Carnival advertising spend, FY2025

Carnival (CCL) reported $972M of advertising expense for the fiscal year ended Nov 30, 2025. That is 3.7% of revenue of $26.6B. Up 5.1% from FY2024.

Ad spend, FY2025
$972M
year ended Nov 30, 2025
Change vs prior year
+5.1%
vs FY2024
Share of revenue
3.7%
of $26.6B revenue
Rank by ad spend
#69
of 336 companies

Key facts

  • Ad spend is 1.6x its FY2015 level ($627M), slower than revenue (1.7x).
  • FY2025 is the highest year on file, going back to FY2008.
  • Largest increase +118.8% in FY2022; largest cut -52.2% in FY2020.
  • Ad spend has risen 4 years in a row.
  • Ad spend is 3.7% of revenue, down from 6.2% in FY2020.
  • Carnival spends more on advertising than 80% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is below the median of 5.2%.

Ad spend by fiscal year

$0 $250M $500M $750M $1B FY2008 (ended 2008-11-30): $524M FY2009 (ended 2009-11-30): $508M FY2010 (ended 2010-11-30): $507M 2010 FY2011 (ended 2011-11-30): $527M FY2012 (ended 2012-11-30): $527M FY2013 (ended 2013-11-30): $588M 2013 FY2014 (ended 2014-11-30): $623M FY2015 (ended 2015-11-30): $627M FY2016 (ended 2016-11-30): $630M 2016 FY2017 (ended 2017-11-30): $645M FY2018 (ended 2018-11-30): $673M FY2019 (ended 2019-11-30): $728M 2019 FY2020 (ended 2020-11-30): $348M FY2021 (ended 2021-11-30): $340M FY2022 (ended 2022-11-30): $744M 2022 FY2023 (ended 2023-11-30): $851M FY2024 (ended 2024-11-30): $925M FY2025 (ended 2025-11-30): $972M 2025 $972M

Ad spend as % of revenue

0% 5% 10% 15% 20% FY2008 (ended 2008-11-30): 3.6% FY2009 (ended 2009-11-30): 3.9% FY2010 (ended 2010-11-30): n/a 2010 FY2011 (ended 2011-11-30): n/a FY2012 (ended 2012-11-30): n/a FY2013 (ended 2013-11-30): n/a 2013 FY2014 (ended 2014-11-30): 3.9% FY2015 (ended 2015-11-30): 4.0% FY2016 (ended 2016-11-30): 3.8% 2016 FY2017 (ended 2017-11-30): 3.7% FY2018 (ended 2018-11-30): 3.6% FY2019 (ended 2019-11-30): 3.5% 2019 FY2020 (ended 2020-11-30): 6.2% FY2021 (ended 2021-11-30): 17.8% FY2022 (ended 2022-11-30): 6.1% 2022 FY2023 (ended 2023-11-30): 3.9% FY2024 (ended 2024-11-30): 3.7% FY2025 (ended 2025-11-30): 3.7% 2025 3.7%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Nov 30, 2025 $972M +5.1% $26.6B 3.7% AdvertisingExpense 10-K Jan 27, 2026
FY2024 Nov 30, 2024 $925M +8.7% $25B 3.7% AdvertisingExpense 10-K Jan 27, 2026
FY2023 Nov 30, 2023 $851M +14.4% $21.6B 3.9% AdvertisingExpense 10-K Jan 27, 2026
FY2022 Nov 30, 2022 $744M +118.8% $12.2B 6.1% AdvertisingExpense 10-K Jan 27, 2025
FY2021 Nov 30, 2021 $340M -2.3% $1.9B 17.8% AdvertisingExpense 10-K Jan 26, 2024
FY2020 Nov 30, 2020 $348M -52.2% $5.6B 6.2% AdvertisingExpense 10-K Jan 27, 2023
FY2019 Nov 30, 2019 $728M +8.2% $20.8B 3.5% AdvertisingExpense 10-K Jan 27, 2022
FY2018 Nov 30, 2018 $673M +4.3% $18.9B 3.6% AdvertisingExpense 10-K Jan 26, 2021
FY2017 Nov 30, 2017 $645M +2.4% $17.5B 3.7% AdvertisingExpense 10-K Jan 28, 2020
FY2016 Nov 30, 2016 $630M +0.5% $16.4B 3.8% AdvertisingExpense 10-K Jan 28, 2019
FY2015 Nov 30, 2015 $627M +0.6% $15.7B 4.0% AdvertisingExpense 10-K Jan 29, 2018
FY2014 Nov 30, 2014 $623M +6.0% $15.9B 3.9% AdvertisingExpense 10-K Jan 30, 2017
FY2013 Nov 30, 2013 $588M +11.6% n/a n/a AdvertisingExpense 10-K Jan 29, 2016
FY2012 Nov 30, 2012 $527M 0.0% n/a n/a AdvertisingExpense 10-K Jan 29, 2015
FY2011 Nov 30, 2011 $527M +3.9% n/a n/a AdvertisingExpense 10-K Jan 29, 2014
FY2010 Nov 30, 2010 $507M -0.2% n/a n/a AdvertisingExpense 10-K Jan 29, 2013
FY2009 Nov 30, 2009 $508M -3.1% $13.2B 3.9% AdvertisingExpense 10-K Jan 30, 2012
FY2008 Nov 30, 2008 $524M n/a $14.6B 3.6% AdvertisingExpense 10-K Jan 31, 2011

What the figure is

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Compared with similar spenders

The 6 companies closest to Carnival in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
66 Gilead Sciences $1B 3.4% +15.1% FY2025
67 Marriott International $999M 3.8% +0.6% FY2025
68 Lowe's $978M 1.1% +6.2% FY2026
69 Carnival $972M 3.7% +5.1% FY2025
70 CVS Health $970M 0.2% -1.9% FY2025
71 Amgen $963M 2.6% -2.4% FY2025
72 Tapestry $963M 12.0% +29.3% FY2026

Full ranking of 336 companies · Biggest increases #177

Questions

How much does Carnival spend on advertising?

Carnival spent $972M on advertising in fiscal 2025, the year ended Nov 30, 2025, according to its 10-K filed Jan 27, 2026.

What percentage of revenue does Carnival spend on advertising?

3.7% of revenue in fiscal 2025 ($972M of $26.6B). The median across the 336 companies tracked is 5.2%.

Is Carnival spending more on advertising?

Yes. Ad spend rose 5.1% in fiscal 2025 from fiscal 2024. It has risen 4 years in a row.

How does Carnival rank by advertising spend?

#69 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does Carnival's advertising figure include?

Advertising costs as disclosed in the annual report (XBRL tag AdvertisingExpense).

Source

Filing
10-K for FY2025, filed Jan 27, 2026
Accession number
0000815097-26-000007
Company
Carnival Corp Ltd., CIK 815097, SIC 4400 (Water Transportation)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
Carnival advertising spend, FY2008-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 10-K filed Jan 27, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/carnival/advertising-spend/
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CSV, all years · CSV, all 336 companies