Carnival Corp Ltd.
For the period ended Aug 31, 2026. Filed Sep 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Aug 31, 2026 · Filed Sep 29, 2026
CCL$29.58-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-05-31; filed 2026-06-26.
0000815097-26-000096
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-08-31; filed 2026-09-29.
0000815097-26-000107
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 141 current paragraphs.
36 unchanged; 40 reworded; 63 added; 100 removed; 5 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (63)
Current report
•$80 million - 1.5% capacity increase in ALBDs
Current report
•$36 million - higher ticket prices
Current report
The remaining 34% of 2026 total revenues were comprised of Onboard and other revenues, which increased by $183 million, or 6.7%, to $2.9 billion in 2026 from $2.7 billion in 2025.
Current report
•$47 million - 1.5% capacity increase in ALBDs
Current report
Passenger ticket revenues made up 63% of our North America segment’s 2026 total revenues. Passenger ticket revenues increased by $57 million, or 1.6% and were $3.5 billion in 2026 and 2025. This increase was caused by a 2.7% capacity increase in ALBDs, representing $92 million, partially offset by lower ticket prices of $40 million.
Current report
The remaining 37% of our North America segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $138 million, or 7.3%, to $2.0 billion in 2026 from $1.9 billion in 2025.
Current report
•$50 million - 2.7% capacity increase in ALBDs
Current report
Passenger ticket revenues made up 78% of our Europe segment’s 2026 total revenues. Passenger ticket revenues increased by $39 million, or 2.0%, and were $2.0 billion in 2026 and 2025. This increase was caused by $75 million of higher ticket prices.
Current report
The remaining 22% of our Europe segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $16 million, or 2.7%, to $585 million in 2026 from $569 million in 2025.
Current report
Operating expenses increased by $243 million, or 5.5%, to $4.6 billion in 2026 from $4.4 billion in 2025.
Current report
•$149 million - higher fuel prices
Current report
•$70 million - 1.5% capacity increase in ALBDs
Current report
•$26 million - higher emission allowance costs due to an increase in the percentage of emissions subject to the ETS in 2026 compared to 2025
Current report
Depreciation and amortization expenses increased by $36 million, or 5.0%, to $754 million in 2026 from $717 million in 2025.
Current report
Operating expenses increased by $173 million, or 5.9%, to $3.1 billion in 2026 from $2.9 billion in 2025.
Current report
•$107 million - higher fuel prices
Current report
•$78 million - 2.7% capacity increase in ALBDs
Current report
•$42 million - higher fuel prices
Current report
•$18 million - higher emission allowance costs due to an increase in the percentage of emissions subject to the ETS in 2026 compared to 2025
Current report
Selling and administrative expenses increased by $19 million, or 7.6%, to $263 million in 2026 from $244 million in 2025.
Current report
Depreciation and amortization expenses increased by $18 million, or 9.1%, to $214 million in 2026 from $196 million in 2025.
Current report
Nine Months Ended August 31, 2026 (“2026”) Compared to Nine Months Ended August 31, 2025 (“2025”)
Current report
•$202 million - net favorable foreign currency translation impact
Current report
•$173 million - 1.3% capacity increase in ALBDs
Current report
•$141 million - higher ticket prices
Current report
These increases were partially offset by a decrease in air transportation revenue, representing $66 million.
Current report
•$285 million - higher onboard spending by our guests
Current report
•$114 million - 1.3% capacity increase in ALBDs
Current report
•$62 million - net favorable foreign currency translation impact
Current report
The remaining 38% of our North America segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $357 million, or 7.1%, to $5.4 billion in 2026 from $5.0 billion in 2025.
Current report
•$251 million - higher onboard spending by our guests
Current report
•$125 million - 2.5% capacity increase in ALBDs
Current report
•$202 million - net favorable foreign currency translation impact
Current report
•$138 million - higher ticket prices
Current report
These increases were partially offset by a decrease in air transportation revenue, representing $47 million.
Current report
•$62 million - net favorable foreign currency translation impact
Current report
Operating expenses increased by $755 million, or 6.3%, to $12.8 billion in 2026 from $12.0 billion in 2025.
