Top Cruise Line Stocks to Watch in 2025

Cruises have long been a popular way to vacation. The biggest cruise companies own several cruise lines, each taking a unique approach to keeping their customers loyal. You have several attractive options to invest in cruise line stocks.

Trends

Cruise line industry trends

Travel companies have been busy recently, and cruise lines are no exception. The number of cruise passengers jumped from 20.4 million in 2022 to 31.7 million in 2023, and it's expected to reach 39.7 million by 2027.

Part of this growth is because cruise ships are getting bigger. Cruise capacity went from 483,000 berths in 2016 to 656,000 in 2023, and global capacity is expected to grow by another 10% by 2028.

While cruises have traditionally been considered an activity for older adults, cruise lines have also done a good job at marketing to younger generations. Cruise Lines International Association reported in 2024 that 36% of cruise travelers were younger than 40. Also, 27% of cruisers over the last two years were new passengers.

The global vacation market is valued at $1.9 trillion, according to research by JPMorgan Chase (JPM -0.12%). The bank estimates that the cruise industry will capture approximately 3.8% of that market by 2028.

Best cruise stocks

Top cruise line stocks in 2025

These are our picks for the best cruise line companies:

Royal Caribbean

1. Royal Caribbean

Royal Caribbean (RCL -1.76%) is distinguished as being one of the most innovative cruise lines. Its ships are packed with state-of-the-art amenities, including virtual balconies, massive water slides, skydiving at sea, and even Broadway shows.

Royal Caribbean has made a number of investments, expanded its fleet, invested in ships powered by clean energy, and prioritized international expansion. In addition, it's going to offer river cruise vacations through Celebrity River Cruising starting in 2027.

This cruise line has seen impressive revenue growth in recent years, from $13.9 billion in 2023 to $16.5 billion in 2024. Net income over that same time period was up from $1.7 billion to $2.9 billion. Overall, Royal Caribbean is in a solid financial position; it consistently has high occupancy rates on its cruises, and it prioritizes expansion, all of which are good signs for investors.

Carnival

2. Carnival

Carnival (CCL -2.18%) is the largest cruise company in the world. It was also one of the first to offer cruises in the price range of the average traveler. Although affordable cruises are more common now, the market was previously dominated by luxury voyages.

This cruise line is still known for its reasonable prices and ability to offer a fun time for everyone. Carnival cruises are popular among families and groups of friends alike, including younger generations. Carnival excels in customer satisfaction, winning the 2025 USA Today Readers' Choice Awards for the best ocean cruise line, making this the third consecutive year it has been voted the winner.

Carnival also had a great 2024 and looks poised to keep growing. Its full-year revenue last year was $25 billion, an all-time high for the second year in a row. It reported $1.9 billion in net income, a significant increase after a modest loss of $74 million in 2023.

Lindblad Expeditions

3. Lindblad Expeditions

Lindblad Expeditions (LIND -3.46%) isn't your typical cruise company. While others carry thousands of passengers per ship, Lindblad specializes in smaller, more expensive adventure cruises. The maximum capacity on its ships ranges from 16 to 160 passengers.

The main competitive advantage that Lindblad enjoys is its ability to offer premium, one-of-a-kind experiences. Travelers with Lindblad can book expeditions all over the world, including to Antarctica, the Caribbean coast, and Patagonia. Because of the types of trips offered, Lindblad has built a loyal base of wealthy customers.

Lindblad expanded its partnership with National Geographic in November 2023, making it the only partner for National Geographic cruises until 2040. The Walt Disney Company (DIS -0.03%) owns 73% of National Geographic. As of 2025, voyages with Lindblad and National Geographic are part of the Disney Destinations portfolio, allowing Authorized Disney Vacation Planners to book them. Given the popularity of Disney's brand, this could be an excellent growth opportunity for Lindblad.

Norwegian Cruise Line Holdings

4. Norwegian Cruise Line Holdings

Norwegian Cruise Line Holdings (NCLH -2.8%) is a hit among casual cruisers and is known for its laid-back atmosphere. Norwegian offers what it calls "freestyle cruising," meaning its cruises have no dress codes, no set dining times, and no assigned seating.

Norwegian offers a variety of cabin categories, which enables it to accommodate every type of traveler. It was the first cruise line to offer studios exclusively for solo travelers, and it has lodging fit for everyone from people sailing on their own to large families.

While it's the smallest of the three major U.S. cruise lines, Norwegian is working on changing that. It took delivery of three ships in 2023, the most deliveries in one year in its history. In February 2025, it finalized a firm order of construction for four mega-ships. Slated for delivery in 2030, 2032, 2034, and 2036, they'll be the largest ships ever built for Norwegian and capable of accommodating more than 8,300 people.

Related investing topics

Cruise lines have been reporting impressive financial numbers thanks to increasing demand. They generally have to take on quite a bit of debt to finance new ships, so they have their risks, but they also offer quite a bit of upside.

Most importantly, cruise lines tend to have a passionate customer base with plenty of repeat passengers. Over the long term, cruise line stocks may be a good value investment, provided you are comfortable with some volatility.

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