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Segment Information (Tables)
6 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Three Months Ended May 31,
(in millions)RevenuesOperating
expenses
Selling
and
administrative
Depreciation
and
amortization
Operating
income (loss)
2025
North America (a)$4,214 $2,600 $473 $450 $691 
Europe2,011 1,208 248 187 368 
Cruise Support73 46 90 50 (113)
Tour and Other31 32 (12)
$6,328 $3,886 $816 $692 $934 
2024
North America (a)$3,984 $2,580 $464 $414 $525 
Europe1,697 1,135 230 164 168 
Cruise Support63 39 90 49 (114)
Tour and Other37 44 (19)
$5,781 $3,798 $789 $634 $560 
Six Months Ended May 31, 2025
(in millions)RevenuesOperating
expenses
Selling
and
administrative
Depreciation
and
amortization
Operating
income (loss)
2025
North America (a)$8,120 $5,036 $993 $884 $1,207 
Europe3,841 2,478 499 356 508 
Cruise Support145 91 163 95 (204)
Tour and Other33 47 12 (34)
$12,139 $7,653 $1,663 $1,346 $1,477 
2024
North America (a)$7,558 $4,982 $966 $813 $797 
Europe3,466 2,386 464 328 288 
Cruise Support122 75 162 94 (210)
Tour and Other41 59 10 12 (40)
$11,187 $7,502 $1,603 $1,247 $836 
(a)Beginning in the first quarter of 2025, we renamed the North America and Australia segment to the North America segment.
Schedule of Revenue by Geographical Area
Revenue by geographic areas, which are based on where our guests are sourced, were as follows:
Three Months Ended
May 31,
Six Months Ended
May 31,
(in millions)2025202420252024
North America$3,774 $3,542 $7,243 $6,663 
Europe1,964 1,631 3,590 3,199 
Australia315 355 735 781 
Other 275 252 570 545 
$6,328 $5,781 $12,139 $11,187