Carnival (CCL)
Operates differentiated cruise lines supported by onboard spending and destination assets.
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Carnival is a family of cruise lines that sells a cabin, meals and entertainment in one vacation, then earns more when guests buy drinks, internet, excursions and other extras. Its biggest business is still mass-market cruising, while island stops and ship makeovers are becoming the way to make each sailing more valuable without ordering a wave of new ships.
Item facts: FY2025 · year ended Nov 30, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 9 more below
Carnival Cruise Line
The largest brand sells short, family-friendly Caribbean and Australian vacations. It carries about a third of company revenue; watch whether island destinations keep trips attractive while no new ship arrives before Carnival Festivale.
Competes with Royal Caribbean International (Royal Caribbean Group) · Norwegian Cruise Line (NCLH)
In plain English
Think of a large floating resort built for families who want an easy vacation rather than a complicated expedition. Carnival Cruise Line runs short Caribbean trips, sailings near major drive-to ports and Australian routes; it also took in the remaining P&O Australia ships.
Travelers pay a fare for the room, meals and basic entertainment, then often add drinks, internet, casino play, shore trips and special meals. Keeping the ships full matters because the ship and crew cost money whether a room is occupied or empty. Island stops give the line another reason to choose its routes.
AIDA Cruises
AIDA serves German-speaking vacationers on European and winter routes and contributes roughly a tenth of revenue. Germany is growing, but weaker last-minute Mediterranean demand makes flight availability and route choice the near-term test.
Competes with Mein Schiff (TUI Cruises) · MSC Cruises (MSC Group)
In plain English
For many German vacationers, AIDA is a packaged holiday that happens to move between ports. Its eleven ships cover European summers and warmer winter routes, mixing an approachable resort atmosphere with some premium touches.
Guests buy the trip in euros and spend more once aboard. Direct bookings and German travel agents help fill the rooms. Carnival is renovating older AIDA ships so they can command better fares and spending without the cost of replacing them all; two new ships are planned much later, if financing is secured.
Costa Cruises
Costa is Carnival's Italian-rooted line for Southern Europe and international travelers. It contributes just under a tenth of revenue, but a shrinking fleet and softer Italian and Mediterranean demand make filling the remaining ships the job to watch.
Competes with MSC Cruises (MSC Group) · Norwegian Cruise Line (NCLH)
In plain English
Costa sells a sunny, Italian-flavored resort trip to households across Southern Europe and beyond. Its ships visit Mediterranean and winter ports, bundling the room and everyday hospitality into the fare.
The business works when European agents, tour sellers and Costa's own site fill enough rooms, then guests buy shore trips, drinks and other extras. One ship was scheduled to leave in September twenty twenty-six, following earlier ship sales and transfers. That makes Costa less a story of adding rooms than of earning more from a smaller set of ships despite uneven regional demand.
Princess Cruises
Princess is the large global premium line and Carnival's second-biggest brand. Its newest ship contributes its first full year in the business year ending November twenty twenty-six; longer Alaska trips help guests spend more, while airfare and filling the latest ships remain the checks.
Competes with Celebrity Cruises (Royal Caribbean Group) · Oceania Cruises (NCLH)
In plain English
A Princess trip is the step up from a mass-market cruise: still a large ship, but aimed at travelers willing to pay more for the room, service and faraway route. Its seventeen ships travel globally, with Alaska a particular strength.
The fare starts the sale, and onboard purchases deepen it. In Alaska, Carnival can join the sailing to its own lodges, glass-roofed trains and coaches, turning one sea trip into a longer land-and-sea holiday. Star Princess joined late in the business year ending November twenty twenty-five, so this brand also carries the task of filling a newly expanded fleet.
Holland America Line
Holland America sells longer premium trips, especially to Alaska. Its six-ship makeover program begins in fall twenty twenty-seven, adding rooms and refreshed public spaces; the bet is more revenue without buying an entirely new fleet.
Competes with Celebrity Cruises (Royal Caribbean Group) · Oceania Cruises (NCLH)
In plain English
The unhurried option in Carnival's lineup. Holland America's eleven mid-sized ships are built around longer routes and travelers who value the destination as much as the activities onboard.
People pay premium fares, add purchases during the sailing and, in Alaska, can extend the holiday into Carnival's lodges, trains and coaches. A six-ship renovation program will add some rooms and redo shared spaces, starting with Oosterdam in fall twenty twenty-seven. The idea is much like renovating a well-located hotel: create more places to sell and improve the stay while keeping the underlying property.
