Carnival Corporation & plc (NYSE: CCL) is a cruise vacation company that owns and operates a portfolio of eight cruise line brands across North America, Europe, and Australia. Revenue comes from two primary streams: passenger ticket sales and onboard spending, which includes casino gaming, beverage packages, shore excursions, specialty restaurants, spa services, internet packages, and retail sales. Carnival is the largest global cruise company by passenger capacity, operating under brands including Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, Cunard, and P&O Cruises. The company carried 13.6 million passengers in FY2025, generating 101.7 million Passenger Cruise Days at 105% occupancy. Carnival also owns or operates seven port destinations and exclusive islands, which welcomed 7.4 million guests in FY2025. The business is capital-intensive and debt-heavy, with total debt of $32.2 billion as of November 30, 2025, and $11.8 billion in committed newbuild capital expenditures. Carnival Corporation was incorporated in Panama in 1974; Carnival plc was incorporated in England and Wales in 2000, and the two operate as a dual-listed company with a single executive management team.

Revenue model

Transactional revenue from passenger ticket sales and onboard spending. Onboard revenue includes casino gaming, beverage packages, shore excursions, specialty restaurants, spa services, internet and communication services, photo packages, and retail sales. The company also operates owned port destinations and exclusive islands that generate guest spending.

Products and services

Cruise vacations sold under eight brands: Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, Cunard, and P&O Cruises. Owned or operated port destinations and exclusive islands include Celebration Key (Bahamas), Princess Cays (Bahamas), RelaxAway Half Moon Cay (Bahamas), Grand Turk Cruise Center (Turks and Caicos), Amber Cove (Dominican Republic), Puerta Maya (Cozumel, Mexico), and Isla Tropicale (Roatan, Honduras). Onboard products include beverage packages, internet packages, shore excursions, casino gaming, specialty restaurants, full-service spas, and photo packages.

Customers and end markets

Leisure travelers sourced from North America, Europe, Australia, and other international markets. No disclosed customer concentration. The company carried 13.6 million passengers in FY2025 and 13.5 million in FY2024. End market demand is driven by consumer discretionary spending on leisure travel.

Value-chain role

Vertically integrated cruise operator. Owns and operates cruise ships, port destinations, exclusive islands, and shore excursion services. Sells directly to consumers and through travel agents and tour operators. Enters berthing agreements with third-party ports for preferential access.

Geographic exposure

Caribbean represented 34% of passenger capacity in FY2025. Europe excluding Mediterranean 16%, Mediterranean 14%, Alaska 6%, Australia and New Zealand 6%, and Other 24% (FY2025 figures). Carnival Corporation is incorporated in Panama; Carnival plc is incorporated in England and Wales.

Source: SEC 10-K, filed 2026-01-27

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