CCL Carnival Corporation Common Stock

NYSE · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗
$25.68
Price · Aug 21, 2026
Fundamentals as of Jun 26, 2026

About Carnival Corporation Common Stock Company overview from Wikipedia

Carnival Corporation Ltd. is a Bermuda-domiciled American cruise line operator that owns more than 90 vessels across eight brands. Carnival is listed on the New York Stock Exchange, and is a component of the S&P 500 index. From 2003 to May 7, 2026, Carnival was a dual-listed company, consisting of U.S.-based and British corporations collectively known as Carnival Corporation & plc.

Read more

Carnival Corporation Ltd. is a Bermuda-domiciled American cruise line operator that owns more than 90 vessels across eight brands. Carnival is listed on the New York Stock Exchange, and is a component of the S&P 500 index. From 2003 to May 7, 2026, Carnival was a dual-listed company, consisting of U.S.-based and British corporations collectively known as Carnival Corporation & plc.

Carnival Corporation's operational headquarters are in Doral, Florida. Carnival also has significant UK operations, with regional headquarters in Southampton, England.

History

Carnival Corporation was founded as the privately owned Carnival Cruise Line in 1972. The company grew steadily throughout the 1970s and 1980s. It went public in 1987 with an initial public offering on the New York Stock Exchange (NYSE), and used the money to buy up competing cruise lines. Between 1989 and 1999, it acquired Holland America Line, Windstar Cruises, Westours, Seabourn Cruise Line, Costa Cruises and Cunard Line. It adopted the name Carnival Corporation in 1993, to distinguish the parent company from its flagship cruise line subsidiary.

P&O Princess Cruises plc was formed in 2000, after the demerger of the cruise ship division of the P&O group. Originating as the Peninsular and Oriental Steam Navigation Company in England in 1837, P&O operated the world's first commercial cruise ships. Restructuring of the P&O group in the 20th century led to its cruise operations being rebranded as P&O Cruises and P&O Cruises Australia, with the company acquiring Princess Cruises in 1974. Following the demerger in 2000, the company also acquired AIDA Cruises, as well as establishing the A'Rosa Cruises and Ocean Village brands.

In 2003, Carnival Corporation acquired P&O Princess Cruises plc. It was agreed that P&O Princess Cruises plc would remain a separate company, listed on the London Stock Exchange (LSE) and retaining its British shareholder body and management team. The company was renamed Carnival plc, with the operations of the two companies merged into one entity. Carnival Corporation and Carnival plc thereafter jointly owned all the operating companies in the Carnival group. Prior to Carnival Corporation's acquisition, P&O Princess Cruises plc had agreed to a merger with Royal Caribbean Cruises Ltd. The deal unraveled as Carnival Corporation initiated a hostile takeover with improved terms for British shareholders.

Carnival sold Windstar Cruises to Ambassadors Group in February 2007 and Swan Hellenic to Lord Sterling in March 2007.

In October 2015, CSSC Carnival Cruise Shipping, a joint venture between Carnival, the China Investment Corporation, and the China State Shipbuilding Corporation, was founded, with operations expected to commence in 2019.

In March 2018, Carnival Corporation announced its intention to invest in the construction of a new terminal in the port of Sasebo, Japan. Construction began in October 2019 and was expected to be open ahead of the Tokyo Olympic Games. While it was completed on schedule in 2020, the global COVID-19 pandemic halted cruise operations there until June 2024.

In June 2018, Carnival Corporation announced that it had acquired the White Pass and Yukon Route from TWC Enterprises Limited for US$290 million. The properties acquired were port, railroad and retail operations in Skagway, Alaska.

In 2023, Carnival Corporation sold their interest in Adora Cruises.

In May 2025, it was announced Carnival would move its headquarters from Doral and create a new campus where it would unite most of its North America team members in a single new headquarters to be built in the Waterford Business District, located in Miami-Dade County. It is scheduled to begin operations in 2028.

In December 2025, Carnival announced plans to simplify its corporate structure, with shares in Carnival plc being converted one-for-one into shares of Carnival Corporation, and the latter (previously incorporated in Panama) being reincorporated in Bermuda as Carnival Corporation Limited. As a result, the enterprise would give up Carnival plc's LSE and NYSE American depositary receipt listings, with the restructured Carnival maintaining a single listing on the NYSE. The company received court approval on May 1, 2026, allowing the scheme to proceed. Carnival announced the completion of this reorganization on May 7, 2026. This was done to enjoy Bermuda's tax benefits.

Operations

The Carnival group comprises nine cruise line brands and one cruise experience brand operating a combined fleet of 93 ships.

In June 2023, Carnival restructured its corporate umbrella and created six new separate units that have full executive control of the brands in their portfolio.

Carnival Cruise Line

Carnival Cruise Line – headquarters in Doral, Florida, U.S.

White Pass and Yukon Route

Carnival Australia – headquarters in Chatswood, New South Wales, Australia

Carnival Maritime

AIDA Cruises – headquarters in Rostock, Germany

Costa Cruises – headquarters in Genoa, Italy

Carnival UK

Cunard Line – headquarters in Southampton, UK

P&O Cruises – headquarters in Southampton, UK

Holland America Group

Holland America Line – headquarters in Seattle, Washington, U.S.

Seabourn Cruise Line – headquarters in Seattle, Washington, U.S.

Princess Cruises

Princess Cruises – headquarters in Santa Clarita, California, U.S.

Princess Tours

Brands and ships

AIDA Cruises

AIDA Cruises originated from the state-owned East German shipping conglomerate Deutsche Seereederei, established in Rostock, Germany, in 1952. The company entered the passenger market in the 1960s, but after the unification of Germany in 1990, the company was privatised and its passenger ships acquired by Deutsche Seetouristik. In 1996, the company launched its first new cruise ship AIDA, but after failing to achieve a profit, the ship was sold to Norwegian Cruise Line, continuing operations under a charter agreement.

In 1999, Deutsche Seetouristik was acquired by British shipping company P&O, with the AIDA name being repurchased from NCL. P&O formed AIDA Cruises as a subsidiary brand, with two new ships ordered to form a fleet. AIDA was renamed AIDAcara, with AIDAvita and AIDAaura launched in 2002 and 2003 respectively. Carnival ordered new builds due in 2030 and 2032.

Carnival Cruise Line

Carnival Cruise Line was founded in 1972 as a subsidiary of American International Travel Service (AITS), by Ted Arison and Meshulam Riklis. Due to mounting debts, Riklis sold his stake in the company to Arison for $1 in 1974. Through the acquisition of existing ships the company continued to grow. In 1980, Carnival ordered its first new commission, the Tropicale, which was completed in 1981/2. Three further ships were commissioned during the 1980s, the Holiday (1985), Jubilee (1986) and Celebration (1987).

In 1987, Carnival completed an initial public offering of 20 percent of its common stock on the New York Stock Exchange, raising approximately $400m in capital. The capital raised was used to finance acquisitions, so in 1993 the business was restructured as a holding company, under the name Carnival Corporation, with Carnival Cruise Line becoming its principal subsidiary.