P&O Cruises
P&O is the British premium line, built around Southampton departures and fly-cruise holidays. It provides roughly eight percent of revenue; strength in UK cruising meets the practical limits of flights, currency swings and access to European ports.
Competes with Marella Cruises (TUI Group) · MSC Cruises (MSC Group)
In plain English
Start with a British holidaymaker choosing between a resort abroad and a ship leaving from Southampton. P&O Cruises packages the room, meals and entertainment into one premium trip across seven ships, with European, Mediterranean and longer programs.
Some guests drive or take the train to the ship; others buy a trip that includes flying to a distant starting port. Travel agents, tour sellers and P&O's own site bring in bookings, while drinks, shore trips and other onboard purchases add to the fare. The line therefore depends both on British demand and on enough affordable flights for its farther-away sailings.
Cunard
Cunard's four ships sell premium transatlantic crossings, world voyages and other long trips. Higher daily prices make the brand larger than its room count suggests, but lengthy routes bring more chances for ports, flights or fuel costs to disrupt plans.
Competes with Oceania Cruises (NCLH) · Silversea (Royal Caribbean Group)
In plain English
Four ships, long calendars. Cunard sells the romance and service of a classic ocean crossing, along with world trips and destination-heavy voyages that can keep a guest aboard far longer than an ordinary vacation.
Customers pay more per day for the room and experience, then spend onboard over many days. Specialist travel advisers help sell these complicated, expensive trips, while direct sales handle simpler ones. Scarce rooms support the pricing; the tradeoff is that a long chain of ports, flights, crew changes and fuel needs gives more opportunities for a voyage to be disturbed.
The Paradise Collection
Three Caribbean destinations give Carnival ships their own high-demand stops and places to sell paid activities. Carnival expects traffic to climb sharply through twenty twenty-seven; storm resilience, piers and local permits determine how much they can handle.
Competes with Perfect Day at CocoCay (Royal Caribbean) · Great Stirrup Cay (Norwegian Cruise Line)
In plain English
These are the stops Carnival can shape itself: Celebration Key; RelaxAway, Half Moon Cay; and Isla Tropicale. Ships deliver thousands of vacationers to beaches, pools and cabanas designed around a Carnival itinerary.
The money does not sit neatly in one place. A desirable stop can support a higher cruise fare, and guests may also pay for food, cabanas, excursions and other upgrades ashore. Celebration Key has room for four ships and more than thirteen thousand daily visitors, making the pier as important as the attractions. Bad storms, delayed permits or strained local relationships can close the gate.
Carnival Cruise LineThe largest brand sells short, family-friendly Caribbean and Australian vacations. It carries about a third of company revenue; watch whether island destinations keep trips attractive while no new ship arrives before Carnival Festivale.The largest brand sells short, family-friendly Caribbean and Australian vacations. It carries about a third of company revenue; watch whether island destinations keep trips attractive while no new ship arrives before Carnival Festivale.
In plain English
Think of a large floating resort built for families who want an easy vacation rather than a complicated expedition. Carnival Cruise Line runs short Caribbean trips, sailings near major drive-to ports and Australian routes; it also took in the remaining P&O Australia ships.
Travelers pay a fare for the room, meals and basic entertainment, then often add drinks, internet, casino play, shore trips and special meals. Keeping the ships full matters because the ship and crew cost money whether a room is occupied or empty. Island stops give the line another reason to choose its routes.
Competes with Royal Caribbean International (Royal Caribbean Group) · Norwegian Cruise Line (NCLH)
AIDA CruisesAIDA serves German-speaking vacationers on European and winter routes and contributes roughly a tenth of revenue. Germany is growing, but weaker last-minute Mediterranean demand makes flight availability and route choice the near-term test.AIDA serves German-speaking vacationers on European and winter routes and contributes roughly a tenth of revenue. Germany is growing, but weaker last-minute Mediterranean demand makes flight availability and route choice the near-term test.
In plain English
For many German vacationers, AIDA is a packaged holiday that happens to move between ports. Its eleven ships cover European summers and warmer winter routes, mixing an approachable resort atmosphere with some premium touches.
Guests buy the trip in euros and spend more once aboard. Direct bookings and German travel agents help fill the rooms. Carnival is renovating older AIDA ships so they can command better fares and spending without the cost of replacing them all; two new ships are planned much later, if financing is secured.
