Carnival plc (NYSE: CUK) is a cruise and leisure travel company that owns and operates a portfolio of eight cruise line brands serving guests across global itineraries. Revenue comes from two primary streams: passenger ticket sales, which cover the cruise fare and transportation, and onboard and other revenues, which include casino gaming, beverage packages, shore excursions, specialty restaurants, spa services, internet packages, and retail sales. Carnival Corporation and Carnival plc operate as a dual-listed company under a single executive management team and identical Boards of Directors, with Carnival Corporation incorporated in Panama in 1974 and Carnival plc incorporated in England and Wales in 2000. The combined enterprise is the largest global cruise company by passenger capacity. Brands include AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. The company carried 13.6 million passengers in FY2025 and operated 101.7 million Passenger Cruise Days, with fleet occupancy at 105% in both FY2025 and FY2024. Total debt stood at $32.2 billion as of November 30, 2025, reflecting a heavily leveraged capital structure with $11.8 billion in newbuild capital expenditure commitments.

Revenue model

Transactional revenue from passenger ticket sales and onboard spending. Passenger tickets cover cruise fares and related transportation. Onboard revenue includes beverage packages, internet packages, shore excursions, casino gaming, specialty restaurants, spa services, photo packages, and retail sales. The company also owns and operates seven port destinations and exclusive islands, which generate guest spending from 7.4 million visits in FY2025.

Products and services

Cruise vacations across eight brands: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises, and Seabourn. Owned port destinations and exclusive islands including Celebration Key (Bahamas, opened July 2025), 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 in Roatan (Honduras). Onboard products include beverage packages, internet and communication services, casino gaming, full-service spas, specialty restaurants, shore excursions, photo sales, and air and transportation packages.

Customers and end markets

Individual leisure travelers booking cruise vacations. Guests are sourced from North America, Europe, Australia, and other international markets. The company carried 13.6 million passengers in FY2025 (13.5 million in FY2024, 12.5 million in FY2023). No disclosed customer concentration. Demand is driven by leisure travel spending, with Caribbean itineraries representing 34% of passenger capacity in FY2025.

Value-chain role

Vertically integrated cruise operator. Owns and operates cruise ships, port destinations, exclusive island destinations, and shore excursion and hotel operations. Enters berthing agreements with third-party ports for preferred access. Manages guest sourcing through travel agents, tour operators, and direct channels.

Geographic exposure

Caribbean: 34% of passenger capacity (FY2025). Europe excluding Mediterranean: 16% (FY2025). Mediterranean: 14% (FY2025). Alaska: 6% (FY2025). Australia and New Zealand: 6% (FY2025). Other itineraries: 24% (FY2025). Euro-denominated newbuild contracts represent $8.4 billion in remaining commitments as of November 30, 2025.

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

Industry: Water Transportation Peers: SELINA HOSPITALITY PLC