Costa Cruises

Costa Cruises originates from a cargo shipping company founded by Giacomo Costa fu Andrea in Genoa, Italy in 1854. Better known as Costa Line or C Line by the 1920s, its first passenger carrier was Maria C, a former U.S. Navy stores ship that was partly converted for passenger use and served various routes to North and South America from 1947 to 1953. The company's first dedicated passenger ship was the Anna C, a cargo vessel that was requisitioned for war time use by the Royal Navy and refitted as an accommodation ship before returning to merchant use.

Costa purchased the ship in 1947 and it operated between Italy and South America from 1948, later converting to full-time cruising and serving with the company until 1971. From the late 1960s until the 1980s, Costa rapidly developed its passenger operations into what we now recognise as modern cruise ships. In 1987, it consolidated its cruise ship operations into a new company, Costa Cruises, which at its peak, was the largest cruise ship operator in the world.

The takeover of Costa Cruises by Carnival Corporation began in 1997, as a 50/50 deal between Carnival and the British tour operator Airtours. On January 13, 2012, Costa Concordia, a ship operated by the line, hit an underwater rock and ran aground in Isola del Giglio, Tuscany, resulting in 32 deaths. Investigations proved that the captain and general bad organization was responsible for the disaster, and the company was fined.

Cunard Line

The second oldest brand in the Carnival group after P&O, Cunard Line originated in 1840 and celebrated its 180th anniversary in 2020. It was founded by Samuel Cunard, who was awarded the first trans-Atlantic mail contract in 1837 and established the British and North American Royal Mail Steam-Packet Company in 1840. After initially dominating the trans-Atlantic route, the need for new capital led to the company being re-organised as the Cunard Steamship Company Ltd in 1879. The early 1900s saw increased competition for speed, particularly from Germany, which led the British government to subsidise the building of Mauretania and Lusitania, which both won the Blue Riband. Competition continued to increase however and by the early 1930s, Cunard was experiencing financial difficulties. To secure further government subsidy, it agreed to merge with its chief rival White Star Line, to form Cunard-White Star Line in 1934. Cunard later purchased the remaining White Star shares in 1947, reverting to the name Cunard Line in 1949. Cunard continued to operate independently until 1971, when it was acquired by the conglomerate Trafalgar House, which was in turn taken over by the Norwegian company Kværner in 1996. In 1998, Carnival Corporation purchased a controlling stake in Cunard, completing the acquisition in 1999 to become sole shareholder. Since that time, Cunard has been one of Carnival's most high-profile brands, with the continued popularity of the famous Queen Elizabeth 2, and the development of the world's largest transatlantic ocean liner, Queen Mary 2, which continues to be the flagship of the fleet.

Holland America Line

Holland America Line originated as Plate, Reuchlin & Company, founded in Rotterdam, Netherlands, in 1871. Initially struggling to survive, the company went public in 1873, renamed Nederlandsch Amerikaansche Stoomvaart Maatschappij (NASM). The company grew quickly in the early years, acquiring several new ships, including SS Rotterdam, which operated the company's first passenger cruise in 1895. The company also quickly became known by its shortened English name, Holland America Line. By the early 1900s, the company had separated its cargo and passenger operations, with its passenger ships being identifiable by names ending with dam, a tradition which continues with Holland America cruise ships today. The development of container shipping in the 1960s, forced the company to make a decision between investing in new cargo ships, or cruise ships. It ultimately sold its cargo operations, becoming exclusively a cruise ship company in 1973. Holland America continued to thrive well into the 1980s, consolidating its business with the acquisitions of Westours, Windstar Cruises and Home Lines. In 1989 however, it was itself the subject of an acquisition, when it was purchased in full by Carnival Corporation.

P&O Cruises

P&O Cruises was originally a subsidiary of the British shipping company P&O and was founded in 1977. Along with P&O Cruises Australia, it has the oldest heritage of any cruise line in the world, dating to P&O's first passenger operations in 1837. P&O Cruises was divested from P&O in 2000, subsequently becoming a subsidiary of P&O Princess Cruises, before coming under the ownership of Carnival Corporation & plc in 2003, following the merger between P&O Princess Cruises and Carnival Corporation. P&O Cruises is based in Southampton, England, and operates a fleet of seven ships, dedicated to serving the British market.

Princess Cruises

Seabourn Cruise Line

Ships on order

Carnival Corporation currently has ten ships under construction or under agreement.

Former brands

Adora Cruises - Established as a joint operation in 2015, sold their interest in 2023

A-Rosa Cruises – Established by P&O Princess in 2001, sold following the Carnival merger in 2003

Fathom – Established by the Carnival Corporation in 2015 – Ended cruise operations in 2017. Its functions were reduced to operating as a tour group until the end of 2018.

Fiesta Marina Cruises – Established by Carnival Corp in 1993, liquidated in 1994. The sole ship was sold to the Epirotiki Line.

Ibero Cruises – Established by Carnival Corp in 2003, liquidated in 2014 with ships transferred to Costa Cruises and Cruise & Maritime Voyages.

Ocean Village – Established by P&O Princess in 2003, liquidated in 2010 with ship transferred to P&O Cruises Australia

P&O Cruises Australia – Carnival subsidiary from 2003, absorbed into Carnival Cruise Line in 2025.

Swan Hellenic – P&O Princess subsidiary from 1983, liquidated in 2007 with ship transferred to Princess Cruises

Windstar Cruises – Carnival subsidiary from 1989, sold to Ambassadors International in 2007.

Private islands and beach resorts

Carnival Corporation has multiple privates islands and beach ports used by their different brands.

Princess Cay: located southern end of the island of Eleuthera, The Bahamas, anchor port utilized by both Princess Cruises and Carnival Cruise Line.

Half Moon Cay: island in The Bahamas, original utilized by just Holland American Line, planned pier addition in the future.

Amber Cove: private beach for Carnival Corporation in Puerto Plata Province in the Dominican Republic.

Celebration Key: located the south side of Grand Bahama island, private beach resort for Carnival corporation.

Incidents and violations

Violations of environmental laws

In 2002 the Carnival Corporation pleaded guilty in United States District Court in Miami to criminal charges related to falsifying records of the oil-contaminated bilge water that six of its ships dumped into the sea from 1996 through 2001. The Carnival Corporation was ordered to pay $18 million in fines and perform community service, received five years' probation and must submit to a court-supervised worldwide environmental-compliance program for each of its cruise ships.

For dumping oiled waste into the seas and lying to cover it up, Princess Cruise Lines was fined $40 million in 2016. According to federal authorities, it was the "largest-ever criminal penalty" for intentional vessel pollution. Officials said that these practices began in 2005 and persisted until August 2013, when a newly hired engineer blew the whistle. As part of its plea agreement, ships of the parent company Carnival Cruise lines were subjected to a court supervised environmental compliance plan for five years.

For violation of the probation terms of 2016 Carnival and its Princess line were ordered to pay an additional $20 million penalty in 2019. The new violations included discharging plastic into waters in The Bahamas, falsifying records, and interfering with court supervision.

