Carnival Corporation Ltd. stock research
FY2025 Q1
Carnival (CCL) Gross Margin — Quarter Ended Feb 28, 2025
Revenue and gross profit decreased slightly from the prior quarter but increased compared to the same quarter last year. Cost of revenue was stable quarter-over-quarter while rising year-over-year, resulting in a gross margin that was marginally lower than the previous quarter but higher than the year-ago period.
Gross margin takeaway
Quarter ended Feb 28, 2025 · FY2025 Q1
Revenue and gross profit decreased slightly from the prior quarter but increased compared to the same quarter last year. Cost of revenue was stable quarter-over-quarter while rising year-over-year, resulting in a gross margin that was marginally lower than the previous quarter but higher than the year-ago period.
- The year-over-year improvement in gross margin was the strongest observable driver, as revenue grew more than cost of revenue compared to the same quarter a year ago.
- Compared to the immediately preceding quarter, revenue and gross profit were slightly lower, while cost of revenue remained unchanged, leading to a marginally weakened gross margin. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, with gross margin showing a clear improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
35.2%
Gross profit
$2.0B
Revenue
$5.8B
Cost of revenue
$3.8B
Quarter-over-quarter change
-0.3 pts
Year-over-year change
+3.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| May 31, 2024 | $5.8B | $2.0B | $3.8B | 34.3% |
| Aug 31, 2024 | $7.9B | $3.6B | $4.3B | 45.5% |
| Nov 30, 2024 | $5.9B | $2.1B | $3.8B | 35.4% |
| Feb 28, 2025 | $5.8B | $2.0B | $3.8B | 35.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Nov 30, 2024
-0.3 pts
Year-over-year change
Feb 29, 2024
+3.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The year-over-year improvement in gross margin was the strongest observable driver, as revenue grew more than cost of revenue compared to the same quarter a year ago.
Compared to the immediately preceding quarter, revenue and gross profit were slightly lower, while cost of revenue remained unchanged, leading to a marginally weakened gross margin. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, with gross margin showing a clear improvement.
Monitor the trend in cost of revenue relative to revenue in the coming quarters.