Carnival is the largest global cruise company, with nearly 100 ships in service. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe. It recently folded its P&O Australia brand into Carnival. The firm also owns Holland America Princess Alaska Tours in Alaska and the Canadian Yukon. Carnival's brands attracted nearly 14 million guests in 2025.
Royal Caribbean Group
Norwegian Cruise Line Holdings Ltd. Ordinary Shares
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United Airlines Holdings, Inc. Common Stock
The chart shows the growth of an initial investment of $10,000 in Carnival Corporation, comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Carnival Corporation (CCL) has returned -16.45% so far this year and 67.25% over the past 12 months. Looking at the last ten years, CCL has achieved an annualized return of -6.97%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
The table below presents the monthly returns of Carnival Corporation (CCL) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.18% | 4.56% | -10.29% | -3.21% | ||||||||
| 2025 | 10.11% | -9.77% | -18.01% | -6.43% | 24.30% | 21.89% | 6.04% | 9.81% | -5.83% | -0.17% | -10.52% | 19.11% |
| 2024 | -9.45% | -7.20% | 2.77% | -10.07% | 3.08% | 23.08% | -10.67% | -1.73% | 13.37% | 17.65% | 15.59% | -2.92% |
| 2023 | 31.31% | -1.85% | -4.43% | -7.72% | 21.14% | 66.34% | 1.56% | -12.89% | -13.33% | -15.11% | 31.53% | 22.62% |
| 2022 | -3.65% | 1.93% | 1.25% | -14.99% | -19.82% | -38.39% | 5.23% | 6.29% | -24.33% | 26.36% | 5.75% | -19.08% |
| 2021 | -13.96% | 41.09% | -3.67% | 3.59% | 5.50% | -12.69% | -18.56% | 10.58% | 3.26% | -15.00% | -20.99% | 11.04% |
| 2020 | -15.23% | -23.52% | -59.74% | 26.19% | 5.64% | 2.75% | -18.06% | 22.26% | -5.66% | -11.15% | 48.11% | 3.19% |
| 2019 | 17.65% | 0.36% | -13.06% | 7.57% | -7.93% | -8.71% | 1.01% | -6.39% | -0.25% | -2.08% | 4.28% | 12.56% |
| 2018 | 6.53% | -6.98% | -1.55% | -3.99% | -1.52% | -8.57% | 4.24% | 3.94% | 4.18% | -12.05% | 6.92% | -18.65% |
| 2017 | 6.03% | 1.23% | 4.25% | 4.69% | 3.71% | 1.96% | 1.72% | 1.92% | -7.52% | 3.64% | -1.41% | 1.61% |
| 2016 | -6.03% | -3.22% | -6.51% | 4.47% | 2.62% | 1.60% | 0.74% | 4.73% | 2.38% |
The charts below present risk-adjusted performance metrics for Carnival Corporation (CCL) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of CCL compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
The current Carnival Corporation volatility is 3.69%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 51.69B | 49.06B | 49.12B | 51.70B | 53.34B | 53.59B | 45.06B | 42.40B | 40.78B | 38.94B | 39.24B | 39.53B | 40.10B | 39.16B | 38.64B | 36.84B |
| Equity Attributable To Parent (USD) | 12.28B | 9.25B | 6.88B | 7.07B | 12.14B | 20.56B | 25.37B | 24.44B | 24.22B | 22.60B | 23.77B | 24.29B | 24.56B | 23.93B | 23.83B | 22.04B |
| Equity Attributable To Noncontrolling Interest (USD) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity (USD) | 12.28B | 9.25B | 6.88B | 7.07B | 12.14B | 20.56B | 25.37B | 24.44B | 24.22B | 22.60B | 23.77B | 24.29B | 24.56B | 23.93B | 23.83B | 22.04B |
