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Gaming & Lodging

Carnival Executive Compensation (FY25)

CCL · Miami, FL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Josh Weinstein
Latest say-on-pay support
=
April 17, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): April 20, 2026
15 filings cited on this page
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315 figures on this page: 304 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Josh Weinstein: $23,566,603 → $18,887,776 (19.9% lower)
Say-on-pay support: 98.0% → 96.8% (1.2 points lower)
CEO pay ratio: 1,398:1 → 1,063:1 (24.0% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Carnival's chief executive and what were they paid?
Josh Weinstein, Chief Executive Officer, received $18,887,776 in total compensation for fiscal 2025. Weinstein's total moved 19.9% lower from the $23,566,603 reported for fiscal 2024.
What was Carnival's say-on-pay result?
The say-on-pay proposal drew 96.8% of votes cast for or against in favor at the meeting held April 17, 2026 for fiscal 2025.
Which companies are in Carnival's peer group?
The disclosed peer group names American Airlines Group Inc., Booking Holdings Inc., Caesars Entertainment Inc., Darden Restaurants, Inc. and Delta Air Lines, Inc., among others.
What is Carnival's chief executive pay ratio?
The company reported a chief executive pay ratio of 1,063:1 for fiscal 2025, against median employee compensation of $17,773.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Arnold Donald
Former President and Chief Executive Officer
Departed during or after this year
◇—◇—◇—◇◇
Josh Weinstein
President and Chief Executive Officer
◇—◇—◇—◇◇
David Bernstein
Chief Financial Officer and Chief Accounting Officer
◇———◇—◇◇
Michael Thamm
Group Chief Executive Officer, Costa Group and Carnival Asia
◇———◇—◇◇
William Burke
Chief Maritime Officer
◇———◇—◇◇
Enrique Miguez
General Counsel
◇———◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Josh Weinstein
President, CEO and Chief Climate Officer
◇—◇—◇—◇◇
David Bernstein
Chief Financial Officer and Chief Accounting Officer
◇—◇—◇—◇◇
Michael Thamm
Former Group Chief Executive Officer of Costa Group and Carnival Asia
Departed during or after this year
◇—◇———◇◇
William Burke
Chief Maritime Officer
◇—◇—◇—◇◇
Enrique Miguez
General Counsel
◇—◇—◇—◇◇
Bettina Deynes
Global Chief Human Resources Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Josh Weinstein
President CEO and Chief Climate Officer
◇—◇—◇—◇◇
David Bernstein
Chief Financial Officer
◇—◇—◇—◇◇
William Burke
Chief Maritime Officer
◇—◇—◇—◇◇
Enrique Miguez
General Counsel
◇—◇—◇—◇◇
Bettina Deynes
Chief Human Resources Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Josh Weinstein
Chief Executive Officer
◇—◇—◇—◇◇
David Bernstein
Chief Financial Officer and Chief Accounting Officer
◇—◇—◇—◇◇
Enrique Miguez
General Counsel
◇—◇—◇—◇◇
Bettina Deynes
Global Chief Human Resources Officer
◇—◇—◇—◇◇
Lars Ljoen
Chief Maritime Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bettina DeynesPSU◇◇◇—◇—◇
Bettina DeynesRSU◇——◇——◇
David BernsteinRSU◇——◇——◇
David BernsteinPSU◇◇◇—◇—◇
Enrique MiguezRSU◇——◇——◇
Enrique MiguezPSU◇◇◇—◇—◇
Josh WeinsteinRSU◇——◇——◇
Josh WeinsteinPSU◇◇◇—◇—◇
Lars LjoenRSU◇——◇——◇
Lars LjoenPSU◇◇◇—◇—◇
Fiscal 2022, 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bettina DeynesRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Enrique MiguezRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Lars LjoenRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
David BernsteinRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Josh WeinsteinRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Randall Weisenburger
◇◇————◇
Sir Jonathon Band
◇◇————◇
Laura Weil
◇◇————◇
Stuart Subotnick
◇◇————◇
Jeffrey J. Gearhart
◇◇————◇
Helen Deeble
◇◇————◇
Katie Lahey
◇◇————◇
Jason Glen Cahilly
◇◇————◇
Nelda J. Connors
◇◇————◇
Micky Arison
Board chair
—————◇◇
Sara Mathew
◇—————◇
Josh Weinstein served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Unrestricted Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Airlines Group Inc. AAL
  • Booking Holdings Inc. BKNG
  • Caesars Entertainment Inc. CZR
  • Darden Restaurants, Inc. DRI
  • Delta Air Lines, Inc. DAL
  • Expedia Group, Inc. EXPE
  • Hilton Worldwide Holdings Inc. HLT
  • International Consolidated Airlines Group, S.A. ICAGY
  • Las Vegas Sands Corp. LVS
  • Live Nation Entertainment, Inc. LYV
  • Marriott International, Inc. MAR
  • McDonald's Corporation MCD
  • MGM Resorts International MGM
  • Norwegian Cruise Line Holdings Ltd. NCLH
  • Royal Caribbean Cruises Ltd. RCL
  • Southwest Airlines Co. LUV
  • Starbucks Corporation SBUX
  • United Airlines Holdings, Inc. UAL

