Cruise and Tours Sector
Analyst Commentary
Perhaps the hardest hit sector out of any within travel. Cruise was the early epicenter of the COVID pandemic and came to a full halt for longer than most sectors. Tours too, were mostly shut down for many months. Even when they could re-open restrictions on international travel meant that many tour operators had to rethink their entire business models in a hard pivot from inbound to domestic travel.
This sector saw a HUGE rally in 2024. Cruise and Tours was the best performing sector in all of travel that year, and it wasn't even close. These stocks were up ~56% vs. the broad ST200 up 17% – almost 40 points of outperformance.
The sector started out 2025 strong as well, at one point up as much as 15%. But easy come, easy go. Perhaps burnt by past experience during COVID, investors have shied away from this sector at the first sign of economic concerns. It is now down ~10% YTD.
—Seth Borko, August 30, 2023
Stock Returns
Cruise and Tours Sector Performance
What am I looking at? The performance of cruise and tours sector stocks within the ST200.
How to read this chart: Calendar years are a common way of looking at stock returns. This is particularly helpful for the travel industry because it was so deeply affected by COVID-19 in 2020. Looking at post-pandemic years helps isolate that impact.
Cruise and Tours Price Returns by Year
What am I looking at? Annual price returns for the cruise and tours sector within the ST200 by calendar year.
How to read this chart: Calendar years are a common way of looking at stock returns. This is particularly helpful for the travel industry because it was so deeply affected by COVID-19 in 2020. Looking at post-pandemic years helps isolate that impact.
Sub-Sector Performance
Cruise and Tours Sub-Sector Indices
What am I looking at? The performance of the cruise and tours sub-sectors within the ST200
How to read this chart: The cruise and tours sector can be further divided into sub-sectors. This chart shows how each of these segments has performed relative to one another and helps us understanding what is driving broader airlines performance.
Cruise and Tours Sub-Sector Price Returns by Year
What am I looking at? Annual price returns for the cruise and tours sub-sectors within the ST200 by calendar year.
How to read this chart: Calendar years are a common way of looking at stock returns. This is particularly helpful for the travel industry because it was so deeply affected by COVID-19 in 2020. Looking at post-pandemic years helps isolate that impact.
Revenue
Cruise and Tours Sector Quarterly Revenue
What am I looking at? Divisor-Adjusted revenue for the cruise and tours sector by quarter. Note: We aren’t showing total dollars generated in sales by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted revenue is the equivalent of a company's revenue per share but aggregated for the sector.
How to read this chart: This chart shows how top-line sales are progressing for the cruise and tours sector in a way that lets us consistently track the sales trend from quarter to quarter.
Cruise and Tours Sector Quarterly Revenue Growth
What am I looking at? The percent change in cruise and tours sector quarterly revenue from the same period last year.
How to read this chart: The travel industry has sharp seasonality which makes sequential growth rates meaningless. Instead, this chart looks at year year-over-year changes in revenue. As we are always looking at changes relative to the same season (e.g. Q2 2023 vs. Q2 2022), this isolates seasonality and can help us understand how top-line growth rates are shaping up.
Cruise and Tours Sector Rolling 12 Month Revenue
What am I looking at? Divisor-adjusted revenue for the cruise and tours sector aggregated over a rolling 12 month period. Note: We aren’t showing total dollars generated in sales by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted revenue is the equivalent of a company's revenue per share but aggregated for the sector in a way that lets us consistently track the sales trend.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at revenue over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how top-line sales are trending.
Profits (EBITDA)
Cruise and Tours Sector Quarterly EBITDA
What am I looking at? Divisor-Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the cruise and tours sector by quarter. Note: We aren’t showing total dollars generated in profits by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted EBITDA is the equivalent of a company's EBITDA per share but aggregated for the sector.
How to read this chart: This chart shows how bottom-line profits are progressing for the cruise and tours sector in a way that lets us consistently track the profit trend from quarter to quarter.
Cruise and Tours Sector Quarterly EBITDA Growth
What am I looking at? the percent change in quarterly EBITDA from the same period last year.
How to read this chart: The travel industry has sharp seasonality which makes sequential growth rates meaningless. Instead this chart looks at year year-over-year changes in EBITDA. As we are always looking at changes relative to the same season (e.g. Q2 2023 vs. Q2 2022), this isolates seasonality and can help us understand how profit growth is shaping up.
Cruise and Tours Sector Rolling 12 Month EBITDA
What am I looking at? Divisor-adjusted EBITDA aggregated over a rolling 12 month period. Note: We aren’t showing total dollars generated in profits by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted EBITDA is the equivalent of a company's EBITDA per share but aggregated for the sector.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at EBTIDA over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how bottom-line profits are trending.
Profit Margins
Cruise and Tours Sector Quarterly EBITDA Profit Margin
What am I looking at? EBITDA margin by quarter.
How to read this chart: This chart shows how much operating profit was earned relative to the revenue they generated in the quarter.
Cruise and Tours Sector Rolling 12 Month EBITDA Profit Margin
What am I looking at? EBITDA margin for over a rolling 12 month period.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at EBTIDA margins over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how profit margin is trending.