Does Carnival Pay Dividends?

Last Updated on 03/02/2021 by GS Staff

Q: Does Carnival Corporation pay dividends to shareholders?

No, Carnival (CCL) does not currently pay dividends. The company made an announcement on March 31, 2020, that they would suspend dividends and stock repurchases. They also stated that they would raise approximately $6 billion from debt and equity (public offering) transactions. These decisions were made due to the major financial impact of Covid on the cruise line industry.

Carnival Dividend History

The last dividend paid by the company was $0.50 per share that was payable on March 13, 2020. The company has not paid dividends since this date. Based on the approximate five-year dividend summary below, Carnival had a history of increasing regular cash dividends through recent years until the 2020 suspension.

1-15-20203-13-20200.50Regular Cash
Total 2020 Dividends:$0.50
10-14-201912-13-20190.50Regular Cash
7-11-20199-13-20190.50Regular Cash
4-17-20196-14-20190.50Regular Cash
1-17-20193-15-20190.50Regular Cash
Total 2019 Dividends:$2.00
10-17-201812-14-20180.50Regular Cash
7-19-20189-14-20180.50Regular Cash
4-11-20186-15-20180.50Regular Cash
1-18-20183-16-20180.45Regular Cash
Total 2018 Dividends:$1.95
10-19-201712-15-20170.45Regular Cash
7-18-20179-15-20170.40Regular Cash
4-6-20176-16-20170.40Regular Cash
1-18-20173-17-20170.35Regular Cash
Total 2017 Dividends:$1.60
10-18-201612-16-20160.35Regular Cash
7-13-20169-16-20160.35Regular Cash
4-13-20166-17-20160.35Regular Cash
1-14-20163-11-20160.30Regular Cash
Total 2016 Dividends:$1.35
10-16-201512-11-20150.30Regular Cash
7-16-20159-11-20150.30Regular Cash
4-16-20156-12-20150.25Regular Cash
1-13-20153-13-20150.25Regular Cash
Total 2015 Dividends:$1.10
Source: Visit for an extended look at the company’s dividend history.

Will Carnival Pay a Dividend Again?

The chart below shows that the company did not pay a dividend in 2009. According to Carnival’s 2009 annual report, the dividend was suspended to preserve liquidity and afford financial flexibility during the financial crisis. The dividend was reinstated in January 2010 after financial conditions improved. The company has a history of reinstating dividends after making it through difficult financial times. However, there is no guarantee that Carnival will pay a dividend again. The company reported an adjusted net loss of $1.9 billion in the fourth quarter of 2020. We would speculate that reinstating dividends is not on the table at this time.

Do Carnival’s Competitors Pay Dividends?

The primary publicly traded competitors of Carnival are Royal Caribbean and Norwegian Cruise Line. Both companies do not pay dividends:

Royal Caribbean (RCL) – The company suspended its dividends in 2020. The company is prohibited from reinstating dividends until the third quarter of 2022 because of a restructuring agreement of debt with lenders.

Norwegian Cruise Line Holdings (NCLH) – The company did not pay a dividend before the pandemic hit. It does not pay one today.