Effects of the COVID-19 pandemic

All cruise ship itineraries were cancelled in March 2020 due to the worldwide pandemic and eventually, 55 passengers on ships owned by Carnival Corporation & plc were reported as having died. After months of cancelled cruises, Carnival Corporation & plc announced in September 2020 that it intended to dispose of 18 ships, a full 12% of the global fleet. By that time, five ships had already been scrapped: Carnival Fantasy, Carnival Fascination, Carnival Imagination, Carnival Inspiration and Costa Victoria.

The corporation also announced that it was delaying the delivery of several ships already on order. These steps were part of the company's cost-cutting plan, important because the "pause in guest operations continues to have a material negative impact on all aspects of the company's business, including the company's liquidity, financial position and results of operations". The adjusted net loss in the third quarter was reported by the corporation to the U.S. Securities and Exchange Commission as US$1.7 billion.

As of September 2020, the no-sail rule by the Centers for Disease Control and Prevention prohibited cruising in the U.S. until October 31, 2020, at the earliest. Members of the Cruise Lines International Association, including Carnival Corporation & plc, had announced in early August that its members were extending a voluntary suspension until October 31; that applied to cruises that were to depart from the U.S. or planned to stop at U.S. ports of call.

In November 2020, the CEO said he was confident that "universal testing, which doesn't exist in any other industry of scale" would help start the cruising industry.

The company's fourth quarter (ending 30 November 2020) financial statement released on January 11, 2021, indicated that one extra ship, in addition to the 18 previously planned, was to be sold. Carnival Corporation was in an excellent cash position, with US$9.5 billion, but suffered an adjusted net loss of $1.9 billion in the quarter.

Notable former ships

Carnival has had various notable ships in the past including:

Pacific Princess (Princess Cruises) – Became famous for appearing in the romantic comedy anthology TV series The Love Boat and was featured in nearly every episode. She sailed for Princess Cruises from 1975 to 2002.

Queen Elizabeth 2 (Cunard Line) – The flagship of Cunard Line when acquired by Carnival Corporation. She was sold to Istithmar World in 2008.

Rotterdam (Holland America Line) – The flagship of Holland America Line for 40 years. She was sold to Premier Cruises in 1997 and renamed Rembrandt. She currently operates under her original name as a floating hotel and museum in Rotterdam, Netherlands.

Costa Concordia (Costa Cruises) – Struck a rock and sank off the coast of Isola del Giglio, Italy in 2012, in the Costa Concordia disaster. Thirty-two passengers and crew members were killed, along with one salvage operator, while 64 other people were injured.

Adonia (Fathom and P&O Cruises) – First cruise ship to sail to Cuba from the United States mainland (in 2019) since the United States embargo against Cuba over 40 years prior. She was sold to Azamara Club Cruises in 2018 and renamed Azamara Pursuit.

Oriana (P&O Cruises) – The first cruise ship commissioned for the UK market. She was sold to Astro Ocean in 2019 and renamed Piano Land.

Adora Magic City (Adora Cruises) – The first cruise ship built in China.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

CCL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$25.68
Market Cap
P/E (TTM)
12.8
EPS (TTM)
$2.02
Revenue (TTM)
$26.62B
Div Yield
ROE
24.8%
Debt/Equity
2.2
52W Range
$23 – $34

CCL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $26.62B
10-point trend, +62.4%
2016-11-30 2025-11-30
EPS $2.02
10-point trend, -45.7%
2016-11-30 2025-11-30
Free Cash Flow $2.61B
9-point trend, +25.8%
2016-11-30 2025-11-30
Margins 10.4%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
CCL
Peer Median
P/E (TTM)
5-point trend, +712.8%
12.8
27.5

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
CCL
Peer Median
Operating Margin
5-point trend, +104.5%
16.8%
Net Profit Margin
5-point trend, +102.1%
10.4%
12.0%
ROA
5-point trend, +130.8%
5.5%
7.7%
ROE
5-point trend, +135.2%
24.8%
41.6%
ROIC
5-point trend, +173.6%
11.5%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
CCL
Peer Median
Debt / Equity
5-point trend, -20.7%
2.2
Current Ratio
5-point trend, -66.9%
0.3
0.6
Quick Ratio
5-point trend, -77.9%
0.2

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
CCL
Peer Median
Revenue YoY
5-point trend, +1295.3%
6.4%
Revenue CAGR 3Y
5-point trend, +1295.3%
29.8%
Revenue CAGR 5Y
5-point trend, +1295.3%
36.6%
EPS YoY
5-point trend, +123.9%
40.3%
Net Income YoY
5-point trend, +129.0%
44.0%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
CCL
Peer Median
EPS (Diluted)
5-point trend, +123.9%
$2.02

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
CCL
Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
5Y Div CAGR
Ex-dateAmount
Aug. 7, 2026$0.1500
May 18, 2026$0.1500
Feb. 13, 2026$0.1500
Feb. 20, 2020$0.5000
Nov. 21, 2019$0.5000
Aug. 22, 2019$0.5000
May 23, 2019$0.5000
Feb. 21, 2019$0.5000
Nov. 21, 2018$0.5000
Aug. 23, 2018$0.5000
May 24, 2018$0.5000
Feb. 22, 2018$0.4500
Nov. 22, 2017$0.4500
Aug. 23, 2017$0.4000
May 24, 2017$0.4000
Feb. 22, 2017$0.3500
Nov. 22, 2016$0.3500
Aug. 24, 2016$0.3500
May 25, 2016$0.3500
Feb. 17, 2016$0.3000

CCL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 33 analysts
  • Strong Buy 9 27.3%
  • Buy 18 54.5%
  • Hold 6 18.2%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