Current report
•$212 million - higher fuel prices
Current report
•$170 million - 1.3% capacity increase in ALBDs
Current report
•$160 million - net unfavorable foreign currency translation impact
Showing the first 40 of 63 passages. Open the source sections for the rest.
Removed paragraphs (100)
Previous report
•Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations.
Previous report
•Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage.
Previous report
•Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations.
Previous report
•Our targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business.
Previous report
•Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our principal and other offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and reputational damage.
Previous report
•Our debt requires a significant amount of cash to service and our ability to generate sufficient cash depends on many factors, some of which may be beyond our control. Our financial condition and operations could be adversely impacted if we are unable to service our debt or satisfy our covenants.
Previous report
•Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.
Previous report
•The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations.
Previous report
•We rely on suppliers who are integral to the operations of our businesses. These suppliers and service providers may be unable to deliver on their commitments, which could negatively impact our business.
Previous report
•Our investments in port destinations and exclusive islands may expose us to additional risks.
Previous report
•Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.
Previous report
•Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests.
Previous report
•Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection measures, labor and employment, and tax may be costly and lead to litigation, enforcement actions, fines, penalties and reputational damage.
Previous report
•Factors associated with sustainability and the impact of greenhouse gases and other emissions on the environment could have a material impact on our business and operating results.
Previous report
The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. There may be additional risks that we consider immaterial or which are unknown. Additional information about the factors that may affect future results is contained in our most recent Annual Report on Form 10-K as well as our other filings with the SEC, all of which are available on the SEC's website at www.sec.gov.
Previous report
Passenger ticket revenues made up 64% of our 2026 total revenues. Passenger ticket revenues increased by $168 million, or 4.1%, to $4.3 billion in 2026 from $4.1 billion in 2025.
Previous report
•$80 million - 2.0% capacity increase in ALBDs
Previous report
•$61 million - higher ticket prices
Previous report
•$60 million - net favorable foreign currency translation impact
Previous report
These increases were partially offset by a decrease of $36 million in air transportation revenue.
Previous report
This increase was driven by:
Previous report
•$76 million - higher onboard spending by our guests
Previous report
•$53 million - 2.0% capacity increase in ALBDs
Previous report
Passenger ticket revenues made up 60% of our North America segment’s 2026 total revenues. Passenger ticket revenues increased by $74 million, or 2.9%, to $2.7 billion in 2026 from $2.6 billion in 2025. This increase was caused by a 3.4% capacity increase in ALBDs, representing $87 million, partially offset by a 1.1 percentage point decrease in occupancy, representing $27 million.
Previous report
The remaining 40% of our North America segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $124 million, or 7.6%, to $1.8 billion in 2026 from $1.6 billion in 2025.
Previous report
•$55 million - 3.4% capacity increase in ALBDs
Previous report
•$60 million - net favorable foreign currency translation impact
Previous report
•$49 million - higher ticket prices
Previous report
These increases were partially offset by a decrease of $27 million in air transportation revenue.
Previous report
The remaining 23% of our Europe segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $18 million, or 3.9%, to $493 million in 2026 from $474 million in 2025.
Previous report
Operating expenses increased by $339 million, or 8.7%, to $4.2 billion in 2026 from $3.9 billion in 2025.
Previous report
•$121 million - higher fuel prices
Previous report
•$82 million - 2.0% capacity increase in ALBDs
Previous report
•$44 million - net unfavorable foreign currency translation impact
Previous report
•$30 million - higher cruise Payroll and related expenses driven by higher crew travel costs resulting from the Middle East conflict
Previous report
•$42 million - lower repair and maintenance expenses (including dry-dock expenses)
Previous report
•$23 million - lower fuel consumption per ALBD
Previous report
Selling and administrative expenses increased by $47 million, or 5.8%, to $863 million in 2026 from $816 million in 2025.
Previous report
Depreciation and amortization expenses increased by $31 million, or 4.4%, to $723 million in 2026 from $692 million in 2025.
