v3.25.2
Segment Information
9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The chief operating decision maker, who is the Chief Executive Officer of Carnival Corporation and Carnival plc assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) North America cruise operations (“North America”), (2) Europe cruise operations (“Europe”), (3) Cruise Support and (4) Tour and Other.
Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.
Three Months Ended August 31,
(in millions)RevenuesOperating
expenses
Selling
and
administrative
Depreciation
and
amortization
Operating
income (loss)
2025
North America (a)$5,348 $2,935 $436 $461 $1,515 
Europe2,551 1,301 244 196 810 
Cruise Support74 52 94 53 (125)
Tour and Other179 97 71 
$8,153 $4,385 $779 $717 $2,271 
2024
North America (a)$5,322 $3,000 $455 $424 $1,442 
Europe2,331 1,166 223 173 770 
Cruise Support62 37 81 48 (104)
Tour and Other181 100 70 
$7,896 $4,303 $763 $651 $2,178 
Nine Months Ended August 31,
(in millions)RevenuesOperating
expenses
Selling
and
administrative
Depreciation
and
amortization
Operating
income (loss)
2025
North America (a)$13,469 $7,971 $1,430 $1,345 $2,723 
Europe6,392 3,779 743 552 1,318 
Cruise Support219 143 257 148 (328)
Tour and Other212 144 13 19 36 
$20,292 $12,037 $2,442 $2,064 $3,748 
2024
North America (a)$12,880 $7,983 $1,421 $1,237 $2,239 
Europe5,797 3,552 687 501 1,058 
Cruise Support184 112 243 142 (313)
Tour and Other222 159 15 18 30 
$19,083 $11,805 $2,366 $1,898 $3,013 
(a)In 2025, we renamed the North America and Australia segment to the North America segment.

Revenue by geographic areas, which are based on where our guests are sourced, were as follows:
Three Months Ended
August 31,
Nine Months Ended
August 31,
(in millions)2025202420252024
North America$5,000 $4,975 $12,242 $11,638 
Europe2,609 2,406 6,200 5,605 
Australia313 288 1,048 1,069 
Other 231 226 801 771 
$8,153 $7,896 $20,292 $19,083