| Long-term Debt (USD) | 27.38B | 28.21B | 31.34B | 35.62B | - | - | - | - | - | - | - | - | 9.56B | 8.90B | 9.35B | - |
| Noncurrent Liabilities (USD) | 26.31B | 28.19B | 30.76B | 34.03B | 30.79B | 24.35B | 10.57B | 8.75B | 7.76B | 9.27B | 8.51B | 8.32B | 8.83B | 7.89B | 8.70B | 9.83B |
| Other Current Liabilities (USD) | 11.85B | 10.48B | 10.31B | 9.56B | 9.61B | 8.06B | 8.37B | 8.47B | 8.04B | 6.36B | 6.33B | 6.30B | 6.08B | 6.79B | 5.53B | 4.40B |
| Accounts Payable (USD) | 1.25B | 1.13B | 1.17B | 1.05B | 797.00M | 624.00M | 756.00M | 730.00M | 762.00M | 713.00M | 627.00M | 626.00M | 639.00M | 549.00M | 576.00M | 568.00M |
| Current Liabilities (USD) | 13.09B | 11.62B | 11.48B | 10.61B | 10.41B | 8.69B | 9.13B | 9.20B | 8.80B | 7.07B | 6.96B | 6.92B | 6.72B | 7.34B | 6.11B | 4.97B |
| Liabilities (USD) | 39.40B | 39.81B | 42.24B | 44.64B | 41.20B | 33.04B | 19.69B | 17.96B | 16.56B | 16.34B | 15.47B | 15.24B | 15.55B | 15.23B | 14.81B | 14.80B |
| Other Non-current Assets (USD) | 2.80B | 2.72B | 2.57B | 4.37B | 3.92B | 3.77B | 3.69B | 3.66B | 3.55B | 3.54B | 3.66B | 3.99B | 3.97B | 3.89B | 3.94B | 5.45B |
| Intangible Assets (USD) | 1.18B | 1.16B | 1.17B | 1.16B | 1.18B | 1.19B | 1.17B | 1.18B | 1.20B | 1.28B | 1.24B | 1.27B | 1.29B | 1.31B | 1.33B | - |
| Fixed Assets (USD) | 43.49B | 41.80B | 40.12B | 38.69B | 38.11B | 38.07B | 38.13B | 35.34B | 34.43B | 32.43B | 31.89B | 32.77B | 32.91B | 32.14B | 32.05B | 29.87B |
| Noncurrent Assets (USD) | 47.47B | 45.68B | 43.85B | 44.21B | 43.21B | 43.03B | 43.00B | 40.18B | 39.18B | 37.25B | 36.79B | 38.03B | 38.17B | 37.34B | 37.33B | 35.32B |
| Other Current Assets (USD) | 3.04B | 2.28B | - | - | 131.00M | 9.96B | 1.19B | 1.42B | 897.00M | 1.07B | 1.82B | 807.00M | 1.16B | 1.16B | 675.00M | 836.00M |
| Inventory (USD) | 505.00M | 507.00M | 528.00M | 428.00M | 356.00M | 335.00M | 427.00M | 450.00M | 387.00M | 322.00M | 330.00M | 364.00M | 374.00M | 390.00M | 374.00M | 320.00M |
| Accounts Receivable (USD) | 678.00M | 590.00M | 556.00M | 395.00M | 246.00M | 273.00M | 444.00M | 358.00M | 312.00M | 298.00M | 303.00M | 332.00M | 405.00M | 270.00M | 263.00M | 362.00M |
| Cash (USD) | - | - | 5.40B | 8.60B | 9.40B | - | - | - | - | - | - | - | - | - | - | - |
| Current Assets (USD) | 4.22B | 3.38B | 5.27B | 7.49B | 10.13B | 10.56B | 2.06B | 2.23B | 1.60B | 1.69B | 2.45B | 1.50B | 1.94B | 1.82B | 1.31B | 1.52B |
| Assets (USD) | 51.69B | 49.06B | 49.12B | 51.70B | 53.34B | 53.59B | 45.06B | 42.40B | 40.78B | 38.94B | 39.24B | 39.53B | 40.10B | 39.16B | 38.64B | 36.84B |
Royal Caribbean demonstrates superior profitability with a 24% profit margin compared to Carnival's 11%, supported by premium positioning and stronger pricing power. Despite Carnival's cheaper valuation at 10x forward earnings versus Royal Caribbean's 14x, analysts expect Royal Caribbean to deliver higher earnings growth (17% vs 12% annualized), making it the better long-term investment despite its higher stock price.
