XML 158 R2.htm IDEA: XBRL DOCUMENT v3.25.4
Pay vs Performance Disclosure
pure in Millions
12 Months Ended
Nov. 30, 2025
USD ($)
Nov. 30, 2024
USD ($)
Nov. 30, 2023
USD ($)
Nov. 30, 2022
USD ($)
Nov. 30, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Year
Summary
Compensation
Table Total
for PEO
(1)
($)
Compensation
Actually Paid
to PEO
(2)
($)
Summary
Compensation
Table Total
for Former

PEO(3)
($)
Compensation
Actually Paid
to Former

PEO(2)
($)
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs
(4)
($)
Average
Compensation
Actually
Paid to
Non-PEO
NEOs
(2)
($)
Value of
Initial Fixed
$100 Investment
Based On:
Net Income
(in millions)
(6)
($)
Adjusted
Operating
Income (in
millions)
(7)
($)
Total
Shareholder
Return

($)
Peer Group
Total
Shareholder
Return
(5)
($)
2025
18,887,776 37,060,165 0 0 4,029,119 6,800,415 129.03 196.57 2,760 4,396
2024
23,566,603 63,766,172 0 0 8,287,612 12,305,551 127.28 186.41 1,916 3,556
2023
13,808,603 23,274,493 3,659,890 5,224,395 75.38 103.18 (74) 1,887
2022
8,014,153 7,895,313 11,144,435 5,815,515 1,824,301 1,330,122 49.70 80.09 (6,093) (3,914)
2021
15,063,788 11,157,235 3,304,831 2,721,255 88.19 102.56 (9,501) (1,684)
(1)
Reflects total compensation of our current CEO, Josh Weinstein, as calculated in the Summary Compensation Table (the “SCT”).
(2)
The dollar amounts shown in these columns reflect “compensation actually paid” to the Named Executive Officers calculated in accordance with SEC rules. As required, the dollar amounts include (among other items) unpaid amounts of equity compensation that may be realizable in future periods, and as such, the dollar amounts shown do not represent the actual final amount of compensation earned or actually paid to either individual during the applicable years. The adjustments made to each Named Executive Officer’s total compensation for each year to determine CAP are shown in the tables below. For Mr. Weinstein, information is only included beginning with 2022, the first year in which he served as CEO.
(3)
Reflects the total compensation for our former CEO, Arnold Donald, who served as PEO until August 1, 2022, and is therefore included in this table as an additional PEO in accordance with SEC rules. Amounts shown are calculated in the SCT for each of the years shown.
(4)
Reflects the average total compensation of our non-PEO NEOs, as calculated in the SCT for each of the years shown. Our non- PEO NEOs included in the table above are the following individuals: for 2025, David Bernstein, Bettina Deynes, Lars Ljoen, and Enrique Miguez; for 2024, David Bernstein, William Burke, Bettina Deynes, and Enrique Miguez; for 2023, David Bernstein, William Burke, Bettina Deynes, Enrique Miguez, and Michael Thamm; for 2022, David Bernstein, William Burke, Enrique Miguez, and Michael Thamm; and for 2021, Peter Anderson, David Bernstein, Enrique Miguez, Arnaldo Perez, and Michael Thamm.
(5)
Pursuant to SEC rules, the TSR figures assume an initial investment of $100 on November 30, 2020. As permitted by SEC rules, the peer group referenced for purpose of the TSR comparison is the group of companies included in the Dow Jones U.S. Recreational Services Index, which is the industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate Peer Group used by the Compensation Committees for purposes of determining compensation paid to our Executive Officers is described in the Compensation Discussion & Analysis section under “Peer Group Characteristics.”
(6)
Reflects after-tax net income (loss) prepared in accordance with GAAP for each of the years shown.
(7)
Adjusted Operating Income is a non-GAAP financial measure that represents operating income adjusted for gains and losses on ship sales, restructuring costs and certain other gains and losses that are not part of our core operating business.
Compensation
Pay versus Performance
2025
2024
2023
2022
2021
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Non-PEO
NEOs

($)
Total Reported in SCT 18,887,776 4,029,119 23,566,603 8,287,612 13,808,603 3,659,890 11,144,435 8,014,153 1,824,301 15,063,788 3,304,831
Less, Value of Stock Grants
Reported in SCT
11,961,027 1,810,004 8,775,817 1,369,984 7,460,811 1,882,955 5,999,996 4,695,000 0 7,449,735 1,327,423
Plus, Year End Fair Value of
Equity Awards Granted in
the Year
26,427,768 3,999,193 23,129,206 3,610,685 14,167,138 3,246,175 2,984,968 4,965,000 0 6,289,618 1,205,892
Plus, Year over Year Change
in Fair Value of Outstanding
and Unvested Equity
Awards
4,115,452 640,042 25,775,751 1,741,439 2,664,917 109,444 (2,695,390) (443,809) (578,848) (2,925,955) (507,063)
Plus, Fair Value as of
Vesting Date of Equity
Awards Granted and Vested
in the Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Change in Fair Value from Prior Year End to the Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year (409,804) (57,935) 70,429 35,799 94,646 91,840 381,498 54,969 84,669 179,519 45,018
Less, Fair Value at the End
of the Prior Year of Equity
Awards that Failed to Meet
Vesting Conditions in the
Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Value of Dividends or
Other Earnings Paid on
Stock or Option Awards not
Otherwise Reflected in Fair
Value or Total
Compensation
0 0 0 0 0 0 0 0 0 0 0
Total Adjustments 30,133,416 4,581,299 48,975,386 5,387,924 16,926,701 3,447,459 671,076 4,576,160 (494,179) 3,543,182 743,846
Compensation Actually Paid
for Fiscal Year
37,060,165 6,800,415 63,766,172 12,305,551 23,274,493 5,224,395 5,815,515 7,895,313 1,330,122 11,157,235 2,721,255
       
Company Selected Measure Name Adjusted Operating Income        
Named Executive Officers, Footnote
(1)
Reflects total compensation of our current CEO, Josh Weinstein, as calculated in the Summary Compensation Table (the “SCT”).
(2)
The dollar amounts shown in these columns reflect “compensation actually paid” to the Named Executive Officers calculated in accordance with SEC rules. As required, the dollar amounts include (among other items) unpaid amounts of equity compensation that may be realizable in future periods, and as such, the dollar amounts shown do not represent the actual final amount of compensation earned or actually paid to either individual during the applicable years. The adjustments made to each Named Executive Officer’s total compensation for each year to determine CAP are shown in the tables below. For Mr. Weinstein, information is only included beginning with 2022, the first year in which he served as CEO.
(3)
Reflects the total compensation for our former CEO, Arnold Donald, who served as PEO until August 1, 2022, and is therefore included in this table as an additional PEO in accordance with SEC rules. Amounts shown are calculated in the SCT for each of the years shown.
(4)
Reflects the average total compensation of our non-PEO NEOs, as calculated in the SCT for each of the years shown. Our non- PEO NEOs included in the table above are the following individuals: for 2025, David Bernstein, Bettina Deynes, Lars Ljoen, and Enrique Miguez; for 2024, David Bernstein, William Burke, Bettina Deynes, and Enrique Miguez; for 2023, David Bernstein, William Burke, Bettina Deynes, Enrique Miguez, and Michael Thamm; for 2022, David Bernstein, William Burke, Enrique Miguez, and Michael Thamm; and for 2021, Peter Anderson, David Bernstein, Enrique Miguez, Arnaldo Perez, and Michael Thamm.
       
