Carnival vs. Royal Caribbean: Stock Showdown, New Trade Perks and a Record‑Breaking Lazy River – Cruise Industry Update for 25 November 2025

On 25 November 2025, the battle for cruise supremacy between Carnival Corporation (CCL) and Royal Caribbean (RCL) is playing out on three fronts at once:

on Wall Street, where analysts are debating which stock is the better buy,
in the travel trade, where Royal Caribbean is rolling out new perks ahead of its next Icon‑class ship, and
at a future mega‑resort in Costa Maya, Mexico, where a mile‑long lazy river and giant sombrero are designed to keep guests – and revenue – flowing well into 2027.

Here’s what’s happening today, and what it means for investors, travel agents and future cruisers.

1. Markets today: Cruise stocks slide despite bullish long‑term story

Cruise line shares are under pressure even as demand remains strong.

On Monday, Carnival stock fell about 7%, with Royal Caribbean down roughly 3.3% and Norwegian Cruise Line off 2.5%, after management commentary highlighted near‑term headwinds such as a softer U.S. macro backdrop and rising Caribbean capacity. ^[1]

According to Barclays, Carnival executives struck an “incrementally cautious” tone during a ship visit, acknowledging that extra capacity in the Caribbean could weigh on pricing – though the bank still rates Carnival Overweight, citing the group’s geographic diversification and ongoing turnarounds at several brands. ^[2]

At the same time, a new Zacks analysis (syndicated on Nasdaq) underscores just how far the sector has come from its pandemic lows. Both Carnival and Royal Caribbean are benefiting from record onboard spending, strong bookings, and healthy pricing, even as investors digest cost and regulatory headwinds. ^[3]

Six‑month scorecard

Zacks’ comparison of the two giants shows: ^[4]

Royal Caribbean is up about 10% over the past six months, beating the cruise industry’s roughly 2% gain.
Carnival has surged around 19.4% in the same period.
On valuation, RCL trades at a forward P/E of ~14.9, below its one‑year median of 18.1, while CCL sits near 11.1, also under its own median of 13.0.

Consensus estimates point to continued growth into 2026: Zacks sees Carnival’s revenue and EPS rising around 4% and 11%, respectively, while Royal Caribbean is expected to grow about 9% on the top line and 15% in earnings, albeit with recent downward estimate revisions for RCL versus upward revisions for CCL. ^[5]

Both stocks currently carry a Zacks Rank of #3 (Hold) – but the research house concludes Carnival offers the stronger near‑term upside given its faster financial repair and lower valuation. ^[6]

Important: This article is for information only and does not constitute financial advice. Always do your own research or consult a licensed adviser before investing.

2. Carnival vs. Royal Caribbean: Two very different investment stories

Carnival: Turnaround play with destination‑led growth

Zacks’ latest breakdown paints Carnival as a company finally firing on multiple cylinders: ^[7]

Q3 FY2025 delivered record revenue, net income and yields, powered by strong onboard spending and robust “close‑in” demand (bookings made nearer to sailing dates).
Cost controls are improving margins, with unit costs beating expectations thanks to operational efficiencies.
Customer deposits hit a new record, signalling strong booking momentum into 2026.
Leverage has fallen to roughly 3.6x, bringing Carnival closer to investment‑grade territory and putting a future return to dividends and buybacks on the radar.

Strategically, Carnival is leaning into destination‑driven growth – think new and upgraded private ports like Celebration Key – and a multi‑brand strategy across North America and Europe that enables better segmentation and pricing. With limited new ship capacity coming, more of its growth is expected to come from higher yields per berth, not just adding more cabins. ^[8]

However, it’s not all smooth sailing. Carnival still faces: ^[9]

Elevated interest expense versus pre‑pandemic levels,
Additional costs tied to a revamped loyalty program and new destinations, and
Dry dock and maintenance spending that could drag margins by as much as 200 basis points in 2026.

Royal Caribbean: Premium product, premium challenges

Royal Caribbean, meanwhile, remains the sector’s premium powerhouse. Management continues to highlight: ^[10]

High guest satisfaction scores,
Strong new‑to‑cruise demand, and
A growing army of loyal repeat guests who spend more and book earlier.

