Global cruise operator
Carnival Corporation
Carnival earns revenue from cruise tickets and onboard goods and services. It spends on operating infrastructure such as propulsion-system maintenance and satellite internet, while holding an equity investment in a shipyard that supports repair capacity.
Business categories Cruise Lines · Consumer Brands & Commerce · primary
CCL Updated Sep 23, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Carnival Corporation is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 11 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-09-23).
Financials & Segments
- Total revenue · FY2025 total revenue: US$26.622 billion (SEC Form 10-K XBRL, filed 2026-01-27)
- Segments · Passenger tickets · Onboard and other
Revenue from
- OneSpaWorld Holdings Limited High confidence
OneSpaWorld operates spa and wellness services aboard Carnival group ships under long-term agreements. Carnival cruise brands retain a contractual percentage of guest receipts, making OneSpaWorld a direct onboard-revenue counterparty, although the specific revenue-share rate and amount paid to Carnival are not disclosed. - Expedia Group, Inc. Medium confidence
Expedia Group's Expedia Cruises distributes Carnival cruise inventory through online and agency channels. Carnival identifies travel-agent partners as integral to its long-term distribution network but does not disclose revenue attributable to Expedia.Confirms EN Expedia Cruises Published Feb 2, 2026: Expedia Cruises Voyages to New Heights with Record-Breaking ANCHOR Meeting at SeaConfirms EN Carnival Cruise Line Published May 3, 2019: Carnival Cruise Line Hosts Expedia CruiseShipCenters' National Conference Onboard Carnival Dream April 6-13
Pays to
- SpaceX High confidence· Market share 100 percent_of_fleet · as of 2024-05-14 · Share of Carnival's global fleet equipped with Starlink
SpaceX supplies Starlink satellite internet across Carnival's global fleet. Installation was complete on all 90-plus ships as of May 2024, while the contract value was not disclosed.Confirms EN Carnival Corporation and PR Newswire Published May 14, 2024: Carnival Corporation Rolls Out SpaceX's Innovative Starlink Across Entire Global Fleet - ABB High confidence· Count 15 years · agreement signed 2023 · Term of the Azipod XO propulsion maintenance agreement
ABB provides maintenance, critical-spares management, and remote condition monitoring for Azipod XO electric propulsion systems across Carnival vessels. The agreement signed in 2023 runs for 15 years.Confirms EN ABB Published Oct 31, 2023: ABB and Carnival Corporation sign strategic partnership for Azipod propulsion services - W. W. Grainger High confidence
Carnival Corporation, through its Carnival Cruise Line brand, uses a tailored Grainger PunchOut catalog to order MRO items such as tools, parts and chemicals across its fleet, and Grainger's 2025 case study says the purchasing relationship is expected to keep growing while leaving counterparty-specific revenue undisclosed.
Investments
- Grand Bahama Shipyard Ltd. High confidence· Amount $27M · as of 2025-11-30 · Carrying value of the Grand Bahama Shipyard investment, including equity and a loan
Carnival holds a 33% noncontrolling interest in Grand Bahama Shipyard, a ship repair and maintenance facility. At FY2025 year-end, the investment was recorded at US$27 million, including US$16 million of equity and a US$10 million loan.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Expedia Group, Inc. | lead1 | +36.5 | -51.5 | +73.3 | +22.8 | +53.3 | +5.8 |
| Carnival Corporation | node | -7.1 | -59.9 | +130 | +34.4 | +22.6 | -21.8 |
| W. W. Grainger | benef1 | +28.8 | +8.7 | +50.5 | +28.2 | -3.4 | +32 |
| ABB | benef1 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Ingersoll Rand Inc. | benef2 | +35.8 | -15.4 | +48.2 | +17.1 | -12.3 | -0.5 |
| EchoStar Corporation | benef2 | +24.4 | -36.7 | -0.7 | +38.2 | +374.7 | -17.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Carnival Corporation operates across Global cruise operator. After +22.6% in 2025, it corrected -21.8% in 2026. The supply side (avg +17%) has moved harder than the stock (-21.8%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is W. W. Grainger (+32%) and the furthest behind is SpaceX (+0.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on operating infrastructure such as propulsion-system maintenance and satellite internet, while holding an equity investment in a shipyard that supports repair capacity.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple