Perhaps no industry suffered more during the pandemic than the cruise industry. Due to lockdowns, cruise lines had to shut down for more than a year, leaving some investors to question the industry's ability to survive.

Indeed, Carnival (NYSE: CCL) had to take on massive debt to stay in business, as its debt ballooned from just over $12 billion in fiscal 2019 to nearly $36 billion by the end of fiscal 2022.

However, its dramatic recovery from the pandemic has forced me to change my negative outlook on Carnival stock. Here's why.

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Source Fool.com