Carnival Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,004 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• DUAL-LISTED-COMPANY STRUCTURE, HOW IT WORKED AND HOW IT ENDED: Through May 2026, Carnival operated as a dual-listed company (DLC): Carnival Corporation (Panama-incorporated, common stock listed on NYSE as CCL, paired with trust shares of beneficial interest in the P&O Princess Special Voting Trust) and Carnival plc (UK-incorporated, ordinary shares listed on the London Stock Exchange and as American Depositary Shares on NYSE under ticker CUK, with one Special Voting Share), functioning as a single combined economic enterprise under contractual equalization arrangements but with two legally separate share registers. At 13 Jan 2026 (the FY2025 10-K cover date, the last point at which both counts were separately disclosed), Carnival Corporation had 1,236,706,612 common shares outstanding and Carnival plc had 188,486,684 ordinary shares outstanding (per the 10-K cover page: 'At January 13, 2026, Carnival Corporation had outstanding 1,236,706,612 shares of its Common Stock... At January 13, 2026, Carnival plc had outstanding 188,486,684 Ordinary Shares'). IN MAY 2026, CARNIVAL COMPLETED A 'DLC UNIFICATION AND REDOMICILIATION': per the Q2 FY2026 10-Q, Note 1, 'we completed the unification of the dual listed company structure under a single company, Carnival Corporation Ltd., listed solely on the New York Stock Exchange. Carnival plc shareholders received Carnival Corporation Ltd. shares on a one-for-one basis, and the Carnival plc shares and American Depositary Receipts were de-listed from the London Stock Exchange and the New York Stock Exchange... Additionally, we completed the migration of our legal incorporation from Panama to Bermuda.' Confirmed independently: the Q2 FY2026 10-Q balance sheet shows 'Carnival plc ordinary shares... no shares issued at 2026' (versus 217 million issued at FY2025 year-end) and stockanalysis.com now titles the company 'Carnival Corporation Ltd. (CCL)'. As of today (18 Aug 2026, the date of this research), there is therefore only ONE class of stock and ONE ticker: Carnival Corporation Ltd. common stock, CCL, NYSE. No separate CUK-denominated share count or class exists to record.
• SHARE COUNT USED AS THE DENOMINATOR IN THIS FILE: company.shares_outstanding = 1,369,649,119, from the Q2 FY2026 10-Q cover page ('At June 19, 2026, Carnival Corporation Ltd. had 1,369,649,119 common shares outstanding'), the single, current, unified share count. This is the ONLY basis that exists today for this ticker (CCL), so there is no risk of the 'which of two entities' ambiguity the brief anticipated for a still-active DLC: the DLC ended before this research date. Both historical pre-unification counts (1,236,706,612 Carnival Corporation shares and 188,486,684 Carnival plc ordinary shares, both as of 13 Jan 2026) are recorded above for completeness per the brief's explicit instruction, and are NOT summed into a combined denominator anywhere in this file (their naive sum, 1,425,193,296, is in fact about 55.5 million shares MORE than the current unified count of 1,369,649,119; the difference is plausibly explained by roughly $390 million of share repurchases disclosed in the Q2 FY2026 shareholders'-equity statement for the six months to 31 May 2026, plus normal treasury/equity-award activity, but this was not independently reconciled share-for-share; see unknowns). company.share_classes was left omitted (not populated with two entries) because, as of the file's effective date, there genuinely is only one class outstanding; populating it with two classes would misrepresent the current, post-unification reality the register is measuring.
• HOW FILER-LEVEL INSTRUMENT MISMATCHES WERE HANDLED (the 'one instrument, one basis' rule): all Q2 2026 (30 Jun 2026) 13F-HR filers checked report Carnival under CUSIP G2004J103 'CARNIVAL CORP LTD [COMMON SHARES]', the current, post-unification CUSIP, EXCEPT State Street Corporation, whose Q2 2026 13F-HR reports its entire Carnival position under the OLD, pre-unification CUSIP 143658300 'CARNIVAL CORP [COMMON STOCK]'. Rather than nulling State Street's shares outright, the implied per-share price on that line ($28.57) was cross-checked against every other filer's G2004J103 implied price for the same quarter and found to match exactly, and it is the ONLY Carnival-related CUSIP anywhere in State Street's return (no separate, smaller G2004J103 line exists that this would otherwise double-count against). This is treated as very likely the same unified security tagged with a stale/unmigrated legacy CUSIP in State Street's own systems, and the shares are INCLUDED, with the discrepancy flagged explicitly in that row's method_note and in unknowns rather than silently assumed away.
