v3.25.2
Segment Information (Tables)
 9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
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 4 7 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 5 6 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.
Schedule of Revenue by Geographical Area
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