Previous report
•$87 million - 3.4% capacity increase in ALBDs
Showing the first 40 of 100 passages. Open the source sections for the rest.
Reworded paragraphs (40)
Previous wording
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:
Current wording
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. Examples of these factors include, but are not limited to, those discussed in “Item 1A. Risk Factors,” included in the Form 10-K.
Previous wording
Our Passenger ticket revenues are seasonal. Demand for cruises has been greatest during our third quarter, which includes the Northern Hemisphere summer months. This higher demand during the third quarter results in higher ticket prices and occupancy levels and, accordingly, the largest share of our operating income is typically earned during this period. Our results are also impacted by ships being taken out-of-service for planned maintenance, which we schedule during non-peak seasons. In addition, substantially all of Holland America Princess Alaska Tours’ revenue and operating income is generated from May through September in conjunction with Alaska’s cruise season.
Current wording
Our Passenger ticket revenues are seasonal. Demand for cruises has been greatest during our third quarter, which includes the Northern Hemisphere summer months. This higher demand during the third quarter results in higher ticket prices and occupancy levels and, accordingly, the largest share of our operating income is typically earned during this period. Our results are also impacted by ships being taken out-of-service for planned maintenance, which are typically scheduled during non-peak seasons. In addition, all of Holland America Princess Alaska Tours’ revenue and operating income is generated from May through September in conjunction with Alaska’s cruise season.
Previous wording
Recent geopolitical tensions and related concerns have and could continue to impact our profitabilityand may heighten other risks discussed in “Item 1A. Risk Factors,” included in the Form 10-K. In addition, while fuel prices have recently moderated, any renewed disruptions or escalation could result in increased fuel costs and adversely impact our profitability.
Current wording
Geopolitical tensions and related concerns have and could continue to impact our profitabilityand may heighten other risks discussed in “Item 1A. Risk Factors,” included in the Form 10-K. While we continue to experience increased fuel prices, any further disruptions or escalation could result in increased fuel costs and adversely impact our profitability.
Previous wording
We became subject to the EU Emissions Trading System (“ETS”) on January 1, 2024, which includes a three-year phase-in period. The impact of this regulation in 2025 was $91 million, which represented costs associated with 70% of emissions under the ETS operational scope. In 2026, all in scope emissions are impacted. We believe fluctuations in foreign currency exchange rates and evolving regulatory requirements related to the reduction of greenhouse gas emissions may adversely impact our profitability in both the short and long term.
Current wording
We became subject to the EU Emissions Trading System (“ETS”) on January 1, 2024, which includes a three-year phase-in period. The impact of this regulation in 2025 was $91 million, which represented costs associated with 70% of emissions under the ETS operational scope. In 2026, all in scope emissions are subject to the ETS and the expected impact is approximately $160 million.
Previous wording
(c)For the three and six months ended May 31, 2026 compared to the three and six months ended May 31, 2025, we had a 2.0% capacity increase and a 1.2% capacity increase in ALBDs.
Current wording
(c)For the three and nine months ended August 31, 2026 compared to the three and nine months ended August 31, 2025, we had a 1.5% capacity increase and a 1.3% capacity increase in ALBDs.
Previous wording
Passenger ticket revenues made up 60% of our North America segment’s 2026 total revenues. Passenger ticket revenues increased by $91 million, or 1.8%, to $5.1 billion in 2026 from $5.0 billion in 2025.
Current wording
Passenger ticket revenues made up 66% of our 2026 total revenues. Passenger ticket revenues increased by $99 million, or 1.8%, to $5.5 billion in 2026 from $5.4 billion in 2025.
Previous wording
•$104 million - higher ticket prices
Current wording
•$104 million - higher onboard spending by our guests
Previous wording
Operating expenses increased by $184 million, or 7.1%, to $2.8 billion in 2026 from $2.6 billion in 2025.
Current wording
Selling and administrative expenses increased by $55 million, or 7.1%, to $834 million in 2026 from $779 million in 2025.
Previous wording
Selling and administrative expenses increased by $36 million, or 3.7%, and were $1.0 billion in 2026 and 2025.
