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v3.26.1

Segment Information (Tables) | 6 Months Ended
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May 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Information | The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adjusted operating income (loss) to income before income taxes:
| Three Months Ended May 31, 2026
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 4,412 |  |  | $ | 2,122 |  |  | $ | 95 |  |  | $ | 34 |  |  | $ | 6,663 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 507 |  |  | 303 |  |  | (32) |  | (d) | — |  |  |
Onboard and other | 538 |  |  | 138 |  |  | 22 |  |  | — |  |  |
Payroll and related | 380 |  |  | 274 |  |  | 45 |  |  | — |  |  |
Fuel | 390 |  |  | 204 |  |  | 0 |  |  | — |  |  |
Food | 274 |  |  | 114 |  |  | 1 |  |  | — |  |  |
Other operating (a) | 694 |  |  | 302 |  |  | 30 |  |  | 42 |  |  |
Total Cruise and tour operating expenses | 2,784 |  |  | 1,334 |  |  | 65 |  |  | 42 |  |  | 4,225 |
Adjusted selling and administrative expense (b)(c) | 493 |  |  | 260 |  |  | 87 |  |  | 5 |  |  | 845 |
Depreciation and amortization expense | 477 |  |  | 203 |  |  | 37 |  |  | 7 |  |  | 723 |
Adjusted Operating Income (Loss) | 658 |  |  | 326 |  |  | (94) |  |  | (21) |  |  | 869 |
Restructuring expenses |  |  |  |  |  |  |  |  | (0 | )
Other |  |  |  |  |  |  |  |  | (17) |
Interest income |  |  |  |  |  |  |  |  | 12 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (285) |
Other income (expense), net |  |  |  |  |  |  |  |  | (23) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 555 |
Capital Expenditures | $ | 535 |  |  | $ | 184 |  |  | $ | 145 |  |  | $ | 11 |  |  | $ | 875 |
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expense for our hotel and transportation operations and all other ship operating expenses. (b)Excludes restructuring expenses. (c)Excludes certain one-time costs and other gains and losses that are not part of our core operating business. (d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| Three Months Ended May 31, 2025
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 4,214 |  |  | $ | 2,011 |  |  | $ | 73 |  |  | $ | 31 |  |  | $ | 6,328 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 491 |  |  | 310 |  |  | (21) |  | (d) | — |  |  |
Onboard and other | 526 |  |  | 133 |  |  | 13 |  |  | — |  |  |
Payroll and related | 358 |  |  | 246 |  |  | 36 |  |  | — |  |  |
Fuel | 310 |  |  | 157 |  |  | 0 |  |  | — |  |  |
Food | 262 |  |  | 109 |  |  | 0 |  |  | — |  |  |
Other operating (a)(b) | 697 |  |  | 310 |  |  | 17 |  |  | 32 |  |  |
Total Cruise and tour operating expenses | 2,644 |  |  | 1,265 |  |  | 46 |  |  | 32 |  |  | 3,987 |
Adjusted selling and administrative expense (c) | 470 |  |  | 248 |  |  | 90 |  |  | 5 |  |  | 814 |
Depreciation and amortization expense | 450 |  |  | 187 |  |  | 50 |  |  | 6 |  |  | 692 |
Adjusted Operating Income (Loss) | 650 |  |  | 311 |  |  | (113) |  |  | (12) |  |  | 835 |
Gains on ship sales and impairments |  |  |  |  |  |  |  |  | 101 |
Restructuring expenses |  |  |  |  |  |  |  |  | (2) |
Interest income |  |  |  |  |  |  |  |  | 12 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (341) |
Debt extinguishment and modification costs |  |  |  |  |  |  |  |  | (4) |
Other income (expense), net |  |  |  |  |  |  |  |  | (16) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 585 |
Capital Expenditures | $ | 505 |  |  | $ | 158 |  |  | $ | 173 |  |  | $ | 14 |  |  | $ | 850 |
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses. (b)Excludes gains on ship sales and impairments. (c)Excludes restructuring expenses. (d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| Six Months Ended May 31, 2026