Norwegian Cruise Line's stock plummeted 24% in March following disappointing Q4 earnings that missed revenue estimates and weak 2026 guidance. The company reported flat net yields despite rising costs, and geopolitical tensions driving higher oil prices further pressured the stock. Activist investor Elliott Management successfully pushed for board changes, though this failed to lift the stock.
President Trump escalated threats against Iran, announcing intensified bombing campaigns over the next 2-3 weeks and threatening to destroy Iranian infrastructure. WTI crude surged 9% to $110/barrel, with the Strait of Hormuz remaining effectively closed. Airlines and cruise lines face significant margin pressure as jet fuel and diesel costs spike, with five travel stocks experiencing the steepest declines.
Norwegian Cruise Line (NCLH) has underperformed its rivals Carnival and Royal Caribbean in 2026, declining 16% through March. However, the analyst predicts the stock will recover in the remaining nine months of 2026 and suggests NCL should initiate a dividend to compete with its peers, which now yield over 2%. Despite being the cheapest of the three major cruise lines by valuation multiples, NCL trades at the lowest multiples but has historically lagged behind competitors.
Carnival Corp. stock fell nearly 6% after Q1 2026 earnings despite beating estimates and reporting record bookings. Elevated fuel costs from the Iran war pose a near-term headwind, with a 10% oil price increase potentially reducing earnings by 11 cents per share. However, the company's improving balance sheet, discounted valuation (11x current earnings), ambitious PROPEL strategic plan through 2029, and $14 billion shareholder return commitment support a bullish long-term outlook. Technical indicators warn of a potential death cross, suggesting caution in the short term.
Major U.S. stock indexes fell on March 27, 2026, as crude oil surged above $110 per barrel amid geopolitical tensions, driving a broad sell-off. Energy stocks gained while tech mega-caps declined due to AI spending concerns and lawsuit pressures. The Nasdaq entered correction territory, falling over 10% from its October high.
Royal Caribbean is experiencing strong business momentum with record Q4 results and 35% YoY EPS growth, despite declining U.S. consumer confidence. The company's premium cruise niche and expansion into luxury land-based experiences position it well for future growth. However, rising oil prices from Middle East conflicts pose a near-term risk, though the company's fuel hedging strategy (60% of 2025 exposure) provides protection. While unlikely to make investors millionaires quickly, Royal Caribbean is well-positioned to beat the market.
President Trump claims progress in U.S.-Iran ceasefire talks, prompting Wall Street to price in de-escalation and drive risk assets higher. However, Iran denies negotiations exist and has set five non-negotiable preconditions fundamentally incompatible with U.S. demands. Ground reality shows no signs of de-escalation, with oil flows at 5% of normal levels and continued military exchanges. Prediction markets assign only 15-37% odds of ceasefire by mid-April, suggesting traders are skeptical despite optimistic headlines.
President Trump has sent Iran a 15-point peace plan addressing nuclear programs and maritime routes, with prediction markets showing a 48% probability of a U.S.-Iran ceasefire by April 30. Ten Russell 1000 stocks down 17-33% since the war began are positioned for potential recovery if peace talks succeed. War-battered sectors including airlines, mining, and cruise lines staged sharp premarket rebounds on the diplomatic developments.
Cruise line stocks have plummeted in March due to rising oil prices from Middle East conflicts and concerns about passenger demand, but they now trade at low valuations. While near-term headwinds are real, long-term fundamentals remain strong. Royal Caribbean and Viking offer better value than Norwegian Cruise Line, while Carnival presents potential value despite economic downturn vulnerability.