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Carnival
(NYSE:CCL)
Carnival (CCL) vs. SPDR S&P 500 ETF (SPY)
Carnival Business Overview & Revenue Model
Carnival Key Performance Indicators (KPIs)
Measures the total number of days passengers spend on cruises, providing insight into overall customer engagement and cruise popularity.
Main Street DataCarnival Earnings Call Summary
Carnival Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.23B | 25.02B | 21.59B | 12.17B | 1.91B | 5.59B |
| Gross Profit | 10.36B | 9.38B | 7.28B | 412.00M | -2.75B | -2.65B |
| EBITDA | 6.79B | 6.23B | 4.37B | -2.20B | -5.69B | -7.12B |
| Net Income | 2.64B | 1.92B | -74.00M | -6.09B | -9.50B | -10.24B |
Balance Sheet | ||||||
| Total Assets | 49.87B | 49.06B | 49.12B | 51.70B | 53.34B | 53.59B |
| Cash, Cash Equivalents and Short-Term Investments | 1.76B | 1.21B | 2.42B | 4.03B | 9.14B | 9.51B |
| Total Debt | 27.86B | 28.88B | 31.89B | 35.88B | 34.61B | 28.38B |
| Total Liabilities | 37.94B | 39.81B | 42.24B | 44.64B | 41.20B | 33.04B |
| Stockholders Equity | 11.93B | 9.25B | 6.88B | 7.06B | 12.14B | 20.55B |
Cash Flow | ||||||
| Free Cash Flow | 2.91B | 1.30B | 997.00M | -6.61B | -7.72B | -9.92B |
| Operating Cash Flow | 5.61B | 5.92B | 4.28B | -1.67B | -4.11B | -6.30B |
| Investing Cash Flow | -2.39B | -4.54B | -2.81B | -4.77B | -3.54B | -3.24B |
| Financing Cash Flow | -2.99B | -2.58B | -5.09B | 3.58B | 6.95B | 18.65B |
Carnival Technical Analysis
Carnival Risk Analysis
Carnival Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $34.67B | 13.92 | 25.74% | ― | 7.14% | 63.17% | |
73 Outperform | $34.66B | 12.58 | 25.74% | ― | 7.14% | 63.17% | |
70 Outperform | $2.23B | 30.90 | 13.53% | 0.69% | 7.27% | 45.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
Carnival Corporate Events
Carnival Corporation & plc is the world’s largest cruise company, operating a diverse portfolio of cruise lines including Carnival Cruise Line, Princess Cruises, and Holland America Line, among others, in the leisure travel industry.
On October 15, 2025, Carnival Corporation closed its private offering of $1.25 billion in senior unsecured notes due 2029, with a 5.125% interest rate. The proceeds, along with cash on hand, will be used to redeem $2 billion of its 6.000% senior unsecured notes due 2029, as part of its strategy to reduce interest expenses. This move is expected to impact the company’s financial structure by lowering its interest obligations and potentially improving its market positioning.
The most recent analyst rating on (CCL) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
On October 15, 2025, Carnival Corporation closed a private offering of $1.25 billion in senior unsecured notes due 2029, with an interest rate of 5.125%. The proceeds, along with cash on hand, will be used to redeem $2 billion of its outstanding 6.000% senior unsecured notes due 2029, as part of the company’s strategy to reduce interest expenses. This financial maneuver is expected to impact the company’s operations by lowering its interest obligations, potentially improving financial stability and benefiting stakeholders.
The most recent analyst rating on (CCL) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
Carnival Corporation faces significant business risks that could adversely impact its operations and financial performance. Despite no material changes since the last Form 10-K filing, these risks remain critical and include potential impacts on the company’s results, operations, and reputation. Furthermore, there are unknown risks that could emerge, which Carnival currently considers immaterial but could become significant. Stakeholders should carefully evaluate these risks as they could affect the company’s growth, liquidity, and stock price.
Carnival Corporation’s recent earnings call painted a predominantly positive picture, showcasing record-breaking financial results and strong yield growth. The company also highlighted successful new initiatives like Celebration Key, which have contributed to its robust performance. Despite facing challenges such as increased costs and interest expenses, the overall sentiment was optimistic, buoyed by positive future booking trends.
On September 29, 2025, Carnival Corporation announced its decision to redeem its 5.75% convertible senior notes due 2027, as part of its strategy to deleverage and reduce interest expenses. This move allows note holders to convert their notes into shares, potentially impacting the company’s equity structure. Additionally, Carnival reported record financial results for the third quarter of 2025, with a net income of $1.9 billion and adjusted net income of $2 billion. The company exceeded its guidance, driven by strong demand and effective cost management, and raised its full-year outlook for the third time in 2025. Carnival’s strategic refinancing efforts and the opening of new destinations like Celebration Key highlight its focus on strengthening financial flexibility and enhancing customer experiences.
The most recent analyst rating on (CCL) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
On September 29, 2025, Carnival Corporation announced a notice of redemption for its outstanding 5.75% convertible senior notes due 2027, as part of its strategy to deleverage and reduce interest expenses. The redemption is set for December 5, 2025, allowing note holders to convert their notes into shares before the redemption date. In the third quarter of 2025, Carnival achieved record financial results with a net income of $1.9 billion and adjusted net income of $2 billion, surpassing previous guidance. The company also raised its full-year 2025 outlook for the third time, citing strong demand and effective cost management. Carnival’s refinancing strategy has significantly reduced its debt, and the company continues to strengthen its balance sheet and financial flexibility.
The most recent analyst rating on (CCL) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
On August 6, 2025, Carnival Corporation entered into compensation protection and restrictive covenants agreements with its key executives, including the CEO and CFO. These agreements outline severance terms and restrictive covenants in the event of termination, impacting the company’s executive management structure and potentially influencing stakeholder confidence.
The most recent analyst rating on (CCL) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
On August 6, 2025, Carnival Corporation entered into compensation protection and restrictive covenants agreements with its Named Executive Officers, including the CEO, CFO, Chief Human Resources Officer, and General Counsel. These agreements outline severance packages and include confidentiality, non-competition, non-disparagement, and non-solicitation covenants, impacting the company’s executive management structure and potentially its operational stability.
The most recent analyst rating on (CCL) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.