25 analysts · 2026-08-17
Median target $35.00 +36.3%
Mean target $35.55 +38.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.07%
Next Report
Sep 28, 2026
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.41 $0.35 0.06%
March 31, 2026 $0.20 $0.19 0.01%
Dec. 31, 2025 $0.34 $0.25 0.09%
Sept. 30, 2025 $1.43 $1.34 0.09%
June 30, 2025 $0.35 $0.25 0.10%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
CCL 12.8 6.4% 10.4% 24.8%
ABNB $81.70B 10.3% 20.5% 31.4%
MAR $82.48B 32.6 4.3% 9.9% -77.2%
RCL 17.9 8.8% 23.8% 48.5%
HLT $66.19B 46.9 7.7% 12.1% -32.0%
EXPE $33.14B 28.9 7.6% 8.8% 91.1%
H -291.5 6.8% -0.73% -1.5%
NCLH $10.16B 24.3 3.7% 4.3% 22.4%
NAVN $3.00B -3.0 30.8% -56.7% 204117.9% 71.3%
WH 30.2 1.5% 13.5% 37.2%
CHH $4.38B 12.1 0.75% 23.2% 477.4%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16
Annual Income Statement data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +67.6% $26.62B $25.02B $21.59B $12.17B $1.91B $5.59B $20.82B $18.88B $17.51B $16.39B $15.71B $15.88B
Cost of Revenue 10-point trend, +50.1% · $15.64B $14.32B $11.76B $4.66B · $12.91B $11.09B $10.50B $9.38B $9.45B $10.42B
SG&A Expense 12-point trend, +65.6% $3.40B $3.25B $2.95B $2.52B $1.89B $1.88B $2.48B $2.45B $2.27B $2.20B $2.07B $2.05B
Operating Expenses 11-point trend, +52.0% · $21.45B $19.64B $16.55B $9.00B $14.46B $17.55B $15.56B $14.70B $13.32B $13.14B $14.11B
Operating Income 12-point trend, +153.0% $4.48B $3.57B $1.96B $-4.38B $-7.09B $-8.87B $3.28B $3.33B $2.81B $3.07B $2.57B $1.77B
Interest Expense 10-point trend, +617.4% · · $2.07B $1.61B $1.60B $895M $206M $194M $198M $223M $217M $288M
Interest Income 12-point trend, +537.5% $51M $93M $233M $74M $12M $18M $23M $14M $9M $6M $8M $8M
Other Non-op 12-point trend, -200.0% $-4M $83M $-75M $-165M $-173M $-52M $-32M $3M $11M $21M $10M $4M
Pretax Income 12-point trend, +126.3% $2.77B $1.92B $-62M $-6.08B $-9.52B $-10.25B $3.06B $3.21B $2.67B $2.83B $1.80B $1.23B
Income Tax 12-point trend, +33.3% $12M $-1M $13M $14M $-21M $-17M $71M $54M $60M $-49M $42M $9M
Net Income 12-point trend, +127.0% $2.76B $1.92B $-74M $-6.09B $-9.50B $-10.24B $2.99B $3.15B $2.61B $2.78B $1.76B $1.22B
EPS (Basic) 12-point trend, +33.8% $2.10 $1.50 $-0.06 $-5.16 $-8.46 $-13.20 $4.34 $4.45 $3.61 $3.73 $2.26 $1.57
EPS (Diluted) 12-point trend, +29.5% $2.02 $1.44 $-0.06 $-5.16 $-8.46 $-13.20 $4.32 $4.44 $3.59 $3.72 $2.26 $1.56
Shares (Basic) 12-point trend, +69.1% 1,312,000,000 1,274,000,000 1,262,000,000 1,180,000,000 1,123,000,000 775,000,000 690,000,000 709,000,000 722,000,000 745,000,000 777,000,000 776,000,000
Shares (Diluted) 12-point trend, +80.2% 1,402,000,000 1,398,000,000 1,262,000,000 1,180,000,000 1,123,000,000 775,000,000 692,000,000 710,000,000 725,000,000 747,000,000 779,000,000 778,000,000
EBITDA 11-point trend, +150.2% $4.48B $3.57B $1.96B $-4.38B $-7.09B $-8.87B · $3.33B $2.81B $3.07B $2.57B $1.79B
Balance Sheet 28
Annual Balance Sheet data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +482.5% $1.93B $1.21B $2.42B $4.03B $8.94B $9.51B $518M $982M $395M $603M $1.40B $331M
Short-term Investments 3-point trend, +0.00 · · · $0 $200M $0 · · · · · ·
Receivables 12-point trend, +104.2% $678M $590M $556M $395M $246M $273M $444M $358M $312M $298M $303M $332M
Inventory 12-point trend, +44.7% $505M $507M $528M $428M $356M $335M $427M $450M $387M $322M $330M $349M
Other Current Assets 12-point trend, +244.1% $1.11B $1.07B $1.77B $652M $379M $443M $671M $436M $502M $466M $423M $322M
Current Assets 12-point trend, +183.5% $4.22B $3.38B $5.27B $7.49B $10.13B $10.56B $2.06B $2.23B $1.60B $1.69B $2.45B $1.49B
PP&E (Net) 12-point trend, +32.5% $43.49B $41.80B $40.12B $38.69B $38.11B $38.07B $38.13B $35.34B $34.43B $32.43B $31.82B $32.82B
PP&E (Gross) 12-point trend, +47.0% $67.46B $63.89B $60.52B $57.66B $55.97B $55.15B $56.78B $52.62B $50.87B $47.52B $45.70B $45.90B
Accum. Depreciation 12-point trend, +83.2% $23.97B $22.09B $20.41B $18.98B $17.86B $17.07B $18.65B $17.29B $16.43B $15.10B $13.88B $13.08B
Goodwill 12-point trend, -81.5% $579M $579M $579M $579M $579M $807M $2.91B $2.92B $2.97B $2.91B $3.01B $3.13B
Intangibles 12-point trend, -7.3% $1.18B $1.16B $1.17B $1.16B $1.18B $1.19B $1.17B $1.18B $1.20B $1.27B $1.31B $1.27B
Other Non-current Assets 12-point trend, +19.6% $890M $775M $725M $2.52B $2.01B $1.59B $783M $738M $585M $578M $650M $744M
Total Assets 12-point trend, +31.0% $51.69B $49.06B $49.12B $51.70B $53.34B $53.59B $45.06B $42.40B $40.78B $38.88B $39.24B $39.45B
Accounts Payable 12-point trend, +98.9% $1.25B $1.13B $1.17B $1.05B $797M $624M $756M $730M $762M $713M $627M $626M
Accrued Liabilities 12-point trend, +45.6% $2.24B $2.36B $2.00B $1.94B $1.64B $1.14B $1.81B $1.65B $1.88B $1.74B $1.68B $1.54B
Short-term Debt 10-point trend, -100.0% · · $0 $200M $2.79B $3.08B $231M $848M $485M $457M $30M $666M
Current Liabilities 12-point trend, +89.2% $13.09B $11.62B $11.48B $10.61B $10.41B $8.69B $9.13B $9.20B $8.80B $7.07B $6.96B $6.92B
Capital Leases 6-point trend, -7.5% $1.18B $1.24B $1.17B $1.19B $1.24B $1.27B · · · · · ·
Other Non-current Liabilities 12-point trend, +14.3% $1.10B $1.01B $1.10B $891M $1.04B $949M $890M $856M $769M $910M $1.10B $960M
Long-term Debt 12-point trend, +225.1% $27.38B $28.21B $31.34B $35.62B $30.44B $23.87B $11.27B $9.47B $8.71B $8.94B $8.76B $8.42B
Total Debt 11-point trend, +193.1% $26.64B $27.47B $30.57B $34.55B $33.23B $26.96B · $10.32B $9.20B $9.45B $8.79B $9.09B
Common Stock 12-point trend, +85.7% $13M $13M $12M $12M $11M $11M $7M $7M $7M $7M $7M $7M
Paid-in Capital 12-point trend, +105.8% $17.25B $17.16B $16.71B $16.87B $15.29B $13.95B $8.81B $8.76B $8.69B $8.63B $8.56B $8.38B
Retained Earnings 12-point trend, -74.9% $4.82B $2.10B $185M $269M $6.45B $16.07B $26.65B $25.07B $23.29B $21.84B $20.06B $19.16B
