Carnival Corporation (CCL)

Operating profit margin

		Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019
Operating income	US$ in thousands	1,956,000	-4,379,000	-7,089,000	-8,865,000	3,276,000
Revenue	US$ in thousands	19,429,000	10,558,000	1,908,000	4,236,000	20,619,000
Operating profit margin		10.07%	-41.48%	-371.54%	-209.28%	15.89%

November 30, 2023 calculation

Operating profit margin = Operating income ÷ Revenue
= $1,956,000K ÷ $19,429,000K
= 10.07%

The operating profit margin of Carnival Corp. has fluctuated significantly over the past five years. In November 2019, the operating profit margin was healthy at 15.74%, indicating efficient management of operating expenses and generating profits from core business activities. However, the margin took a sharp downturn in November 2020, plummeting to -85.86%, reflecting a significant decrease in profitability and potential operating inefficiencies.

The situation worsened in November 2021 when the operating profit margin dropped to -328.77%, signaling a substantial loss from operations. This dramatic decline may be attributed to the adverse effects of the global pandemic on the company's operations, including reduced travel demand and stringent health and safety regulations.

By November 2022, the operating profit margin remained negative at -32.36%, suggesting that the company continued to face challenges in improving its profitability and operational efficiency. However, there was a positive change in November 2023, with the operating profit margin recovering to 9.06%. Although still below the 2019 level, this improvement indicates potential progress in managing operating costs and generating profits from operations, possibly reflecting the gradual recovery of the travel industry and the company's efforts to adapt to the changing market conditions.

In summary, Carnival Corp.'s operating profit margin has experienced significant fluctuations, mainly influenced by the unprecedented impact of the pandemic on the travel industry. The company's ability to adapt its operations and cost structure will be crucial in restoring and sustaining its profitability in the coming years.