Carnival Corporation Ltd. stock research
FY2025 Q2
Carnival (CCL) Gross Margin — Quarter Ended May 31, 2025
Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit rose at a faster pace than cost of revenue, leading to an improved gross margin.
Gross margin takeaway
Quarter ended May 31, 2025 · FY2025 Q2
Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit rose at a faster pace than cost of revenue, leading to an improved gross margin.
- The gross margin improvement coincides with a larger increase in revenue relative to the increase in cost of revenue. This pattern is observed in both sequential and year-over-year comparisons.
- Gross margin strengthened from the immediately preceding quarter and from the same quarter one year earlier. Revenue and gross profit were higher in both comparisons, while cost of revenue was slightly higher sequentially and essentially unchanged year-over-year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.6%
Gross profit
$2.4B
Revenue
$6.3B
Cost of revenue
$3.9B
Quarter-over-quarter change
+3.4 pts
Year-over-year change
+4.3 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 |
|---|---|---|---|---|
| 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% |
| May 31, 2025 | $6.3B | $2.4B | $3.9B | 38.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 28, 2025
+3.4 pts
Year-over-year change
May 31, 2024
+4.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement coincides with a larger increase in revenue relative to the increase in cost of revenue. This pattern is observed in both sequential and year-over-year comparisons.
Gross margin strengthened from the immediately preceding quarter and from the same quarter one year earlier. Revenue and gross profit were higher in both comparisons, while cost of revenue was slightly higher sequentially and essentially unchanged year-over-year.
Monitor whether revenue growth continues to outpace cost of revenue growth in upcoming quarters.