Current wording
Selling and administrative expenses increased by $36 million, or 8.3%, to $472 million in 2026 from $436 million in 2025.
Previous wording
Depreciation and amortization expenses increased by $27 million, or 6.1%, to $477 million in 2026 from $450 million in 2025.
Current wording
Depreciation and amortization expenses increased by $27 million, or 5.9%, to $489 million in 2026 from $461 million in 2025.
Previous wording
Depreciation and amortization expenses increased by $54 million, or 6.1%, to $937 million in 2026 from $884 million in 2025.
Current wording
Operating expenses increased by $54 million, or 4.2%, to $1.4 billion in 2026 from $1.3 billion in 2025.
Previous wording
Our consolidated operating income decreased by $19 million and was $1.5 billion in 2026 and 2025. Our North America segment’s operating income increased by $20 million and was $1.2 billion in 2026 and 2025, and our Europe segment’s operating income decreased by $12 million to $496 million in 2026 from $508 million in 2025. These changes were primarily due to the reasons discussed above.
Current wording
Our consolidated operating income decreased by $52 million to $2.2 billion in 2026 from $2.3 billion in 2025. Our North America segment’s operating income decreased by $41 million and was $1.5 billion in 2026 and 2025. Our Europe segment’s operating income decreased by $37 million to $774 million in 2026 from $810 million in 2025. These changes were primarily due to the reasons discussed above.
Previous wording
Interest expense, net of capitalized interest decreased by $56 million, or 16%, to $285 million in 2026 from $341 million in 2025. The decrease was caused by a decrease in total debt and lower average interest rates.
Current wording
Interest expense, net of capitalized interest decreased by $31 million, or 9.9%, to $285 million in 2026 from $317 million in 2025. The decrease was caused by a decrease in total debt, partially offset by decreased capitalized interest.
Previous wording
Passenger ticket revenues made up 65% of our 2026 total revenues. Passenger ticket revenues increased by $359 million, or 4.5%, to $8.3 billion in 2026 from $7.9 billion in 2025.
Current wording
Passenger ticket revenues made up 65% of our 2026 total revenues. Passenger ticket revenues increased by $458 million, or 3.4%, to $13.8 billion in 2026 from $13.4 billion in 2025.
Previous wording
The remaining 36% of 2026 total revenues were comprised of Onboard and other revenues, which increased by $166 million, or 7.4%, to $2.4 billion in 2026 from $2.2 billion in 2025.
Current wording
The remaining 35% of 2026 total revenues were comprised of Onboard and other revenues, which increased by $513 million, or 7.4%, to $7.4 billion in 2026 from $6.9 billion in 2025.
Previous wording
These increases were partially offset by a 1.2 percentage point decrease in occupancy, representing $57 million.
Current wording
Passenger ticket revenues made up 62% of our North America segment’s 2026 total revenues. Passenger ticket revenues increased by $148 million, or 1.7%, to $8.6 billion in 2026 from $8.5 billion in 2025. This increase was caused by a 2.5% capacity increase in ALBDs, representing $211 million, partially offset by a 0.7 percentage point decrease in occupancy, representing $57 million.
Previous wording
Passenger ticket revenues made up 77% of our Europe segment’s 2026 total revenues. Passenger ticket revenues increased by $93 million, or 6.0%, to $1.6 billion in 2026 from $1.5 billion in 2025.
Current wording
Passenger ticket revenues made up 77% of our Europe segment’s 2026 total revenues. Passenger ticket revenues increased by $303 million, or 6.1%, to $5.2 billion in 2026 from $4.9 billion in 2025.
Previous wording
•$17 million - 1.1 percentage point increase in occupancy
Current wording
•$49 million - 1.0 percentage point increase in occupancy
Previous wording
The remaining 40% of our North America segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $219 million, or 7.0%, to $3.3 billion in 2026 from $3.1 billion in 2025.
Current wording
The remaining 23% of our Europe segment’s 2026 total revenues were comprised of Onboard and other revenues, which increased by $102 million, or 7.0%, to $1.6 billion in 2026 from $1.5 billion in 2025.
