On this page of StockholderLetter.com we present the latest annual shareholder letter from CARNIVAL CORP — ticker symbol CCL. Reading current and past CCL letters to shareholders can bring important insights into the investment thesis.

 •  2/28/2025 Letter Continued (Full PDF)
 •  2/28/2023 CCL Stockholder Letter
 •  2/23/2024 CCL Stockholder Letter
 •  More "Hotels" Category Stockholder Letters
 •  CCL Benford's Law Stock Score = 89

CCL Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

CARNIVAL CORPORATION & PLC
2024 ANNUAL REPORT
TABLE OF CONTENTS
COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EXECUTIVE OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME (LOSS) . . . . . . . . . . . . . . .
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


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CONSOLIDATED BALANCE SHEETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CONSOLIDATED STATEMENTS OF CASH FLOWS . . . . . . . . . . . . . . . . . . . . . . . . .
CONSOLIDATED STATEMENTS OF SHAREHOLDERS    EQUITY . . . . . . . . . . . . . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . .
MANAGEMENT   S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM . . . . . . . .
MANAGEMENT   S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMMON STOCK AND ORDINARY SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
STOCK PERFORMANCE GRAPHS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CORPORATE AND OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .








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Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this document are    forward-looking
statements    that involve risks, uncertainties and assumptions with respect to us, including some statements
concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events
which have not yet occurred. These statements are intended to qualify for the safe harbors from liability
provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of historical facts are statements that could be
deemed forward-looking. These statements are based on current expectations, estimates, forecasts and
projections about our business and the industry in which we operate and the beliefs and assumptions of our
management. We have tried, whenever possible, to identify these statements by using words like    will,   
   may,       could,       should,       would,       believe,       depends,       expect,       goal,       aspiration,       anticipate,   
   forecast,       project,       future,       intend,       plan,       estimate,       target,       indicate,       outlook,    and similar
expressions of future intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook and financial position
including, but not limited to, statements regarding:



Pricing
Booking levels
Occupancy
Interest, tax and fuel expenses
Currency exchange rates



Goodwill, ship and trademark fair values
Liquidity and credit ratings
Investment grade leverage metrics
Estimates of ship depreciable lives and residual values
Adjusted return on invested capital (   ROIC   )
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause
our actual results, performance or achievements to differ materially from those expressed or implied by
our forward-looking statements. This note contains important cautionary statements of the known factors
that we consider could materially affect the accuracy of our forward-looking statements and adversely affect
our business, results of operations and financial position. These factors include, but are not limited to, the
following:
    Events and conditions around the world, including geopolitical uncertainty, war and other military
actions, pandemics, inflation, higher fuel prices, higher interest rates and other general concerns impacting
the ability or desire of people to travel could lead to a decline in demand for cruises as well as have
significant negative impacts on our financial condition and operations.
    Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of
our guests and crew and lead to reputational damage.
    Changes in and non-compliance with laws and regulations under which we operate, such as those
relating to health, environment, safety and security, data privacy and protection, anti-money laundering,
anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly
and lead to litigation, enforcement actions, fines, penalties and reputational damage.
    Factors associated with climate change, including evolving and increasing regulations, increasing global
concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny,
and increasing frequency and/or severity of adverse weather conditions could have a material impact
on our business.
    Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and
disclosures regarding them, including those related to sustainability matters, may expose us to risks that
may adversely impact our business.
    Cybersecurity incidents and data privacy breaches, as well as disruptions and other damages to our
principal offices, information technology operations and system networks and failure to keep pace with
developments in technology have adversely impacted and may in the future materially adversely impact
our business operations, the satisfaction of our guests and crew and may lead to fines, penalties and
reputational damage.
    The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team
members and increased labor costs could have an adverse effect on our business and results of operations.

    Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may
adversely impact our scheduled itineraries and costs.
    We rely on suppliers who are integral to the operations of our businesses. These suppliers and service
providers may be unable to deliver on their commitments, which could negatively impact our business.
    Fluctuations in foreign currency exchange rates may adversely impact our financial results.
    Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our
cruise sales, pricing and destination options.
    Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may
adversely impact our business operations and the satisfaction of our guests.
    We require a significant amount of cash to service our debt and sustain our operations. Our ability to
generate cash depends on many factors, including those beyond our control, and we may not be able to
generate cash required to service our debt and sustain our operations.
    Our substantial debt could adversely affect our financial health and operating flexibility.
The ordering of the risk factors set forth above is not intended to reflect our indication of priority or
likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue
to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations.
There may be additional risks that we consider immaterial or which are unknown.
Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any
continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any
obligation to disseminate, after the date of this document, any updates or revisions to any such forwardlooking statements to reflect any change in expectations or events, conditions or circumstances on which
any such statements are based.
Forward-looking and other statements in this document may also address our sustainability progress, plans,
and goals (including climate change- and environmental-related matters). In addition, historical, current,
and forward-looking sustainability- and climate-related statements may be based on standards and tools for
measuring progress that are still developing, internal controls and processes that continue to evolve, and
assumptions and predictions that are subject to change in the future and may not be generally shared.
Adjusted ROIC provides additional information to us and investors about our operating performance relative
to the capital we have invested in the company. We define adjusted ROIC as the twelve-month adjusted net
income (loss) before interest expense and interest income divided by the monthly average of debt plus equity
minus construction-in-progress, excess cash, goodwill and intangibles.

COMPANY
Carnival Corporation & plc is 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 (Australia), P&O Cruises (UK), Princess Cruises, and
Seabourn.
During 2024, we announced that we will sunset the P&O Cruises (Australia) brand and fold its Australia
operations into Carnival Cruise Line in March 2025.
Purpose & Mission
To deliver unforgettable happiness to our guests by providing extraordinary cruise vacations, while honoring
the integrity of every ocean we sail, place we visit and life we touch.
Vision
As the global leader in the cruise industry, we will lead the way in innovative and sustainable cruising to
deliver memorable vacations and build borderless connections.
2024 Executive Overview
We had a strong year, setting records and achieving milestones, including:



Full year revenues hit an all-time high of $25 billion, over 15 percent higher than the prior year
Seven consecutive quarters of record revenues
Record full year operating income of $3.6 billion, over 80 percent higher than the prior year
All-time high cash from operations of almost $6 billion
Higher ticket prices for 2024 versus 2023 for all of our major cruise lines and onboard spending
levels that accelerated sequentially each quarter throughout the year
    Record booking trends and record year-end customer deposits, indicating a continuation of the
strong momentum we   ve been experiencing for the last two years
We remain laser focused on further reducing interest expense and rebuilding our investment-grade balance
sheet. During 2024, we made debt prepayments of over $3 billion, bringing our total prepayments to over
$7 billion since the beginning of 2023. Additionally, we have reduced our debt balance by over $8 billion
from the peak in January 2023, ending the year with $27.5 billion of debt.
We are delivering long-term value for our shareholders through improved operational execution across our
cruise lines. We ended 2024 with adjusted return on invested capital (   ROIC   ) comfortably above our cost of
capital.
We welcomed three new ships during 2024: Carnival Jubilee, the third of five Excel class vessels for Carnival
Cruise Line; Sun Princess, Princess Cruises    next generation flagship which was just awarded Conde Nast
Traveler   s 2024 Mega Ship of the year in the U.S.; and Queen Anne, Cunard   s first new ship in 14 years.
We have also been focusing on each of our cruise lines    unique target markets, launching new marketing
campaigns across all our brands. In 2024, both new-to-cruise and repeat guests were each up doubledigit percentages and we continue to attract new cruise guests as we work to increase awareness and
consideration for cruise travel globally.
We continue to advance our enhanced destination strategy to provide guests with yet another reason to take
a cruise vacation with us. Celebration Key, our new exclusive cruise port destination on Grand Bahama
Island, is scheduled to open in the summer of 2025, with an additional pier opening in the fall of 2026. Its
five portals built for fun will further expand our experience offerings with an abundance of features and
amenities for our guests. Celebration Key will be our largest and closest destination in our portfolio,
saving fuel costs and reducing greenhouse gas emissions. In addition, we recently announced plans to enhance
Half Moon Cay, our highly rated and award-winning exclusive Bahamian destination. The enhancements
will lean further into this destination   s natural beauty and pristine appeal, reinforcing its new name    
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 2/28/2025 Letter Continued (Full PDF)