• Carnival average return on tangible equity for 2023 was -47.14, a 46.69% decline from 2022.
• Carnival average return on tangible equity for 2022 was -88.43, a 48.67% decline from 2021.
• Carnival average return on tangible equity for 2021 was -59.48, a 142.87% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.