V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Gaming & Lodging

Carnival Executive Compensation (FY25)

CCL · Miami, FL · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): April 20, 2026
305 figures on this page: 294 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Josh Weinstein, Chief Executive Officer, received $18,887,776 in total compensation for fiscal 2025, and Weinstein's total moved 19.9% lower from the $23,566,603 reported for fiscal 2024. The company reported a chief executive pay ratio of 1,063:1 for fiscal 2025, against median employee compensation of $17,773. 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. The disclosed peer group names International Consolidated Airlines Group, S.A. and Mondelez International, Inc.
Chief executive, fiscal 2025
◇
Josh Weinstein
Latest say-on-pay support
=
April 17, 2026
Chief executive pay ratio
◇
To the median employee
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: 990:1 → 1,063:1 (7.4% higher)

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 International Consolidated Airlines Group, S.A. and Mondelez International, Inc.
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
◇———◇—◇◇
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
◇—◇—◇—◇◇
Enrique Miguez
General Counsel
◇—◇—◇—◇◇
William Burke
Chief Maritime Officer
◇—◇—◇—◇◇
Bettina Deynes
Global Chief Human Resources Officer
◇—◇—◇—◇◇
Michael Thamm
Former Group Chief Executive Officer of Costa Group and Carnival Asia
Departed during or after this year
◇—————◇◇
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 BernsteinPSU◇◇◇—◇—◇
David BernsteinRSU◇——◇——◇
Enrique MiguezPSU◇◇◇—◇—◇
Enrique MiguezRSU◇——◇——◇
Josh WeinsteinRSU◇——◇——◇
Josh WeinsteinPSU◇◇◇—◇—◇
Lars LjoenRSU◇——◇——◇
Lars LjoenPSU◇◇◇—◇—◇
Fiscal 2022 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
David BernsteinPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Lars LjoenPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Bettina DeynesRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Enrique MiguezRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Josh WeinsteinPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
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
◇◇————◇
Stuart Subotnick
◇◇————◇
Laura Weil
◇◇————◇
Jeffrey J. Gearhart
◇◇————◇
Katie Lahey
◇◇————◇
Jason Glen Cahilly
◇◇————◇
Helen Deeble
◇◇————◇
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 member◇
Equity is delivered as Unrestricted Stock.
Stock ownership guideline: 5x cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • International Consolidated Airlines Group, S.A. ICAGY
  • Mondelez International, Inc. MDLZ

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
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Carnival files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

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 — $1,200
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.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Carnival's disclosed peer group is defensible, who names Carnival back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
305 figures on this page: 294 cited to the filing that reported them, 11 calculated from figures it prints.
294 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 2 more sections
  3. 0001104659-25-018754
    SUMMARY COMPENSATION TABLE
  4. 0000815097-25-000029
  5. 0000815097-24-000041
  6. 0000815097-23-000037
  7. 0001104659-23-026426
    Compensation Tables · SUMMARY COMPENSATION TABLE
  8. 0001104659-22-045536
  9. 0001193125-21-131462
  10. 0001193125-20-102063
  11. 0001193125-19-113366
  12. 0001193125-18-119786
  13. 0001193125-17-119952
  14. 0001193125-16-548233
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Carnival executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CCL (accessed 2026).
Short form: data: Velarion
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Carnival and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Gaming & Lodging rankings

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

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy