Carnival Corp Ltd. (CCL)

Carnival Corporation & plc is the largest global cruise company and among the largest leisure travel companies. It consists of Carnival Corporation (incorporated in Panama in 1974) and Carnival plc (incorporated in England and Wales in 2000), which operate as a dual listed company and a single economic enterprise with one executive management team and identical Boards, while keeping separate legal identities and stock listings. The Boards have recommended unifying the structure under Carnival Corporation, listed solely on the NYSE, with Carnival plc as a wholly owned UK subsidiary, and moving Carnival Corporation's incorporation from Panama to Bermuda. Shareholder meetings are planned for April 2026, and completion is targeted for the second quarter of 2026, subject to shareholder, regulatory and UK court approvals.

The company operates eight cruise lines: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. As of November 30, 2025, the fleet comprised 94 ships with about 272,380 lower berths. The North America segment (Carnival Cruise Line, Princess, Holland America Line and Seabourn) has 63 ships and 64% of capacity. The Europe segment (AIDA, Costa, P&O Cruises and Cunard) has 31 ships and 36%. A Cruise Support segment covers port destinations and exclusive islands operated for the cruise brands, including Celebration Key, Half Moon Cay, Princess Cays, Amber Cove, Grand Turk, Roatan and Cozumel. The Tour and Other segment is Holland America Princess Alaska Tours, which owns and operates hotels, lodges, glass-domed railcars and motorcoaches in Alaska and the Canadian Yukon. The brands span contemporary, premium and luxury experiences. Seven ships are on order for delivery through 2033, for AIDA and Carnival Cruise Line.

The company carried about 13.6 million passengers in 2025. Main source markets are the United States and Canada (8.1 million), continental Europe (2.8 million), the United Kingdom (1.1 million), and Australia and New Zealand (0.9 million). Itineraries are led by the Caribbean (35% of 2026 capacity), Europe including the Mediterranean, and Alaska. Cruises are priced by brand, itinerary, cabin category, season and duration, and are sold mainly online and through travel agents, usually booked several months ahead. Fares typically include meals, onboard amenities, entertainment, port visits and youth programs. Guests can also buy beverage, internet, shore excursion, photo, specialty dining and other packages. The company employs more than 160,000 people from about 150 countries.

Ships are being built by Fincantieri in Italy and Meyer Werft in Germany. The company competes with land-based vacation options such as resorts, theme parks and tours. Together with its main cruise competitors, Royal Caribbean Group, Norwegian Cruise Line Holdings and MSC Cruises, it accounts for about 80% of industry capacity. Carnival's own capacity was 272,460 of the industry's 764,310 berths at the end of 2025.