Carnival Corporation

What does Carnival Corporation own?
Carnival Corporation owns a portfolio of eight cruise line brands: Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises, and Cunard. The company previously operated P&O Cruises (Australia) but sunset the brand in 2025, folding operations into Carnival Cruise Line. The company operates over 90 ships globally and owns exclusive destinations including Celebration Key and RelaxAway, Half Moon Cay.

Is Carnival Corporation publicly traded?
Yes. Carnival Corporation & plc is publicly traded with a dual listing on the New York Stock Exchange (NYSE: CCL) and the London Stock Exchange (LSE: CCL). In December 2025, the company announced plans to simplify to a single NYSE listing by converting Carnival plc shares one-for-one into Carnival Corporation shares and reincorporating in Bermuda as Carnival Corporation Ltd. Completion is expected in Q2 2026.

Who founded Carnival Corporation?
Carnival Corporation was founded in 1972 by Ted Arison as Carnival Cruise Line. The company went public in 1987 and adopted the Carnival Corporation name in 1993. Through strategic acquisitions, the company grew into the world's largest cruise operator with multiple brands.

Where is Carnival Corporation headquartered?
Carnival Corporation's primary headquarters is in Miami, Florida, USA. The company maintains dual headquarters reflecting its dual-listed structure, with corporate offices also in Southampton, United Kingdom. A new consolidated headquarters campus in Miami-Dade County is planned for 2028.

What is Carnival Corporation's revenue?
Carnival Corporation reported record FY2025 revenue of $26.6 billion, with record adjusted EBITDA of $7.2 billion and record adjusted net income of $3.1 billion, up over 60 percent year-over-year. In Q2 2026, the company reported record revenues of $6.7 billion. For full year 2026, the company expects adjusted net income of approximately $3.5 billion.

Who is Carnival Corporation's CEO?
Josh Weinstein serves as President and Chief Executive Officer of Carnival Corporation & plc. Weinstein has led the company through its record recovery, describing FY2025 as "a truly phenomenal year" and introducing the PROPEL long-term growth targets in March 2026.

Did Carnival reinstate its dividend?
Yes. In December 2025, Carnival reinstated its quarterly dividend at $0.15 per share, the first dividend since the pandemic suspension. The initial dividend had a record date of February 13, 2026 and payment date of February 27, 2026. The company also announced a $2.5 billion share buyback program in Q1 2026.

What is PROPEL?
PROPEL (Powering Growth and Returns, Responsibly) is a set of long-term targets introduced by Carnival Corporation in March 2026, designed to reflect continued earnings growth momentum, outsized shareholder distributions, and higher returns to be achieved by 2029.

Carnival Corporation was founded as the privately owned Carnival Cruise Line in 1972 by Ted Arison, an Israeli-American businessman. The company grew steadily throughout the 1970s and 1980s, establishing itself as a major player in the North American cruise market. In 1987, Carnival went public with an initial public offering on the New York Stock Exchange, using the capital raised to fund an aggressive acquisition strategy.

Between 1989 and 1999, Carnival acquired Holland America Line, Windstar Cruises, Seabourn Cruise Line, Costa Cruises, and Cunard Line. The company adopted the name Carnival Corporation in 1993 to distinguish the parent company from its flagship cruise line subsidiary. In 2003, Carnival Corporation completed its landmark acquisition of P&O Princess Cruises plc, creating the dual-listed structure that exists today. This merger added Princess Cruises, P&O Cruises, AIDA Cruises, and other brands to the portfolio.

In June 2018, Carnival acquired the White Pass and Yukon Route railroad and port operations in Skagway, Alaska, for $290 million. The COVID-19 pandemic in 2020 severely impacted the cruise industry, forcing a complete fleet shutdown for several months. Carnival has since recovered dramatically, with strong demand driving record bookings and financial performance.

In 2025, Carnival achieved record financial results across all metrics. The company opened Celebration Key, a new exclusive destination on Grand Bahama, and opened a new pier at RelaxAway, Half Moon Cay. The company also sunset the P&O Cruises (Australia) brand, folding its Australia operations into Carnival Cruise Line, reducing the brand count from nine to eight.

In December 2025, Carnival reinstated its quarterly dividend at $0.15 per share, completed its $19 billion refinancing plan, reduced total debt by over $10 billion from its peak, achieved investment grade status with Fitch, and announced plans to simplify its corporate structure. The company also announced three new Sphere Class ships scheduled for delivery in 2035, 2038, and 2039, building on the success of Sun Princess and Star Princess.