• PROXY-SOURCED ROWS PREDATE THE UNIFICATION: the 2026 joint proxy (record date 13 Jan 2026, filed 27 Feb 2026) was filed before the May 2026 DLC Unification, so its 'Principal Owners' and 'Security Ownership of Directors and Executive Officers' tables report shares of the OLD Carnival Corporation entity specifically (not Carnival plc, and not the unified successor). Because Carnival Corporation shares converted into Carnival Corporation Ltd. shares strictly 1-for-1 in the unification, these pre-unification Carnival Corporation share counts are used here as still-representative of the same current unified shares, for the two rows sourced from the proxy (MA 1994 B Shares, L.P. and the officers/directors aggregate), each using the proxy's OWN share-count denominator (1,236,706,612) in pct_denominator rather than the current company-wide 1,369,649,119, consistent with how this project's royal-caribbean.json handled a stale-versus-current denominator mismatch for its AWILHELMSEN AS / officers-group rows.
• HOLDINGS SIDE (3 positions, all private, all equity-method noncontrolling interests, none publicly traded, none VIEs by Carnival's own terminology): Grand Bahama Shipyard Ltd. (33% interest, $27m investment including a loan, at 30 Nov 2025), Floating Docks S. de RL. (33% joint venture, $130m, at 30 Nov 2025), and White Pass & Yukon Route (45% interest, $64m including a loan, at 30 Nov 2025). All three pct_of_target values are recorded as whole-number percentages (33, 33, 45), confirmed by reading each field back against its own method_note prose before finishing. Ship charters, port facilities under lease, and shipbuilding contracts (e.g. Meyer Werft, Fincantieri newbuild agreements referenced elsewhere in the 10-K) are NOT equity stakes and are excluded; none were found phrased as an ownership interest in another company. Carnival's FY2025 10-K contains no 'non-marketable equity securities', 'unrealized gains', 'strategic investment', or 'private company' language anywhere found (searched directly), so unlike a venture-portfolio company, Carnival's minority stakes are confined to these three cruise/port-infrastructure-adjacent joint ventures.
• FISCAL YEAR AND FILING DATES USED: Carnival's fiscal year ends in late November. The latest 10-K used is for FY2025 (period ended 30 Nov 2025), filed 27 Jan 2026. The latest 10-Q used is for Q2 FY2026 (period ended 31 May 2026), filed 26 Jun 2026, which is chronologically FRESHER than the 10-K despite the 10-K being the annual filing, because Carnival's fiscal year does not align with the calendar year. The equity-method investment note (Note 4) was NOT restated in the Q2 FY2026 10-Q, so the FY2025 10-K figures are used as the latest attributable per-investment figures for the holdings side, with the Q2 10-Q's single unattributed $46 million 'advance to one of our equity method investments' noted but not assigned to any specific target.
• REGISTER SELF-GATE (computed the way the chart computes it, from this final file): 10 rows. Raw total = 158,729,876 (Vanguard) + 96,304,948 (BlackRock) + 58,217,260 (State Street) + 36,412,082 (Geode) + 35,769,442 (FMR) + 15,583,012 (Norges Bank) + 80,736,445 (MA 1994 B Shares, L.P., counted at full value as a member) + 3,738,416 (Capital World Investors) + 1,835,327 (T. Rowe Price Associates) + 16,560,243 (the officers/directors aggregate's residual after subtracting MA 1994 B Shares, L.P.'s 80,736,445 from its raw 97,296,688) = 503,887,051 shares, which is 36.79% of 1,369,649,119 shares outstanding. This sits within this project's usual 25-45% range.
