Carnival Corporation (CCL) — Cash Flow-to-Debt Ratio
Carnival Corporation (CCL) has a Cash Flow-to-Debt Ratio of 0.03x as of February 2026, meaning its operating cash flow of $1.26 Billion could theoretically repay 0% of its total liabilities ($38.52 Billion) in one year. See financial flexibility index of Carnival Corporation to measure the company's free cash flow as a share of total liabilities.
CF-to-Debt Ratio
Operating Cash Flow
Total Liabilities
Data as of
Carnival Corporation Cash Flow-to-Debt Ratio (1991–2025)
Historical debt coverage capacity for Carnival Corporation across 35 annual periods. For the full cash flow conversion analysis, see Carnival Corporation operating cash flow efficiency.
Annual Cash Flow-to-Debt Ratio for Carnival Corporation (1991–2025)
Year-by-year debt coverage analysis for Carnival Corporation. Check cash flow quality index of Carnival Corporation to evaluate the quality of earnings relative to operating cash generation.
| Year | CF-to-Debt Ratio | Operating CF (USD) | Total Liabilities | YoY Change |
|---|---|---|---|---|
| 2025 | 0.16x | $6.22 Billion | $39.40 Billion | ▲ +6.1% |
| 2024 | 0.15x | $5.92 Billion | $39.81 Billion | ▲ +46.8% |
| 2023 | 0.10x | $4.28 Billion | $42.24 Billion | ▲ +370.9% |
| 2022 | -0.04x | $-1.67 Billion | $44.64 Billion | ▲ +62.5% |
| 2021 | -0.10x | $-4.11 Billion | $41.20 Billion | ▲ +47.7% |
| 2020 | -0.19x | $-6.30 Billion | $33.04 Billion | ▼ -168.6% |
| 2019 | 0.28x | $5.47 Billion | $19.69 Billion | ▼ -10.0% |
| 2018 | 0.31x | $5.55 Billion | $17.96 Billion | ▼ -3.8% |
| 2017 | 0.32x | $5.32 Billion | $16.56 Billion | ▲ +2.3% |
| 2016 | 0.31x | $5.13 Billion | $16.34 Billion | ▲ +6.9% |
| 2015 | 0.29x | $4.54 Billion | $15.47 Billion | ▲ +30.6% |
| 2014 | 0.23x | $3.43 Billion | $15.24 Billion | ▲ +23.4% |
| 2013 | 0.18x | $2.83 Billion | $15.55 Billion | ▼ -7.4% |
| 2012 | 0.20x | $3.00 Billion | $15.23 Billion | ▼ -22.6% |
| 2011 | 0.25x | $3.77 Billion | $14.80 Billion | ▼ -3.7% |
| 2010 | 0.26x | $3.82 Billion | $14.46 Billion | ▲ +16.9% |
| 2009 | 0.23x | $3.34 Billion | $14.80 Billion | ▼ -4.8% |
| 2008 | 0.24x | $3.39 Billion | $14.30 Billion | ▼ -17.2% |
| 2007 | 0.29x | $4.07 Billion | $14.22 Billion | ▼ -2.8% |
| 2006 | 0.29x | $3.63 Billion | $12.34 Billion | ▼ -1.1% |
| 2005 | 0.30x | $3.41 Billion | $11.46 Billion | ▲ +9.9% |
| 2004 | 0.27x | $3.22 Billion | $11.88 Billion | ▲ +49.9% |
| 2003 | 0.18x | $1.93 Billion | $10.70 Billion | ▼ -39.5% |
| 2002 | 0.30x | $1.47 Billion | $4.92 Billion | ▲ +19.9% |
| 2001 | 0.25x | $1.24 Billion | $4.97 Billion | ▼ -22.9% |
| 2000 | 0.32x | $1.28 Billion | $3.96 Billion | ▼ -42.8% |
| 1999 | 0.56x | $1.33 Billion | $2.36 Billion | ▲ +42.8% |
| 1998 | 0.40x | $1.09 Billion | $2.76 Billion | ▼ -17.9% |
| 1997 | 0.48x | $877.58 Million | $1.82 Billion | ▲ +34.5% |
| 1996 | 0.36x | $741.52 Million | $2.07 Billion | ▲ +7.4% |
| 1995 | 0.33x | $587.21 Million | $1.76 Billion | ▲ +8.1% |
| 1994 | 0.31x | $537.14 Million | $1.74 Billion | ▲ +2.4% |
| 1993 | 0.30x | $479.80 Million | $1.59 Billion | ▼ -3.6% |
| 1992 | 0.31x | $394.30 Million | $1.26 Billion | ▲ +34.3% |
| 1991 | 0.23x | $344.40 Million | $1.48 Billion | — |