Ratios

Calculate all* of the ratios listed in exhibit 14-26, "Summary of Analytical Measures," for Carnival Corp in 2018 (you do not need to do ratios for 2017).

* Because Carnival inventory sales are a small fraction of their revenues, do not calculate Inventory Turnover, Days Sales in Inventory, or Gross Profit. You also do not need to calculate EPS or Return on Common Stockholders' Equity

In any place where the formula calls for an average, use the 2017 number plus the 2018 number divided by 2.

EXHIBIT 14-26 Summary of Analytical Measures Ratios or Other Method of Measurements Computation Measures of short-term liquidity Significance Current ratio Current Assets Current Liabilities A measure of short-term debt-paying ability A measure of short-term debt-paying ability A measure of short-term debt-paying ability Quick Assets Current Liabilities Quick ratio Current Assets - Current Liabilities Working capital Appears in the statement of cash flows Net cash provided by operating activities Cash flow from operations to current liabilities Accounts receivable turnover rate Days to collect average accounts receivable Cash Flows from Operating Activities Current Liabilities Net Sales Average Accounts Receivable Indicates the cash generated by operations after allowing for cash payment of expenses and operating liabilities Indicates ability to cover currently maturing obligations from recurring operations Indicates how quickly receivables are collected Indicates in days how quickly receivables are collected Indicates how quickly inventory sells Indicates in days how quickly inventory sells 365 Days Accounts Receivable Turnover Rate Cost of Goods Sold Average Inventory Inventory turnover rate Days to sell the average inventory 365 Days Inventory Turnover Rate Days to Sell Inventory + Days to Collect Receivables Indicates in days how quickly cash invested in inventory converts back into cash Operating cycle Free cash flow Excess of operating cash flow over basic needs Net Cash from Operating Activities - Cash Used for Investing Activities and Dividends Measures of long-term credit risk Total Liabilities Total Assets Debt ratio Trend in net cash provided by operating activities Percentage of assets financed by creditors; indicates relative size of the equity position Indicator of a company's ability to generate the cash necessary to meet its obligations Appears in comparative statements of cash flows Income before Interest and Taxes Annual Interest Expense Indicator of a company's ability to meet its interest payment obligations Interest coverage ratio Measures of profitability LIICULO UCIUIC TITUCICSL du TWACS Annual Interest Expense payment obligations Interest coverage ratio Measures of profitability Percentage changes; that is, in net sales and net income Dollar Amount of Change Financial Statement Amount in the Earlier Year The rate at which a key measure is increasing or decreasing; the "growth rate" Gross profit rate Operating expense ratio Gross Profit Net Sales Operating Expenses Net Sales A measure of the profitability of the company's products A measure of management's ability to control expenses The profitability of a company's basic business activities Page 656 Gross Profit-Operating Expenses Operating income Net income as a percentage of net sales An indicator of management's ability to control costs Net Income Net Sales Net Income - Preferred Dividends Average Number of Common Shares Outstanding Earnings per share Return on assets Operating Income Average Total Assets Net income applicable to each share of common stock A measure of the productivity of assets, regardless of how the assets are financed The rate of return earned on the stockholders' equity in the business The rate of return earned on the common stockholders' equity; appropriate when company has both common and preferred stock Return on equity Net Income Average Total Equity Net Income Preferred Dividends Average Common Stockholders' Equity Return on common stockholders' equity Measures for evaluating the current market price of common stock Market value of financial instruments Quoted in financial press or disclosed in financial statements Reflects both investors' expectations and current market conditions Price-earnings ratio Current Stock Price Earnings per Share A measure of investors' expectations about the company's future prospects Dividends expressed as a rate of return on the market price of the stock The recorded value of net assets underlying each share of common stock Annual Dividend Current Stock Price Dividend yield Book value per share Common Stockholders' Equity Shares of Common Stock Outstanding thice Fraud Cornorate Governance Carnival Corporation & PLC Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions Total Common stock Ordinary shares Additional paid- in capital Retained earnings Treasury stock Accumulated other comprehensive loss $ (1,741) $ 23,771 $7 $ 358 $ 8,562 $ 20,060 $ (3,475) 2,779 2,779 (713) (996) (713) (996) 14 (2,245) 22,597 56 8,632 (13) (2,301) (5,789) 7 358 21,843 (2,454) [1] 0 2 Beginning Balance at Nov. 30, 2015 Increase (Decrease) in Stockholders' Equity (Roll Forward] Net Income Other comprehensive income (loss) Cash dividends declared Purchases and sales under the Stock Swap program, net Purchases of treasury stock under the Repurchase