Is CCL diluting shareholders?

Read three numbers together: shares outstanding over time (1.37B as of 2026-06-19), warrants that can convert into new shares, and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Carnival Corp Ltd. (CCL)

CIK 815097 · all EDGAR filings →

Overall dilution risk

HIGHworst of 3 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGHS-3ASR on file 2024-01-26

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

LOW+22% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

a reverse-split-sized cliff is in this window; read the chart

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 1.37B shares as of Jun 19, 2026 (10-Q). Share count fell from 932.49B to 973.5M between Jan 14, 2021 and Mar 31, 2021, a pattern consistent with a reverse split (roughly 1-for-958); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

profitable · generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

Note	Principal	Carrying	Conv. price	Rate	If converted
Convertible Notes Payable Due December 2025	not tagged	$0	not tagged	5.75%	—

Notes exactly as the company dimensioned them in its 10-Q filed Jun 26, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Registrations and offerings

S-3ASRJan 26, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 0 registered.

EXECUTEDMay 7, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →

UPDATEFeb 27, 2026Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEFeb 27, 2026SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDJan 26, 2024Automatic shelf registration — effective immediately (large filers)S-3ASR →

EXECUTEDNov 18, 2022Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDNov 1, 2022Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDAug 22, 2022Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDJul 22, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDJul 20, 2022Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDJun 28, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDFeb 24, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

EXECUTEDFeb 22, 2021Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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