Previous wording
•$34 million - higher repair and maintenance expenses (including dry-dock expenses)
Current wording
•$34 million - higher onboard spending by our guests
Previous wording
•$103 million - nonrecurrence of gains from the sale of one North America segment ship and one Europe segment ship in 2025
Current wording
•$103 million - nonrecurrence of gains on sale of ships in 2025
Previous wording
Depreciation and amortization expenses increased by $72 million, or 5.4%, to $1.4 billion in 2026 from $1.3 billion in 2025.
Current wording
Depreciation and amortization expenses increased by $81 million, or 6.0%, to $1.4 billion in 2026 from $1.3 billion in 2025.
Previous wording
•$31 million - lower Commissions, transportation and other expenses driven by lower air transportation expenses
Current wording
These increases were partially offset by lower air transportation expenses of $40 million.
Previous wording
Depreciation and amortization expenses increased by $16 million, or 8.5%, to $203 million in 2026 from $187 million in 2025.
Current wording
Selling and administrative expenses increased by $63 million, or 8.5%, to $806 million in 2026 from $743 million in 2025.
Previous wording
Depreciation and amortization expenses increased by $41 million, or 12%, to $397 million in 2026 from $356 million in 2025. This increase was caused by net unfavorable foreign currency translation impacts and fleet enhancements.
Current wording
Depreciation and amortization expenses increased by $59 million, or 11%, to $611 million in 2026 from $552 million in 2025. This increase was caused by net unfavorable foreign currency translation impacts and fleet enhancements.
Previous wording
Our consolidated operating income decreased by $83 million to $851 million in 2026 from $934 million in 2025. Our North America segment’s operating income decreased by $33 million to $658 million in 2026 from $691 million in 2025, and our Europe segment’s operating income decreased by $42 million to $326 million in 2026 from $368 million in 2025. These changes were primarily due to the reasons discussed above.
Current wording
Our consolidated operating income decreased by $70 million and was $3.7 billion in 2026 and 2025. Our North America segment’s operating income decreased by $21 million and was $2.7 billion in 2026 and 2025. Our Europe segment’s operating income decreased by $49 million and was $1.3 billion in 2026 and 2025. These changes were primarily due to the reasons discussed above.
Previous wording
Interest expense, net of capitalized interest decreased by $141 million, or 20%, to $577 million in 2026 from $718 million in 2025. The decrease was caused by a decrease in total debt and lower average interest rates.
Current wording
Interest expense, net of capitalized interest decreased by $172 million, or 17%, to $0.9 billion in 2026 from $1.0 billion in 2025. The decrease was caused by a decrease in total debt and lower average interest rates, partially offset by decreased capitalized interest.
Previous wording
As of May 31, 2026, we had $6.7 billion of liquidity including $2.2 billion of cash and cash equivalents and $4.5 billion available for borrowing under our multicurrency revolving credit facility. In addition, we had $10.8 billion of undrawn export credit facilities to fund future ship deliveries.
Current wording
As of August 31, 2026, we had $5.7 billion of liquidity including $1.2 billion of cash and cash equivalents and $4.5 billion available for borrowing under our multicurrency revolving credit facility. In addition, we had $10.7 billion of undrawn export credit facilities to fund future ship deliveries.
Previous wording
We had a working capital deficit of$8.9 billion as of May 31, 2026 and November 30, 2025. We operate with a substantial working capital deficit, largely due to our business model in which guest cruise deposits and the advance purchases of onboard and other services are collected ahead of the sailing date and recorded as a liability until recognized as revenue. These customer deposits are used alongside other cash sources to fund operations, service debt, and support capital investments. In addition, we have a relatively low level of accounts receivable and limited investment in inventories.
Current wording
We had a working capital deficit of$9.1 billion and $8.9 billion as of August 31, 2026 and November 30, 2025. We operate with a substantial working capital deficit, largely due to our business model in which guest cruise ticket deposits and the advance purchases of onboard and other services are collected ahead of the sailing date and recorded as a liability until recognized as revenue with a relatively low level of accounts receivable and inventories. These customer deposits are used alongside other cash sources to fund operations, service debt, and support capital investments.
