Carnival

CCL Gaming & Leisure 5/10 Medium Risk
5/10
Sector avg: 5.0/10

Carnival carries $25.6B in long-term debt, with $27.7B in scheduled principal maturities. DebtCanary scores CCL at 5/10, indicating moderate refinancing pressure.

Maturity Schedule

As of 2026-05-31 (latest SEC filing with maturity data). Debt actions taken after this date will only appear once SEC processes the relevant XBRL filing.
Year 1 $2.5B Year 2 $4.0B Year 3 $4.1B Year 4 $2.9B Year 5 $2.9B Beyond 5 $11.3B
Period Amount Due % of Total
Year 1 (0-12 months) $2.5B 9.1%
Year 2 (12-24 months) $4.0B 14.3%
Year 3 (24-36 months) $4.1B 15.0%
Year 4 (36-48 months) $2.9B 10.5%
Year 5 (48-60 months) $2.9B 10.4%
Beyond 5 Years $11.3B 40.7%
Total Scheduled Maturities $27.7B 100.0%

Key Metrics

Total Long-Term Debt
$25.6B
Near-Term (12mo)
$2.5B
Interest Coverage
2.2x
Debt/Equity
1.97
Cash Coverage
0.89x
Operating Income
$4.5B

Refinancing Cost Shock

If Carnival refinanced the $6.5B due within 24 months at today's market yields, its annual interest bill would change by an estimated -$129M/year.

Show the full calculation
Debt due within 24 months (Year 1 + Year 2 buckets): $6.5B
Current average rate = interest expense / interest-bearing debt = $2.1B / $25.6B = 8.08%
Synthetic rating bucket from coverage (operating income/interest 2.2x): BB
Market yield for BB bucket (ICE BofA via FRED, 2026-07-23): 6.09% (BAMLH0A1HYBBEY)
Rate change: 6.09% − 8.08% = -1.99 pp
Annual cost change: -1.99% × $6.5B = -$129M/yr
Index-level estimate, not issuer-level bond pricing: the rating bucket is inferred from interest coverage (not an agency rating), and actual new-issue pricing depends on tenor, security, and market conditions. See the methodology.
Hidden future pain — added interest run-rate as the schedule rolls
+1yr
-$50M/yr
+2yr
-$129M/yr
+3yr
-$212M/yr
+4yr
-$269M/yr
+5yr
-$327M/yr
Cumulative run-rate change once all debt maturing by each horizon has refinanced. Assumes yields hold. Market-wide view on the Hidden Future Pain page.
What if yields move? market yield 6.09% (+0 bps)
24-month wall refinanced at that yield: = of operating income

Compare across all companies on the Refinancing Cliff Map →

How This Score Was Computed

Weighted average of 4 scored components (raw 4.80, rounded to 5). Weights of skipped components are redistributed proportionally among those scored.

Component Value Sub-Score Weight Used
Near-Term Maturity Concentration
Show calculation
Year-1 maturities / Total scheduled maturities
Year-1 maturities: $2.5B
Total scheduled maturities: $27.7B
 9.1% 3/10 30%
Interest Coverage Ratio
Show calculation
Operating income / Interest expense
Operating income: $4.5B
Interest expense: $2.1B
 2.17x 5/10 25%
Debt-to-Equity Ratio
Show calculation
Long-term debt / Stockholders' equity
Long-term debt: $25.6B
Stockholders' equity: $13.0B
 1.97 5/10 25%
Cash Coverage of Near-Term Debt
Show calculation
Cash & equivalents / Debt due within 12 months
Cash & equivalents: $2.2B
Near-term debt: $2.5B
 0.89x 7/10 20%
Cash Runway
Only scored when a company is burning cash. Operating cash flow is positive (or unreported), so runway isn't a constraint.
 N/A — not scored

"Weight Used" shows each component's share after the weights of unscored components are redistributed. Full thresholds and formulas are on the methodology page.

Recent SEC Filings

Material disclosures from Carnival's most recent EDGAR filings. 8-K item labels indicate the type of event reported.

Date Form Details
2026-06-26 10-Q Quarterly report
2026-06-23 8-K Earnings Results
2026-05-07 8-K Agreement Terminated, Acquisition / Disposition, Delisting Notice, Unregistered Share Sale, Security Holder Rights Modified, Change in Control, Bylaw Amendment, Reg FD Disclosure
2026-04-20 8-K Shareholder Vote
2026-03-27 10-Q Quarterly report
2026-03-27 8-K Earnings Results
2026-02-27 424B3 Prospectus supplement — possible debt or equity issuance
2026-02-27 DEFA14A Additional proxy materials

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PENN Entertainment
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Six Flags Entertainment
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Data Source: Financial data sourced from SEC EDGAR XBRL filings (10-K annual reports). Fiscal period end: 2026-05-31. Filing date: 2026-06-26. Data last fetched: 2026-07-28. Maturity schedules reflect the company's most recently reported debt repayment obligations. Data quality: Complete.
View SEC EDGAR filings for Carnival →