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Carnival Corporation
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Latest analysis
Updated Nov 4, 2026
Carnival establishes $2B commercial paper program for liquidity management.
Carnival Corporation established a $2.0 billion commercial paper program on November 3, 2026, enabling short-term unsecured borrowing with maturities up to 180 days. The program is guaranteed by Carnival UK Ltd. and will be backed by the company's revolving credit facility as a liquidity backstop. Net proceeds are designated for general corporate purposes.
Tone: neutralRevenue
$26.6B
CCL 10-K · FY 2025
Employees
117,000
Revenue FY2024
$25B
Founded
1974
Profile
CCL 10-K Item 1 · Jan 27, 2026Carnival Corporation & plc is the largest global cruise company, operating eight world-class cruise line brands serving more than 13.5 million guests annually across contemporary, premium and luxury segments. The company operates 94 ships with 272,380 passenger capacity, complemented by a portfolio of owned and operated port destinations and exclusive islands. Revenue is generated through passenger ticket sales and onboard spending across North American and European brand segments.
Read filing description ↓ Collapse description ↑
We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. During 2025, we sunset the P&O Cruises (Australia) brand and folded its Australia operations into Carnival Cruise Line. Each of our cruise brands offers distinct vacation experiences spanning contemporary, premium and luxury classifications, enabling us to penetrate large addressable customer segments across multiple geographies. In addition to our cruise operations, we own Holland America Princess Alaska Tours, the leading tour company in Alaska and the Canadian Yukon, which complements our Alaska cruise operations. Our tour company owns and operates hotels, lodges, glass-domed railcars and motorcoaches. We also operate a portfolio of port destinations and exclusive islands through our Cruise Support segment, including Celebration Key, Grand Turk Cruise Center, Princess Cays, RelaxAway Half Moon Cay, Puerta Maya, Amber Cove and Isla Tropicale, which together welcomed 7.4 million guests in 2025. Our bookings are generally taken several months in advance of the cruise departure date, with passenger ticket revenues that are seasonal, reaching their peak during our third quarter. We source guests from approximately 150 countries and operate a global supply chain to support vessel provisioning, refurbishment and newbuild construction.
Primary products
- Passenger cruise vacations (contemporary)
- Passenger cruise vacations (premium)
- Passenger cruise vacations (luxury/ultra-luxury)
- Onboard beverage packages
- Internet and communication services
- Casino gaming
Business segments
End markets
Geographies
Named competitors
“Based on 2025 Cruise Industry News statistics, as of December 31, 2025, we, along with our principal cruise competitors Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd. and MSC Cruises, represented approximately 80% of the cruise industry capacity.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $25.0 billion in fiscal 2024 to $26.6 billion in fiscal 2025, driven by increases in both passenger ticket and onboard and other revenues.
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