The company reports record pricing for 2025 and 2026 sailings, with more revenue locked in earlier in the booking curve. At the same time, investments in technology and AI are helping hold down cost growth, and Royal Caribbean’s return on invested capital is projected to exceed 20% in the coming years. ^[11]

A key differentiator is its portfolio of exclusive destinations – from Perfect Day at CocoCay in the Bahamas to the upcoming Perfect Day Mexico and new Royal Beach Clubs – which generate high‑margin shore revenue and help justify premium pricing. ^[12]

But Royal Caribbean also faces its own set of risks: ^[13]

Yield growth is naturally slowing after several years of double‑digit gains.
A more promotional Caribbean environment is emerging as industry capacity rises.
New destinations like Perfect Day Mexico come with significant capital and operating costs, plus higher depreciation.
Regulatory and cost pressures are building, from fuel costs to full exposure to the EU emissions trading system in 2026, as well as global minimum tax changes.

Bottom line: Zacks concludes that Carnival may offer more upside right now, but stresses that Royal Caribbean remains a high‑quality operator that long‑term investors in either stock may want to continue holding. ^[14]

3. Royal Caribbean courts agents with new trade‑friendly initiatives

While analysts argue over valuations, Royal Caribbean is busy shoring up its distribution muscle.

At an event on London’s Fulham Pier this morning (25 November), the line’s UK trade sales team unveiled a raft of initiatives aimed at travel agents ahead of the launch of its next Icon‑class ship, Legend of the Seas, which will sail from Civitavecchia (Rome) next July and then return to Europe the following summer. ^[15]

Key measures announced include:

‘Seminar at Sea’ on Legend of the Seas

500 EMEA agents will be allocated spaces on Legend of the Seas next August for what Royal Caribbean is calling its biggest ever “Seminar at Sea” training initiative. ^[16]
A second Seminar at Sea is planned in the Caribbean in November 2026, giving trade partners another chance to experience the product first‑hand. ^[17]

These sailings effectively turn the ship into a floating classroom, a valuable tool for agents selling a complex, feature‑rich vessel.

Regular trade advisory panel

Royal Caribbean is also setting up a bi‑monthly advisory panel for agents, with the first meeting focused on accessibility scheduled for next week. ^[18]

Senior sales director Aaron Langford told attendees the goal is to get honest feedback on what the brand does well, where it needs to improve and how it can work with the trade to build “something for the future” together. ^[19]

‘Royal on the Road’ – store and call‑centre takeovers

Another headline initiative is taking “Royal on the Road” a step further. In 2026, the line is offering to take over entire call centres or retail stores for a day at no charge, delivering what Langford described as a “first‑class takeover experience” for staff. ^[20]

For busy high‑street agencies and large TMCs, that kind of immersive, on‑site training can be more practical than sending staff away on fam trips.

New Upper Deck 250 rewards tier

To sweeten the deal, Royal Caribbean is giving its agent rewards scheme a high‑end upgrade: ^[21]

A fresh tier called Upper Deck 250 launches today.
Agents who claim over £250,000 of bookings through the programme qualify.
Perks include a guaranteed seat on the advisory panel, guaranteed places at any Royal Caribbean ship launch, and £200 cashback on their own holiday.
There will also be a wider choice of event tickets – from concerts and Winter Wonderland to sports fixtures – as incentives.

Looking ahead, Royal Caribbean plans to launch a trade‑focused podcast and roll out AI upgrades to its My Royal Genie digital brochure tool, which Langford hopes will become a powerful “sales closing” aid for frontline agents. ^[22]

For UK and EMEA agents, these moves signal that Royal Caribbean wants to lock in loyalty early ahead of the Legend’s debut – and they underline the continued importance of human intermediaries even as direct digital sales grow.

4. Perfect Day Mexico: Mile‑long lazy river and giant sombrero bar

Beyond the ships themselves, Royal Caribbean’s most eye‑catching project is on land.

A mega‑resort on Mexico’s Caribbean coast

Perfect Day Mexico – sometimes dubbed “Perfect Day at CocoCay Mexico” – is a vast new private destination now under construction at the current site of Puerto Costa Maya, near Mahahual on Mexico’s Caribbean coast. ^[23]

Key facts:

Size: roughly 200–230 acres, about twice the size of Perfect Day at CocoCay in the Bahamas. ^[24]
Opening: Fall / September 2027. ^[25]
Access: Exclusive to Royal Caribbean guests on itineraries from Galveston, New Orleans and multiple Florida homeports. ^[26]

Royal Caribbean has purchased the port and surrounding land and plans a full redevelopment with a mix of thrill rides, chill zones and upgraded local infrastructure. ^[27]

Loco Waterpark and Jaguar’s Peak

At the heart of the project is Loco Waterpark, which the line says will be its largest water park to date: ^[28]

More than 30 waterslides spread across five slide towers.
Jaguar’s Peak, a tower rising over 170 feet (about 52 metres), with 10 high‑octane slides, including what Royal Caribbean bills as:
- the tallest waterslide tower in the Americas,
- the tallest family raft slide in its fleet, and
- the longest coaster waterslide in the world.

