{
 "company": "Carnival Corporation & plc",
 "ticker": "CCL",
 "sector": "travel/vacation asset operators (cruise, hotel, resort)",
 "asOf": {
  "date": "2026-08",
  "label": "August 2026"
 },
 "fiscalYearEnd": null,
 "revenueUsdM": 26622.0,
 "normalizedSga": {
  "pctRevenue": 9.13,
  "peerCount": 10,
  "peerMedianPctRevenue": 8.8,
  "peerLeanQuartilePctRevenue": 8.5,
  "peers": [
   {
    "ticker": "RCL",
    "name": "Royal Caribbean Cruises Ltd.",
    "normalizedSgaPctRevenue": 8.53
   },
   {
    "ticker": "NCLH",
    "name": "Norwegian Cruise Line Holdings Ltd.",
    "normalizedSgaPctRevenue": 17.17
   },
   {
    "ticker": "TNL",
    "name": "Travel + Leisure Co.",
    "normalizedSgaPctRevenue": 12.38
   },
   {
    "ticker": "LIND",
    "name": "Lindblad Expeditions Holdings, Inc.",
    "normalizedSgaPctRevenue": 72.42
   },
   {
    "ticker": "PRSU",
    "name": "Pursuit Attractions and Hospitality, Inc.",
    "normalizedSgaPctRevenue": 17.71
   },
   {
    "ticker": "HLT",
    "name": "Hilton Worldwide Holdings Inc.",
    "normalizedSgaPctRevenue": 3.26
   },
   {
    "ticker": "MAR",
    "name": "Marriott International, Inc.",
    "normalizedSgaPctRevenue": 3.32
   },
   {
    "ticker": "H",
    "name": "Hyatt Hotels Corporation",
    "normalizedSgaPctRevenue": 8.66
   },
   {
    "ticker": "LVS",
    "name": "Las Vegas Sands Corp.",
    "normalizedSgaPctRevenue": 8.85
   }
  ],
  "definition": "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."
 },
 "disclosedLines": [
  {
   "key": "advertising",
   "label": "Advertising",
   "pctRevenue": 3.65,
   "companiesDisclosing": 7,
   "peersDisclosing": [
    {
     "ticker": "RCL",
     "pctRevenue": 3.86
    },
    {
     "ticker": "NCLH",
     "pctRevenue": 11.53
    },
    {
     "ticker": "TNL",
     "pctRevenue": 14.55
    },
    {
     "ticker": "LIND",
     "pctRevenue": 19.4
    },
    {
     "ticker": "MAR",
     "pctRevenue": 3.82
    },
    {
     "ticker": "LVS",
     "pctRevenue": 0.28
    }
   ],
   "note": "Brand spend is not the overhead question here."
  },
  {
   "key": "stock_comp",
   "label": "Stock-based comp",
   "pctRevenue": 0.37,
   "companiesDisclosing": 9,
   "peersDisclosing": [
    {
     "ticker": "RCL",
     "pctRevenue": 0.98
    },
    {
     "ticker": "NCLH",
     "pctRevenue": 1.64
    },
    {
     "ticker": "TNL",
     "pctRevenue": 1.42
    },
    {
     "ticker": "LIND",
     "pctRevenue": 5.07
    },
    {
     "ticker": "PRSU",
     "pctRevenue": 1.64
    },
    {
     "ticker": "HLT",
     "pctRevenue": 1.41
    },
    {
     "ticker": "MAR",
     "pctRevenue": 0.9
    },
    {
     "ticker": "LVS",
     "pctRevenue": 0.41
    }
   ],
   "note": "Below the peer median. Not distorting the overhead picture."
  },
  {
   "key": "restructuring",
   "label": "Restructuring",
   "pctRevenue": 0.05,
   "companiesDisclosing": 10,
   "peersDisclosing": [
    {
     "ticker": "RCL",
     "pctRevenue": 0.0
    },
    {
     "ticker": "NCLH",
     "pctRevenue": 0.0
    },
    {
     "ticker": "TNL",
     "pctRevenue": 0.47
    },
    {
     "ticker": "LIND",
     "pctRevenue": 0.0
    },
    {
     "ticker": "PRSU",
     "pctRevenue": 0.0
    },
    {
     "ticker": "HLT",
     "pctRevenue": 0.0
    },
    {
     "ticker": "MAR",
     "pctRevenue": 0.0
    },
    {
     "ticker": "H",
     "pctRevenue": 0.0
    },
    {
     "ticker": "LVS",
     "pctRevenue": 0.0
    }
   ],
   "note": "$13M of filed restructuring charges run in line with the typical peer, counted wherever they sit on the P&L; one-time charges are stripped from the Exhibit 2 number either way."
  }
 ],
 "gapToPeers": null,
 "tsrBridge": [
  {
   "label": "1 year",
   "span": "FY2024 to FY2025",
   "companyTsrPct": 2,
   "peerTsrPct": 17,
   "driverPp": {
    "Revenue growth": -17.7,
    "Gross margin": 30,
    "SG&A": -15.9,
    "Multiple": -8.6,
    "Other": -3.0
   }
  },
  {
   "label": "10 years",
   "span": "FY2016 to FY2025",
   "companyTsrPct": -44,
   "peerTsrPct": 182,
   "driverPp": {
    "Revenue growth": -39.5,
    "Gross margin": -16.4,
    "SG&A": -39.7,
    "Multiple": -47.3,
    "Other": -82.8
   }
  }
 ],
 "recentQuarter": null,
 "sources": [
  "10-K and 10-Q filings (US GAAP)",
  "XBRL company facts",
  "earnings releases"
 ],
 "urls": {
  "briefing": "https://sgabenchmarking.com/r/CCL",
  "json": "https://sgabenchmarking.com/r/CCL.json",
  "industryBenchmarks": "https://sgabenchmarking.com/catalog.json"
 },
 "publisher": "SG&A Benchmarking, https://sgabenchmarking.com"
}