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Carnival Corporation


2019 Vault Rankings

At a Glance


Excellent benefits, including travel and cruise discounts

Reputation as a leading cruise-line


Shipboard positions require long hours and being away from family for long periods of time

The Bottom Line

Leading cruise-line operator that employs over 35,000 people and serves over 4.1 million customers.

About Carnival Corporation

Carnival Corporation offers a boatload of fun. The company is the world's #1 cruise operator, boasting nine leading cruise lines and more than 100 ships with a total passenger capacity of more than 248,000. Carnival operates in North America primarily through its Princess Cruise Line, Holland America, and Seabourn luxury cruise brand, as well as its flagship Carnival Cruise Lines unit. Brands such as AIDA, P&O Cruises, and Costa Cruises offer services to passengers in Europe, and the Cunard Line runs luxury trans-Atlantic liners. Carnival operates as a dual-listed company with UK-based Carnival plc, forming a single enterprise under a unified executive team. North America accounts for about 55% of total sales.


Carnival's four reportable segments include NAA cruise operations, EA cruise operations, Tour and Other and Cruise Support.

NAA manages operations in North America and Australia, which includes Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia) and Seabourn. The segment accounts for around 65% of revenue.

Accounting for almost 35% of revenue, the EA segment operates in Europe and Asia which includes Costa Cruises, AIDA Cruises, P&O Cruises and Cunard.

The company's Cruise Support segment includes its portfolio of leading port destinations and other services, all of which are operated for the benefit of their cruise brands.

The Tour and Other segment represents the hotel and transportation of Holland America Princess Alaska Tours and other operations.

Geographic Reach

Carnival's global headquarters are located at Miami, Florida. The company has shore-side location at Genoa, Italy for Costa and AIDA; Santa Clarita, California for Princess Cruises, Holland America Line, and Seabourn; Almere, Netherlands for Arison Maritime Center; Rostock, Germany for Costa and AIDA; Seattle, Washington for Princess Cruises, Holland America Line and Seabourn; Southampton, England for Carnival plc, P&O Cruises (UK) and Cunard; Hamburg, Germany for Costa and AIDA; Sydney, Australia for Princess Cruises and P&O Cruises; and Shanghai, China for Costa operations.

Carnival's largest market is North America, which represents about 55% of sales. Other major markets include Europe (about 30%), and Australia and Asia (almost 15%).

Sales and Marketing

Substantially all its cruise brands offer past guest recognition programs that reward repeat guests with special incentives such a reduced fares, gifts, on-board activity discounts, complimentary laundry and internet services.

Financial Performance

Carnival's revenue has been on an upward trend in the last five years, increasing from $15.7 billion in 2015 to $20.8 billion in 2019. A $174 increase in passenger ticket sales boosted revenue by 1%. This was driven primarily by capacity increase in available lower berth days (ALBDs) and increase in air transportation revenues.

Carnival's net income fell 5% to $3 billion, even with the increase in their revenue of $1.9 billion due to the increase of their operating expenses.

Cash holdings declined from $982 million in 2018 to $518 million in 2019. While Operations generated $5.5 billion in positive cash inflows, investments utilized $5.3 billion and a further $7 million went towards financing activities. The company issued $3.7billion in long-term debt in 2019, more than the preceding two years combined.


Carnival has remained the top player in the commercial cruise ship space for over a decade. Its strategy has included spending top dollar on brand recognition through innovative marketing campaigns and adding on new fleets and routes.

Carnival uses easily recognizable celebrities (from Oprah Winfrey to Her Majesty the Queen) and highly popular on-air time slots (including The New Celebrity Apprentice and The Ellen DeGeneres Show) to reach some 400 million commercial viewers. It also has its own proprietary travel shows like Voyager with Josh Garcia and Ocean Treks with Jeff Corwin.

Fleet replenishment has been a company priority. In five years, 12 state-of-the-art, larger, more efficient vessels replaced nine older ships, reducing costs by $350 million. The company's ultimate strategic goal is attracting new passengers and retaining existing passengers.

Carnival is actively expanding its destination offerings to attract more customers. A new location in Amber Cove was also opened, and new terminals welcomed tourists in Barcelona and Dubai. Carnival also has a joint venture agreement with China State Shipbuilding Corporation to create a local cruise operating company that will assist in creating a cruise industry in China. The company is aiming for a net capacity growth of 5%, compounded annually.

However, recent instances of gastrointestinal illness (200-500 people got sick aboard a Royal Caribbean cruise liner in 2019) may affect the cruise industry in general.

To reach their primary financial goals the company continue to implement initiatives to create additional demands to their brands in excess of their planned capacity growth. They continue to invest in customer and market insight to better understand their guests' decision making process and vacation needs enabling them to identify new marketing opportunities and further grow their share of their vacation spend. As they operate in the broader vacation market , they have implemented strategies to grow demand by increasing consumer awareness and consideration for cruise vacations on their portfolio brands through their ongoing marketing, public relation and guest experience efforts

Company Background

Carnival Corporation was incorporated in Panama in 1972 and Carnival plc was incorporated in England and Wales in 2000, operating as a dual-listed company.

Carnival Corporation

3655 NW 87th Ave
Doral, FL 33178-2418
Phone: 1 (305) 599-2600

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: CCL
Stock Exchange: , NYSE
Chairman: Micky Arison
Chief Maritime Officer, Carnival Corporation and plc: William R. Burke
President and CEO: Arnold W. Donald
Employees (This Location): 1,000
Employees (All Locations): 106,000

Major Office Locations

Doral, FL

Other Locations

Anchorage, AK
Fairbanks, AK
Juneau, AK
Skagway, AK
Long Beach, CA
Doral, FL
Fort Lauderdale, FL
Miramar, FL
Fairborn, OH
Tulsa, OK
Seattle, WA