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Carnival Corp Ltd. (CCL)
10-K · FY2025 · Filed Jan 27, 2026
Accession: 0000815097-26-000007
Carnival Corp Ltd. (CCL)'s FY2025 10-K was filed with the SEC on (accession 0000815097-26-000007). Per Item 1 of the filing, its products include Carnival Cruise Line, Princess Cruises, Holland America Line, AIDA Cruises and Costa Cruises; it names Royal Caribbean Group, Norwegian Cruise Line Holdings, Ltd. and MSC Cruises among its competitors; customer segments: Contemporary (families, broad market, 7 days or less), Premium (quality/comfort, 7-14 day itineraries), Luxury (high-end accommodation, smaller ships, exotic itineraries), United States and Canada guests and Continental Europe guests (Germany, Italy).
Item 1 — Business overview
Products
- Cruise vacations (contemporary, premium, luxury experiences)
- Passenger cruise tickets
- Onboard goods and services (beverage, casino gaming, shore excursions, retail, spa, specialty restaurants, internet, photo)
- Port destinations and exclusive islands
- Holland America Princess Alaska Tours (hotels, lodges, glass-domed railcars, motorcoaches)
- Bundled onboard packages (beverage, internet, shore excursions, photo, transportation)
Product categories
- Passenger ticket revenue
- Onboard and other revenue
- Tour and other
- Port destinations and exclusive islands
Customer segments
- Contemporary (families, broad market, 7 days or less)
- Premium (quality/comfort, 7-14 day itineraries)
- Luxury (high-end accommodation, smaller ships, exotic itineraries)
- United States and Canada guests
- Continental Europe guests (Germany, Italy)
- United Kingdom guests
- Australia and New Zealand guests
Go to market
- Travel agents and tour operators
- Company vacation planners
- Brand consumer websites and internet booking engines
- Customer service agents
- Onboard future cruise consultants
- Digital performance marketing and social media
- Guest loyalty and recognition programs
Named competitors
- Royal Caribbean Group
- Norwegian Cruise Line Holdings, Ltd.
- MSC Cruises
- Land-based vacation alternatives (hotels, resorts, theme parks, casinos, vacation ownership, alternative lodging)
Product narrative
- quote: We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn.
- section: item1_business
- summary: Eight world-class cruise line brands form the portfolio
- quote: Cruise brands can be broadly classified as offering contemporary, premium and luxury cruise experiences... We have product and service offerings in each of these three broad classifications.
- section: item1_business
- summary: Brands span contemporary, premium and luxury experiences
- quote: In 2025, we earned 34% of our cruise revenues from onboard and other revenue goods and services including: Beverage sales... Casino gaming... Shore excursions and experiences... Specialty restaurants... Retail sales... Photo sales.
- section: item1_business
- summary: 34% of cruise revenue from onboard and other goods/services
- quote: During 2025, we introduced the Paradise Collection... Celebration Key, our newly launched exclusive cruise port destination on the southern coast of Grand Bahama Island, officially opened in July 2025.
- section: item1_business
- summary: Paradise Collection exclusive destinations introduced in 2025
Raw Item 1 preview
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