Carnival Corporation Ltd. stock research
FY2025 Q3
Carnival (CCL) Gross Margin — Quarter Ended Aug 31, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose less than revenue. Gross margin improved versus both periods, reflecting a stronger relationship between revenue growth and cost control.
Gross margin takeaway
Quarter ended Aug 31, 2025 · FY2025 Q3
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose less than revenue. Gross margin improved versus both periods, reflecting a stronger relationship between revenue growth and cost control.
- The improvement in gross margin was driven by revenue growing faster than cost of revenue, as seen in both sequential and year-over-year comparisons.
- Compared to the immediately preceding quarter, gross margin was higher, with revenue and gross profit higher and cost of revenue lower relative to revenue. Versus the same quarter one year earlier, gross margin was also higher, as revenue and gross profit increased while cost of revenue grew at a slower pace.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
46.2%
Gross profit
$3.8B
Revenue
$8.2B
Cost of revenue
$4.4B
Quarter-over-quarter change
+7.6 pts
Year-over-year change
+0.7 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 |
|---|---|---|---|---|
| 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% |
| Aug 31, 2025 | $8.2B | $3.8B | $4.4B | 46.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
May 31, 2025
+7.6 pts
Year-over-year change
Aug 31, 2024
+0.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was driven by revenue growing faster than cost of revenue, as seen in both sequential and year-over-year comparisons.
Compared to the immediately preceding quarter, gross margin was higher, with revenue and gross profit higher and cost of revenue lower relative to revenue. Versus the same quarter one year earlier, gross margin was also higher, as revenue and gross profit increased while cost of revenue grew at a slower pace.
Monitor the trend in cost of revenue relative to revenue, as its slower growth was the key factor in margin expansion.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Carnival Corporation Ltd. (CCL) | 46.2% |