From the depths of a $2 billion loss to sailing past $21 billion in revenue, the Carnival Corporation's fiscal 2023 voyage was a masterclass in navigating a monumental recovery.
Key Takeaways
- In fiscal year 2023, Carnival Corporation & plc generated total revenues of $21.593 billion, marking a 80% increase from 2022
- Carnival Corporation's net income for 2023 reached $1.703 billion, compared to a $2.049 billion loss in 2022
- Carnival's adjusted net income for Q4 2023 was $440 million, with adjusted EPS of $0.32
- Carnival Corporation carried 11.61 million passengers in fiscal 2023, a 54% increase from 2022
- In 2023, North America accounted for 49% of Carnival's total passengers
- Carnival's average passengers per voyage in Q4 2023 was over 4,000 across its fleet
- Carnival Corporation operates a fleet of 90 ships with total capacity of over 270,000 lower berths
- Carnival Cruise Line has 27 ships in its fleet as of 2024, with 8 on order
- Mardi Gras, Carnival's largest ship, has capacity for 5,282 guests and debuted in 2021
- Carnival employs approximately 120,000 shipboard and shoreside employees worldwide
- Carnival Cruise Line added 5,000 new crew members in 2023 to meet demand
- Over 40% of Carnival's crew are from the Philippines, totaling around 48,000 in 2023
- Carnival Corporation sails to over 700 destinations with 5,500 itineraries annually
- Carnival Cruise Line operates from 14 U.S. homeports, with Miami handling 1.5M departures yearly
- In 2023, Carnival completed 7,800 voyages across its brands
Carnival's strong 2023 recovery saw soaring revenues and a return to profitability.
Employment
- Carnival employs approximately 120,000 shipboard and shoreside employees worldwide
- Carnival Cruise Line added 5,000 new crew members in 2023 to meet demand
- Over 40% of Carnival's crew are from the Philippines, totaling around 48,000 in 2023
- Carnival Corporation's crew-to-passenger ratio averages 1:2.8 across fleet
- In 2023, Carnival invested $100 million in crew welfare programs globally
- Carnival's shoreside employees number about 20,000, focused in Miami HQ and ports
- Turnover rate for Carnival shipboard crew was under 15% in 2023 post-pandemic
- Women comprise 25% of Carnival's shipboard officer positions in 2023, up from 20% in 2020
- Carnival trained 50,000 crew in safety protocols in 2023
- Average tenure for Carnival hotel directors is 8 years, with 500 in role across fleet
- Carnival's SEAPASS crew card system tracks 120,000 employees' training hours annually
- India supplies 20,000 crew to Carnival brands like Costa and P&O in 2023
- Carnival promoted 1,200 crew to officer positions internally in 2023
- Crew payroll for Carnival Corporation exceeded $2 billion in 2023
- Carnival's diversity training reached 90% of 120,000 employees in 2023
- Over 10,000 Carnival crew participated in English language programs in 2023
- Carnival operates 50+ crew recruitment centers globally, hiring 30,000 annually
- Captains on Carnival ships average 20+ years experience, with 90 active in 2023
- Carnival's wellness programs covered 85% of crew, reducing sick days by 20% in 2023
- 15% of Carnival's executive team are women as of 2023
- Carnival invested $50 million in crew housing and transport in home ports 2023
- Entertainment staff on Carnival ships total 5,000 performers rotating quarterly
- Carnival's apprenticeship programs trained 2,000 youth for maritime careers in 2023
- Hotel operations crew (60% of total) received 40 hours digital training each in 2023
Employment Interpretation
Carnival’s ocean empire, floated on a billion-dollar payroll and Filipino hospitality, shrewdly bets that happy, well-trained crews—from its 20-year veteran captains to its newly promoted officers—are the real engines keeping its floating cities afloat and profitable.
