Here are 1-3 brief analogies for Carnival (CCL):

• Disney for cruises

• Marriott for the seas

• Cruise Vacations: Providing multi-day leisure trips on passenger ships to various global destinations, including accommodation, meals, and travel between ports.
• Onboard Services & Amenities: Offering a comprehensive range of facilities and activities aboard the ship, such as diverse dining options, live entertainment shows, casinos, spas, fitness centers, and retail shops.
• Shore Excursions: Arranging guided tours and recreational activities for passengers in the various ports of call visited during their cruise.

Carnival (CCL) Major Customers

Carnival Corporation (symbol: CCL) primarily sells its cruise vacations directly to individual consumers rather than to other businesses. While travel agencies act as intermediaries, the ultimate customer for Carnival's products and services is the individual traveler.

Customer Categories:

• 1. Families and Multi-Generational Groups

  This category encompasses families traveling with children of various ages, as well as extended families seeking a convenient and entertaining vacation experience together. They are often drawn to brands like Carnival Cruise Line, which offer extensive kid-friendly amenities, water parks, youth programs, and activities catering to a wide range of ages, emphasizing fun and value.

• 2. Couples and Adult Travelers (Seeking Recreation & Entertainment)

  This broad segment includes younger couples and groups of friends looking for lively entertainment, nightlife, diverse dining options, and social activities. It also covers middle-aged couples and empty nesters who desire a mix of relaxation, exploration through shore excursions, and a refined yet engaging onboard experience. Brands such as Carnival Cruise Line, Princess Cruises, and Costa Cruises cater to different preferences within this group.

• 3. Seniors and Seasoned Travelers

  A significant portion of Carnival's customer base consists of seniors and retired individuals. They often value the ease and comfort of cruise travel, the ability to visit multiple destinations without constant packing, enrichment programs, and opportunities for socializing. Brands like Holland America Line and Princess Cruises are particularly popular with this demographic, often offering longer itineraries and a more refined or relaxed atmosphere.

• Fincantieri S.p.A. (FCT.MI)
• Oracle Corporation (ORCL)

Josh Weinstein, President and Chief Executive Officer, Chief Climate Officer

Josh Weinstein is a 20-year veteran of Carnival Corporation, assuming his current position in August 2022. Prior to his CEO role, he served as Chief Operations Officer of Carnival Corporation from June 2020 to July 2022, where he was responsible for major operational functions including global maritime, global ports and destinations, global sourcing, global IT, and global auditing. He also oversaw Carnival UK, serving as its President from July 2017 to 2020. From 2007 to 2017, Mr. Weinstein was Treasurer for Carnival Corporation, and before that, he spent five years as an attorney in the corporate legal department after joining the company in 2002. He holds a degree from the University of Pennsylvania and New York University School of Law.

David Bernstein, Chief Financial Officer and Chief Accounting Officer

David Bernstein has been the Chief Financial Officer of Carnival Corporation since July 2007, and Chief Accounting Officer since April 2016. He joined Carnival Corporation & Plc in July 2003 as Vice President and Treasurer. Before his time at Carnival Corporation, Mr. Bernstein served as Chief Financial Officer of Cunard Line and Seabourn Cruise Line operating units from June 1998 to July 2003. He also spent seven years with Royal Caribbean Cruises Ltd., where he held positions such as Assistant Controller, Assistant Treasurer, and Director of Corporate Planning. Mr. Bernstein is a Certified Public Accountant and earned an MBA from Harvard Business School and a Bachelor of Science in Accounting from the University at Albany.

Lars Ljoen, Chief Maritime Officer

Lars Ljoen is the Chief Maritime Officer for Carnival Corporation & plc. In this role, he is responsible for all aspects of maritime operations across the corporation's cruise line brands. His responsibilities also include driving the company’s commitment to health, environment, safety, security, and strategic destination development, as well as overseeing the management of company-owned and operated ports.

Bettina Alejandra Deynes, Global Chief Human Resources Officer

Bettina Deynes leads the global human resources function for Carnival Corporation & plc and its eight global cruise line brands. She is responsible for all human capital matters, including attracting, retaining, and rewarding talent for a workforce of over 160,000 global employees from 150 countries.

Enrique Miguez, General Counsel

Enrique Miguez serves as the General Counsel for Carnival Corporation.

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Carnival Corporation's main product and service is providing cruise vacations through its portfolio of global cruise line brands.

Addressable Market Sizes for the Cruise Industry:

• Global Market: The global cruise market generated a revenue of USD 8,874.0 million in 2024 and is projected to reach USD 18,350.6 million by 2030, growing at a compound annual growth rate (CAGR) of 12.9% from 2025 to 2030. Other estimates place the global cruise market size at USD 25.93 billion in 2024, expected to reach approximately USD 43.56 billion by 2032 with a CAGR of 6.7% from 2024 to 2032. The global cruise tourism market size was calculated at USD 5.47 billion in 2025 and is predicted to increase to approximately USD 8.99 billion by 2034, expanding at a CAGR of 5.67% from 2025 to 2034. The cruise market was valued at USD 8.8 billion in 2023 and is expected to reach USD 26.1 billion by 2033, growing at a CAGR of 11.5% from 2024 to 2033.

• North America Market: The North America cruise market generated a revenue of USD 4,441.8 million in 2024 and is expected to reach a projected revenue of US$ 9,225.3 million by 2030, with a CAGR of 13% from 2025 to 2030. North America held a 50.1% share of the global cruise market in 2024. In 2023, North America accounted for 50.3% of the global cruise market, with a value of USD 4.43 billion. The U.S. market within North America is projected to reach a value of $6,004.1 million by 2031. North America was the largest source market for ocean-going cruise passengers in 2024, with over 20 million travelers. The U.S. alone accounted for approximately 19 million passengers in 2024. The cruise industry contributed $36 billion to the U.S. economy in 2023.