Treasury Stock 12-point trend, +170.9% $8.36B $8.40B $8.45B $8.47B $8.47B $8.40B $8.39B $7.79B $6.35B $5.79B $3.48B $3.09B
AOCI 12-point trend, -193.8% $-1.81B $-1.98B $-1.94B $-1.98B $-1.50B $-1.44B $-2.07B $-1.95B $-1.78B $-2.45B $-1.74B $-616M
Stockholders' Equity 12-point trend, -49.3% $12.27B $9.25B $6.88B $7.07B $12.14B $20.55B $25.36B $24.44B $24.22B $22.60B $23.77B $24.20B
Liabilities + Equity 12-point trend, +31.0% $51.69B $49.06B $49.12B $51.70B $53.34B $53.59B $45.06B $42.40B $40.78B $38.88B $39.24B $39.45B
Cash Flow 16
Annual Cash Flow data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +70.4% $2.79B $2.56B $2.37B $2.27B $2.23B $2.24B $2.16B $2.02B $1.85B $1.74B $1.63B $1.64B
Stock-based Comp 12-point trend, +88.5% $98M $62M $53M $101M $121M $105M $46M $65M $63M $55M $55M $52M
Amort. of Intangibles · · · · · · · · · $4M · ·
Restructuring 3-point trend, -31.6% $13M $21M $19M · · · · · · · · ·
Operating Cash Flow 12-point trend, +81.3% $6.22B $5.92B $4.28B $-1.67B $-4.11B $-6.30B $5.47B $5.55B $5.32B $5.13B $4.54B $3.43B
CapEx 12-point trend, +39.8% $3.61B $4.63B $3.28B $4.94B $3.61B $3.62B $5.43B $3.75B $2.94B $3.06B $2.29B $2.58B
Investing Cash Flow 12-point trend, -32.5% $-3.32B $-4.54B $-2.81B $-4.77B $-3.54B $-3.24B $-5.28B $-3.51B $-3.12B $-3.32B $-2.48B $-2.51B
Stock Issued 7-point trend, -100.0% · $0 $5M $1.18B $1.01B $3.25B $4M $3M · · · ·
Stock Repurchased 9-point trend, +0.00 · · · $0 $0 $12M $603M $1.47B $552M $2.34B $533M $0
Net Stock Activity 10-point trend, +0.00 · $0 $5M $1.18B $1.01B $3.24B · $-1.47B $-552M $-2.34B $-533M $0
Dividends Paid 9-point trend, -100.0% · · · $0 $0 $689M $1.39B $1.35B $1.09B $977M $816M $776M
Financing Cash Flow 12-point trend, -112.9% $-2.19B $-2.58B $-5.09B $3.58B $6.95B $18.65B $-655M $-1.46B $-2.45B $-2.59B $-942M $-1.03B
Net Change in Cash 12-point trend, +655.0% $727M $-1.20B $-3.60B $-2.94B $-715M $9.16B $-465M $574M $-241M $-792M $1.06B $-131M
Taxes Paid 8-point trend, +100.0% · · · · $0 $0 $46M $58M $43M $48M $40M $-5M
Free Cash Flow 11-point trend, +207.8% $2.61B $1.30B $997M $-6.61B $-7.72B $-9.92B · $1.80B $2.38B $2.07B $2.25B $847M
Levered FCF 9-point trend, -367.7% · · $-1.50B $-8.22B $-9.31B $-10.81B · $1.61B $2.18B $1.85B $2.04B $561M
Profitability 7
Annual Profitability data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 9-point trend, -10.1% 16.8% 14.3% 9.1% -36.0% -371.5% -158.4% · 17.6% 16.0% 18.7% · ·
Net Margin 9-point trend, -38.9% 10.4% 7.7% -0.34% -50.1% -498.0% -182.9% · 16.7% 14.9% 17.0% · ·
Pretax Margin 9-point trend, -39.7% 10.4% 7.6% -0.29% -50.0% -499.1% -183.2% · 17.0% 15.2% 17.3% · ·
EBITDA Margin 9-point trend, -10.1% 16.8% 14.3% 9.1% -36.0% -371.5% -158.4% · 17.6% 16.0% 18.7% · ·
ROA 11-point trend, +76.2% 5.5% 3.9% -0.15% -11.6% -17.8% -20.8% · 7.6% 6.5% 7.1% 4.5% 3.1%
ROE 11-point trend, +388.4% 24.8% 21.5% -1.1% -78.9% -70.4% -51.1% · 12.8% 11.1% 12.0% 7.3% 5.1%
ROIC 11-point trend, +115.2% 11.5% 9.7% 6.3% -10.5% -15.6% -18.6% · 9.4% 8.2% 9.4% 7.7% 5.3%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 11-point trend, +48.4% 0.3 0.3 0.5 0.7 1.0 1.2 · 0.2 0.2 0.2 0.4 0.2
Quick Ratio 11-point trend, +107.8% 0.2 0.2 0.3 0.4 0.9 1.1 · 0.1 0.1 0.1 0.2 0.1
Debt / Equity 11-point trend, +479.6% 2.2 3.0 4.4 4.9 2.7 1.3 · 0.4 0.4 0.4 0.4 0.4
LT Debt / Equity 11-point trend, +545.4% 2.0 2.8 4.1 4.5 2.3 1.1 · 0.3 0.3 0.4 0.3 0.3
Interest Coverage 9-point trend, -84.8% · · 0.9 -2.7 -4.4 -9.9 · 17.1 14.2 13.8 11.9 6.2
Efficiency 3
Annual Efficiency data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 9-point trend, +26.0% 0.5 0.5 0.4 0.2 0.0 0.1 · 0.5 0.4 0.4 · ·
Inventory Turnover 7-point trend, +7.2% · 30.2 30.0 · · · · 26.5 29.6 28.8 27.8 28.2
Receivables Turnover 9-point trend, -23.0% 42.0 43.7 45.4 38.0 7.4 15.6 · 56.4 57.4 54.5 · ·
Per Share 4
Annual Per Share data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 9-point trend, -13.5% $18.99 $17.90 $17.11 $10.31 $1.70 $7.22 · $26.59 $24.15 $21.94 · ·
Cash Flow / Share 11-point trend, +0.6% $4.44 $4.24 $3.39 $-1.42 $-3.66 $-8.13 · $7.82 $7.34 $6.87 $5.83 $4.41
Dividend / Share 5-point trend, +95.0% · · · · · · · $2 $2 $1 $1 $1
EPS (TTM) 12-point trend, +29.5% $2.02 $1.44 $-0.06 $-5.16 $-8.46 $-13.20 $4.32 $4.44 $3.59 $3.72 $2.26 $1.56
Growth Rates 5
Annual Growth Rates data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +109.7% 6.4% 15.9% 77.5% 537.7% -65.9% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -47.6% 29.8% 135.8% 56.9% · · · · · · · · ·
Revenue CAGR 5Y 36.6% · · · · · · · · · · ·
EPS YoY 40.3% · · · · · · · · · · ·
Net Income YoY 44.0% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for CCL
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +67.6% $26.62B $25.02B $21.59B $12.17B $1.91B $5.59B $20.82B $18.88B $17.51B $16.39B $15.71B $15.88B
Net Income TTM 12-point trend, +127.0% $2.76B $1.92B $-74M $-6.09B $-9.50B $-10.24B $2.99B $3.15B $2.61B $2.78B $1.76B $1.22B
P/E 12-point trend, -54.9% 12.8 17.7 -251.0 -1.9 -2.1 -1.5 10.4 13.6 18.3 13.8 22.4 28.3
Earnings Yield 12-point trend, +122.1% 7.8% 5.7% -0.40% -52.0% -48.0% -66.1% 9.6% 7.4% 5.5% 7.2% 4.5% 3.5%
Payout Ratio 8-point trend, -100.0% · · · 0.00% 0.00% -6.7% · 43.0% 41.7% 35.2% 46.4% 62.8%
Annual Payout 9-point trend, -100.0% · · · $0 $0 $689M $1.39B $1.35B $1.09B $977M $816M $776M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-11-302024-11-302023-11-302022-11-302021-11-30
Revenue $26.62B$25.02B$21.59B$12.17B$1.91B
Operating Margin % 16.8%14.3%9.1%-36.0%-371.5%
Net Income $2.76B$1.92B$-74M$-6.09B$-9.50B
Diluted EPS $2.02$1.44$-0.06$-5.16$-8.46
Balance Sheet
2025-11-302024-11-302023-11-302022-11-302021-11-30
Debt / Equity 2.23.04.44.92.7
Current Ratio 0.30.30.50.71.0
Quick Ratio 0.20.20.30.40.9
Cash Flow
2025-11-302024-11-302023-11-302022-11-302021-11-30
Free Cash Flow $2.61B$1.30B$997M$-6.61B$-7.72B