Competes with Mein Schiff (TUI Cruises) · MSC Cruises (MSC Group)
Costa CruisesCosta is Carnival's Italian-rooted line for Southern Europe and international travelers. It contributes just under a tenth of revenue, but a shrinking fleet and softer Italian and Mediterranean demand make filling the remaining ships the job to watch.Costa is Carnival's Italian-rooted line for Southern Europe and international travelers. It contributes just under a tenth of revenue, but a shrinking fleet and softer Italian and Mediterranean demand make filling the remaining ships the job to watch.
In plain English
Costa sells a sunny, Italian-flavored resort trip to households across Southern Europe and beyond. Its ships visit Mediterranean and winter ports, bundling the room and everyday hospitality into the fare.
The business works when European agents, tour sellers and Costa's own site fill enough rooms, then guests buy shore trips, drinks and other extras. One ship was scheduled to leave in September twenty twenty-six, following earlier ship sales and transfers. That makes Costa less a story of adding rooms than of earning more from a smaller set of ships despite uneven regional demand.
Competes with MSC Cruises (MSC Group) · Norwegian Cruise Line (NCLH)
Princess CruisesPrincess is the large global premium line and Carnival's second-biggest brand. Its newest ship contributes its first full year in the business year ending November twenty twenty-six; longer Alaska trips help guests spend more, while airfare and filling the latest ships remain the checks.Princess is the large global premium line and Carnival's second-biggest brand. Its newest ship contributes its first full year in the business year ending November twenty twenty-six; longer Alaska trips help guests spend more, while airfare and filling the latest ships remain the checks.
In plain English
A Princess trip is the step up from a mass-market cruise: still a large ship, but aimed at travelers willing to pay more for the room, service and faraway route. Its seventeen ships travel globally, with Alaska a particular strength.
The fare starts the sale, and onboard purchases deepen it. In Alaska, Carnival can join the sailing to its own lodges, glass-roofed trains and coaches, turning one sea trip into a longer land-and-sea holiday. Star Princess joined late in the business year ending November twenty twenty-five, so this brand also carries the task of filling a newly expanded fleet.
Competes with Celebrity Cruises (Royal Caribbean Group) · Oceania Cruises (NCLH)
Holland America LineHolland America sells longer premium trips, especially to Alaska. Its six-ship makeover program begins in fall twenty twenty-seven, adding rooms and refreshed public spaces; the bet is more revenue without buying an entirely new fleet.Holland America sells longer premium trips, especially to Alaska. Its six-ship makeover program begins in fall twenty twenty-seven, adding rooms and refreshed public spaces; the bet is more revenue without buying an entirely new fleet.
In plain English
The unhurried option in Carnival's lineup. Holland America's eleven mid-sized ships are built around longer routes and travelers who value the destination as much as the activities onboard.
People pay premium fares, add purchases during the sailing and, in Alaska, can extend the holiday into Carnival's lodges, trains and coaches. A six-ship renovation program will add some rooms and redo shared spaces, starting with Oosterdam in fall twenty twenty-seven. The idea is much like renovating a well-located hotel: create more places to sell and improve the stay while keeping the underlying property.
Competes with Celebrity Cruises (Royal Caribbean Group) · Oceania Cruises (NCLH)
P&O CruisesP&O is the British premium line, built around Southampton departures and fly-cruise holidays. It provides roughly eight percent of revenue; strength in UK cruising meets the practical limits of flights, currency swings and access to European ports.P&O is the British premium line, built around Southampton departures and fly-cruise holidays. It provides roughly eight percent of revenue; strength in UK cruising meets the practical limits of flights, currency swings and access to European ports.
In plain English
Start with a British holidaymaker choosing between a resort abroad and a ship leaving from Southampton. P&O Cruises packages the room, meals and entertainment into one premium trip across seven ships, with European, Mediterranean and longer programs.
Some guests drive or take the train to the ship; others buy a trip that includes flying to a distant starting port. Travel agents, tour sellers and P&O's own site bring in bookings, while drinks, shore trips and other onboard purchases add to the fare. The line therefore depends both on British demand and on enough affordable flights for its farther-away sailings.
Competes with Marella Cruises (TUI Group) · MSC Cruises (MSC Group)
CunardCunard's four ships sell premium transatlantic crossings, world voyages and other long trips. Higher daily prices make the brand larger than its room count suggests, but lengthy routes bring more chances for ports, flights or fuel costs to disrupt plans.Cunard's four ships sell premium transatlantic crossings, world voyages and other long trips. Higher daily prices make the brand larger than its room count suggests, but lengthy routes bring more chances for ports, flights or fuel costs to disrupt plans.