Program and other Ending Balance at Nov. 30, 2016 Increase (Decrease) in Stockholders' Equity (Roll Forward] Change in accounting principle Net Income Other comprehensive income (loss) Cash dividends declared Purchases of treasury stock under the Repurchase Program and other Ending Balance at Nov. 30, 2017 Increase (Decrease) in Stockholders' Equity [Roll Forward] Net Income Other comprehensive income (loss) Cash dividends declared Purchases of treasury stock under the Repurchase Program and other Ending Balance at Nov. 30, 2018 (2) 2,606 672 2,606 672 (1,155) (504) 24,216 (1,155) 56 8,690 (560) (6,349) 358 23,292 (1,782) 3,152 (167) 3,152 (167) (1,378) (1,380) $ 24,443 (1,378) 66 $ 8,756 (1,446) $ (7,795) $7 $ 358 $ 25,066 $ (1,949) [1] We elected to early adopt the provisions of ASU 2016-09, Compensation - Stock Compensation - Improvements to Carnival Corporation & PLC Consolidated Statements of Income - USD ($) 12 Months Ended Nov. 30, 2017 Nov. 30, 2018 Nov. 30, 2016 Revenues $ 18,881 $ 17,510 $ 16,389 2,450 2,017 2,265 1,846 2,197 1,738 0 89 15,556 3,325 14,701 2,809 13,318 3,071 14 9 6 Revenues Cruise Selling and administrative Depreciation and amortization Goodwill and trademark impairment Operating costs and expenses Operating Income Nonoperating Income (Expense) Interest income 3 Interest expense, net of capitalized interest Gains (losses) on fuel derivatives, net Other income, net Nonoperating Income (Expense) Income Before Income Taxes Income Tax Expense, Net Net Income Earnings Per Share Basic (USD per share) Diluted (USD per share) Dividends Declared Per Share (USD per share) (194) 59 (223) (47) 3 21 (118) 3,207 (54) $ 3,152 (198) 35 11 (143) 2,666 (60) $ 2,606 (243) 2,828 49 $ 2,779 $ 4.45 4.44 $ 1.95 $ 3.61 3.59 $ 1.60 $ 3.73 3.72 $ 1.35 12 Months Ended Nov. 30, 2017 Nov. 30, 2018 Nov. 30, 2016 $ 3,152 $ 2,606 $ 2,779 2,017 16 (59) 1,846 392 (35) 1,738 0 47 55 65 71 (6) 5,186 51 4,923 4,690 (58) (67) (22) 1 (49) (13) 74 11 21 (24) (100) 539 5,549 109 (21) 366 5,134 361 5,322 Carnival Corporation & PLC Consolidated Statements of Cash Flows - USD ($) $ in Millions OPERATING ACTIVITIES Net Income Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization Impairments (Gains) losses on fuel derivatives, net Share-based compensation Other, net Adjustments to reconcile net income to net cash provided by operating activities Changes in operating assets and liabilities Receivables Inventories Prepaid expenses and other Accounts payable Accrued and other liabilities Customer deposits Net cash provided by operating activities INVESTING ACTIVITIES Purchases of property and equipment Proceeds from sales of ships Payments of fuel derivative settlements Other, net Net cash used in investing activities FINANCING ACTIVITIES Proceeds from (repayments of) short-term borrowings, net Principal repayments of long-term debt Proceeds from issuance of long-term debt Dividends paid Purchases of treasury stock Sales of treasury stock Other, net Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (3,749) 389 (39) (102) 3,502) (2,944) 0 (203) (3,062) 26 (291) 58 (3,089) (3,323) (29) (1,227) 467 (1,087) (552) 417 (1,556) 2,542 (1,355) (1,468) 0 (39) (1,460) (1) 587 395 $ 982 447 (1,278) 1,542 (977) (2,340) 40 (25) (2,591) (12) (792) 1.395 S1603 (24) 2.452) 11 (208) 603 $ 395 Nov. 30, 2018 Nov. 30, 2017 $ 982 358 450 436 2.225 35,336 $ 395 312 387 502 1.596 34,430 2,967 1,200 585 40,778 2,925 1,176 738 42,401 Carnival Corporation & PLC Consolidated Balance Sheets - USD ($) $ in Millions Current Assets Cash and cash equivalents Trade and other receivables, net Inventories Prepaid expenses and other Total current assets Property and Equipment, Net Goodwill Other Intangibles Other Assets Assets Current Liabilities Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities and other Customer deposits Total current liabilities Long-Term Debt Other Long-Term Liabilities Commitments and Contingencies Shareholders' Equity Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, 129 shares at 2018 and 122 shares at 2017 of Carnival Corporation and 48 shares at 2018 and 32 shares at 2017 of Carnival plc, at cost Total shareholders' equity Liabilities and Shareholders' Equity 848 1,578 730 1,654 4,395 9,204 7,897 856 485 1,717 762 1,877 3,958 8,800 6,993 769 8,756 25,066 (1,949) (7.795) 8,690 23,292 (1,782) 16,349) 24,443 42.401 24 216 40.778 12 Months Ended Nov. 30, 2017 Nov. 30, 2018 Nov. 30, 2016 $3,152 $ 2,606 $ 2,779 Carnival Corporation & PLC Consolidated Statements of Comprehensive Income - USD ($) $ in Millions Statement of Comprehensive Income (Abstract] Net Income Items Included in Other Comprehensive (Loss) Income Change in foreign currency translation adjustment Other Other Comprehensive (Loss) Income Total Comprehensive Income (199) 32 590 82 672 $ 3,278 (675) (38) (713) $ 2,066 (167) $ 2,986 Nov. 30, 2018 Nov. 30, 2017 Carnival Corporation & PLC Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions Common stock Common stock, par value (USD per share) Common stock, shares authorized (in shares) Common stock, shares issued in shares) Treasury stock, shares (in shares) Carnival PLC Ordinary shares Common stock, par value (USD per share) Common stock, shares issued in shares) Treasury stock, shares in shares) $ 0.01 1,960 656 129 $ 0.01 1,960 655 122 $ 1.66 217 $ 1.66 217 48 32