Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities .
A. Market Information
Carnival Corporation common stock, together with paired trust shares of beneficial interest in the P&O Princess Special Voting Trust, which holds a Special Voting Share of Carnival plc, is traded on the NYSE under the symbol “CCL.” Carnival plc ordinary shares trade on the London Stock Exchange under the symbol “CCL.” Carnival plc American Depositary Shares (“ADSs”), each one of which represents one Carnival plc ordinary share, are traded on the NYSE under the symbol “CUK.” The depositary for the ADSs is JPMorgan Chase Bank, N.A.
B. Holders
As of January 13, 2026, there were 2,164 holders of record of Carnival Corporation common stock and 27,361 holders of record of Carnival plc ordinary shares and 376 holders of record of Carnival plc ADSs.
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C. Dividends
We did not pay or declare dividends on Carnival Corporation common stock or Carnival plc ordinary shares for the year ended November 30, 2025.
In December 2025, the Boards of Directors approved the reinstatement of the company’s quarterly dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a payment date of February 27, 2026.
Holders of Carnival Corporation common stock and Carnival plc ADSs will receive the dividend payable in U.S. dollars. The dividend for Carnival plc ordinary shares will be payable in U.S. dollars or sterling. In the absence of instructions or elections to the contrary, holders of Carnival plc ordinary shares will automatically receive the dividend in sterling.
Dividends payable in sterling will be converted from U.S. dollars at the exchange rate quoted by Bloomberg (BFIX) in London at 12 noon on February 17, 2026. Holders of Carnival plc ordinary shares wishing to receive their dividend in U.S. dollars or participate in the Carnival plc Dividend Reinvestment Plan must elect to do so by February 13, 2026.
D. Securities Authorized for Issuance under Equity Compensation Plans
The information required by Item 201(d) of Regulation S-K is shown in Part III, Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, in this Form 10-K.
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E. Performance Graph
Carnival Corporation
The following graph compares the price performance of $100 if invested in Carnival Corporation common stock with the price performance of $100 if invested in each of the Dow Jones U.S. Recreational Services Index (“Dow Jones Recreational Index”), the Dow Jones U.S. Travel and Leisure Index, the FTSE 100 Index and the S&P 500 Index. The price performance, as used in the performance graph, is calculated by assuming $100 is invested at the beginning of the period in Carnival Corporation common stock at a price equal to the market value. At the end of each year, the total value of the investment is computed by taking the number of shares owned, assuming Carnival Corporation dividends are reinvested, multiplied by the market price of the shares.
In 2025, we elected to change the comparative industry peer group from the Dow Jones Recreational Index to the Dow Jones U.S. Travel and Leisure Index as we believe it provides a more meaningful comparison and is better aligned with the competitive market in which we operate. We also elected to remove the comparison to the FTSE 100 Index given our decision to unify our DLC arrangement from two companies with two stock exchange listings and share prices into one single company, Carnival Corporation, listed on the New York Stock Exchange with one share price globally.
Assumes $100 Invested on November 30, 2020
Assumes Dividends Reinvested
Years Ended November 30,
2020 2021 2022 2023 2024 2025
Carnival Corporation Common Stock $ 100 $ 88 $ 50 $ 75 $ 127 $ 129
Dow Jones Recreational Index $ 100 $ 103 $ 80 $ 103 $ 186 $ 197
Dow Jones U.S. Travel & Leisure $ 100 $ 108 $ 101 $ 118 $ 156 $ 155
FTSE 100 Index $ 100 $ 117 $ 130 $ 133 $ 154 $ 187
S&P 500 Index $ 100 $ 128 $ 116 $ 132 $ 177 $ 204
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Carnival plc
The following graph compares the price performance of $100 invested in Carnival plc ADSs, each representing one ordinary share of Carnival plc, with the price performance of $100 invested in each of the indexes noted below. The price performance is calculated in the same manner as previously discussed.
Assumes $100 Invested on November 30, 2020
Assumes Dividends Reinvested
Years Ended November 30,
2020 2021 2022 2023 2024 2025
Carnival plc ADS $ 100 $ 92 $ 51 $ 76 $ 130 $ 135
Dow Jones Recreational Index $ 100 $ 103 $ 80 $ 103 $ 186 $ 197
Dow Jones U.S. Travel & Leisure $ 100 $ 108 $ 101 $ 118 $ 156 $ 155
FTSE 100 Index $ 100 $ 117 $ 130 $ 133 $ 154 $ 187
S&P 500 Index $ 100 $ 128 $ 116 $ 132 $ 177 $ 204
F. Issuer Purchases of Equity Securities; Use of Proceeds from Registered Securities
I. Carnival plc Shareholder Approvals
Annual shareholder approval is required for Carnival plc to buy back its ordinary shares. Carnival plc did not renew its authority to buy back shares at the 2025 Annual General Meeting.
Item 6. Reserved .
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