Carnival Corporation management check
CCL · Consumer Discretionary · Hotels, Resorts & Cruise Lines · CEO Josh Weinstein
Filings as of
3 good · 1 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $129, against $197 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.83 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.7% of net income$18.9m of reported pay in fiscal 2025, against $2.8bn of net income.
- Watch
Do they own the stock?
Insiders are selling2 insiders sold $1.2m in the last six months and none bought.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +5.4% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
3 leadership filings in 3 yearsCEO in the pay table: Josh Weinstein. 3 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file1 auditor change (8-K 4.01) since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 7 | 70 | |
| Pay for performance | 92 | 79 | |
| CEO cost | 64 | 44 | |
| Skin in the game | — | — | 36 |
| Dilution | 0 | 74 | |
| Stable leadership | 100 | 80 | |
| Clean books | 30 | 100 |
Closest peers
Others in Hotels, Resorts & Cruise Lines, by management score. Carnival Corporation is 41st of 47 in its sector.
Pay versus performance
From the proxy statement filed February 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Josh Weinstein | $18.9m | $37.1m | $4.0m | $129 | $197 | $2.8bn |
| 2024 | — | $23.6m | $63.8m | $8.3m | $127 | $186 | $1.9bn |
| 2023 | — | $13.8m | $23.3m | $3.7m | $75 | $103 | −$74.0m |
| 2022 | — | $11.1m | $7.9m | $1.8m | $50 | $80 | −$6.1bn |
| 2021 | — | $15.1m | $11.2m | $3.3m | $88 | $103 | −$9.5bn |
The board says pay is tied most to Adjusted Operating Income. Its other key measures: Adjusted EBITDA, Relative TSR, Return on Invested Capital, GHG Reduction.
Insiders and the CEO's stake
joshua ian weinstein (Chief Executive Officer) held 421,845.235 shares directly after their latest Form 4 on May 8, 2026.
2 insiders sold $1.2m in the last six months and none bought.
- Soldbettina alejandra deynesChief Human Resources Officer$1.2mMay 28, 2026
- SoldStuart SubotnickDirector$5May 11, 2026
Leadership and governance on file
- Aug 8, 2025Leadership change8-K 5.02
- Jan 10, 2025Leadership change8-K 5.02
- Apr 15, 2024Leadership change8-K 5.02
- Apr 26, 2023Leadership change8-K 5.02
- Apr 7, 2023Leadership change8-K 5.02
- Jan 18, 2023Leadership change8-K 5.02
- Nov 15, 2022Leadership change8-K 5.02
- Nov 3, 2022Leadership change8-K 5.02
- Aug 26, 2022Leadership change8-K/A 5.02
- Jun 24, 2022Auditor change8-K 4.01
- Jun 24, 2022Leadership change8-K 5.02
- May 16, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 20, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $0 returned to owners in buybacks and dividends, and $435.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9bn | $12.2bn | $21.6bn | $25.0bn | $26.6bn |
| Net income | −$9.5bn | −$6.1bn | −$74.0m | $1.9bn | $2.8bn |
| Stock-based pay | $121.0m | $101.0m | $53.0m | $62.0m | $98.0m |
| Buybacks | $0 | $0 | — | — | — |
| Dividends | $0 | $0 | — | — | — |
| Diluted shares | 1123m | 1180m | 1262m | 1398m | 1402m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.