Carnival Corporation & plc is the largest global cruise company and one of the largest leisure travel companies, operating a portfolio of world-class cruise lines . The company offers a broad range of cruise products and services catering to vacationing guests of various ages, backgrounds, and interests, allowing them to penetrate large addressable customer segments . Their cruise brands are classified into contemporary, premium, and luxury experiences, each targeting different consumer psychographics and vacation needs . In 2023, Carnival achieved record revenues of $21.6 billion, driven by strong demand across all brands, improvements in ticket prices, and reaching historical occupancy levels . The company has been focusing on increasing consumer awareness and demand for cruise vacations through comprehensive marketing and advertising programs, which have successfully attracted new-to-cruise and new-to-brand guests .
- Contemporary Cruise Lines - Offers affordable and family-friendly cruise experiences with a focus on fun and entertainment, appealing to a broad audience.
- Carnival Cruise Line - Known for its vibrant atmosphere and diverse onboard activities.
- Costa Cruises - Provides a European-style cruising experience with a focus on Italian hospitality.
- AIDA Cruises - Targets German-speaking guests with a casual and relaxed cruising environment.
- Premium Cruise Lines - Delivers a more refined and sophisticated cruise experience with enhanced services and amenities.
- Holland America Line - Offers classic cruising with a focus on enriching experiences and cultural immersion.
- Princess Cruises - Known for its innovative ships and personalized service, appealing to seasoned travelers.
- P&O Cruises (UK) - Caters to British guests with a blend of traditional and contemporary cruising experiences.
- P&O Cruises (Australia) - Focuses on the Australian market with tailored itineraries and onboard offerings.
- Luxury Cruise Lines - Provides an ultra-luxurious cruise experience with personalized service and exclusive amenities.
- Cunard - Offers a traditional and elegant cruising experience with a focus on luxury and heritage.
- Seabourn - Known for its intimate ships and exceptional service, catering to discerning travelers.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bettina Deynes Executive | Global Chief Human Resources Officer | None | Bettina Deynes joined CCL in 2019 as CHRO for Carnival Cruise Line and became Global CHRO in 2022. She oversees HR strategies across global operations. | |
David Bernstein Executive | Chief Financial Officer and Chief Accounting Officer | None | David Bernstein has been with CCL for 26 years as of January 2025. He has served as CFO since 2007 and added the CAO role in 2016. He oversees financial strategy and compliance. | |
Enrique Miguez Executive | General Counsel | None | Enrique Miguez has been with CCL since 2003. He became General Counsel in 2021, overseeing legal matters, compliance, and corporate governance. | |
Josh Weinstein Executive | President, CEO, and Chief Climate Officer | None | Josh Weinstein has been with CCL since 2002. He became CEO in 2022 and previously served as COO, President of Carnival UK, and Treasurer. He leads sustainability efforts, including net-zero emissions goals. | View Report → |
William Burke Executive | Chief Maritime Officer (until Feb 1, 2025) | None | William Burke joined CCL in 2013 as the first Chief Maritime Officer. He oversees global maritime operations and sustainability. He will transition to External Affairs Advisor on Feb 1, 2025. | |
Helen Deeble Board | Director | None | Helen Deeble is a current Director at CCL. No additional biographical details are available in the documents. | |
Jason Glen Cahilly Board | Director | None | Jason Glen Cahilly is a current Director at CCL. No additional biographical details are available in the documents. | |
Jeffrey J. Gearhart Board | Director | None | Jeffrey J. Gearhart is a current Director at CCL. No additional biographical details are available in the documents. | |
Katie Lahey Board | Director | None | Katie Lahey is a current Director at CCL. No additional biographical details are available in the documents. | |
Laura Weil Board | Director | None | Laura Weil is a current Director at CCL. No additional biographical details are available in the documents. | |
Micky Arison Board | Chair of the Board of Directors | None | Micky Arison has been with CCL for 53 years as of January 2025. He served as CEO from 1979 to 2013 and has been Chair of the Board since 1990. | |
Randy Weisenburger Board | Director | None | Randy Weisenburger is a current Director at CCL. No additional biographical details are available in the documents. | |
Sir Jonathon Band Board | Director | None | Sir Jonathon Band is a current Director at CCL. No additional biographical details are available in the documents. | |
Stuart Subotnick Board | Director | None | Stuart Subotnick is a current Director at CCL. No additional biographical details are available in the documents. |
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Given that cost savings have come from "hundreds of small items" like crew travel and port savings rather than active cost reductions, how sustainable are these savings, and can you replicate or enhance them in the future?
