Carnival Corporation & plc (CCL)
Carnival is the world's largest cruise operator, running multiple cruise brands on itineraries worldwide.
CCL vs NCLH: how the two businesses compare
Carnival (CCL) and Norwegian Cruise Line (NCLH) do not both have comparable annual revenue in the SEC XBRL snapshot, so this comparison rests on business descriptions, classifications, and filings. Both file with the SEC under the same industry code, SIC 4400 (Water Transportation).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Water Transportation
- Same classification
- Different
- CCL November 30 · NCLH December 31
- Mar 2, 2026
CCL vs NCLH: quick comparison
| Company fact | CCL | NCLH |
|---|---|---|
| Company | Carnival Corporation & plc | Norwegian Cruise Line Holdings Ltd. |
| Exchange | NYSE | NYSE |
| SEC industry | Water Transportation | Water Transportation |
| Fiscal year-end | November 30 | December 31 |
| Latest annual filing | 10-K · 2026-01-27 | 10-K · 2026-03-02 |
Where CCL and NCLH overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 4400, Water Transportation.
- Shared research theme: International markets.
Differences
- Offset fiscal calendars: CCL's year ends November 30 and NCLH's December 31, about 1 month apart.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings operates cruise brands offering leisure voyages across global destinations.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CCL
We have not yet published a company-specific driver list for CCL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-27.
What moves NCLH
We have not yet published a company-specific driver list for NCLH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-03-02.
The investment question
You now know how CCL and NCLH are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. CCL's fiscal year ends November 30, while NCLH's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 7 matched transaction rows for CCL and 4 matched transaction rows for NCLH. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CCL primary filings
NCLH primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
CCL vs NCLH FAQs
Are CCL and NCLH direct competitors?
Carnival and Norwegian Cruise Line share the SEC industry classification “Water Transportation.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, CCL or NCLH?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CCL vs NCLH comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Carnival Corporation & plc and Norwegian Cruise Line Holdings Ltd. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CCL vs NCLH compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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