v3.26.1
Segment Information
 3 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The chief operating decision maker (“CODM”), who is the Chief Executive Officer of Carnival Corporation and Carnival plc assesses performance and makes decisions to allocate resources for Carnival Corporation & plc 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 (loss) before income taxes:

 Three months ended February 28, 2026
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$4,019 $2,069 $77 $0 $6,165 
Cruise and tour operating expenses:
Commissions, transportation and other468 442 (38)(c)— 
Onboard and other465 133 20 — 
Payroll and related375 268 41 — 
Fuel270 127 1 — 
Food268 113 1 — 
Other operating (a)606 339 28 13 
Total cruise and tour operating expenses2,452 1,421 53 13 3,939 
Adjusted selling and administrative expense (b)537 283 83 5 907 
Depreciation and amortization expense460 194 34 7 696 
Adjusted Operating Income (Loss)569 170 (92)(24)623 
Restructuring expenses0 
Other(16)
Interest income12 
Interest expense, net of capitalized interest(291)
Other income (expense), net(47)
Income (Loss) Before Income Taxes$280 
Capital Expenditures$264 $172 $113 $17 $566 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expense for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes certain other gains and losses that are not part of our core operating business.
(c)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
 Three months ended February 28, 2025
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$3,906 $1,830 $72 $2 $5,810 
Cruise and tour operating expenses:
Commissions, transportation and other457 419 (26)(c)— 
Onboard and other473 114 12 — 
Payroll and related359 247 33 — 
Fuel319 146 0 — 
Food257 97 0 — 
Other operating (a)571 247 25 15 
Total cruise and tour operating expenses2,436 1,270 45 15 3,766 
Adjusted selling and administrative expense (b)520 250 72 4 847 
Depreciation and amortization expense434 169 45 6 654 
Adjusted Operating Income (Loss)516 140 (91)(22)543 
Restructuring expenses0 
Other— 
Interest income7 
Interest expense, net of capitalized interest(377)
Debt extinguishment and modification costs(252)
Other income (expense), net12 
Income (Loss) Before Income Taxes$(68)
Capital Expenditures$291 $120 $182 $15 $607 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses
(b)Excludes restructuring expenses
(c)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.

Total assets were as follows:

(in millions)February 28, 2026November 30, 2025
North America$31,304 $31,400 
Europe16,406 16,030 
Cruise Support3,435 3,836 
Tour and Other421 421 
$51,567 $51,687 

Substantially all of our long-lived assets consist of our ships and move between geographic areas.