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With strong demand attributed to improved commercial execution rather than pent-up demand, how do you plan to maintain this momentum in the face of potential macroeconomic headwinds or shifts in consumer spending patterns?
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As competitors expand into key markets like Galveston, how does Carnival plan to defend market share and maintain a competitive edge against companies that may not have the same reporting requirements or financial constraints?
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Given the plans to develop Half Moon Cay without adding entertainment attractions like water parks, how do you intend to enhance the guest experience while preserving its natural beauty, and what is the expected return on investment for these enhancements?
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Considering the increased advertising spend and your plan to make decisions on this in the coming months, how will you evaluate the return on investment of your marketing efforts, and what adjustments might you make if market conditions change?
Research analysts who have asked questions during CARNIVAL earnings calls.
Benjamin Chaiken
Mizuho Financial Group, Inc.
5 questions for CCL
Brandt Montour
Barclays PLC
5 questions for CCL
David Katz
Jefferies Financial Group Inc.
5 questions for CCL
James Hardiman
Citigroup
5 questions for CCL
Matthew Boss
JPMorgan Chase & Co.
5 questions for CCL
Robin Farley
UBS
5 questions for CCL
Steven Wieczynski
Stifel
5 questions for CCL
Christopher Stathoulopoulos
Susquehanna Financial Group
4 questions for CCL
Conor Cunningham
Melius Research
4 questions for CCL
Jaime Katz
Morningstar
3 questions for CCL
Patrick Scholes
Truist Financial Corporation
3 questions for CCL
John Chu
BNP Paribas
2 questions for CCL
Sharon Zackfia
William Blair & Company
2 questions for CCL
Assia Georgieva
Infinity Research
1 question for CCL
Daniel Politzer
Wells Fargo
1 question for CCL
Elizabeth Dove
Goldman Sachs
1 question for CCL
Frederick Wightman
Wolfe Research, LLC
1 question for CCL
Vince Ciepiel
Cleveland Research Company
1 question for CCL
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Along with the principal cruise competitors, carried approximately 83% of all global cruise guests based on the 2019 G.P. Wild Cruise Industry Statistical Review. | |
Along with the principal cruise competitors, carried approximately 83% of all global cruise guests based on the 2019 G.P. Wild Cruise Industry Statistical Review. | |
MSC Cruises | Along with the principal cruise competitors, carried approximately 83% of all global cruise guests based on the 2019 G.P. Wild Cruise Industry Statistical Review. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
P&O Cruises Australia | 2025 | Carnival Corporation will sunset the P&O Cruises Australia brand and integrate its operations into Carnival Cruise Line, with plans to transfer the Pacific Encounter and Pacific Adventure in early 2025 and remove the Pacific Explorer in February 2025. |
Recent press releases and 8-K filings for CCL.
- On September 30, 2025, Carnival Corporation priced a private offering of $1.25 billion aggregate principal amount of 5.125% senior unsecured notes due May 1, 2029.
- The company will use the proceeds, together with cash on hand, to redeem $2.0 billion of 6.000% senior unsecured notes due 2029.
- The Notes will pay interest semi-annually on May 1 and November 1, beginning May 1, 2026.
- The offering is expected to close on October 15, 2025, subject to customary closing conditions.
- Carnival Corporation priced a private offering of $1.25 billion aggregate principal of 5.125% senior unsecured notes due May 1, 2029, expected to close October 15, 2025.
- Proceeds, together with cash on hand, will be used to redeem $2.0 billion of 6.000% senior unsecured notes due 2029 to reduce interest expense.
- The notes will pay interest semi-annually on May 1 and November 1, beginning May 1, 2026, are unsecured and fully guaranteed by Carnival plc and certain subsidiaries.
- The indenture features investment-grade style covenants and the offering is made to qualified institutional buyers under Rule 144A and Regulation S.
- Carnival Corporation & plc commenced a private offering of $1.25 billion in new senior unsecured notes due 2029.
- The proceeds, together with cash on hand, will be used to fully redeem the existing $2.0 billion 6.000% senior unsecured notes due 2029, with the goal of reducing interest expense.
- The new notes’ indenture is expected to include investment grade-style covenants.
- The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, and will not be registered under the Securities Act.
