Carnival (CCL) risk factors, FY2025 10-K

Carnival's FY2025 10-K, filed Jan 27, 2026, lists 12 risk factors. Against the prior year's 10: 4 new, 2 dropped, 6 substantially reworded.

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Risk factors listed
120 groups
New this year
4vs 10 last year
Dropped
2since the prior 10-K
Substantially reworded
6of those kept
Section length
4k wordsItem 1A

What the changes say

  • Carnival faces expanding risks from adverse weather and climate change impacting ships, private islands, and air transport.
  • Environmental regulations and emissions costs increasingly threaten cruise operations and ship values.
  • Artificial intelligence and social media now accelerate reputational damage from onboard incidents.

What changed since the prior 10-K

New

  • New

    c. Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operations

    Adverse weather and natural disasters can disrupt our cruise ships, hotels, land tours, exclusive islands, and guest air transportation.

  • New

    k. Our investments in port destinations and exclusive islands may expose us to additional risks

    Investing in port destinations and exclusive islands increases our exposure to weather, local politics, labor issues, and environmental risks.

  • New

    Compliance and Regulatory Risk Factors

    Complying with complex global laws regarding health, environment, safety, data privacy, and trade is costly and risks enforcement actions.

  • New

    b. Factors associated with sustainability and the impact of GHG and other emissions on the environment could have a material impact on our business and operating results

    Greenhouse gas regulations like EU, UK, and IMO rules require costly investments in equipment, carbon credits, or emission allowances.

Dropped

  • Dropped

    disembark. Refer to Operational Risk Factor “d.” for additional discussion on the impact of climate change and regulation changes on fuel costs

  • Dropped

    b. Our substantial debt could adversely affect our financial health and operating flexibility

Reworded

  • 94% rewritten

    Our operations subject us to potential liability under anti-money laundering and anti-corruption laws and regulations. We may also be affected by economic sanctions, trade protection measures, policies and other regulatory requirements affecting trade and investment

    Removed specific references to the OECD tax rules beginning in fiscal 2025 and 2026 for Carnival plc and Carnival Corporation.

    Was: Our operations subject us to potential liability under anti-money laundering and anti-corruption laws and regulations. We may also be affected by economic sanctions, trade protection laws, policies and other regulatory requirements affecting trade and investment

  • 64% rewritten

    h. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations

    Added regulatory changes as a factor causing hiring difficulties for shoreside and shipboard team members.

    Was: g. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations

  • 60% rewritten

    m. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests

    Retained the risk regarding limited shipyard availability and capacity without notable textual changes.

    Was: l. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests

  • 59% rewritten

    b. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage

    Added that the increased use of artificial intelligence and social media allows adverse publicity to be disseminated quickly and broadly.

  • 52% rewritten

    d. Our targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business

    Expanded the sustainability objectives risk to include risks from developing methodologies and timelines for our goals.

    Was: e. Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those related to sustainability matters, may expose us to risks that may adversely impact our business

  • 45% rewritten

    g. Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs

    Added emission penalties, compliant fuel costs, and emissions-related regulations as drivers of increased energy and fuel costs.

    Was: h. Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs

All 12 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01b. Incidents concerning our ships, guests or the cruise industry may negatively impact the satisfaction of our guests and crew and lead to reputational damage59% rewritten
  2. 02c. Adverse weather conditions or an increase in the frequency and/or severity of adverse weather conditions could have a material impact on our business and results of operationsNew
  3. 03d. Our targets, goals, aspirations, initiatives, public statements and disclosures, including those related to sustainability matters, may expose us to risks that may adversely impact our business52% rewritten
  4. 04g. Increases in fuel costs, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs45% rewritten
  5. 05h. The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations64% rewritten
  6. 06j. Fluctuations in foreign currency exchange rates may adversely impact our financial results
  7. 07k. Our investments in port destinations and exclusive islands may expose us to additional risksNew
  8. 08l. Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options
  9. 09m. Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests60% rewritten
  10. 10Compliance and Regulatory Risk FactorsNew
  11. 11Our operations subject us to potential liability under anti-money laundering and anti-corruption laws and regulations. We may also be affected by economic sanctions, trade protection measures, policies and other regulatory requirements affecting trade and investment94% rewritten
  12. 12b. Factors associated with sustainability and the impact of GHG and other emissions on the environment could have a material impact on our business and operating resultsNew

Other Carnival 10-Ks

  • FY2024 10-K risk factors
    10 risks

    Shipboard incidents and maintenance issues threaten guest satisfaction, crew safety, and corporate reputation. High debt levels, fuel price volatility, and limited shipyard capacity pose significant operational constraints.

    Filed Jan 27, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.