Carnival Corporation (CCL)

Over the past six months, Carnival Corp. (CCL) stock has experienced notable movements. The share price increased by 58.55% from October 4, 2024, to October 3, 2025, and the year-to-date return is 14.59%. However, in the past month, the stock decreased by 9.47%. Recent events impacting the stock include a dip after reaching post-pandemic highs, despite the company reporting record Q3 profits and revenue, and raising its FY25 outlook. Carnival also announced the pricing of a $1.25 billion offering of 5.125% senior unsecured notes. The company's Q3 2025 results showed record net income of $1.9 billion and record revenues of $8.2 billion, with strong demand and effective cost management.

Carnival Corp. experiences a seasonally cyclical business model, with the summer months typically attracting the highest number of passengers. Market visibility and pricing adjustments intensify in the autumn. Demand for Carnival's products and services has shown persistence despite macroeconomic uncertainty, with the company noting its highest booking volume for any quarter in its history across both geographic segments. Cumulative advanced booked positions for 2026 remain strong, in line with 2025 record levels and at historical high prices.

Carnival Corp. is the world's largest cruise operator, dually listed in the U.S. and London. It operates in the Consumer Cyclical sector, providing a range of cruise vacation experiences and related services. The company's portfolio includes major cruise line brands such as Carnival Cruise Line, Princess Cruises, and Holland America Line. As of November 2024, Carnival Corporation had a fleet of 94 ships with a total capacity of 269,970 berths.

Carnival Corp. has a broad geographic footprint, operating cruise lines in North America, Europe, Asia, and Australia. Its net sales are primarily distributed across North America (60.3%), Europe (30.3%), and Australia (5.8%). The company's headquarters are located in Miami, Florida, U.S., with operations in Doral, Florida, U.S., and a UK-based entity in Southampton, United Kingdom.

Carnival Corp.'s brand reputation has seen both positive developments and potential challenges. The company has received positive reviews for its new destination, Celebration Key, and bookings have reached an all-time high in 2024. However, negative media coverage regarding cruise incidents could potentially weigh on Carnival's brand image. The company's focus on fleet modernization and private destinations aims to enhance the guest experience and strengthen pricing power.

Major institutional owners of Carnival Corp. include Vanguard Group Inc., BlackRock, Inc., and State Street Corp. Institutional investors collectively hold a significant portion of the company, with ownership ranging from approximately 58.36% to 70%. Key individual shareholders include Randall Weisenberger, David Bernstein, and Stuart Subotnick. Micky Arison, who is also a top key executive, is noted as the second-largest shareholder with 6.5% of shares outstanding.