Question · Q4 2025
Jamie Katz asked about consumer demand behavior across different income levels, specifically if there's a K-shaped demand pattern with Seabourn consumers being more resilient than Carnival consumers. She also questioned how Carnival is thinking about managing occupancy in 2026, given high prices and the potential for an improved guest experience with fewer people on board.
Answer
President and CEO Josh Weinstein stated that no meaningful difference is observed across contemporary, premium, and luxury segments. He noted that Carnival's U.S. consumer base (excluding Seabourn) is primarily middle-class and up, and they are seeking value, which cruising provides. He clarified that the company is not mandating full occupancy to the last decimal point, allowing brands leeway to maximize revenue by balancing occupancy with price integrity and guest experience.
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