Segment Information (Tables)

3 Months Ended

Feb. 28, 2026

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 America		Europe		Cruise Support			Tour and Other		Total
Total Revenues	$	4,019	$	2,069	$	77		$	0	$	6,165
Cruise and tour operating expenses:
Commissions, transportation and other	468		442		(38)		(c)	—
Onboard and other	465		133		20			—
Payroll and related	375		268		41			—
Fuel	270		127		1			—
Food	268		113		1			—
Other operating (a)	606		339		28			13
Total cruise and tour operating expenses	2,452		1,421		53			13		3,939
Adjusted selling and administrative expense (b)	537		283		83			5		907
Depreciation and amortization expense	460		194		34			7		696
Adjusted Operating Income (Loss)	569		170		(92)			(24)		623
Restructuring expenses										0
Other										(16)
Interest income										12
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 America		Europe		Cruise Support			Tour and Other		Total
Total Revenues	$	3,906	$	1,830	$	72		$	2	$	5,810
Cruise and tour operating expenses:
Commissions, transportation and other	457		419		(26)		(c)	—
Onboard and other	473		114		12			—
Payroll and related	359		247		33			—
Fuel	319		146		0			—
Food	257		97		0			—
Other operating (a)	571		247		25			15
Total cruise and tour operating expenses	2,436		1,270		45			15		3,766
Adjusted selling and administrative expense (b)	520		250		72			4		847
Depreciation and amortization expense	434		169		45			6		654
Adjusted Operating Income (Loss)	516		140		(91)			(22)		543

Restructuring expenses										0
Other										—
Interest income										7
Interest expense, net of capitalized interest										(377)
Debt extinguishment and modification costs										(252)
Other income (expense), net										12
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, 2026		November 30, 2025
North America	$	31,304	$	31,400
Europe	16,406		16,030
Cruise Support	3,435		3,836
Tour and Other	421		421
	$	51,567	$	51,687