v3.26.3
Debt
 9 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
(in millions)MaturityRate (a)August 31,
2026		November 30, 2025
Unsecured Subsidiary Guaranteed
Notes
Convertible NotesDec 2025 (b)5.75%$— $1,131 
Notes (c)Jun 20277.88%192 192 
Notes (c)Aug 20284.00%2,406 2,406 
Notes (d)Aug 20297.00%— 500 
Export Credit Facilities
Floating rateDec 2031
SOFR + 1.20% (e)
377 446 
Fixed rateAug 2027 - Dec 2032
2.42 - 3.38%
1,710 1,983 
EUR floating rate Oct 2026 - Nov 2034
EURIBOR +
0.55 - 0.80%
1,631 1,839 
EUR fixed rateFeb 2031 - Sep 2037
1.05 - 4.00%
4,637 5,123 
          Total Unsecured Subsidiary Guaranteed10,953 13,619 
Unsecured (No Subsidiary Guarantee)
Notes
NotesJan 20286.65%200 200 
Notes (f)May 20295.13%1,250 1,250 
EUR NotesOct 20291.00%695 696 
EUR Notes (f)Jan 20305.75%579 580 
Notes (f)Mar 20305.75%1,000 1,000 
Notes (f)Jun 20315.88%1,000 1,000 
EUR Notes (f)Jul 20314.13%1,158 1,160 
Notes (f)Aug 20325.75%3,000 3,000 
Notes (f)Feb 20336.13%2,000 2,000 
Loans
Floating rate (f)Aug 2027 - Nov 2027
SOFR + 1.13 - 1.38%
900 900 
EUR floating rate Apr 2029
EURIBOR + 1.95%
348 348 
Export Credit Facilities
EUR floating rate (f)Dec 2033
EURIBOR + 0.55%
548 621 
EUR fixed rate (f)Jan 2034 - Apr 2036
1.25 - 1.73%
928 1,010 
          Total Unsecured (No Subsidiary Guarantee)13,606 13,764 
Total Debt24,559 27,383 
Less: unamortized debt issuance costs and discounts(647)(744)
Total Debt, net of unamortized debt issuance costs and discounts23,912 26,640 
Less: Current portion of long-term debt(2,036)(2,603)
Long-Term Debt$21,876 $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)Our 7.88% notes due 2027 and 4.00% notes due 2028 that were secured on a first-priority basis by certain collateral as of November 30, 2025, were no longer secured as of August 31, 2026.
(d)Our 7.00% notes due 2029 that were secured on a first-priority basis by certain collateral as of November 30, 2025, became unsecured in June 2026. We subsequently redeemed the outstanding principal amount of the notes and recognized $23 million of debt extinguishment costs as a result of the redemption.
(e)Includes applicable credit adjustment spread.
(f)Certain of our notes, loans and export credit facilities that were subject to subsidiary guarantees as of November 30, 2025, were no longer subject to such guarantees as of August 31, 2026.

As of August 31, 2026, all of our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the $1.7 billion of export credit facilities of Sun Princess Limited and Sun Princess II Limited, which do not guarantee our other outstanding debt.

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

(in millions)
YearPrincipal Payments
Remainder of 2026
$301 
2027
2,517 
2028
3,961 
2029
3,631 
2030
2,885 
Thereafter11,264 
Total$24,559 

Revolving Facility

As of August 31, 2026, we had $4.5 billion available for borrowing 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 August 31, 2026, we had $10.7 billion of undrawn export credit facilities to fund ship deliveries planned through 2033. As of August 31, 2026, the net book value of our ships subject to negative pledges was $20.6 billion.

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 August 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 August 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.