Carnival Corp
carnivalcorp.comWhat Do They Do?
Sells cruise vacations and onboard goods and services to leisure travelers.
10-K for FY2025, filed Jan 27, 2026Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival…View ↗
Cruising offers a broad range of products and services to suit vacationing guests of many ages, backgrounds and interests. Each brand in…View ↗
In 2025, we earned 34% of our cruise revenues from onboard and other revenue goods and services including:View ↗
Beverage sales Internet and communication services Casino gaming Full-service spas Shore excursions and experiences Specialty restaurants…View ↗
How Do They Make Money?
Guests pay deposits when booking and the remaining balance before departure; cruise fares and onboard purchases are earned as voyages take place or when they end.
10-K for FY2025, filed Jan 27, 2026
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10-K for FY2025, filed Jan 27, 2026
FY2025 revenue by product or service ↗
$26.6B
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10-K for FY2025, filed Jan 27, 2026
$26.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Passenger ticket
Sold outright
10-K for FY2025, filed Jan 27, 2026 |
65%
FY2022: 58%
|
Passenger ticket, FY2025
$17.4B Sources
|
Sold outright |
|
Onboard and other
Sold outright
10-K for FY2025, filed Jan 27, 2026 |
35%
FY2022: 42%
|
Onboard and other, FY2025
$9.2B Sources
|
Sold outright |
Who Are Their Customers?
Guests buy cruise vacations through travel agents and tour operators or directly through company vacation planners, brand websites, customer service agents and onboard future-cruise consultants.
10-K for FY2025, filed Jan 27, 2026
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Jan 27, 2026
$4.5BView ↗
10-K for FY2025, filed Jan 27, 2026
$2.8BView ↗
10-K for FY2025, filed Jan 27, 2026
$2.6BView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Sep 29, 2026
Open tableView ↗
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Jun 23, 2026
Carnival forecast higher net yields for 2026
Full-year net yields are expected to rise approximately 3.2 percent compared with 2025.
Sources
8-K, filed Jun 23, 2026
Net yields up approximately 3.2 percent compared to record 2025 levels. Net yields (in constant currency) up approximately 1.75 percent…View ↗
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May 7, 2026
Carnival completed its unification and moved incorporation to Bermuda
Carnival plc became a wholly owned UK subsidiary, and its listings were canceled.
Sources
8-K, filed May 7, 2026
The DLC Unification and Redomiciliation Transactions were implemented by way of a Court-approved scheme of arrangement under Part 26 of the…View ↗
Growing. Revenue grew 14.0x in 4 years, from $1.9B in FY2021 to $26.6B in FY2025, about 93% a year.
Australia brand consolidation
The older report lists P&O Cruises (Australia) separately; the latest says the brand was sunset and its Australian operations folded into Carnival Cruise Line.
10-K for FY2022, filed Jan 27, 2023 10-K for FY2025, filed Jan 27, 2026Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival…View ↗
Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival…View ↗
Who Do They Compete With?
Competes with Royal Caribbean Group, Norwegian Cruise Line Holdings, and MSC Cruises
10-K for FY2025, filed Jan 27, 2026The global cruise industry is a relatively small part of the global vacation market. We compete with land-based vacation alternatives…View ↗
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