Previous wording
Our business provided $3.9 billion of net cash flows from operating activities during the six months ended May 31, 2026, an increase of $575 million, compared to $3.3 billion provided for the same period in 2025. This was caused by an improvement in our earnings with $801 million of net income in 2026 compared to $494 million of net income in 2025, which includes the nonrecurrence of gains from the sale of one North America segment ship and one Europe segment ship in 2025, partially offset by the nonrecurrence of losses on debt extinguishment in 2025, as well as other working capital changes.
Current wording
Our business provided $5.3 billion of net cash flows from operating activities during the nine months ended August 31, 2026, an increase of $603 million, compared to $4.7 billion provided for the same period in 2025. This was caused by an improvement in our earnings with $2.7 billion of net income in 2026 compared to $2.3 billion of net income in 2025, as well as the nonrecurrence of gains from the sale of one North America segment ship and one Europe segment ship in 2025 and other working capital changes, partially offset by the nonrecurrence of losses on debt extinguishment in 2025.
Previous wording
During the six months ended May 31, 2026, net cash used in investing activities was $1.5 billion. This was caused by:
Current wording
During the nine months ended August 31, 2026, net cash used in investing activities was $2.2 billion. This was caused by:
Previous wording
•Capital expenditures of $1.4 billion substantially all attributable to ship improvements, our ongoing new shipbuilding program and development of our portfolio of exclusive destinations
Current wording
•Capital expenditures of $2.1 billion principally attributable to ship improvements, our ongoing new shipbuilding program and development of our portfolio of exclusive destinations
Previous wording
During the six months ended May 31, 2025, net cash used in investing activities was $1.2 billion. This was driven by:
Current wording
During the nine months ended August 31, 2025, net cash used in investing activities was $1.8 billion. This was caused by:
Previous wording
•Capital expenditures of $1.5 billion primarily attributable to ship improvements and developments in our port destinations and exclusive islands
Current wording
•Capital expenditures of $2.1 billion primarily attributable to ship improvements and developments in our port destinations and exclusive islands
Previous wording
•Advances of $46 million to one of our equity method investments
Current wording
•Advances of $90 million to one of our equity method investments
Previous wording
During the six months ended May 31, 2026, net cash used in financing activities of $2.1 billion was driven by:
Current wording
During the nine months ended August 31, 2026, net cash used in financing activities of $3.8 billion was driven by:
Previous wording
•Debt issuance costs of $41 million
Current wording
•Debt issuance costs of $51 million
Previous wording
During the six months ended May 31, 2025, net cash used in financing activities of $1.2 billion was caused by:
Current wording
During the nine months ended August 31, 2025, net cash used in financing activities of $2.4 billion was caused by:
Previous wording
•Debt extinguishment costs of $197 million
Current wording
•Debt extinguishment costs of $242 million
Previous wording
We plan to use existing liquidity and future cash flows from operations to fund our cash requirements including capital expenditures not funded by our export credit facilities. We seek to manage our credit risk exposures, including counterparty nonperformance associated with our cash and cash equivalents, and future financing facilities by conducting business with well-established financial institutions, and export credit agencies and diversifying our counterparties.
Current wording
We plan to use existing liquidity and future cash flows from operations to fund our cash requirements including capital expenditures not funded by our export credit facilities.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We believe fluctuations in foreign currency exchange rates and evolving regulatory requirements related to the reduction of greenhouse gas emissions may adversely impact our profitability in both the short and long term.
Current report — wording carried from elsewhere
•Debt issuance costs of $68 million
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
•Fluctuations in foreign currency exchange rates may adversely impact our financial results.
Previous report — wording carried elsewhere
•$53 million - 1.8 percentage point increase in occupancy
Previous report — wording carried elsewhere
•$103 million - nonrecurrence of gains from the sale of one North America segment ship and one Europe segment ship in 2025
Previous report — wording carried elsewhere
•$46 million - nonrecurrence of a gain from the sale of one ship in 2025
Previous report — wording carried elsewhere
•$57 million - nonrecurrence of a gain from the sale of one ship in 2025