Latest News Recent headlines mentioning this company

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 171 filers · $2.3B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
7 939 16 8

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair. Change vs prior quarter not shown: filer coverage differs too much between these two quarters for a reliable comparison.

Institution Value Shares % of tracked 13F Type
STATE STREET CORP $1,663,267,118 58,217,260 70.89% Shares
Candlestick Capital Management LP $89,549,216 3,097,517 3.82% Shares
ING GROEP NV $77,190,740 2,701,811 3.29% Shares
VANGUARD GROUP INC $72,567,163 2,376,135 3.09% Shares
MENORA MIVTACHIM HOLDINGS LTD. $57,140,000 2,000,000 2.44% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $42,316,224 1,385,600 1.80% Shares
WEDGE CAPITAL MANAGEMENT L L P/NC $40,610,094 1,569,169 1.73% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $33,290,013 1,286,322 1.42% Shares
WOLVERINE TRADING, LLC $33,210,240 1,129,600 1.42% Call option
Candlestick Capital Management LP $29,890,049 1,033,900 1.27% Call option
WOLVERINE TRADING, LLC $24,922,380 847,700 1.06% Put option
CAPITAL FUND MANAGEMENT S.A. $21,627,975 757,017 0.92% Shares
CHURCHILL MANAGEMENT Corp $15,811,755 562,296 0.67% Shares
Asset Management One Co., Ltd. $11,897,942 459,735 0.51% Shares
CIBC WORLD MARKETS CORP $9,548,484 312,655 0.41% Shares
TWO SIGMA ADVISERS, LP $9,284,160 304,000 0.40% Shares
Andra AP-fonden $8,275,984 319,783 0.35% Shares
CWM, LLC $7,474,764 288,824 0.32% Shares
Black Cypress Capital Management, LLC $7,289,236 255,136 0.31% Shares
WOLVERINE TRADING, LLC $6,005,273 204,261 0.26% Shares
Delta Global Management LP $5,911,076 206,898 0.25% Shares
Eisler Capital Management Ltd. $5,898,000 200,000 0.25% Put option
CAPITAL FUND MANAGEMENT S.A. $5,274,022 184,600 0.22% Put option
PineBridge Investments, L.P. $5,121,493 177,153 0.22% Shares
PORTLAND INVESTMENT COUNSEL INC. $3,988,429 139,602 0.17% Shares
TrinityPoint Wealth, LLC $3,982,038 159,793 0.17% Shares
Ally Financial Inc. $3,571,250 125,000 0.15% Shares
Corient Private Wealth LP $3,454,512 120,914 0.15% Shares
Mediolanum International Funds Ltd $3,303,753 113,181 0.14% Shares
Toroso Investments, LLC $3,283,844 107,526 0.14% Shares
CAPITAL FUND MANAGEMENT S.A. $3,136,986 109,800 0.13% Call option
Y-Intercept (Hong Kong) Ltd $2,968,194 103,892 0.13% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $2,257,901 87,245 0.10% Shares
Nuveen Asset Management, LLC $1,900,125 76,249 0.08% Shares
Eisler Capital Management Ltd. $1,892,786 64,184 0.08% Shares
AG2R LA MONDIALE GESTION D'ACTIFS $1,738,227 60,841 0.07% Shares
MIZUHO SECURITIES USA LLC $1,638,489 83,896 0.07% Shares
Natixis Investment Managers International $1,602,107 64,290 0.07% Shares
CAXTON ASSOCIATES LP $1,583,666 63,550 0.07% Shares
H D Vest Advisory Services $1,544,702 54,933 0.07% Shares
HAP Trading, LLC $1,534,774 53,088 0.07% Shares
Fulcrum Asset Management LLP $1,290,665 44,216 0.06% Shares
JANUS HENDERSON GROUP PLC $1,289,934 49,814 0.05% Shares
RIVER GLOBAL INVESTORS LLP $1,053,866 42,273 0.04% Shares
Congress Wealth Management LLC / DE / $972,234 34,574 0.04% Shares
Cubist Systematic Strategies, LLC $919,338 31,800 0.04% Put option
Cubist Systematic Strategies, LLC $888,154 30,721 0.04% Shares
HAP Trading, LLC $860,999 115,700 0.04% Put option
Skopos Labs, Inc. $816,785 31,561 0.03% Shares
Cubist Systematic Strategies, LLC $745,878 25,800 0.03% Call option
MidWestOne Financial Group, Inc. $739,465 24,213 0.03% Shares
Taika Capital, LP $734,143 29,460 0.03% Shares
Good Life Advisors, LLC $593,288 21,098 0.03% Shares
Investors Research Corp $556,808 21,515 0.02% Shares
Oslo Pensjonsforsikring AS $500,146 17,506 0.02% Shares
IFP Advisors, Inc $453,447 16,477 0.02% Shares
DOLIVER CAPITAL ADVISORS, INC. $426,477 16,479 0.02% Shares
Covenant Partners, LLC $373,077 12,216 0.02% Shares
World Investment Advisors $359,333 13,885 0.02% Shares
JNB Advisors LLC $325,939 11,591 0.01% Shares
CIBC Private Wealth Group LLC $324,590 11,228 0.01% Shares
PVG ASSET MANAGEMENT CORP $316,470 11,077 0.01% Shares
Corton Capital Inc. $307,747 10,645 0.01% Shares
CAAS CAPITAL MANAGEMENT LP $298,809 15,300 0.01% Shares
FineMark National Bank & Trust $296,635 9,713 0.01% Shares
L & S Advisors Inc $285,700 10,000 0.01% Shares
Parcion Private Wealth LLC $283,072 9,908 0.01% Shares
Range Rock Capital, LLC $263,096 10,166 0.01% Shares
HAP Trading, LLC $258,962 66,000 0.01% Call option
PROEQUITIES, INC. $234,850 9,301 0.01% Shares
PITCAIRN CO $222,462 7,695 0.01% Shares
HAP Trading, LLC $214,587 89,800 0.01% Call option
KW WEALTH MANAGEMENT LLC $214,368 7,019 0.01% Shares
Orion Portfolio Solutions, LLC $213,839 10,949 0.01% Shares
Sheaff Brock Investment Advisors, LLC $212,213 10,866 0.01% Shares
Atria Wealth Solutions, Inc. $208,105 7,161 0.01% Shares
EXENCIAL WEALTH ADVISORS, LLC $201,381 6,594 0.01% Shares
Avanza Fonder AB $147,568 5,702 0.01% Shares
CITY HOLDING CO $100,893 3,900 0.00% Shares
JCIC Asset Management Inc. $95,264 3,681 0.00% Shares
SYNOVUS FINANCIAL CORP $86,643 2,997 0.00% Shares
ONEFUND, LLC $79,387 2,990 0.00% Shares
JOURNEY STRATEGIC WEALTH LLC $78,689 3,041 0.00% Shares
Parkside Financial Bank & Trust $70,032 2,706 0.00% Shares
Lindbrook Capital, LLC $55,211 2,827 0.00% Shares
Ariel Capital Advisors, LLC $47,896 1,922 0.00% Shares
1620 INVESTMENT ADVISORS, INC. $39,969 1,399 0.00% Shares
Reflection Asset Management $31,975 1,047 0.00% Shares
Guerra Advisors Inc $31,024 1,073 0.00% Shares
Bank & Trust Co $30,771 1,189 0.00% Shares
WR Wealth Planners, LLC $22,378 898 0.00% Shares
SWAN Capital LLC $20,704 800 0.00% Shares
Guardian Partners Inc. $19,999 700 0.00% Shares
OLIVER LAGORE VANVALIN INVESTMENT GROUP $19,734 1,010 0.00% Shares
AXA Investment Managers S.A. $18,445 638 0.00% Shares
Abound Wealth Management $18,311 708 0.00% Shares
Kentucky Trust Co $18,116 700 0.00% Shares
Stephens Consulting, LLC $17,256 565 0.00% Shares
ZB,N.A. $16,921 679 0.00% Shares
TUCKER ASSET MANAGEMENT LLC $16,308 534 0.00% Shares

