v3.26.1
Debt
 6 Months Ended
May 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
(in millions)MaturityRate (a)May 31,
2026		November 30, 2025
Secured Subsidiary Guaranteed
Notes
NotesJun 20277.88%$192 $192 
NotesAug 20284.00%2,406 2,406 
NotesAug 20297.00%500 500 
          Total Secured Subsidiary Guaranteed3,098 3,098 
Unsecured Subsidiary Guaranteed
Notes
Convertible NotesDec 2025 (b)5.75%— 1,131 
NotesMay 20295.13%1,250 1,250 
EUR NotesJan 20305.75%583 580 
NotesMar 20305.75%1,000 1,000 
NotesJun 20315.88%1,000 1,000 
EUR NotesJul 20314.13%1,166 1,160 
NotesAug 20325.75%3,000 3,000 
NotesFeb 20336.13%2,000 2,000 
Loans
Floating rateAug 2027 - Nov 2027
SOFR + 1.13 - 1.38%
900 900 
Export Credit Facilities
Floating rateDec 2031
SOFR + 1.20% (c)
411 446 
Fixed rateAug 2027 - Dec 2032
2.42 - 3.38%
1,790 1,983 
EUR floating rate (d)Oct 2026 - Nov 2034
EURIBOR +
0.55 - 0.80%
1,699 1,839 
EUR fixed rate (d)Feb 2031 - Sep 2037
1.05 - 4.00%
4,875 5,123 
          Total Unsecured Subsidiary Guaranteed19,674 21,411 
Unsecured (No Subsidiary Guarantee)
Notes
NotesJan 20286.65%200 200 
EUR NotesOct 20291.00%700 696 
Loans
EUR floating rate Apr 2029
EURIBOR + 1.95%
350 348 
Export Credit Facilities
EUR floating rate (d)Dec 2033
EURIBOR + 0.55%
588 621 
EUR fixed rate (d)Jan 2034 - Apr 2036
1.25 - 1.73%
962 1,010 
          Total Unsecured (No Subsidiary Guarantee)2,799 2,874 
Total Debt25,570 27,383 
Less: unamortized debt issuance costs and discounts(681)(744)
Total Debt, net of unamortized debt issuance costs and discounts24,889 26,640 
Less: Current portion of long-term debt(1,471)(2,603)
Long-Term Debt$23,418 $24,037 
(a)The reference rates, together with any applicable credit adjustment spread, for all of our floating rate debt have a 0.00% floor.
(b)See “Convertible Notes” below.
(c)Includes applicable credit adjustment spread.
(d)As of November 30, 2025, all of our export credit facilities were subject to subsidiary guarantees. As of May 31, 2026, certain of our export credit facilities were no longer subject to subsidiary guarantees.

As of May 31, 2026, all of our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the $1.8 billion of export credit facilities of Sun Princess Limited and Sun Princess II Limited, which do not guarantee our other outstanding debt.

As of May 31, 2026, the scheduled maturities of our debt are as follows:

(in millions)
YearPrincipal Payments
Remainder of 2026
$745 
2027
2,523 
2028
3,967 
2029
4,144 
2030
2,895 
Thereafter11,295 
Total$25,570 

Revolving Facility

As of May 31, 2026 we had $4.5 billion available for borrowings under the Revolving Facility. We may borrow or utilize available amounts under the Revolving Facility through June 2030, subject to the satisfaction of the conditions in the facility.

Export Credit Facilities

As of May 31, 2026, we had $10.8 billion of undrawn export credit facilities to fund ship deliveries planned through 2033. As of May 31, 2026, the net book value of our ships subject to negative pledges was $19.2 billion.

Collateral Pool

As of May 31, 2026, the net book value of our ships and ship improvements, excluding ships under construction, was $40.3 billion. Our secured debt is secured on a first-priority basis by certain collateral, which includes ships and certain assets related to those ships and material intellectual property (combined net book value of approximately $22.4 billion, including $20.6 billion related to ships and certain assets related to those ships as of May 31, 2026) and certain other assets.

Convertible Notes

In December 2025, we settled $1.1 billion principal amount of the 2027 Convertible Notes, resulting in the issuance of 69.1 million shares of Carnival Corporation common stock and a cash payment of $500 million.

Covenant Compliance

As of May 31, 2026, the most restrictive covenants for our Revolving Facility, unsecured loans and export credit facilities include the following:

•Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) at a ratio of not less than 3.0 to 1.0
•Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion
•Limit our debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%
•Maintain minimum liquidity of $1.5 billion
•Limit the amounts of our secured assets as well as secured and other indebtedness
At May 31, 2026, we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross-default and/or cross-acceleration clauses therein, substantially all of our outstanding debt could become due, and our debt could be terminated. Any financial covenant amendment may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable.