Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Carnival Corporation & plc (CCL) Halal?

FAIL

Carnival Corporation & plc · NYSE: CCL · Consumer Discretionary

The short answer

No — Carnival Corporation (CCL) does not pass this Shariah stock screen. The world's largest cruise operator (~90 ships across Carnival, Princess, Holland America, Costa, AIDA, Cunard, P&O and Seabourn) runs onboard casinos fleet-wide with a dedicated Players Club program — gambling is a prohibited business line. Debt of $23,912M at August 31, 2026 is about 70.7% of its ~$33.8B market cap ($25.07/share, Oct 2, 2026), far above the ~33% ceiling. Interest income of $51M is only about 0.19% of FY2025 revenue ($26,622M), under the 5% non-compliant income ceiling. Zoya and ShariaPortfolio independently rate CCL as not Shariah-compliant; no Musaffa coverage was found.

Gate 1 — Business activity: FAIL

Carnival Corporation (NYSE: CCL) is the world's largest cruise company — about 90 ships across brands including Carnival Cruise Line, Princess, Holland America, Costa, AIDA, Cunard, P&O and Seabourn, serving roughly 700 ports (Q3 2026 results, September 29, 2026). Its ships operate onboard casinos fleet-wide, with a dedicated Carnival Players Club casino loyalty program and casino-themed voyages — gambling is a prohibited business line under Shariah screening standards. The company also serves alcohol across its ships. The casino revenue share is not separately disclosed in the filings, but gambling is an organized, marketed line of the business rather than incidental. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: FAIL

At August 31, 2026 Carnival reported debt (current and long-term) of $23,912M — $2,036M current portion plus $21,876M long-term debt — per the Q3 2026 balance sheet. Against a market cap of about $33.8B ($25.07/share, October 2, 2026 quotes), debt ÷ market cap is about 70.7%, far above the ~33% ceiling. (At November 30, 2025 debt was $26,640M — about 78.7% on the same market cap.) Cash and cash equivalents of $1,220M are about 3.6% of market cap, within the ~33% guideline. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Interest income is separately disclosed on Carnival's income statement. For FY2025 (year ended November 30, 2025) the company reported interest income of $51M against total revenues of $26,622M — about 0.19% of revenue, well under the 5% non-compliant income ceiling. The nine months ended August 31, 2026 are directionally consistent: $41M of interest income against $21,263M of revenue (≈0.19%). Gate 3 passes — the failures are on the business and debt gates. Facts only.

Key figures used

Frequently asked questions

What does Carnival do?

Carnival Corporation (NYSE: CCL) is the world's largest cruise company, operating about 90 ships across brands including Carnival Cruise Line, Princess Cruises, Holland America Line, Costa, AIDA, Cunard, P&O Cruises and Seabourn, sailing to roughly 700 ports. FY2025 revenue was $26.6B. Its ships carry onboard casinos and serve alcohol alongside dining, entertainment and shore excursions.

Why does Carnival fail this Shariah stock screen?

Carnival fails on two of the three gates. Its ships operate onboard casinos fleet-wide (with a dedicated Carnival Players Club loyalty program) — gambling is a prohibited business line under Shariah screening standards, so the business gate fails. Interest-bearing debt of $23,912M at August 31, 2026 is about 70.7% of its ~$33.8B market cap, over the ~33% ceiling, so the debt gate also fails. Interest income was $51M in FY2025 against revenue of $26,622M (about 0.19%), which passes the 5% non-compliant income ceiling. Zoya and ShariaPortfolio independently rate CCL as not Shariah-compliant. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is Carnival's interest-bearing debt ratio?

At August 31, 2026 Carnival reported debt (current and long-term) of $23,912M — $2,036M current portion plus $21,876M long-term debt (Q3 2026 10-Q balance sheet). With a market capitalization of about $33.8B ($25.07/share, October 2, 2026 quotes), debt ÷ market cap is about 70.7%, far above the ~33% ceiling. It was $26,640M at November 30, 2025. Cash of $1,220M is about 3.6% of market cap, within the ~33% guideline, but the debt gate fails.

What is Carnival's non-compliant income ratio?

Carnival separately discloses interest income on its income statement. For FY2025 (year ended November 30, 2025) it reported interest income of $51M against total revenue of $26,622M — about 0.19% of revenue, well under the 5% non-compliant income ceiling. The nine months ended August 31, 2026 are directionally consistent ($41M interest income ÷ $21,263M revenue ≈ 0.19%). On this gate the screen passes; the failures are on the business and debt gates.

Do Zoya, Musaffa, or ShariaPortfolio cover Carnival?

Zoya covers CCL and rates it not Shariah-compliant (as of September 2026), citing the same FY2025 figures. ShariaPortfolio covers CCL and rates it not Shariah Compliant, citing involvement in cruise lines. No Musaffa coverage page for CCL was found — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q3 2026 press release with the 10-Q balance sheet (issued September 29, 2026) and the FY2025 annual results.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).