Company insiders 64 insiders · 20 officers · 26 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Joshua Ian Weinstein Chief Executive Officer May 8, 2026 A 421,845 0 0 $0
DONALD ARNOLD W President & CEO July 29, 2022 F 279,934 0 0 $0
Stein Kruse CEO, Holland America Group Aug. 28, 2020 A 158,643 0 0 $0
Gerald Raymond Cahill Former President & CEO, CCL Jan. 12, 2015 F 79,201 0 0 $0
Pier Luigi Foschi President & CEO-Costa Crociere Oct. 18, 2004 J 0 0 0 $0
David Bernstein CFO & CAO May 8, 2026 A 144,906 0 1 $-12,018,664
Howard S Frank Vice Chairman & COO Nov. 26, 2013 F 172,791 0 0 $0
Lars Jakob Ljoen Chief Maritime Officer May 8, 2026 A 71,871 0 0 $0
Bettina Alejandra Deynes Chief Human Resources Officer May 8, 2026 A 112,296 0 0 $0
Enrique Miguez General Counsel May 8, 2026 A 60,668 0 0 $0
Micky Meir Arison Chair of the Board Nov. 25, 2025 G 13,406,463 0 0 $0
William Richard Burke Chief Maritime Officer April 8, 2024 A 90,601 0 0 $0
Peter C. Anderson Chief Ethics & Compliance Feb. 4, 2022 A 79,351 0 0 $0
Alan Buckelew Chief Information Officer July 31, 2017 S 150,860 0 0 $0
Larry R. Freedman Chief Accounting Officer Feb. 9, 2016 S 27,826 0 0 $0
Joshua Chad Leibowitz Chief Strategy Officer Jan. 11, 2016 A 22,478 0 0 $0
Ian Jeremy Gaunt Sr. Vice President - Int'l Oct. 31, 2006 M 0 0 0 $0
Richard D Ames Sr. VP - Audit Services Oct. 16, 2006 A 408 0 0 $0
Pamela C Conover Sr. VP - Shares Services Oct. 16, 2006 A 5,075 0 0 $0
Douglas L Lewis Sr. Vice President & CIO April 21, 2004 A 0 0 $0
Katie Lahey Director May 11, 2026 F 85,125 0 0 $0
Jason Glen Cahilly Director May 11, 2026 F 87,821 0 0 $0
Helen Deeble Director May 11, 2026 F 87,606 0 0 $0
Jeffrey J Gearhart Director May 11, 2026 F 80,108 0 0 $0
Sir Jonathon Band Director May 11, 2026 F 56,842 0 2 $-314,266
Nelda J Connors Director May 11, 2026 F 30,419 0 0 $0
Laura A Weil Director May 11, 2026 F 132,120 0 0 $0
Stuart Subotnick Director May 11, 2026 S 132,421 0 0 $0
Randall J Weisenburger Director May 8, 2026 A 410,009 0 0 $0
Sara Mathew Director April 8, 2024 A 37,943 0 0 $0
Sir John Parker Director April 8, 2022 A 62,668 0 0 $0
Richard Glasier Director April 8, 2022 A 46,256 0 0 $0
Ennis Debra J Kelly Director April 17, 2019 A 28,254 0 0 $0
Peter Gervis Ratcliffe Director April 15, 2013 M 20,703 0 0 $0
Robert H Dickinson Director Feb. 5, 2013 M 57,737 0 0 $0
Modesto A Maidique Director Jan. 30, 2013 S 12,366 0 0 $0
Uzi Zucker Director July 15, 2011 M 73,423 0 0 $0
Richard G Capen JR Director April 15, 2009 A 12,147 0 0 $0
Baroness Sarah Hogg Director Oct. 16, 2007 A 7,500 0 0 $0
John P Mcnulty Director Oct. 18, 2005 A 0 0 $0
Alton Kirk Lanterman Director Aug. 1, 2005 G 158,691 0 0 $0
TED ARISON 1994 IRREVOCABLE TRUST FOR SHARI NO 1 10% owner Nov. 27, 2012 S 58,758,183 0 0 $0
NICKEL CONTINUED IRREVOCABLE TRUST 10% owner Nov. 11, 2009 S 1 0 0 $0
ARTSFARE 2006 TRUST NO. 2 10% owner Oct. 15, 2009 S 3,473,623 0 0 $0
Arnaldo Perez Feb. 12, 2021 S 79,535 0 0 $0
MA 1994 B SHARES LP Nov. 30, 2020 S 80,736,445 0 0 $0
TAMMS MANAGEMENT CORP Dec. 17, 2018 J 0 0 0 $0
ETERNITY TWO TRUST Aug. 8, 2013 S 401,307 0 0 $0
MBA I, L.P. Dec. 31, 2012 J 900,000 0 0 $0
James M Dubin Dec. 24, 2012 G 0 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 18 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
MA 1994 B SHARES LP, MA 1994 B SHARES, INC., ARISON MICKY MEIR, RICHARD L. KOHAN, KLR, LLC, NICKEL 2015-94B TRUST Nov. 26, 2025 8.06% Amendment SEC
MA 1994 B SHARES, L.P., MA 1994 B SHARES, INC., MICKY ARISON, RICHARD L. KOHAN, KLR, LLC, NICKEL 2015-94B TRUST ×3 filings Feb. 9, 2024 Initial filing SEC
MA 1994 B SHARES, L.P. 2), MA 1994 B SHARES, INC. 2), MICKY ARISON 2), JMD DELAWARE, LLC 2), JAMES M. DUBIN 2), ARTSFARE 2005 TRUST No. 2 2), SUNTRUST DELAWARE TRUST COMPANY 2), VERUS PROTECTOR, LLC 2), RICHARD L. KOHAN 2), KLR, LLC 2), NICKEL 2015-94B TRUST 2) ×2 filings Dec. 11, 2020 Initial filing SEC
OR ×10 filings Jan. 8, 2016 Initial filing SEC
