SG&A·Benchmarking Benchmark CCL SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 10 US-GAAP travel/vacation asset operators (cruise, hotel, resort) peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 10 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Carnival Corporation & plc SG&A versus peers

Carnival Corporation & plc (CCL) runs normalized SG&A at 9.1% of revenue, against a median of 8.8% across 9 travel/vacation asset operators (cruise, hotel, resort) peers, and 4 of the 9 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

Carnival Corporation & plc reports revenue of $26,622 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 3.6% of revenue (7 of 10 companies disclose it); Stock-based comp 0.4% of revenue (9 of 10 companies disclose it); Restructuring 0.1% of revenue (10 of 10 companies disclose it).

Over 10 years (FY2016 to FY2025), Carnival Corporation & plc's total shareholder return was -44% against +182% for the peer composite; SG&A contributed -39.7 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/CCL.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.