Property and Equipment

12 Months Ended

Nov. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

	November 30,
(in millions)	2025		2024
Ships and ship improvements	$	61,683	$	58,649
Ships under construction	464		535
Other property and equipment	5,315		4,705
Total property and equipment	67,462		63,889
Less accumulated depreciation	(23,968)		(22,094)
	$	43,494	$	41,795

Capitalized interest amounted to $75 million in 2025, $61 million in 2024 and $64 million in 2023.

Sales of Ships

During 2025, we completed the sales of one North America segment ship and one Europe segment ship, which represents a passenger-capacity reduction of 460 berths for our North America segment and 2,700 berths for our Europe segment. We will continue to operate the North America segment ship through May 2026 and the Europe segment ship through September 2026 under bareboat charter agreements.