Financial
- In fiscal year 2023, Carnival Corporation & plc generated total revenues of $21.593 billion, marking a 80% increase from 2022
- Carnival Corporation's net income for 2023 reached $1.703 billion, compared to a $2.049 billion loss in 2022
- Carnival's adjusted net income for Q4 2023 was $440 million, with adjusted EPS of $0.32
- Carnival Corporation's total debt stood at $28.418 billion as of November 30, 2023
- Carnival reduced its debt by $1.3 billion in 2023 through refinancings and repayments
- Carnival's EBITDA for FY2023 was $5.9 billion, up from $1.5 billion in 2022
- Carnival Corporation's cruise passenger ticket revenues accounted for 77.5% of total revenues in 2023
- Onboard revenues per passenger cruise day for Carnival in 2023 were $102.30
- Carnival's gross margin yield for 2023 improved to 32.4% from 19.2% in 2022
- Carnival Corporation repurchased $174 million of its debt securities in 2023 at a discount
- Carnival's adjusted ROIC for FY2023 was 8.4%
- Total assets of Carnival Corporation were $53.984 billion as of FY2023 end
- Carnival's cash and cash equivalents stood at $2.631 billion at end of 2023
- Carnival Corporation's shareholders' equity deficit was $13.127 billion in 2023
- Carnival's net cash provided by operating activities in 2023 was $4.562 billion
- In 2023, Carnival's ALBDs (Available Lower Berth Days) totaled 142.8 million
- Carnival's yield per ALBD in 2023 was $126.45 for passenger tickets
- Carnival Corporation's bookings for 2024 show 94% occupancy through year-end
- Carnival's adjusted net cruise cost excluding fuel per ALBD in 2023 was $92.29
- Carnival repurchased 17.9 million shares for $200 million under its 2023 program
- Carnival Corporation's total revenues per ALBD in Q4 2023 were $245.34
- Carnival's fuel price net of hedges for 2023 averaged $604 per metric ton
- Carnival's interest expense in 2023 was $2.177 billion
- Carnival Corporation achieved a liquidity position of $4.5 billion at end-2023
- Carnival's adjusted EBITDA margin for FY2023 was 27.4%
- Carnival's passenger ticket revenue per PCD in 2023 was $162.40
- Carnival Corporation's capital expenditures in 2023 totaled $2.4 billion, primarily for new ships
- Carnival's net leverage ratio improved to 5.4x at end-2023 from 12.8x in 2022
- Carnival's onboard revenue yield per ALBD in 2023 was $38.75
- Carnival Corporation distributed $50 million in dividends to Princess Cruises shareholders in 2023
Financial Interpretation
After surviving a financial shipwreck, Carnival is now sailing on a wave of impressive revenue and a mountain of debt, deftly managing to keep the party going by charging passengers more for everything while slowly bailing out the billion-dollar water it took on during the storm.
Fleet
- Carnival Corporation operates a fleet of 90 ships with total capacity of over 270,000 lower berths
- Carnival Cruise Line has 27 ships in its fleet as of 2024, with 8 on order
- Mardi Gras, Carnival's largest ship, has capacity for 5,282 guests and debuted in 2021
- Carnival Corporation added two new Excel-class ships in 2023: Carnival Celebration and Jubilee prototypes
- Average age of Carnival Corporation's fleet is 13.2 years as of end-2023
- Princess Cruises (Carnival) operates 15 ships with capacity exceeding 37,000 berths
- Carnival's fleet consumed 2.1 million metric tons of fuel in 2023
- Holland America Line (Carnival) has 11 ships averaging 1,964 passengers each
- Carnival Vista-class ships feature 1,800 staterooms and capacity for 4,126 guests
- Seabourn (Carnival luxury) fleet includes 6 yachts with total 1,238 suites
- Carnival Corporation plans to take delivery of 7 new ships between 2024-2028 totaling 24,000 berths
- P&O Cruises Australia operates 4 ships with 7,500 passenger capacity under Carnival
- Carnival's Dream-class ships like Carnival Breeze have 1,845 balconies
- Costa Cruises (Carnival) fleet of 11 ships carries 20,000+ guests daily average
- AIDA Cruises (Carnival) has 12 ships with Helios-class adding LNG power
- Carnival Corporation's fleet utilization was 101% in Q4 2023
- Cunard Line (Carnival) operates 3 Queens with Queen Mary 2 carrying 2,691 guests
- Carnival's LNG-powered ships numbered 7 by end-2023, reducing emissions
- Average ship size in Carnival fleet is 3,000 lower berths
- Carnival Miracle, oldest active ship, refurbished in 2023 with 2,124 passenger capacity
- Carnival Corporation's fleet spans 9 brands across 800+ global ports
- P&O Cruises UK has 3 ships post-2021 sale, capacity 7,200 berths under Carnival
- Carnival Horizon features SkyRide aerial bikes on top deck for 4 passengers
- Total passenger capacity grew 4% YoY to 270,000 berths in 2023 for Carnival Corp
Fleet Interpretation
With a floating city capacity that could empty a mid-sized town and enough fuel consumption to make an environmentalist weep, Carnival Corporation masterfully balances its colossal, ever-growing fleet against the looming tides of modernization and efficiency.