• Europe Market: The Europe cruise market generated a revenue of USD 2,285.3 million in 2024 and is expected to reach a projected revenue of US$ 4,655.8 million by 2030, with a CAGR of 12.6% from 2025 to 2030. Europe accounted for 25.8% of the global cruise market revenue in 2024. Another source indicates the European Cruise Market is projected to be valued at USD 2.1 billion in 2025 and is expected to reach USD 6.5 billion in 2034 at a CAGR of 13.4%. In 2024, the market size is projected to exceed USD 18 billion. The Europe cruise market is projected to grow from USD 1.8 billion in 2025 to USD 3.2 billion by 2035, at a CAGR of 6.1%. In 2023, the cruise industry generated €55.3 billion for European economies.

• Asia Pacific Market: The Asia Pacific cruise market generated a revenue of USD 1,478.5 million in 2024 and is expected to reach a projected revenue of US$ 3,228.9 million by 2030, with a CAGR of 13.9% from 2025 to 2030. The Asia Pacific cruise market is valued at USD 1.3 billion based on a five-year historical analysis. The Asia Pacific Cruise Tourism Market size was valued at USD 36.39 billion in 2024 and is projected to reach USD 56.93 billion by 2033, growing at a CAGR of 5.20% during the forecast period (2025-2033). In 2024, Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1,274.48 million and is expected to grow at a CAGR of 12.6% from 2024 to 2031. The China market dominated the Asia Pacific Cruise Market in 2023 and is projected to reach a value of $1,263.4 million by 2031.

Carnival (CCL) Expected Revenue Growth Drivers Over the Next 2-3 Years

Carnival Corporation (CCL) is poised for future revenue growth over the next 2-3 years, driven by a combination of strong market demand, strategic pricing, enhanced guest experiences, and fleet optimization. The company's forward guidance and recent performance highlight several key factors expected to contribute to its top-line expansion.

1. Sustained Strong Demand and Net Yield Growth

Carnival has consistently demonstrated robust demand for its cruise offerings, evidenced by record booking levels and increasing ticket prices. This strong pricing power is a significant driver of revenue, contributing to higher net yields. The company's cumulative advanced booked position for 2025 has surpassed previous 2024 records, with prices trending ahead of the prior year, and bookings for 2026 also showing strength. For 2025, Carnival anticipates net yields to increase by approximately 4.2 percent compared to 2024, reflecting this sustained demand. The company has achieved all-time high net yields and net per diems, with both ticket prices and onboard spending exhibiting mid-single-digit increases.

2. Growth in Customer Volumes (Passenger Cruise Days)

The broader cruise industry is projecting a record-breaking number of global passengers in 2025, with some forecasts indicating a 20% increase. Carnival has reported an increase in passenger cruise days, and robust advance bookings for 2025 suggest a continued expansion of its customer base. While recent year-on-year growth in passenger cruise days has been more modest compared to revenue growth, implying higher per-customer monetization, a growing volume of passengers remains a fundamental contributor to overall revenue.

3. Enhanced Destination Strategy and Onboard Spending

Carnival is actively pursuing an enhanced destination strategy to offer guests more exclusive and compelling reasons to choose a cruise vacation. This initiative, alongside efforts to increase global awareness and consideration for cruise travel, aims to attract a wider audience and potentially encourage longer and more frequent cruises. Furthermore, growth in onboard spending has been a consistent and high-margin revenue driver, with reports indicating increased expenditure by customers once aboard. Investments in enhancing the overall cruise experience, including destination offerings, are expected to further boost this revenue stream.

4. Fleet Modernization and Capacity Growth

Carnival's ongoing fleet modernization strategy is anticipated to be a pivotal factor in driving future revenue growth. New ships are designed to deliver higher yields (projected at 25-30% more) and improve fuel efficiency (around 20% savings), directly enhancing profitability and revenue through more attractive and efficient operations. The planned growth in Carnival's fleet capacity through 2033, coupled with increased investments in private islands through 2026, will enable the company to expand its offerings and serve more customers, thereby capitalizing on strong demand.

Share Repurchases

• Carnival replenished its $1.0 billion share repurchase program in 2018; however, in recent years, the company's focus has shifted away from share repurchases towards debt reduction and dividend reinstatement.
• As of August 31, 2025, net common equity issued/repurchased for the trailing twelve months was $0 million, indicating no significant share repurchases.
• While the company aims to return capital to shareholders, reinstating dividends is currently the clear priority, with buybacks potentially considered later.

Share Issuance

• During the COVID-19 pandemic, Carnival issued over $5 billion in equity to manage the financial impact.
• The company's share count nearly doubled from pre-pandemic levels to 2022, resulting in substantial dilution for investors.
• Carnival's annual net common equity issued/repurchased was $1.188 billion in 2022 and $0.007 billion in 2023, while shares outstanding increased by 10.78% in 2024 to 1.398 billion from 1.262 billion in 2023.

Outbound Investments

• Carnival sold its interest in Adora Cruises in 2023.

Capital Expenditures

• Carnival's capital expenditures for fiscal year 2024 were approximately $4.5 billion.
• For the remainder of 2025, projected capital expenditures are $2.3 billion, with $1.1 billion allocated for newbuild projects and $1.2 billion for other expenses.
• The primary focus of capital expenditures includes introducing technologically advanced ships with improved fuel efficiency and enhanced guest amenities, as well as upgrading the existing fleet and developing destination enhancements like the new Celebration Key private island.