TAMMS MANAGEMENT CORPORATION, MA 1994 B SHARES, L.P., MA 1994 B SHARES, INC., MICKY ARISON, ETERNITY TWO TRUST, JMD DELAWARE, INC., JAMES M. DUBIN, ARTSFARE 2005 TRUST No. 2, KNIGHT PROTECTOR, INC., SUNTRUST DELAWARE TRUST COMPANY, J.P. MORGAN TRUST COMPANY OF DELAWARE, ARTSFARE 2003 TRUST, MBA I, L.P., JAFASA CONTINUED IRREVOCABLE TRUST, JOHN J. O’NEIL, JMNJ PROTECTOR, LLC, RICHARD SKOR ×2 filings June 24, 2011 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 27, 2007 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person June 8, 2005 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person March 22, 2005 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 19, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person July 30, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person May 19, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 23, 2004 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 10, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Aug. 28, 2003 Initial filing SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person July 16, 2003 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 133 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
BUL · Pacer Funds Trust 4.76% 228,315 NS April 30, 2026 N-PORT
BRNY · EA Series Trust 2.83% 590,648 NS April 30, 2026 N-PORT
CBLS · Elevation Series Trust 2.54% 51,030 NS April 30, 2026 N-PORT
CBSE · Elevation Series Trust 2.49% 45,019 NS April 30, 2026 N-PORT
RSPD · Invesco Exchange-Traded Fund Trust 1.99% 247,697 SH Aug. 21, 2026 Daily
SPGP · Invesco Exchange-Traded Fund Trust 1.55% 1,387,612 SH Aug. 21, 2026 Daily
EPIN · Harbor ETF Trust 1.38% 3,630 NS April 30, 2026 N-PORT
STNC · Hennessy Funds Trust 1.34% 46,455 NS April 30, 2026 N-PORT
RPG · Invesco Exchange-Traded Fund Trust 1.27% 971,366 SH Aug. 21, 2026 Daily
WLTG · ETF Opportunities Trust 1.20% 34,506 NS April 30, 2026 N-PORT
SPHB · Invesco Exchange-Traded Fund Trust … 1.13% 465,990 SH Aug. 21, 2026 Daily
JMID · Janus Detroit Street Trust 1.09% 7,484 NS April 30, 2026 N-PORT
FXD · First Trust Exchange-Traded AlphaDE… 1.08% 107,874 NS April 30, 2026 N-PORT
SPVM · Invesco Exchange-Traded Fund Trust 0.91% 49,259 SH Aug. 21, 2026 Daily
VOT · VANGUARD INDEX FUNDS 0.78% 9,553,340 SH Aug. 19, 2026 Daily
VCR · VANGUARD WORLD FUND 0.60% 1,429,920 SH Aug. 19, 2026 Daily
IYC · iShares Trust 0.54% 254,408 SH Aug. 21, 2026 Daily
HIBL · Direxion Shares ETF Trust 0.53% 15,694 NS April 30, 2026 N-PORT
VLUE · iShares Trust 0.50% 1,933,845 SH Aug. 21, 2026 Daily
RXI · iShares Trust 0.50% 52,872 SH Aug. 21, 2026 Daily
FVAL · FIDELITY COVINGTON TRUST 0.48% 217,370 NS April 30, 2026 N-PORT
SZNE · Pacer Funds Trust 0.47% 2,383 NS April 30, 2026 N-PORT
WANT · Direxion Shares ETF Trust 0.46% 3,523 NS April 30, 2026 N-PORT
FDIS · FIDELITY COVINGTON TRUST 0.45% 300,686 NS April 30, 2026 N-PORT
FCPI · FIDELITY COVINGTON TRUST 0.39% 40,487 NS April 30, 2026 N-PORT
RECS · Columbia ETF Trust I 0.35% 706,707 NS April 30, 2026 N-PORT
VO · VANGUARD INDEX FUNDS 0.34% 27,023,574 SH Aug. 19, 2026 Daily
ISCF · iShares Trust 0.34% 571,722 SH Aug. 21, 2026 Daily
EQIN · Columbia ETF Trust I 0.33% 34,364 NS April 30, 2026 N-PORT
FTC · First Trust Exchange-Traded AlphaDE… 0.33% 156,010 NS April 30, 2026 N-PORT
IWS · iShares Trust 0.31% 1,920,058 SH Aug. 21, 2026 Daily
CVY · Invesco Exchange-Traded Fund Trust 0.30% 14,854 SH Aug. 21, 2026 Daily
DFLV · Dimensional ETF Trust 0.28% 620,392 NS April 30, 2026 N-PORT
IMCV · iShares Trust 0.27% 127,641 SH Aug. 21, 2026 Daily
REVS · Columbia ETF Trust I 0.25% 27,031 NS April 30, 2026 N-PORT
HELO · J.P. Morgan Exchange-Traded Fund Tr… 0.25% 381,918 NS April 30, 2026 N-PORT
IWR · iShares Trust 0.23% 5,192,513 SH Aug. 21, 2026 Daily
GTOS · Invesco Actively Managed Exchange-T… 0.23% 278,000 Aug. 21, 2026 Daily
NUGO · Nushares ETF Trust 0.22% 237,307 NS April 30, 2026 N-PORT
IMCB · iShares Trust 0.22% 147,596 SH Aug. 21, 2026 Daily
DUHP · Dimensional ETF Trust 0.22% 925,521 NS April 30, 2026 N-PORT
SMIN · iShares Trust 0.21% 140,593 SH Aug. 21, 2026 Daily
DFVX · Dimensional ETF Trust 0.21% 37,868 NS April 30, 2026 N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr… 0.20% 55,217 NS April 30, 2026 N-PORT
SIZE · iShares Trust 0.19% 33,024 SH Aug. 21, 2026 Daily
EUSA · iShares, Inc. 0.19% 143,775 SH Aug. 21, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.18% 7,186,590 SH Aug. 21, 2026 Daily
XOEF · iShares Trust 0.18% 1,622 SH Aug. 21, 2026 Daily
DFUV · Dimensional ETF Trust 0.17% 950,280 NS April 30, 2026 N-PORT
IMCG · iShares Trust 0.17% 270,452 SH Aug. 21, 2026 Daily