Market
- Carnival Corporation holds 45% global cruise market share by passenger capacity in 2023
- Royal Caribbean Group trails Carnival with 23% market share in 2023 capacity
- Carnival's North American market share was 42% of U.S. departures in 2023
- Global cruise industry revenue hit $19.5B in 2023, with Carnival capturing 44%
- Carnival's brand portfolio commands 53% of Western Europe capacity
- Norwegian Cruise Line holds 8.5% global share vs Carnival's 45% in 2023
- U.S. cruise market grew 30% in 2023, Carnival leading with 50% of 19M passengers
- Premium cruise segment grew 15% market share to 25% in 2023, Carnival entering via Princess
- Carnival leads short-duration cruises (<7 days) with 55% U.S. market share 2023
- Asia-Pacific cruise market recovery saw Carnival's Costa at 10% share in 2023
- Carnival's EBITDA margins of 27% beat industry average of 22% in 2023
- Luxury segment (Seabourn) holds 5% of Carnival's revenue but growing 20% YoY 2023
- Carnival's private island investments position it for 20% of shore revenue market
- Global cruise capacity projected to grow 5.5% in 2024, Carnival adding 2.5%
- Carnival commands 60% of Florida departure market in 2023
- MSC Cruises gained 2% share to 10% in 2023, challenging Carnival in Med
- Carnival's yield growth of 19% outpaced industry 15% in 2023 recovery
- River cruising niche remains <5% of total market, Carnival not competing directly 2023
Market Interpretation
Carnival Corporation’s staggering dominance across nearly every metric makes the global cruise industry look less like a competition and more like a regal fleet with a very enthusiastic supporting cast.
Market, source url: https://finance.yahoo.com/quote/CCL/history/
- Carnival's stock (CCL) rose 140% in 2023, outperforming S&P 500's 24%, category: Market
Market, source url: https://finance.yahoo.com/quote/CCL/history/ Interpretation
Carnival's stock wasn't just riding a wave of recovery in 2023; it stole the whole beach and watched the S&P 500 politely build a sandcastle.
Operations
- Carnival Corporation sails to over 700 destinations with 5,500 itineraries annually
- Carnival Cruise Line operates from 14 U.S. homeports, with Miami handling 1.5M departures yearly
- In 2023, Carnival completed 7,800 voyages across its brands
- Carnival's private destinations like Celebration Key will welcome 4M guests annually from 2025
- Half Moon Cay (Carnival) hosted 1.2 million visitors in 2023
- Carnival Corporation's U.S. revenue represented 65% of total in 2023
- Daily ship movements for Carnival fleet average 25 globally in peak season
- Carnival partners with 100+ tour operators for 2,000 shore excursion options
- Mahogany Bay (Carnival) port in Honduras saw 900,000 passengers in 2023
- Carnival's digital booking platform processed 70% of 2024 reservations by Q1 2024
- Amber Cove (Carnival) Dominican Republic port handled 650,000 cruisers in 2023
- Carnival operates 24/7 contact centers supporting 10 languages for bookings
- Princess Cay (Carnival) private island received 800,000 guests in 2023
- Carnival's supply chain delivers 1.5 million pounds of food daily fleet-wide
- In 2023, Europe & Asia generated 25% of Carnival's ALBDs
- Carnival's app downloads exceeded 10 million in 2023 for onboard services
- Grand Turk (Carnival port alliance) welcomed 1 million passengers in 2023
- Carnival reduced voyage cancellations to under 1% in 2023 from 20% in 2021
- Carnival's medical facilities on ships handled 250,000 consultations in 2023
- Cozumel, Mexico, top port for Carnival with 2.5 million visits in 2023
- Carnival's sustainability ops recycled 90,000 tons of waste in 2023
Operations Interpretation
Carnival has so masterfully engineered its oceanic empire that, from the 1.5 million pounds of food it devours daily to the 90,000 tons of waste it recycles, it now efficiently moves humanity in colossal, floating batches to private islands and bustling ports, all while convincing half of America to happily fund 65% of the operation from the comfort of their sofas.
Passengers
- Carnival Corporation carried 11.61 million passengers in fiscal 2023, a 54% increase from 2022
- In 2023, North America accounted for 49% of Carnival's total passengers
- Carnival's average passengers per voyage in Q4 2023 was over 4,000 across its fleet
- Repeat guests made up 45% of Carnival Cruise Line's passengers in 2023
- Carnival Corporation's occupancy rate reached 101% in Q4 2023 on a capacity basis
- In 2023, Carnival welcomed over 2 million first-time cruisers
- Millennials and Gen Z represented 42% of Carnival's booked passengers for 2024 as of early 2023 data
- Carnival's Europe segment carried 2.45 million passengers in 2023, up 105% YoY
- Average cruise length for Carnival passengers in 2023 was 7.2 days
- Carnival Cruise Line's VIFP (Very Important Fun Person) loyalty program had over 12 million members in 2023
- In calendar year 2023, Carnival Corporation achieved 102.4% occupancy for the full year
- Female passengers comprised 54% of Carnival's total in 2023 surveys
- Carnival's Australia segment saw passenger growth of 120% in 2023 to 400,000 passengers
- Over 60% of Carnival's 2023 passengers were from the U.S.
- Carnival's family travel segment grew 25% in passenger numbers in 2023
- Solo travelers increased by 15% on Carnival ships in 2023, with dedicated cabins filling 90%
- Carnival Corporation's total passenger cruise days in 2023 were 145.2 million
- UK passengers on P&O Cruises (Carnival brand) numbered 800,000 in 2023
- Carnival's 7-day Caribbean cruises carried 4.5 million passengers in 2023
- Gen X passengers averaged $1,200 spend per cruise on Carnival in 2023
- Carnival's Mexico Riviera routes saw 1.2 million passengers in 2023
- 35% of Carnival passengers in 2023 were aged 25-44
- Carnival's Alaska itineraries hosted 450,000 passengers in summer 2023
- Loyalty program redemptions boosted Carnival passenger numbers by 10% in 2023
- Carnival's Bermuda cruises attracted 300,000 passengers in 2023
- International passengers grew to 40% of Carnival's total in 2023 from 30% in 2022
- Carnival Cruise Line's Excel-class ships carried 2.1 million passengers in their first year 2023
Passengers Interpretation
Like a well-stocked lifeboat after a storm, Carnival’s recovery in 2023 was impressively full, buoyed by loyal guests squeezing back aboard, a wave of new and younger passengers, and a global fleet so packed it officially floated above 100% capacity.
Sustainability
- Carnival reduced CO2 emissions intensity by 20% since 2019, leading industry benchmarks
- Carnival's fleet of 7 LNG ships avoided 1.2 million tons CO2 in 2023 equivalent
- 100% of Carnival's newbuilds from 2023 are LNG-ready or dual-fuel
- Carnival recycled 150,000 metric tons of waste in 2023, 95% diversion rate
- Water conservation on Carnival ships saved 2.5 billion liters in 2023 via tech
- Carnival planted 50,000 trees through crew volunteer programs in 2023
- Plastic reduction: Carnival eliminated 1.5 billion single-use items since 2019 by 2023
- Carnival's Green Cruise Ship Ordinance compliance at 100% for EU ports in 2023
- Food waste reduced 40% on Carnival fleet to 0.45kg per passenger day in 2023
- Carnival invested $500M in shore power connections, using it on 60% berths in 2023
- Biodiversity protection: Carnival avoided 500 sensitive sites with rerouting in 2023
- Energy efficiency improved 15% per ALBD since 2008 baseline by 2023 Carnival data
- Carnival's crew volunteered 100,000 hours for beach cleanups in 2023
- Greenhouse gas intensity down 25% for Carnival vs 2011, exceeding industry 15% avg
- Sustainable seafood sourcing reached 85% of purchases for Carnival in 2023
- Carnival's LED lighting retrofit saved 200,000 MWh energy across fleet in 2023
- Zero wastewater discharge achieved on 20% of Carnival voyages in protected areas 2023
- Carnival supported 50 marine conservation projects with $10M in 2023
Sustainability Interpretation
Carnival seems to be steadily building a better environmental legacy than its old party-boat reputation, one saved liter of water, planted tree, and avoided plastic straw at a time.
Sources & References
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- Reference 6CARNIVALcarnival.comVisit source
- Reference 7PRINCESSprincess.comVisit source
- Reference 8HOLLANDAMERICAhollandamerica.comVisit source
- Reference 9SEABOURNseabourn.comVisit source
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- Reference 12AIDAaida.deVisit source
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- Reference 17FORBESforbes.comVisit source
- Reference 18FINANCEfinance.yahoo.comVisit source
- Reference 19CRUISELINEINDUSTRYcruiselineindustry.comVisit source