Outstanding at November 30, 2025 12,564,103 $ 14.37 As of November 30, 2025, there was $157 million of total unrecognized compensation cost related to equity awards, which is expected to be recognized over …

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Debt November 30, (in millions) Maturity Rate (a) 2025 2024 Secured Subsidiary Guaranteed Notes Notes Jun 2027 7.88% $ 192 $ 192 Notes Aug 2028 4.00% 2,406 2,406 Notes Aug 2029 7.00% 500 500 Loans Floating rate (b) Aug 2027 - Oct 2028 SOFR + 2.00% (c) 2,449 Total Secured Subsidiary Guaranteed 3,098 5,547 Senior Priority Subsidiary Guaranteed Notes (b) May 2028 10.38% 2,030 Unsecured Subsidiary Guaranteed Notes Notes (b) Mar 2026 7.63% 1,351 Notes (b) Mar 2027 5.75% 2,722 Convertible Notes Dec 2025 (d) 5.75% 1,131 1,131 Notes (b) May 2029 6.00% 2,000 Notes May 2029 5.13% 1,250 EUR Notes Jan 2030 5.75% 580 528 Notes Mar 2030 5.75% 1,000 Notes (b) Jun 2030 10.50% 1,000 Notes Jun 2031 5.88% 1,000 EUR Notes Jul 2031 4.13% 1,160 Notes Aug 2032 5.75% 3,000 Notes Feb 2033 6.13% 2,000 Loans EUR floating rate (e) Apr 2025 EURIBOR + 3.25% 211 Floating rate Aug 2027 - Nov 2027 SOFR + 1.13 - 1.38% 900 Export Credit Facilities Floating rate Dec 2031 SOFR + 1.20% (f) 446 514 Fixed rate Aug 2027 - Dec 2032 2.42 - 3.38% 1,983 2,370 EUR floating rate Oct 2026 - Nov 2034 EURIBOR + 0.55 - 0.80% 2,461 2,590 EUR fixed rate Feb 2031 - Sep 2037 1.05 - 4.00% 6,132 5,386 Total Unsecured Subsidiary Guaranteed 23,042 19,803 Unsecured (No Subsidiary Guarantee) Notes Notes Jan 2028 6.65% 200 200 EUR Notes Oct 2029 1.00% 696 633 Loans EUR floating rate (e) Apr 2029 EURIBOR + 1.95% 348 Total Unsecured (No Subsidiary Guarantee) 1,244 833 Total Debt 27,383 28,213 Less: unamortized debt issuance costs and disc …

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Taxation A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows: U.S. Income Tax We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. We also own and operate, among other businesses, the U.S. hotel and transportation business of Holland America Princess Alaska Tours through U.S. corporations. Our North American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the U.S. Depending on its itinerary, any particular ship may generate income from sources within the U.S. We believe that our U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international operation of a ship or ships, is exempt from U.S. federal income and branch profit taxes. Our domestic U.S. operations, principally the hotel and transportation business of Holland America Princess Alaska Tours, are subject to federal and state income taxation in the U.S. In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable U.S. Treasury regulations provide in general that a foreign corporation will qualify for the b …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The components of expense were as follows: November 30, (in millions) 2025 2024 2023 Operating lease expense $ 233 $ 215 $ 213 Variable lease expense (a) $ 209 $ 211 $ 116 (a) Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commissions, transportation and other in our Consolidated Statements of Income (Loss). Variable lease expense related to operating leases, other than the port facilities, were not material to our consolidated financial statements. During 2025, 2024 and 2023, the cash outflow for leases was materially consistent with the lease expense recognized and short-term lease costs were not material for the periods presented. Right-of-use assets obtained in exchange for new and amended operating lease liabilities was $103 million in 2025, $247 million in 2024 and $108 million in 2023. Weighted average of the remaining lease terms and weighted average discount rates are as follows: November 30, 2025 November 30, 2024 Weighted average remaining lease term - operating leases (in years) 11 12 Weighted average discount rate - operating leases 5.4 % 5.9 % As of November 30, 2025, maturities of operating lease liabilities were as follows: (in millions) Year 2026 $ 233 2027 227 2028 212 2029 167 2030 133 Thereafter 843 Total lease payments 1,816 Less: Present value discount (463) Present value of lease liabilities $ 1,353 For time chart …

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Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued guidance, Segment Reporting - Improvements to Reportable Segment Disclosures . This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (CODM) as well as interim disclosures for all reportable segments measure of profit or loss and assets. This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. We adopted this guidance retrospectively as of November 30, 2025. Refer to Note 12 - Segment Information. In December 2023, the FASB issued guidance, Income Taxes - Improvements to Income Tax Disclosures . This guidance requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, as well as other amendments relating to income tax disclosures. This guidance is required to be adopted by us in 2026. We are currently evaluating the impact this guidance may have on our consolidated financial statements. In November 2024, the FASB issued guidance, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures - Disaggregation of Income Statement Expenses . This guidance requires annual and interim disclosure of disaggregated information for certain costs and expenses. This gu …

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Segment Information The chief operating decision maker, who is the Chief Executive Officer of Carnival Corporation and Carnival plc, assesses performance and makes decisions to allocate resources based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other qualitative characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) North America cruise operations (North America), (2) Europe cruise operations (Europe), (3) Cruise Support and (4) Tour and Other. Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Our CODM uses adjusted operating income (loss) in assessing segment performance and determining how to allocate resources. This metric is used to review segment operating trends and monitor variances against the plan and prior year results. Resource allocation primarily occurs during the annual capital appropriation process. The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adjusted operating income (loss) to net income (loss) before inco …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method. For 2024 and 2023, we reclassified certain immaterial amounts within cash flows from operating and financing activities in the Consolidated Statements of Cash Flows to conform to the current year presentation. Preparation of Consolidated Financial Statements The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements. We have made reasonable estimates and judgments of such items within our consolidated financial statements and there may be changes to those estimates in future periods. Actual results may …

