Carnival Corporation is the world's largest cruise company, operating eight cruise line brands that collectively carry over 13.5 million passengers per year. Carnival's brands span contemporary (Carnival Cruise Line, AIDA, Costa), premium (Princess Cruises, Holland America, P&O Cruises, Cunard), and ultra-luxury (Seabourn) segments, targeting distinct consumer segments across North America, Europe, and international markets. Carnival makes money two ways: ticket revenue (~66% of cruise revenues), which covers cabin, meals, and onboard amenities, and onboard spend (~34%), which includes beverages, casino gaming, shore excursions, specialty dining, and spas. Onboard revenue has grown roughly 10% YoY in recent quarters. Cost structure is largely fixed once a ship is deployed, creating high operating leverage at elevated occupancy. Carnival distributes primarily through travel agents, as well as direct channels. Beyond the core cruise business, Carnival operates seven owned or operated Caribbean private destinations, which saw 7.4M guest visits in FY25, and Holland America Princess Alaska Tours, which runs hotels, railcars, and motorcoaches. Carnival's near-term strategy prioritizes same-ship yield improvement over capacity expansion, with only seven ships on order through 2033. Key initiatives include destination development under the "Paradise Collection" brand, fleet upgrades, a new loyalty program launching in 2026, and AI-driven marketing and personalization. After significant COVID-era leverage, Carnival has deleveraged to roughly 3.4x net debt/EBITDA and recently reinstated its quarterly dividend.