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 17, 2026=◇◇◇
2024April 16, 2025=◇◇◇
2023April 5, 2024=◇◇◇
2022April 21, 2023=◇◇◇
2021April 8, 2022=◇◇◇
2020April 20, 2021=◇◇◇
2019April 6, 2020=◇◇◇
2018April 16, 2019=◇◇◇
2017April 11, 2018=◇◇◇
2016April 5, 2017=◇◇◇
2015April 14, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Josh Weinstein (Chief Executive Officer), FY2025 total compensation $18,887,776 (base salary $1,435,577) [exec_comp, SEC accession 0001104659-26-021074, filed 2026-02-27]

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What this page does not include

Everything above is a fact Carnival disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Carnival sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
315 figures on this page: 304 cited to the filing that reported them, 11 calculated from figures it prints.
304 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000815097-26-000043
  2. 0001104659-26-021074
    Compensation Tables · DIRECTOR COMPENSATION FOR FISCAL 2025 · Grants of Plan-Based Awards · Non-Executive Director Compensation · and 1 more section
  3. 0001104659-25-018754
    SUMMARY COMPENSATION TABLE
  4. 0000815097-25-000029
  5. 0000815097-24-000041
  6. 0001104659-24-026863
    Compensation Tables
  7. 0000815097-23-000037
  8. 0001104659-23-026426
    SUMMARY COMPENSATION TABLE
  9. 0001104659-22-045536
  10. 0001193125-21-131462
  11. 0001193125-20-102063
  12. 0001193125-19-113366
  13. 0001193125-18-119786
  14. 0001193125-17-119952
  15. 0001193125-16-548233
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Velarion, “Carnival executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CCL (accessed 2026).
Short form: data: Velarion

The Carnival brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Gaming & Lodging rankings

Chief executive pay — Gaming & LodgingCEO pay ratio — Gaming & LodgingSay-on-pay support — Gaming & Lodging

Peers Carnival discloses

The companies named in CCL's own disclosed peer group.

American Airlines Group Inc.Booking Holdings Inc.Caesars Entertainment Inc.Darden Restaurants, Inc.Delta Air Lines, Inc.Expedia Group, Inc.Hilton Worldwide Holdings Inc.Las Vegas Sands Corp.Live Nation Entertainment, Inc.Marriott International, Inc.McDonald's CorporationMGM Resorts InternationalNorwegian Cruise Line Holdings Ltd.Royal Caribbean Cruises Ltd.Southwest Airlines Co.Starbucks CorporationUnited Airlines Holdings, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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