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v3.26.1

Debt | 6 Months Ended
--- | ---
May 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt
(in millions) | Maturity |  | Rate (a) |  | May 31, 2026 |  | November 30, 2025
Secured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jun 2027 |  | 7.88% |  | $ | 192 |  |  | $ | 192 |
Notes | Aug 2028 |  | 4.00% |  | 2,406 |  |  | 2,406 |
Notes | Aug 2029 |  | 7.00% |  | 500 |  |  | 500 |
Total Secured Subsidiary Guaranteed |  |  |  | 3,098 |  |  | 3,098 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Convertible Notes | Dec 2025 (b) |  | 5.75% |  | — |  |  | 1,131 |
Notes | May 2029 |  | 5.13% |  | 1,250 |  |  | 1,250 |
EUR Notes | Jan 2030 |  | 5.75% |  | 583 |  |  | 580 |
Notes | Mar 2030 |  | 5.75% |  | 1,000 |  |  | 1,000 |
Notes | Jun 2031 |  | 5.88% |  | 1,000 |  |  | 1,000 |
EUR Notes | Jul 2031 |  | 4.13% |  | 1,166 |  |  | 1,160 |
Notes | Aug 2032 |  | 5.75% |  | 3,000 |  |  | 3,000 |
Notes | Feb 2033 |  | 6.13% |  | 2,000 |  |  | 2,000 |
Loans |  |  |  |  |  |  |
Floating rate | Aug 2027 - Nov 2027 |  | SOFR + 1.13 - 1.38% |  | 900 |  |  | 900 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 1.20% (c) |  | 411 |  |  | 446 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.42 - 3.38% |  | 1,790 |  |  | 1,983 |
EUR floating rate (d) | Oct 2026 - Nov 2034 |  | EURIBOR + 0.55 - 0.80% |  | 1,699 |  |  | 1,839 |
EUR fixed rate (d) | Feb 2031 - Sep 2037 |  | 1.05 - 4.00% |  | 4,875 |  |  | 5,123 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 19,674 |  |  | 21,411 |
Unsecured (No Subsidiary Guarantee) |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jan 2028 |  | 6.65% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.00% |  | 700 |  |  | 696 |
Loans |  |  |  |  |  |  |
EUR floating rate | Apr 2029 |  | EURIBOR + 1.95% |  | 350 |  |  | 348 |
Export Credit Facilities |  |  |  |  |  |  |
EUR floating rate (d) | Dec 2033 |  | EURIBOR + 0.55% |  | 588 |  |  | 621 |
EUR fixed rate (d) | Jan 2034 - Apr 2036 |  | 1.25 - 1.73% |  | 962 |  |  | 1,010 |
Total Unsecured (No Subsidiary Guarantee) |  |  |  | 2,799 |  |  | 2,874 |
Total Debt |  |  |  |  | 25,570 |  |  | 27,383 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (681) |  |  | (744) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 24,889 |  |  | 26,640 |
Less: Current portion of long-term debt |  |  |  |  | (1,471) |  |  | (2,603) |
Long-Term Debt |  |  |  |  | $ | 23,418 |  |  | $ | 24,037 |
(a)The reference rates, together with any applicable credit adjustment spread, for all of our floating rate debt have a 0.00% floor. (b)See “Convertible Notes” below. (c)Includes applicable credit adjustment spread. (d)As of November 30, 2025, all of our export credit facilities were subject to subsidiary guarantees. As of May 31, 2026, certain of our export credit facilities were no longer subject to subsidiary guarantees. As of May 31, 2026, all of our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the $1.8 billion of export credit facilities of Sun Princess Limited and Sun Princess II Limited, which do not guarantee our other outstanding debt. As of May 31, 2026, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
Remainder of 2026 |  | $ | 745 |
2027 |  | 2,523 |
2028 |  | 3,967 |
2029 |  | 4,144 |
2030 |  | 2,895 |
Thereafter |  | 11,295 |
Total |  | $ | 25,570 |
Revolving Facility As of May 31, 2026 we had $4.5 billion available for borrowings under the Revolving Facility. We may borrow or utilize available amounts under the Revolving Facility through June 2030, subject to the satisfaction of the conditions in the facility. Export Credit Facilities As of May 31, 2026, we had $10.8 billion of undrawn export credit facilities to fund ship deliveries planned through 2033. As of May 31, 2026, the net book value of our ships subject to negative pledges was $19.2 billion. Collateral Pool As of May 31, 2026, the net book value of our ships and ship improvements, excluding ships under construction, was $40.3 billion. Our secured debt is secured on a first-priority basis by certain collateral, which includes ships and certain assets related to those ships and material intellectual property (combined net book value of approximately $22.4 billion, including $20.6 billion related to ships and certain assets related to those ships as of May 31, 2026) and certain other assets. Convertible Notes In December 2025, we settled $1.1 billion principal amount of the 2027 Convertible Notes, resulting in the issuance of 69.1 million shares of Carnival Corporation common stock and a cash payment of $500 million. Covenant Compliance As of May 31, 2026, the most restrictive covenants for our Revolving Facility, unsecured loans and export credit facilities include the following: •Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) at a ratio of not less than 3.0 to 1.0 •Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion •Limit our debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65% •Maintain minimum liquidity of $1.5 billion •Limit the amounts of our secured assets as well as secured and other indebtedness At May 31, 2026, we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross-default and/or cross-acceleration clauses therein, substantially all of our outstanding debt could become due, and our debt could be terminated. Any financial covenant amendment may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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