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v3.26.1

Segment Information - Adjusted Operating Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
--- | --- | --- | ---
May 31, 2026 | May 31, 2025 | May 31, 2026 | May 31, 2025 | Nov. 30, 2025
Revenues [Abstract] |  |  |  |  |
Total Revenues | $ 6,663 | $ 6,328 | $ 12,828 | $ 12,139 |
Cruise and tour operating expenses: |  |  |  |  |
Commissions, transportation and other | 778 | 780 | 1,650 | 1,631 |
Onboard and other | 697 | 671 | 1,316 | 1,271 |
Payroll and related | 699 | 640 | 1,383 | 1,280 |
Fuel | 595 | 468 | 992 | 933 |
Food | 389 | 372 | 771 | 726 |
Total Cruise and tour operating expenses | 4,225 | 3,987 | 8,165 | 7,753 |
Adjusted selling and administrative expense | 845 | 814 | 1,753 | 1,661 |
Depreciation and amortization expense | 723 | 692 | 1,419 | 1,346 |
Adjusted Operating Income (Loss) | 869 | 835 | 1,492 | 1,378 |
Gains on ship sales and impairments |  | 101 |  | 101 |
Restructuring expenses | 0 | (2) | 0 | (2) |
Other | (17) |  | (34) |  |
Interest income | 12 | 12 | 24 | 18 |
Interest expense, net of capitalized interest | (285) | (341) | (577) | (718) |
Debt extinguishment and modification costs | 0 | (4) | 0 | (255) |
Other income (expense), net | (23) | (16) | (70) | (4) |
Income Before Income Taxes | 555 | 585 | 835 | 517 |
Capital Expenditures | 875 | 850 | 1,441 | 1,458 |
Total assets | 52,228 |  | 52,228 |  | $ 51,687
North America |  |  |  |  |
Revenues [Abstract] |  |  |  |  |
Total Revenues | 4,412 | 4,214 | 8,431 | 8,120 |
Cruise and tour operating expenses: |  |  |  |  |
Commissions, transportation and other | 507 | 491 | 975 | 948 |
Onboard and other | 538 | 526 | 1,003 | 999 |
Payroll and related | 380 | 358 | 755 | 717 |
Fuel | 390 | 310 | 660 | 629 |
Food | 274 | 262 | 542 | 519 |
Other operating | 694 | 697 | 1,300 | 1,268 |
Total Cruise and tour operating expenses | 2,784 | 2,644 | 5,236 | 5,080 |
Adjusted selling and administrative expense | 493 | 470 | 1,030 | 991 |
Depreciation and amortization expense | 477 | 450 | 937 | 884 |
Adjusted Operating Income (Loss) | 658 | 650 | 1,228 | 1,166 |
Capital Expenditures | 535 | 505 | 799 | 796 |
Total assets | 31,399 |  | 31,399 |  | 31,400
Europe |  |  |  |  |
Revenues [Abstract] |  |  |  |  |
Total Revenues | 2,122 | 2,011 | 4,191 | 3,841 |
Cruise and tour operating expenses: |  |  |  |  |
Commissions, transportation and other | 303 | 310 | 745 | 729 |
Onboard and other | 138 | 133 | 271 | 246 |
Payroll and related | 274 | 246 | 542 | 493 |
Fuel | 204 | 157 | 331 | 303 |
Food | 114 | 109 | 227 | 206 |
Other operating | 302 | 310 | 640 | 557 |
Total Cruise and tour operating expenses | 1,334 | 1,265 | 2,756 | 2,536 |
Adjusted selling and administrative expense | 260 | 248 | 543 | 499 |
Depreciation and amortization expense | 203 | 187 | 397 | 356 |
Adjusted Operating Income (Loss) | 326 | 311 | 496 | 451 |
Capital Expenditures | 184 | 158 | 356 | 278 |
Total assets | 16,202 |  | 16,202 |  | 16,030
Cruise Support |  |  |  |  |
Revenues [Abstract] |  |  |  |  |
Total Revenues | 95 | 73 | 172 | 145 |
Cruise and tour operating expenses: |  |  |  |  |
Commissions, transportation and other | (32) | (21) | (70) | (47) |
Onboard and other | 22 | 13 | 42 | 25 |
Payroll and related | 45 | 36 | 86 | 70 |
Fuel | 0 | 0 | 1 | 1 |
Food | 1 | 0 | 2 | 0 |
Other operating | 30 | 17 | 58 | 42 |
Total Cruise and tour operating expenses | 65 | 46 | 118 | 91 |
Adjusted selling and administrative expense | 87 | 90 | 170 | 163 |
Depreciation and amortization expense | 37 | 50 | 71 | 95 |
Adjusted Operating Income (Loss) | (94) | (113) | (187) | (204) |
Capital Expenditures | 145 | 173 | 258 | 355 |
Total assets | 4,200 |  | 4,200 |  | 3,836
Tour and Other |  |  |  |  |
Revenues [Abstract] |  |  |  |  |
Total Revenues | 34 | 31 | 34 | 33 |
Cruise and tour operating expenses: |  |  |  |  |
Commissions, transportation and other | 0 | 0 | 0 | 0 |
Onboard and other | 0 | 0 | 0 | 0 |
Payroll and related | 0 | 0 | 0 | 0 |
Fuel | 0 | 0 | 0 | 0 |
Food | 0 | 0 | 0 | 0 |
Other operating | 42 | 32 | 55 | 47 |
Total Cruise and tour operating expenses | 42 | 32 | 55 | 47 |
Adjusted selling and administrative expense | 5 | 5 | 10 | 9 |
Depreciation and amortization expense | 7 | 6 | 14 | 12 |
Adjusted Operating Income (Loss) | (21) | (12) | (45) | (34) |
Capital Expenditures | 11 | $ 14 | 28 | $ 30 |
Total assets | $ 427 |  | $ 427 |  | $ 421

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