- Carnival Corporation & plc commenced a private offering of $1.25 billion senior unsecured notes maturing in 2029.
- The company plans to use the proceeds, along with cash on hand, to fully redeem its $2.0 billion 6.000% senior unsecured notes due 2029.
- The new notes will feature investment grade–style covenants and are being offered under Rule 144A and Regulation S to qualified institutional and non-U.S. investors.
- These notes are not registered under the Securities Act and may only be sold to qualified institutional buyers in the U.S. and non-U.S. investors under applicable exemptions.
- Record Q3 net income of $2.0 billion, driven by 4.6% same-ship yield growth and 1.5-point cost outperformance; ROIC of 13% and net debt/EBITDA at 3.6×, prompting a third full-year guidance raise
- 2026 capacity set to grow 0.8%, with ~50% of sailings already booked at higher prices; new Carnival Rewards loyalty program and island destination openings will modestly impact yields (-0.5 pp) and costs (-1.5 pp)
- Convertible note redemption on December 5 will use $500 million cash and equity, reducing net debt by $600 million and lowering diluted share count by 13 million shares for 2026
- Continued deleveraging: $4.6 billion of unsecured financings repaid >$5 billion of debt, cut secured debt by $2.5 billion, and refinanced $11 billion since January, targeting sub-3× net debt/EBITDA and investment-grade status
- Delivered all-time high Q3 adjusted net income of $2.0 B, with record revenues, net yields up 4.6% (constant currency), and adjusted EBITDA of $3.0 B, on 2.5% lower capacity vs. Q3 2024.
- Raised full-year 2025 guidance: net yields +5.3% vs 2024, adjusted EBITDA $7.1 B, adjusted net income $2.9 B, and adjusted EPS $2.14.
- Achieved record customer deposits, up ~45% vs. Q3 2019, and booked nearly 50% of 2026 sailings at historical high prices.
- Strengthened balance sheet via €1.0 B (4.125% 2031) and $3.0 B (5.75% 2032) note issuances, repaid >$5 B of debt, cut secured debt to $3.1 B, with net debt/EBITDA projected at 3.6x by YE 2025; credit ratings upgraded by Fitch, S&P, and Moody’s.
- Carnival Corporation reported record-high Q3 net income of $1.86 billion, up 6.9% year-over-year, driven by strong demand and increased onboard spending.
- Third-quarter revenue reached $8.15 billion, a 5.8% increase, marking the tenth consecutive quarter of record revenues.
- Raised full-year adjusted net income guidance by 55%, reflecting confidence from strong booking trends with nearly half of 2026 bookings secured at historic prices.
- Maintains robust liquidity with $6.3 billion available and $8.7 billion in undrawn export credit facilities to fund ship deliveries through 2033.
- Carnival achieved an all-time high net income of $1.9 billion and adjusted net income of $2.0 billion in Q3 2025, driven by strong yields and cost management.
- The company delivered record revenues of $8.2 billion for the tenth consecutive quarter, with net yields up 4.6% in constant currency.
- Carnival raised its full‐year 2025 adjusted net income guidance to be up nearly 55% year over year, marking the third upward revision this year.
- During the quarter, the company refinanced $4.5 billion of debt and prepaid an additional $0.7 billion, simplifying its capital structure.
- Carnival Corporation & plc redeemed the remaining $322 million of its 5.750% senior unsecured notes due 2027, eliminating the last outstanding balance on this debt series.
- The redemption is intended to strengthen the balance sheet, optimize capital structure and reduce interest expense as part of efforts to regain investment-grade ratings.
- CFO David Bernstein called the move a “confident step in our journey to rebuild our investment-grade balance sheet and reduce our interest expense”.
- Carnival priced a $3.0 billion private offering of 5.75% senior unsecured notes due 2032, up from the initially planned amount, closing expected July 16, 2025.
- Proceeds will fully repay borrowings under the first-priority senior secured term loan maturing in 2028 and, with cash on hand, redeem $2.4 billion of 5.750% senior unsecured notes due 2027, to be redeemed on July 17, 2025 at 100% of principal plus make-whole and accrued interest.
- The notes will pay interest semi-annually on February 1 and August 1, beginning February 1, 2026, at 5.75%, and mature on August 1, 2032.
- Upon closing, Carnival’s remaining senior secured debt will be $3.1 billion, all of which will have security-fall-away provisions upon two of three rating agencies granting investment-grade status; the notes’ indenture includes investment-grade style covenants.