One standout attraction is the world’s first “sombrero slide”, a bowl‑style slide shaped like a traditional Mexican sombrero – visually echoed in the giant sombrero bar at Fiesta Plaza. ^[29]

The world’s longest lazy river

For guests who prefer drifting to adrenaline, Perfect Day Mexico promises the world’s longest lazy river, running roughly a mile and taking up to an hour to float around. ^[30]

Highlights include:

Multiple entry and exit points,
A “crazy branch” section with waves and rapids for those who want more action, and
Float‑up bars – often referred to as “Tubes and Tequila” – where riders can tether their tube and grab a drink mid‑float. ^[31]

Sombrero bar, tequila tower and seven neighbourhoods

Perfect Day Mexico will be divided into several themed neighbourhoods, mirroring (but supersizing) the “Chill” and “Thrill” zones concept from CocoCay. ^[32]

Signature features include:

Fiesta Plaza, the social hub, home to what’s billed as the world’s largest sombrero, transformed into a colourful bar visible from arriving ships, plus a huge tequila‑bottle landmark in the adults‑only area. ^[33]
Splash Cove and Royal Caribbean’s largest Splashaway Bay, with kid‑friendly slides and the first Splashaway cabanas for families. ^[34]
El Hideaway, an 18‑plus adults‑only neighbourhood with a zero‑entry pool, in‑pool DJ and a giant “Ultimate Party Cabana” for up to 20 guests. ^[35]
Costa Beach Club, a premium upgrade area featuring a heated infinity pool, elevated dining and cabanas with private plunge pools. ^[36]
Nearly two miles of white‑sand beach (Chill Beach), with complimentary loungers, umbrellas and towels. ^[37]

Entry to the island will be included in the cruise fare, but extras – such as the water park, adults‑only zones and beach club – will carry surcharges, following the revenue model that has made CocoCay a major earnings driver. ^[38]

The destination is designed to handle 20,000–21,000 guests per day, significantly more than CocoCay’s current capacity of around 13,000. ^[39]

Environmental questions and sustainability commitments

Perfect Day Mexico has not escaped scrutiny. A petition opposing the project has reportedly gathered more than 280,000 signatures, reflecting concerns about its environmental impact on the Costa Maya region. ^[40]

Royal Caribbean, for its part, points to its “SEA the Future” sustainability framework and “Destination Net Zero” strategy, which aim for net‑zero greenhouse gas emissions by 2050, significant reductions in carbon intensity, landfill‑free operations and advanced onboard waste‑to‑energy systems. ^[41]

How those pledges translate into on‑the‑ground mitigation at Costa Maya will be closely watched by environmental groups, local communities and increasingly eco‑conscious travellers.

5. What it means right now – for investors, agents and cruisers

For investors

Short‑term volatility in cruise stocks is being driven by macro worries and capacity concerns, as Monday’s sell‑off shows. ^[42]
Fundamentals remain robust, with both Carnival and Royal Caribbean reporting strong demand and solid pricing into 2026. ^[43]
Carnival currently screens as the more compelling value play in Zacks’ model, while Royal Caribbean remains a high‑quality, innovation‑driven operator with premium assets such as Perfect Day Mexico in the pipeline. ^[44]

Again, none of this is a recommendation to buy or sell – just a snapshot of how analysts are viewing the two names today.

For the travel trade

Royal Caribbean’s new Seminar at Sea, Upper Deck 250 rewards tier and advisory panel are clear signs it wants to deepen ties with high‑producing agents in the UK and EMEA. ^[45]
Free “Royal on the Road” takeovers and upcoming AI‑enhanced sales tools could make it easier for agencies to upskill staff and close complex cruise bookings. ^[46]

For agents, staying plugged into these programmes could translate into better training, more perks and stickier repeat clients.

For future cruisers

Expect more immersive private‑island experiences in Western as well as Eastern Caribbean itineraries, with Perfect Day Mexico and Royal Beach Club Cozumel both on the way. ^[47]
The combination of record‑breaking attractions (like the world’s longest lazy river and giant sombrero bar) and increasingly sophisticated onboard tech is pushing cruise holidays further into “theme‑park‑meets‑resort” territory. ^[48]

As of 25 November 2025, the cruise industry is juggling investor nerves, ambitious expansion and increasingly complex relationships with both the trade and host destinations. Whether you’re more excited by a cheaper Carnival multiple or a giant sombrero slide in Mexico, one thing is clear: the competition between Carnival and Royal Caribbean is now as intense on land and in distribution channels as it is at sea.

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