Carnival
Operates differentiated cruise lines supported by onboard spending and destination assets.
Something off on this page? Send us feedback.
Profile
Operates cruise lines spanning contemporary, premium, and luxury travel, earning most revenue from passenger tickets and the balance from onboard purchases and concessions. A largely North American and European business, it also owns destination infrastructure and Alaska land-tour assets.
Operates eight cruise lines—Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, AIDA Cruises, Costa Cruises, P&O Cruises, and Cunard—across contemporary, premium, and luxury vacation markets. Sources most guests from North America and Europe, with itineraries centered on the Caribbean and Europe and extending to Alaska, Australia, and other regions.
Earns most revenue from passenger tickets and the rest from beverages, casino gaming, shore excursions, specialty dining, internet, retail, and other onboard services. Owned and operated destinations support the cruise network, while Holland America Princess Alaska Tours adds lodges, railcars, motorcoaches, and hotels.
Differentiates brands by traveler and vacation type while centralizing maritime, fleet, port, and destination functions. Advance bookings and revenue management align pricing with demand. Results depend on fleet occupancy, fuel consumption and prices, port access, seasonality, and compliance with maritime safety, security, health, labor, and environmental rules.
Company facts
Categories
Key statistics
Year to date −19.9% · Average volume (30d) 18.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 7, 2026 | BMO Capital | Initiate | Market Perform | $30 | ||
| Jun 30, 2026 | Tigress Financial | Reiterate | Buy | $40 | $42 | |
| Jun 26, 2026 | Argus Research | Target | $25 | $35 | ||
| Jun 24, 2026 | Susquehanna | Reiterate | Positive | $40 | $33 | |
| Jun 24, 2026 | Barclays | Reiterate | Overweight | $36 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jun 23, 2026Q2 FY26 | $0.34 | $0.41 | +19.1% | $6.69B | $6.66B | −0.4% | +0.66% |
| Mar 27, 2026Q1 FY26 | $0.18 | $0.20 | +8.5% | $6.14B | $6.17B | +0.4% | −0.95% |
| Dec 19, 2025Q4 FY25 | $0.25 | $0.34 | +37.0% | $6.37B | $6.33B | −0.6% | +3.47% |
| Sep 29, 2025Q3 FY25 | $1.32 | $1.43 | +8.3% | $8.10B | $8.15B | +0.6% | −1.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.81B | $6.33B | $8.15B | $6.33B | $6.17B | $6.66B | |
| Gross profit | $2.04B | $2.44B | $3.77B | $1.69B | $2.23B | $1.72B | |
| Operating income | $543.0M | $934.0M | $2.27B | $734.0M | $607.0M | $851.0M | |
| Net income | −$78.0M | $565.0M | $1.85B | $422.0M | $258.0M | $537.0M | |
| Diluted EPS | −$0.06 | $0.42 | $1.33 | $0.31 | $0.19 | $0.39 | |
| Gross margin | 35.2% | 38.6% | 46.2% | 26.7% | 36.1% | 25.7% | |
| Operating margin | 9.3% | 14.8% | 27.9% | 11.6% | 9.8% | 12.8% |
Fiscal years (4-quarter sums)FY21 $1.91B · FY22 $12.17B · FY23 $21.59B · FY24 $25.02B · FY25 $26.62B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, May 31, 2026Cash & short-term investments $2.24B · Total debt $26.17B · Total assets $52.23B · Shareholders' equity $12.97B
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Aug 28 | $0.15 | |
| May 18, 2026 | May 18 | May 29 | $0.15 | |
| Feb 13, 2026 | Feb 13 | Feb 27 | $0.15 |
Ownership
Shares outstanding 1.37B · Float 1.36B · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Richard L. Kohan | 94.14M | 8.06% | 13D | Nov 26, 2025 |
| BlackRock, Inc. | 92.49M | 6.80% | 13G | Jul 27, 2026 |
| Vanguard Capital Management LLC | 82.68M | 6.04% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 62.41M | 4.56% | 13F | Aug 13, 2026 |
| Causeway Capital Management LLC | 41.19M | 3.01% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 28, 2026 | bettina alejandra deynes | officer: Chief Human Resources Officer | −43,058 | $28.10 |
| May 11, 2026 | Stuart Subotnick | director | −0 | $25.22 |
| Apr 1, 2026 | Sir Jonathon Band | director | −23,976 | $26.19 |
| Mar 31, 2026 | Sir Jonathon Band | director | −24 | $24.98 |
| Feb 10, 2026 | David Bernstein | officer: CFO & CAO | −723,580 | $33.22 |
Peers
- Royal Caribbean Group
Head-to-head across mass-market, premium, luxury, and expedition segments.
- Norwegian Cruise Line
Third-largest cruise group: mass-market to ultra-luxury across three brands.
- Viking
Premium river-and-ocean cruise leader for affluent North American travelers.
- Lindblad Expeditions
Nat-Geo expedition cruises: Galápagos, Antarctica, Alaska, and Arctic.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Carnival | $24.88 | +0.50% | $33.91B | 11.2 | 10.6 | 1.2 | +5.3% |
| Royal Caribbean Group | $279.95 | +0.17% | $74.94B | 17.3 | 14.8 | 4.0 | +6.5% |
| Norwegian Cruise Line | $16.72 | +0.35% | $7.64B | 10.4 | 12.7 | 0.8 | +4.9% |
| Viking | $88.87 | +0.42% | $39.31B | 29.3 | 24.3 | 5.6 | +16.5% |
| Lindblad Expeditions | $29.59 | +0.03% | $1.94B | — | 114.8 | 2.3 | +18.6% |
| Median | 17.3 | 19.6 | 3.2 | +11.5% |