• Carnival average debt/equity ratio for 2024 was 3.54, a 25.94% decline from 2023.
• Carnival average debt/equity ratio for 2023 was 4.78, a 33.15% decline from 2022.
• Carnival average debt/equity ratio for 2022 was 3.59, a 106.32% increase from 2021.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.