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 8,431 |  |  | $ | 4,191 |  |  | $ | 172 |  |  | $ | 34 |  |  | $ | 12,828 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 975 |  |  | 745 |  |  | (70) |  | (d) | — |  |  |
Onboard and other | 1,003 |  |  | 271 |  |  | 42 |  |  | — |  |  |
Payroll and related | 755 |  |  | 542 |  |  | 86 |  |  | — |  |  |
Fuel | 660 |  |  | 331 |  |  | 1 |  |  | — |  |  |
Food | 542 |  |  | 227 |  |  | 2 |  |  | — |  |  |
Other operating (a) | 1,300 |  |  | 640 |  |  | 58 |  |  | 55 |  |  |
Total Cruise and tour operating expenses | 5,236 |  |  | 2,756 |  |  | 118 |  |  | 55 |  |  | 8,165 |
Adjusted selling and administrative expense (b)(c) | 1,030 |  |  | 543 |  |  | 170 |  |  | 10 |  |  | 1,753 |
Depreciation and amortization expense | 937 |  |  | 397 |  |  | 71 |  |  | 14 |  |  | 1,419 |
Adjusted Operating Income (Loss) | 1,228 |  |  | 496 |  |  | (187) |  |  | (45) |  |  | 1,492 |
Restructuring expenses |  |  |  |  |  |  |  |  | (0 | )
Other |  |  |  |  |  |  |  |  | (34) |
Interest income |  |  |  |  |  |  |  |  | 24 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (577) |
Other income (expense), net |  |  |  |  |  |  |  |  | (70) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 835 |
Capital Expenditures | $ | 799 |  |  | $ | 356 |  |  | $ | 258 |  |  | $ | 28 |  |  | $ | 1,441 |
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses. (b)Excludes restructuring expenses. (c)Excludes certain one-time costs and other gains and losses that are not part of our core operating business. (d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| Six Months Ended May 31, 2025
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 8,120 |  |  | $ | 3,841 |  |  | $ | 145 |  |  | $ | 33 |  |  | $ | 12,139 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 948 |  |  | 729 |  |  | (47) |  | (d) | — |  |  |
Onboard and other | 999 |  |  | 246 |  |  | 25 |  |  | — |  |  |
Payroll and related | 717 |  |  | 493 |  |  | 70 |  |  | — |  |  |
Fuel | 629 |  |  | 303 |  |  | 1 |  |  | — |  |  |
Food | 519 |  |  | 206 |  |  | 0 |  |  | — |  |  |
Other operating (a)(b) | 1,268 |  |  | 557 |  |  | 42 |  |  | 47 |  |  |
Total Cruise and tour operating expenses | 5,080 |  |  | 2,536 |  |  | 91 |  |  | 47 |  |  | 7,753 |
Adjusted selling and administrative expense (c) | 991 |  |  | 499 |  |  | 163 |  |  | 9 |  |  | 1,661 |
Depreciation and amortization expense | 884 |  |  | 356 |  |  | 95 |  |  | 12 |  |  | 1,346 |
Adjusted Operating Income (Loss) | 1,166 |  |  | 451 |  |  | (204) |  |  | (34) |  |  | 1,378 |
Gains on ship sales and impairments |  |  |  |  |  |  |  |  | 101 |
Restructuring expenses |  |  |  |  |  |  |  |  | (2) |
Interest income |  |  |  |  |  |  |  |  | 18 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (718) |
Debt extinguishment and modification costs |  |  |  |  |  |  |  |  | (255) |
Other income (expense), net |  |  |  |  |  |  |  |  | (4) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 517 |
Capital Expenditures | $ | 796 |  |  | $ | 278 |  |  | $ | 355 |  |  | $ | 30 |  |  | $ | 1,458 |
(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses. (b)Excludes gains on ship sales and impairments. (c)Excludes restructuring expenses. (d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation. Total assets were as follows:
(in millions) | May 31, 2026 |  | November 30, 2025 |  |
North America | $ | 31,399 |  |  | $ | 31,400 |  |  |  |  |
Europe | 16,202 |  |  | 16,030 |  |  |  |  |
Cruise Support | 4,200 |  |  | 3,836 |  |  |  |  |
Tour and Other | 427 |  |  | 421 |  |  |  |  |
| $ | 52,228 |  |  | $ | 51,687 |  |  |  |  |

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