Does Carnival stock pay dividends?

Does Carnival have sufficient earnings to cover their dividend? Carnival (CCL) does not pay a dividend.



As of early 2026, Carnival Corporation & plc (CCL) has not officially resumed its regular quarterly dividend payments. The company suspended its dividends in early 2020 during the global pandemic to preserve cash and manage the significant debt load incurred while the cruise industry was at a standstill. While Carnival has seen a massive rebound in bookings and revenue through 2024 and 2025, the corporate focus remains on aggressive debt reduction and reinvestment into the fleet (such as the new Icon and Excel class ships). While there has been market speculation about a return to dividends as the company's balance sheet stabilizes, investors currently look to stock price appreciation rather than yield. It is worth noting that Carnival still offers a popular "Shareholder Benefit" for those holding at least 100 shares, which provides up to $250 in onboard credit per stateroom depending on the length of the cruise—a perk many frequent cruisers find more valuable than a small quarterly dividend check.

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Historical dividend payout and yield for Carnival (CCL) since 1991. The current TTM dividend payout for Carnival (CCL) as of November 10, 2023 is $0.00. The current dividend yield for Carnival as of November 10, 2023 is 0.00%.

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What are the benefits of holding Carnival cruise shares? Anyone that owns 100 shares or more of the Carnival Corporation can enjoy an amount of onboard credit on their next cruise, up to $250 on sailings on cruise lines operating out of the US.

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This leaves us with Carnival Corp. (CCL 0.16%) and Royal Caribbean Cruises Ltd. (RCL 3.06%). With annual revenue of $16.4 billion and $8.5 billion respectively, Carnival and Royal Caribbean are the two largest global cruise-ship operators, and the only two pure-play cruise companies to pay a dividend.

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Cruise giant Carnival was hit hard during the worst of the pandemic. Now, a top Wall Street analyst has issued a dire potential outlook for the company in the case of recession. Morgan Stanley's Jamie Rollo outlined a worse-case scenario: Carnival stock could fall to $0 in the event of a global economic downturn.

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Carnival and Disney paused dividend payments due to complications from the pandemic. Fool.com contributor Parkev Tatevosian evaluates Carnival (CCL -5.19%) and Disney (DIS -0.89%) to determine which company is in a better financial position to pay a dividend.

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Many cruise stocks have outpaced the stock market and rewarded investors in 2023. Significant travel growth has helped cruise lines hit revenue records and get closer to profitability. Many of these same stocks also offered dividends and reliably paid them for several years before the pandemic.

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Carnival is finally recovering from its worst two years in recent history, and its outlook seems stable. However, the debt it accumulated during the pandemic remains an albatross around its neck. While the stock looks cheap, investors should tread with caution for now.

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Buying at least 100 shares has a notable shareholder benefit. Shareholders with this many shares can receive an onboard credit of $50 to $250 per stateroom on sailings through July 31, 2024, for reservations made by Feb. 28, 2024.

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The most popular cruise line is Mediterranean Shipping Company (MSC), with an average revenue of $22.86 billion. The second most popular cruise line is Carnival Corporation with a revenue of $12.2 billion, followed by Royal Caribbean Group with $8.8 billion in annual revenue.

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The world's largest cruise line operator is trading 126% higher in 2023. It might not be too late to hop aboard. The waves keep rising for Carnival (CCL -6.60%). Shares of the world's largest cruise line operator have more than doubled this year, and the Wall Street accolades keep coming.

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The latest closing stock price for Carnival as of October 03, 2023 is 12.74.
  • The all-time high Carnival stock closing price was 66.19 on January 29, 2018.
  • The Carnival 52-week high stock price is 19.55, which is 53.5% above the current share price.


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One common explanation for the difference involves special voting rights connected to Carnival Corporation shares. As part of the 2003 merger of Carnival and P&O Princess Cruises PLC, shares of Carnival Corporation were paired with trust shares in a special voting trust.

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