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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
~$38B
Revenue (FY25)
$26.6B
Rev. growth
+6.4%
Net income
$2.8B
Adj. EBITDA
$7.2B
Net debt
~$26.5B
Net debt / EBITDA
3.4×
Fleet
~90 ships
In plain English
Carnival is the world's largest cruise company — a fleet of ~90 ships and nine brands (Carnival, Princess, Holland America, Costa, AIDA, P&O, Cunard, Seabourn) that carry ~13M guests a year to 700+ ports. It earns money two ways: the ticket you pay to board, and everything you spend onboard once you're there (drinks, excursions, casino). After surviving a pandemic that piled on ~$30B of debt, the 2025 story is record profit, rapid deleveraging to investment-grade leverage, and a reinstated dividend.
In simple terms
What Carnival Corporation really sells
Carnival is the world's largest cruise company — a fleet of ~90 ships and nine brands (Carnival, Princess, Holland America, Costa, AIDA, P&O, Cunard, Seabourn) that carry ~13M guests a year to 700+ ports. It earns money two ways: the ticket you pay to board, and everything you spend onboard once you're there (drinks, excursions, casino). After surviving a pandemic that piled on ~$30B of debt, the 2025 story is record profit, rapid deleveraging to investment-grade leverage, and a reinstated dividend.
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