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Shareholders Equity Carnival Corporations Articles of Incorporation authorize its Boards of Directors, at its discretion, to issue up to 40.0 million shares of preferred stock. At November 30, 2025 and 2024, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued. Accumulated Other Comprehensive Income (Loss) November 30, (in millions) 2025 2024 2023 Cumulative foreign currency translation adjustments, net $ (1,818) $ (1,955) $ (1,952) Unrecognized pension expenses (44) (45) (34) Net gains on cash flow derivative hedges and other 52 26 48 $ (1,810) $ (1,975) $ (1,939) During 2025, 2024 and 2023, we had an immaterial amount of unrecognized pension expenses that were reclassified out of accumulated other comprehensive loss and were included within payroll and related expenses and selling and administrative expenses. Dividends In December 2025, the Boards of Directors approved the reinstatement of the companys quarterly dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a payment date of February 27, 2026. …

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Debt (in millions) Maturity Rate (a) May 31, 2026 November 30, 2025 Secured Subsidiary Guaranteed Notes Notes Jun 2027 7.88% $ 192 $ 192 Notes Aug 2028 4.00% 2,406 2,406 Notes Aug 2029 7.00% 500 500 Total Secured Subsidiary Guaranteed 3,098 3,098 Unsecured Subsidiary Guaranteed Notes Convertible Notes Dec 2025 (b) 5.75% 1,131 Notes May 2029 5.13% 1,250 1,250 EUR Notes Jan 2030 5.75% 583 580 Notes Mar 2030 5.75% 1,000 1,000 Notes Jun 2031 5.88% 1,000 1,000 EUR Notes Jul 2031 4.13% 1,166 1,160 Notes Aug 2032 5.75% 3,000 3,000 Notes Feb 2033 6.13% 2,000 2,000 Loans Floating rate Aug 2027 - Nov 2027 SOFR + 1.13 - 1.38% 900 900 Export Credit Facilities Floating rate Dec 2031 SOFR + 1.20% (c) 411 446 Fixed rate Aug 2027 - Dec 2032 2.42 - 3.38% 1,790 1,983 EUR floating rate (d) Oct 2026 - Nov 2034 EURIBOR + 0.55 - 0.80% 1,699 1,839 EUR fixed rate (d) Feb 2031 - Sep 2037 1.05 - 4.00% 4,875 5,123 Total Unsecured Subsidiary Guaranteed 19,674 21,411 Unsecured (No Subsidiary Guarantee) Notes Notes Jan 2028 6.65% 200 200 EUR Notes Oct 2029 1.00% 700 696 Loans EUR floating rate Apr 2029 EURIBOR + 1.95% 350 348 Export Credit Facilities EUR floating rate (d) Dec 2033 EURIBOR + 0.55% 588 621 EUR fixed rate (d) Jan 2034 - Apr 2036 1.25 - 1.73% 962 1,010 Total Unsecured (No Subsidiary Guarantee) 2,799 2,874 Total Debt 25,570 27,383 Less: unamortized debt issuance costs and discounts (681) (744) Total Debt, net of unamortized debt issuance costs and discounts 24,889 26,640 Less: Current portion …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued guidance, Income Taxes - Improvements to Income Tax Disclosures . This guidance requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, as well as other amendments relating to income tax disclosures. This guidance is required to be adopted by us for our fiscal 2026 annual financial statements on a prospective basis with the option to apply retrospectively. We are evaluating the impact this guidance may have on our consolidated financial statements. In November 2024, the FASB issued guidance, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures - Disaggregation of Income Statement Expenses . This guidance requires annual and interim disclosure of disaggregated information for certain costs and expenses. This guidance is required to be adopted by us beginning with our fiscal 2028 annual financial statements and fiscal 2029 interim periods on a prospective or retrospective basis. We are evaluating the impact this guidance may have on our consolidated financial statements. In July 2025, the FASB issued guidance, Financial Instruments - Credit Losses - Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected c …

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Revenue and Expense Recognition Guest cruise deposits and advance onboard purchases are initially included in Customer deposits when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct expenses of a voyage are recognized as cruise expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and expenses on a completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between Passenger ticket revenues and Onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Future travel discount vouchers are included as a reduction of Passenger ticket revenues when such vouchers are utilized. Guest cancellation fees, when applicable, are recognized in Passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in Passenger ticket revenues. The related expenses of these services are included in Prepaid expenses and other when paid prior to the start of a voyage and are subsequently recognized in Commissions, transportation and other expenses at the time of revenue recognition. …

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Segment Information The chief operating decision maker (CODM), who is our Chief Executive Officer, assesses performance and makes decisions to allocate resources based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) North America cruise operations (North America), (2) Europe cruise operations (Europe), (3) Cruise Support and (4) Tour and Other. Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise lines. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Our CODM uses adjusted operating income (loss) in assessing segment performance and determining how to allocate resources. This metric is used to review segment operating trends and monitor variances against the plan and prior year results. Resource allocation primarily occurs during the annual capital appropriation process. The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adjusted operating income (loss) to income before income taxes: Three Months Ended May 31, 2026 (in millions) No …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing