Carnival Corporation & plc reported a record-breaking year in their 2023 annual report, with full-year revenues reaching an all-time high of $21.6 billion. The company, which operates the largest global cruise line, saw positive net income in the third quarter for the first time since resuming guest cruise operations, generating $1.07 billion. The year ended with over $5 billion in liquidity after reducing the debt balance by $4.6 billion from its peak in the first quarter of 2023. Carnival entered 2024 with its best booked position on record for both price and occupancy, and customer deposits for each quarter in 2023 consistently surpassed previous records. The company's strategic investments, including the construction of Celebration Key and two floating docks, are expected to benefit future operations...Show More

Carnival Corporation & plc reported a record-breaking year in their 2023 annual report, with full-year revenues reaching an all-time high of $21.6 billion. The company, which operates the largest global cruise line, saw positive net income in the third quarter for the first time since resuming guest cruise operations, generating $1.07 billion. The year ended with over $5 billion in liquidity after reducing the debt balance by $4.6 billion from its peak in the first quarter of 2023. Carnival entered 2024 with its best booked position on record for both price and occupancy, and customer deposits for each quarter in 2023 consistently surpassed previous records. The company's strategic investments, including the construction of Celebration Key and two floating docks, are expected to benefit future operations by reducing travel time and fuel consumption. Despite a substantial debt balance incurred during the pause of guest cruise operations, Carnival's improved cash flow from operations enabled significant debt prepayments. The company's focus on demand generation and cost optimization initiatives, such as the installation of SpaceX's Starlink internet across its fleet, contributed to its strong financial performance. Carnival's commitment to reducing its environmental footprint resulted in a more than 10% reduction in absolute GHG emissions compared to 2011, despite a 30% capacity growth over the same period. The company's fleet optimization efforts have also resulted in a fleet that is now one year younger than before the pause in guest cruise operations. Looking forward, Carnival aims to continue managing down debt and reducing interest expenses, with the goal of achieving investment grade credit ratings and higher return on invested capital.