v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Aug. 31, 2026
Aug. 31, 2025
OPERATING ACTIVITIES    
Net income $ 2,725 $ 2,348
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 2,172 2,064
Loss on debt extinguishment 23 358
Share-based compensation 73 70
Amortization of discounts and debt issue costs 81 88
Non-cash lease expense 127 119
(Gain) loss on sales of ships 2 (103)
Greenhouse gas regulatory expense 118 63
Other 96 35
Adjustments to reconcile net income to net cash provided by operating activities 5,417 5,041
Changes in operating assets and liabilities    
Trade and other receivables, net 21 (63)
Inventories (26) 35
Prepaid expenses and other assets (221) (138)
Accounts payable (15) 15
Accrued liabilities and other (190) (360)
Customer deposits 318 171
Net cash provided by operating activities 5,303 4,700
INVESTING ACTIVITIES    
Purchases of property and equipment (2,139) (2,105)
Proceeds from sales of ships and other property and equipment 3 312
Advances to affiliates (50) (90)
Other 3 68
Net cash used in investing activities (2,183) (1,815)
FINANCING ACTIVITIES    
Repayments of long-term debt (2,186) (10,676)
Debt issuance costs (51) (68)
Debt extinguishment costs (18) (242)
Proceeds from issuance of long-term debt 0 8,618
Dividends paid (618) 0
Share repurchases (929) 0
Other (31) 13
Net cash used in financing activities (3,832) (2,355)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5) 30
Net increase (decrease) in cash, cash equivalents and restricted cash (718) 560
Cash, cash equivalents and restricted cash at beginning of period 1,958 1,231
Cash, cash equivalents and restricted cash at end of period $ 1,240 $ 1,792