In plain English
Four ships, long calendars. Cunard sells the romance and service of a classic ocean crossing, along with world trips and destination-heavy voyages that can keep a guest aboard far longer than an ordinary vacation.
Customers pay more per day for the room and experience, then spend onboard over many days. Specialist travel advisers help sell these complicated, expensive trips, while direct sales handle simpler ones. Scarce rooms support the pricing; the tradeoff is that a long chain of ports, flights, crew changes and fuel needs gives more opportunities for a voyage to be disturbed.
Competes with Oceania Cruises (NCLH) · Silversea (Royal Caribbean Group)
The Paradise CollectionThree Caribbean destinations give Carnival ships their own high-demand stops and places to sell paid activities. Carnival expects traffic to climb sharply through twenty twenty-seven; storm resilience, piers and local permits determine how much they can handle.Three Caribbean destinations give Carnival ships their own high-demand stops and places to sell paid activities. Carnival expects traffic to climb sharply through twenty twenty-seven; storm resilience, piers and local permits determine how much they can handle.
In plain English
These are the stops Carnival can shape itself: Celebration Key; RelaxAway, Half Moon Cay; and Isla Tropicale. Ships deliver thousands of vacationers to beaches, pools and cabanas designed around a Carnival itinerary.
The money does not sit neatly in one place. A desirable stop can support a higher cruise fare, and guests may also pay for food, cabanas, excursions and other upgrades ashore. Celebration Key has room for four ships and more than thirteen thousand daily visitors, making the pier as important as the attractions. Bad storms, delayed permits or strained local relationships can close the gate.
Competes with Perfect Day at CocoCay (Royal Caribbean) · Great Stirrup Cay (Norwegian Cruise Line)
Named in filings, launches and programs
- Onboard purchases and extrasServiceDrinks, casino play, internet, excursions, special meals, spas, shops and photos produced $9.20 billion, or 34.6% of FY2025 revenue, across the brands.
- SeabournBrandSix small luxury and expedition ships contribute an estimated two to three percent of revenue through high-priced, destination-heavy voyages.
- Holland America Princess Alaska ToursBrandSeasonal lodges, hotels, glass-roofed trains and coaches extend Alaska cruises onto land; the related business produced $241 million of FY2025 revenue.
- Carnival RewardsCustomer programA shared points and loyalty-rank program launched in September twenty twenty-six, alongside a Barclays card with no annual fee.
- AIDA EvolutionService · RampingMid-life renovations aim to refresh older AIDA ships and raise what each sailing earns without buying replacements.
- Holland America EvolutionService · AnnouncedA six-ship makeover starts with Oosterdam in fall twenty twenty-seven, adding rooms and updating shared spaces.
- Carnival FestivaleProduct · AnnouncedA new Carnival Cruise Line ship with room for 5,360 guests is scheduled for April twenty twenty-seven.
- Carnival TropicaleProduct · AnnouncedA sister ship to Carnival Festivale, also built for 5,360 guests, is scheduled for March twenty twenty-eight.
- Carnival DestinyProduct · AnnouncedCarnival named this as the first ship in its next-generation design, corresponding to the new vessel planned for twenty twenty-nine.
Onboard purchases and extrasService
Drinks, casino play, internet, excursions, special meals, spas, shops and photos produced $9.20 billion, or 34.6% of FY2025 revenue, across the brands.
SeabournBrand
Six small luxury and expedition ships contribute an estimated two to three percent of revenue through high-priced, destination-heavy voyages.
Holland America Princess Alaska ToursBrand
Seasonal lodges, hotels, glass-roofed trains and coaches extend Alaska cruises onto land; the related business produced $241 million of FY2025 revenue.
Carnival RewardsCustomer program
A shared points and loyalty-rank program launched in September twenty twenty-six, alongside a Barclays card with no annual fee.
AIDA EvolutionService · Ramping
Mid-life renovations aim to refresh older AIDA ships and raise what each sailing earns without buying replacements.
Holland America EvolutionService · Announced
A six-ship makeover starts with Oosterdam in fall twenty twenty-seven, adding rooms and updating shared spaces.
Carnival FestivaleProduct · Announced
A new Carnival Cruise Line ship with room for 5,360 guests is scheduled for April twenty twenty-seven.
Carnival TropicaleProduct · Announced
A sister ship to Carnival Festivale, also built for 5,360 guests, is scheduled for March twenty twenty-eight.
Carnival DestinyProduct · Announced
Carnival named this as the first ship in its next-generation design, corresponding to the new vessel planned for twenty twenty-nine.