Carnival Corporation (CCL)

Pretax margin

		Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	411,000	-61,000	-1,624,000	-3,448,000	-4,877,000	-6,079,000	-7,102,000	-9,202,000	-9,431,000	-9,522,000	-9,135,000	-9,136,000	-11,461,000	-10,252,000	-7,577,000	-2,890,000	1,954,000	3,062,000	3,131,000	3,048,000
Revenue (ttm)	US$ in thousands	20,426,000	19,417,000	17,876,000	15,504,000	13,197,000	10,559,000	7,812,000	4,475,000	2,493,000	1,264,000	654,000	139,000	648,000	5,356,000	10,056,000	16,506,000	20,732,000	20,620,000	20,343,000	19,698,000
Pretax margin		2.01%	-0.31%	-9.08%	-22.24%	-36.96%	-57.57%	-90.91%	-205.63%	-378.30%	-753.32%	-1,396.79%	-6,572.66%	-1,768.67%	-191.41%	-75.35%	-17.51%	9.43%	14.85%	15.39%	15.47%

February 29, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $411,000K ÷ $20,426,000K
= 2.01%

The pretax margin of Carnival Corporation has fluctuated significantly over the past few years. The company experienced a positive pretax margin in some periods, with the highest margin of 15.47% reported in May 31, 2019. However, there were also periods of negative pretax margins, with the lowest margin of -205.63% occurring in May 31, 2022. These fluctuations indicate varying levels of profitability and efficiency in generating operating income before taxes. It is essential for Carnival Corporation to closely monitor and manage expenses, revenues, and overall operational performance to improve and stabilize its pretax margin in the future.