Carnival Corporation & plc
- Open
- 23.62
- Day high
- 23.92
- Day low
- 23.35
- Prev close
- 23.23
- Volume
- 22.8M
- Mkt cap
- $32.5B
- P/E (TTM)
- 10.3
- EPS (TTM)
- $2.31
- P/B
- 2.5
- P/S
- 1.2
- Yield
- 1.90%
- Per share
- $0.45
Carnival Corporation & plc (CCL) is a Consumer Cyclical company listed on NYSE. The stock is down 25% over the past year. Drillr has 1 published research article covering CCL.
Carnival Corporation & plc (CCL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CCL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 23, 2026 | $0.34 | $0.41 | +19.1% | $6.7B | -0.4% |
| Mar 27, 2026 | $0.18 | $0.20 | +8.5% | $6.2B | +0.4% |
| Sep 29, 2025 | $1.32 | $1.43 | +8.3% | $8.2B | +0.6% |
| Jun 24, 2025 | $0.25 | $0.35 | +41.9% | $6.3B | +2.0% |
| Mar 21, 2025 | $0.03 | $0.13 | +381.5% | $5.8B | +1.1% |
| Dec 20, 2024 | $0.06 | $0.14 | +133.3% | $5.9B | +0.0% |
| Sep 30, 2024 | $1.16 | $1.27 | +9.5% | $7.9B | +0.9% |
| Dec 21, 2023 | $-0.12 | $-0.07 | +41.7% | $5.4B | -0.7% |
| Dec 21, 2022 | $-0.89 | $-0.85 | +4.5% | $3.8B | -2.3% |
| Sep 30, 2022 | $-0.12 | $-0.58 | -383.3% | $4.3B | -14.7% |
| Jun 24, 2022 | $-1.14 | $-1.64 | -43.9% | $2.4B | -11.7% |
| Mar 22, 2022 | $-1.23 | $-1.65 | -34.1% | $1.6B | -28.0% |
CCL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 1, 2026 | deynes bettina alejandraofficer: Chief Human Resources Officer | Sell | 43,058 | $28.10 |
| May 12, 2026 | SUBOTNICK STUARTdirector | Tax | 616 | $26.38 |
| May 12, 2026 | BAND SIR JONATHONdirector | Grant | 7,712 | — |
| May 12, 2026 | WEIL LAURA Adirector | Grant | 7,712 | — |
| May 12, 2026 | WEIL LAURA Adirector | Tax | 616 | $26.38 |
| May 12, 2026 | Gearhart Jeffrey Jdirector | Grant | 7,712 | — |
| May 12, 2026 | deynes bettina alejandraofficer: Chief Human Resources Officer | Grant | 20,778 | — |
| May 12, 2026 | weinstein joshua iandirector, officer: Chief Executive Officer | Grant | 190,965 | — |
| May 12, 2026 | BAND SIR JONATHONdirector | Tax | 3,471 | $26.38 |
| May 12, 2026 | Bernstein Davidofficer: CFO & CAO | Grant | 49,894 | — |
| May 12, 2026 | SUBOTNICK STUARTdirector | Sell | 0 | $25.22 |
| May 12, 2026 | Deeble Helendirector | Grant | 7,712 | — |
| May 12, 2026 | Lahey Katiedirector | Grant | 7,712 | — |
| May 12, 2026 | cahilly jason glendirector | Grant | 7,712 | — |
| May 12, 2026 | Gearhart Jeffrey Jdirector | Tax | 616 | $26.38 |
Source: CCL SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.
See the full CCL insider & 13F page →Carnival Corporation & plc company profile
Overview
Carnival Corporation & plc (NYSE:CCL) is one of the world's largest cruise line operators, founded in 1972 and headquartered in Miami, Florida. The company went public in 1987 and has grown through acquisitions and organic expansion to become a dominant force in the global cruise industry. Carnival operates a portfolio of nine major cruise brands serving diverse market segments, from contemporary mass-market cruising to ultra-luxury expeditions. The company has weathered significant challenges, including the COVID-19 pandemic which devastated the cruise industry from 2020-2022, and has been focused on financial recovery and operational optimization in recent years.
Business
Carnival Corporation operates in the leisure cruise industry, providing vacation experiences aboard cruise ships that visit destinations worldwide. A cruise vacation typically involves passengers boarding large ships that serve as floating resorts, complete with dining, entertainment, accommodations, and recreational facilities, while traveling to various ports of call. The company operates through nine distinct cruise brands, each targeting different market segments and geographic regions: 1. Carnival Cruise Line - The flagship contemporary brand targeting North American families and first-time cruisers with fun, casual atmosphere cruises. This represents the largest portion of the company's capacity. 2. Princess Cruises - Premium brand offering more refined experiences with global itineraries, targeting affluent travelers seeking sophisticated onboard amenities. 3. Holland America Line - Premium brand known for longer cruises and cultural enrichment programs, popular with older, more experienced cruisers. 4. Costa Cruises - Contemporary European brand serving primarily Italian and European markets with Mediterranean focus. 5. AIDA Cruises - German contemporary brand targeting younger European demographics with casual, resort-style cruising. 6. P&O Cruises (UK) - British heritage brand serving UK market with traditional cruise experiences. 7. P&O Cruises (Australia) - Serving Australian and New Zealand markets (being consolidated into Carnival Cruise Line). 8. Seabourn - Ultra-luxury small ship brand offering all-inclusive expeditions and intimate experiences. 9. Cunard - Luxury British brand famous for transatlantic crossings and formal cruise experiences. The company operates 87 ships with approximately 223,000 lower berths (passenger capacity), visiting around 700 ports globally. Revenue distribution is primarily split between North American brands (roughly 60-65%) and European/International brands (35-40%), though exact segment breakdowns vary by quarter due to seasonal patterns.
Revenue model
Carnival generates revenue through multiple streams within its cruise operations. The primary revenue model consists of ticket sales for cruise packages, which include accommodation, meals, and entertainment aboard the ship. Additionally, the company earns substantial onboard revenue from passengers purchasing extras such as specialty dining, beverages, shore excursions, spa services, internet access, casino gaming, and retail merchandise. The company's customers are leisure travelers who book cruises either directly through Carnival's websites or through travel agents, tour operators, and vacation planners. The customer base spans from budget-conscious families seeking affordable vacations to affluent travelers willing to pay premium prices for luxury experiences. Carnival's profitability is influenced by several key factors that can increase or decrease margins. Positive margin drivers include higher ticket prices during peak demand periods, increased onboard spending per passenger, fuel efficiency improvements from newer ships, and operational scale advantages. The company benefits from its ability to optimize itineraries and capacity allocation across different markets and seasons. Margin pressures come from several sources including volatile fuel costs (a significant operational expense), port fees and taxes, regulatory compliance costs, and competitive pricing pressure. Weather disruptions, geopolitical events affecting certain destinations, and economic downturns can reduce demand and force promotional pricing. The company also faces ongoing capital expenditure requirements for fleet maintenance, regulatory upgrades, and new ship construction. Labor costs, food and beverage expenses, and marketing investments to attract new customers also impact profitability. The highly seasonal nature of the business, with stronger performance in summer months, creates quarterly earnings volatility.
Competitive moat
Carnival's competitive moat is moderately strong but faces several vulnerabilities. The company's primary advantages stem from its massive scale and diversified brand portfolio. With 87 ships and multiple brands, Carnival achieves significant economies of scale in purchasing, marketing, and operations that smaller competitors cannot match. The company's established relationships with travel agents, port authorities, and suppliers create switching costs and barriers for competitors. The brand portfolio provides defensive positioning across different market segments and geographic regions, allowing Carnival to capture demand from budget-conscious families to luxury travelers. Established brands like Cunard and Princess have strong customer loyalty and heritage that takes decades to build. The company's private destination investments, such as the upcoming Celebration Key in the Bahamas, create differentiated experiences that competitors cannot easily replicate. However, the moat has notable weaknesses. The cruise industry has relatively low barriers to entry for well-capitalized competitors, as evidenced by new entrants like Virgin Voyages. Ships are mobile assets that can be redeployed to compete in any market, limiting geographic protection. The industry is highly capital-intensive with long asset lives, making it difficult to adapt quickly to changing consumer preferences. Regulatory risks, environmental concerns, and potential health crises (as demonstrated by COVID-19) can severely impact the entire industry regardless of company size or brand strength. Competition comes from other major cruise operators like Royal Caribbean and Norwegian Cruise Line, as well as broader leisure travel alternatives including resorts, airlines, and land-based vacation options. The rise of experiential travel and changing demographics could potentially disrupt traditional cruise models, though Carnival is actively working to attract younger customers and adapt its offerings.
Risks & safety
Carnival's margin of safety appears limited given its high leverage and capital-intensive nature, though recent operational improvements provide some comfort. • Debt and Solvency: Debt-to-equity ratio of 3.1x remains elevated despite recent debt reduction efforts. Total liabilities of $39.4 billion against $9.3 billion in equity creates significant leverage risk. However, the company has been actively paying down debt, reducing it by over $8 billion recently, and targets investment-grade leverage metrics by 2026. • Cash Position: Cash and short-term investments of $833 million appears modest relative to the company's size and capital requirements. Current ratio of 0.26 indicates potential liquidity concerns, though this is somewhat typical for cruise operators given their current liability structure including customer deposits. • Valuation Metrics: EV/EBITDA of 15.4x appears elevated, though this reflects the company's recovery trajectory. Price-to-book of 3.4x suggests the stock trades at a premium to tangible assets. The company is targeting significant EBITDA growth, which could improve valuation metrics if achieved. • Other Considerations: Free cash flow of $318 million provides limited cushion for a company of this size. The business model's dependence on consumer discretionary spending creates cyclical risk. However, strong booking trends for 2025-2026 and record customer deposits provide some forward visibility.
Recent development
Over the past few years, Carnival has undergone significant transformation focused on financial recovery and operational optimization following the COVID-19 pandemic. The company implemented a comprehensive fleet optimization strategy, removing 26 smaller, less efficient ships while adding new, more fuel-efficient vessels. This resulted in a fleet where nearly 25% of capacity comes from newer ships with improved balcony cabin ratios and operational efficiency. A major strategic initiative is the SEA Change program, focused on commercial execution improvements including revenue management optimization, enhanced marketing efforts, and brand-specific positioning. The company has significantly increased its marketing spend and successfully attracted new-to-cruise customers, with new guests growing 17% in recent quarters. Destination development represents another key strategic pivot. Carnival is launching Celebration Key in the Bahamas in July 2025, a private destination designed to enhance the cruise experience while providing operational benefits including fuel savings and increased onboard spending opportunities. The company is also renaming and renovating Half Moon Cay to "Relax Away Half Moon Cay." The company has prioritized financial deleveraging, paying down over $8 billion in debt and refinancing $5.5 billion at lower interest rates. Management targets reaching investment-grade leverage metrics by 2026, one year ahead of original plans. Sustainability initiatives include achieving a 17.5% reduction in greenhouse gas emissions intensity and implementing the Maritime Asset Strategy Transformation (MAS) program expected to generate over $100 million in multi-year cost savings. Brand portfolio optimization includes the decision to sunset P&O Cruises Australia, consolidating it into the Carnival Cruise Line brand to improve operational efficiency and market positioning.
CCL company profile · for informational purposes only — not investment advice.
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