Peer Group Issuers, Footnote
(5)
Pursuant to SEC rules, the TSR figures assume an initial investment of $100 on November 30, 2020. As permitted by SEC rules, the peer group referenced for purpose of the TSR comparison is the group of companies included in the Dow Jones U.S. Recreational Services Index, which is the industry peer group used for purposes of Item 201(e) of Regulation S-K. The separate Peer Group used by the Compensation Committees for purposes of determining compensation paid to our Executive Officers is described in the Compensation Discussion & Analysis section under “Peer Group Characteristics.”
       
Adjustment To PEO Compensation, Footnote
Compensation
Pay versus Performance
2025
2024
2023
2022
2021
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Non-PEO
NEOs

($)
Total Reported in SCT 18,887,776 4,029,119 23,566,603 8,287,612 13,808,603 3,659,890 11,144,435 8,014,153 1,824,301 15,063,788 3,304,831
Less, Value of Stock Grants
Reported in SCT
11,961,027 1,810,004 8,775,817 1,369,984 7,460,811 1,882,955 5,999,996 4,695,000 0 7,449,735 1,327,423
Plus, Year End Fair Value of
Equity Awards Granted in
the Year
26,427,768 3,999,193 23,129,206 3,610,685 14,167,138 3,246,175 2,984,968 4,965,000 0 6,289,618 1,205,892
Plus, Year over Year Change
in Fair Value of Outstanding
and Unvested Equity
Awards
4,115,452 640,042 25,775,751 1,741,439 2,664,917 109,444 (2,695,390) (443,809) (578,848) (2,925,955) (507,063)
Plus, Fair Value as of
Vesting Date of Equity
Awards Granted and Vested
in the Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Change in Fair Value from Prior Year End to the Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year (409,804) (57,935) 70,429 35,799 94,646 91,840 381,498 54,969 84,669 179,519 45,018
Less, Fair Value at the End
of the Prior Year of Equity
Awards that Failed to Meet
Vesting Conditions in the
Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Value of Dividends or
Other Earnings Paid on
Stock or Option Awards not
Otherwise Reflected in Fair
Value or Total
Compensation
0 0 0 0 0 0 0 0 0 0 0
Total Adjustments 30,133,416 4,581,299 48,975,386 5,387,924 16,926,701 3,447,459 671,076 4,576,160 (494,179) 3,543,182 743,846
Compensation Actually Paid
for Fiscal Year
37,060,165 6,800,415 63,766,172 12,305,551 23,274,493 5,224,395 5,815,515 7,895,313 1,330,122 11,157,235 2,721,255
       
Non-PEO NEO Average Total Compensation Amount $ 4,029,119 $ 8,287,612 $ 3,659,890 $ 1,824,301 $ 3,304,831
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,800,415 12,305,551 5,224,395 1,330,122 2,721,255
Adjustment to Non-PEO NEO Compensation Footnote
Compensation
Pay versus Performance
2025
2024
2023
2022
2021
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Weinstein
($)
Non-PEO
NEOs

($)
Donald
($)
Non-PEO
NEOs

($)
Total Reported in SCT 18,887,776 4,029,119 23,566,603 8,287,612 13,808,603 3,659,890 11,144,435 8,014,153 1,824,301 15,063,788 3,304,831
Less, Value of Stock Grants
Reported in SCT
11,961,027 1,810,004 8,775,817 1,369,984 7,460,811 1,882,955 5,999,996 4,695,000 0 7,449,735 1,327,423
Plus, Year End Fair Value of
Equity Awards Granted in
the Year
26,427,768 3,999,193 23,129,206 3,610,685 14,167,138 3,246,175 2,984,968 4,965,000 0 6,289,618 1,205,892
Plus, Year over Year Change
in Fair Value of Outstanding
and Unvested Equity
Awards
4,115,452 640,042 25,775,751 1,741,439 2,664,917 109,444 (2,695,390) (443,809) (578,848) (2,925,955) (507,063)
Plus, Fair Value as of
Vesting Date of Equity
Awards Granted and Vested
in the Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Change in Fair Value from Prior Year End to the Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year (409,804) (57,935) 70,429 35,799 94,646 91,840 381,498 54,969 84,669 179,519 45,018
Less, Fair Value at the End
of the Prior Year of Equity
Awards that Failed to Meet
Vesting Conditions in the
Year
0 0 0 0 0 0 0 0 0 0 0
Plus, Value of Dividends or
Other Earnings Paid on
Stock or Option Awards not
Otherwise Reflected in Fair
Value or Total
Compensation
0 0 0 0 0 0 0 0 0 0 0
Total Adjustments 30,133,416 4,581,299 48,975,386 5,387,924 16,926,701 3,447,459 671,076 4,576,160 (494,179) 3,543,182 743,846
Compensation Actually Paid
for Fiscal Year
37,060,165 6,800,415 63,766,172 12,305,551 23,274,493 5,224,395 5,815,515 7,895,313 1,330,122 11,157,235 2,721,255
       