In March 2026, the company introduced PROPEL (Powering Growth and Returns, Responsibly), a set of long-term targets designed to reflect continued earnings growth momentum, outsized shareholder distributions, and higher returns to be achieved by 2029. The company also announced an initial $2.5 billion share buyback program.

In Q2 2026, the company delivered its twelfth consecutive quarter of record net yields, with record revenues of $6.7 billion and record adjusted net income of $569 million, up over 20 percent year-over-year. Customer deposits reached an all-time high of $9.0 billion. The company also announced a multiyear investment of over $500 million across six Holland America ships, with Oosterdam being the first to undergo enhancements debuting in Fall 2027.

Carnival Corporation has established comprehensive sustainability and ethics initiatives focused on environmental compliance, sustainable tourism, maritime safety, and responsible cruise operations.

Environmental Compliance: The company has invested heavily in advanced wastewater treatment systems, air quality improvement technologies, and ballast water management systems. Carnival's environmental initiatives include shore power connections, energy-efficient ship designs, and comprehensive waste reduction programs. Fuel consumption per available lower berth day (ALBD) improved 5.6 percent in Q2 2026, reflecting efforts to continuously reduce fuel consumption.

Sustainable Tourism: The company invests in private island destinations designed with environmental sustainability in mind, including Celebration Key and RelaxAway, Half Moon Cay. These exclusive destinations reduce environmental impact while providing differentiated guest experiences.

Maritime Safety: Carnival maintains comprehensive safety protocols, emergency response systems, and guest health programs. The company has enhanced safety protocols following past incidents including the Costa Concordia disaster in 2012 and various ship fires.

Corporate Governance: The company maintains strong governance structures with board oversight, transparent reporting, and regular ethics training. The proposed corporate structure simplification will further streamline governance and reporting.

Crew Welfare: The company maintains fair employment standards, crew accommodation standards, and workplace safety programs. Following criticism of crew treatment during the pandemic shutdown, the company has improved crew welfare policies.

• Cruise Industry Leadership: Recognition as the world's largest cruise operator and leader in global leisure travel market share
• Environmental Innovation: Awards for advanced environmental technologies including exhaust gas cleaning systems and waste reduction programs
• Workplace Excellence: Recognition as a top employer in the travel and hospitality industry
• Safety Leadership: Awards for maritime safety protocols and emergency response preparedness
• Brand Recognition: Multiple awards for individual cruise line brands including Princess Cruises, Holland America Line, and Seabourn
• Customer Satisfaction: High ratings and awards for guest experience, dining quality, and entertainment offerings
• Sustainability Initiatives: Recognition for environmental stewardship and sustainable tourism practices
• Innovation Leadership: Recognition for technological innovation in cruise ship design, including the Sphere Class ships
• Financial Performance: Recognition for record revenue recovery, debt reduction, and dividend reinstatement

Environmental Violations: Carnival Corporation pleaded guilty in 2016 to environmental crimes related to illegal oil dumping and falsifying records, paying a $40 million criminal fine and being placed on five years of probation. In 2019, Carnival admitted to probation violations and paid an additional $20 million penalty for continued environmental non-compliance. These cases resulted in increased environmental monitoring and compliance requirements.

Maritime Safety Incidents: Notable incidents include the 2010 Carnival Splendor engine room fire, the 2013 Carnival Triumph fire, and the Costa Concordia disaster in 2012 that resulted in 32 fatalities. These incidents prompted Coast Guard investigations and enhanced safety protocols.

COVID-19 Public Health: Multiple ships experienced coronavirus outbreaks, including the Diamond Princess and Grand Princess, which became high-profile cases of disease transmission at sea. The company faced criticism for initial response protocols and improved health and safety procedures.

Labor Practices: The company faced scrutiny regarding crew member treatment during the pandemic shutdown, including crew members being confined to ships for extended periods. The company has also faced questions about wage practices and working conditions for international crew members.

Environmental Impact: Ongoing debates over cruise ship emissions, ocean pollution, and damage to sensitive marine ecosystems. Port cities and environmental organizations have raised concerns about air quality and wastewater discharge practices.

Geopolitical Risk: The Iran war that began in February 2025 impacted European booking trends and required redeployment of voyages from the Arabian Gulf, demonstrating the company's vulnerability to geopolitical events.