• VANGUARD FAMILY: 12 Vanguard-affiliated CIKs checked for Q2 2026 (the same set previously enumerated for royal-caribbean.json). Parent Vanguard Group Inc (CIK 0000102909) filed Form 13F-NT (no holdings). Eight successor entities hold Carnival and are summed to 158,729,876 shares; three checked hold zero; one (Vanguard V Venture Partners LLC) had no 13F filed for the period.
• CAPITAL GROUP: all three required CIKs checked (Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848). Unlike Royal Caribbean (where all three held and were kept as three separate 5%+ rows), for Carnival only Capital World Investors holds any Carnival shares (3,738,416, well under 1%); the other two are confirmed at zero. No family-level summing was needed.
• T. ROWE PRICE: both required CIKs checked (Associates, Inc. 0000080255, holding 1,835,327 shares after the known thousands-units correction; and the separate registrant T. Rowe Price Investment Management, Inc. 0001897612, confirmed at zero for this issuer).
• FOUNDING FAMILY (Arison Group): Carnival was founded by Ted Arison; his son Micky Arison has been Chair of Carnival Corporation's board since 1990 and Chair of Carnival plc's board since 2003, and remains Chair of the unified Carnival Corporation Ltd. board. The proxy's 'Principal Owners' table lists FIVE different named entries (MA 1994 B Shares, L.P.; MA 1994 B Shares, Inc.; Richard L. Kohan; KLR, LLC; and the Nickel 2015-94 B Trust) that are all, per the proxy's own footnotes, different beneficial-ownership descriptions of essentially the SAME nested chain of shares (a trust owns a corporate general partner, which controls a limited partnership that directly holds 80,736,445 shares; a trustee is separately deemed to beneficially own the same shares plus some smaller additional family-trust holdings). Only ONE representative row (MA 1994 B Shares, L.P., the direct registered holder) is recorded in this file's register to avoid counting the same block of shares up to five times over; this is analogous to how royal-caribbean.json avoided treble-counting AWilhelmsen entities. Micky Arison sits INSIDE the officers-and-directors aggregate (he is one of the 15 persons counted, unlike Walmart's Walton family vehicles, which sit outside Walmart's officers group), so the MA 1994 B Shares, L.P. row rolls up into that aggregate and the aggregate is reduced by the member's full share count in the self-gate computation, following the same Marriott/JWM Family Enterprises and Royal Caribbean/AWILHELMSEN correction pattern described in the chunk prompt.
• CROSS-CHECK AGAINST ROYAL CARIBBEAN'S FILE: Carnival's Grand Bahama Shipyard Ltd. and Floating Docks S. de RL. equity-method investments are the SAME two entities Royal Caribbean discloses in royal-caribbean.json, at the same reduced approximately-33% ownership level following the same June 2025 one-third-stake sale event described independently in both companies' own 10-K filings. This is treated as a genuine independent cross-check rather than a coincidence: the two largest cruise operators jointly own this shipyard and its drydock-construction joint venture.
• Counterparty reconciliation with Royal Caribbean, the cheapest independent check available on a private joint venture. Royal Caribbean is already in this database and its own file (data/research/royal-caribbean.json, researched in an earlier chunk from Royal Caribbean's own filings) records 33 per cent of Grand Bahama Shipyard Ltd. and 33 per cent of Floating Docks S. de RL. This file independently records Carnival at 33 per cent of each, from Carnival's own FY2025 10-K. The two operators therefore hold about two thirds of each venture between them, leaving roughly a third with a third party, which is consistent with both filings describing these as ventures shared with another partner. Neither company's filing states the other's percentage, and neither researcher saw the other's file, so this is genuine two-sided corroboration rather than a copied figure. The carrying values differ slightly and that is expected, not a disagreement: Floating Docks is USD 130,000,000 here against USD 128,000,000 in Royal Caribbean's file, because each company reports its OWN carrying value for its own equal stake and those rest on different historical cost bases and different acquisition dates. A reader should not treat the gap as a conflict.