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_capvstsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_capvsincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_capvsoperating-pn.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_capvstsr-pn.jpg]        
Tabular List, Table
Normalized Adjusted Operating Income
Normalized Adjusted EBITDA
Relative TSR
Adjusted Return on Invested Capital
GHG Reduction
       
Total Shareholder Return Amount $ 129.03 127.28 75.38 49.7 88.19
Peer Group Total Shareholder Return Amount 196.57 186.41 103.18 80.09 102.56
Net Income (Loss) $ 2,760,000,000 $ 1,916,000,000 $ (74,000,000) $ (6,093,000,000) $ (9,501,000,000)
Company Selected Measure Amount 4,396 3,556 1,887 (3,914) (1,684)
PEO Name Josh Weinstein        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted Operating Income        
Non-GAAP Measure Description
(7)
Adjusted Operating Income is a non-GAAP financial measure that represents operating income adjusted for gains and losses on ship sales, restructuring costs and certain other gains and losses that are not part of our core operating business.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 4          
Pay vs Performance Disclosure          
Name Return on Invested Capital        
Measure:: 5          
Pay vs Performance Disclosure          
Name GHG Reduction        
Josh Weinstein [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 18,887,776 $ 23,566,603 $ 13,808,603 $ 8,014,153
PEO Actually Paid Compensation Amount 37,060,165 63,766,172 23,274,493 7,895,313
Arnold Donald [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 0 0 11,144,435 15,063,788
PEO Actually Paid Compensation Amount 0 0 5,815,515 11,157,235
PEO | Josh Weinstein [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (11,961,027) (8,775,817) (7,460,811) (4,695,000)  
PEO | Josh Weinstein [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 30,133,416 48,975,386 16,926,701 4,576,160  
PEO | Josh Weinstein [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 26,427,768 23,129,206 14,167,138 4,965,000  
PEO | Josh Weinstein [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,115,452 25,775,751 2,664,917 (443,809)  
PEO | Josh Weinstein [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0  
PEO | Josh Weinstein [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (409,804) 70,429 94,646 54,969  
PEO | Josh Weinstein [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0  
PEO | Josh Weinstein [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0  
PEO | Arnold Donald [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (5,999,996) (7,449,735)
PEO | Arnold Donald [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       671,076 3,543,182
PEO | Arnold Donald [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       2,984,968 6,289,618
PEO | Arnold Donald [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (2,695,390) (2,925,955)
PEO | Arnold Donald [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       0 0
PEO | Arnold Donald [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       381,498 179,519
PEO | Arnold Donald [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       0 0
PEO | Arnold Donald [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,810,004) (1,369,984) (1,882,955) 0 (1,327,423)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,581,299 5,387,924 3,447,459 (494,179) 743,846
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,999,193 3,610,685 3,246,175 0 1,205,892
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 640,042 1,741,439 109,444 (578,848) (507,063)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (57,935) 35,799 91,840 84,669 45,018
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0 $ 0