Business
Carnival Corporation 4Q 2025 Earnings
Carnival Corporation & plc reported record full-year 2025 adjusted net income of $3.1 billion on record revenues of $26.6 billion, exceeding guidance due to strong demand and cost management. The company achieved an all-time high operating income of $4.5 billion and record adjusted EBITDA of $7.2 billion, with a net debt to adjusted EBITDA ratio of 3.4x, meeting investment grade metrics. Looking ahead, Carnival expects full-year 2026 adjusted net income to reach $3.5 billion, with net yields projected to increase by approximately 2.5%. The company also announced the reinstatement of its quarterly dividend, with an initial payment of $0.15 per share, and is proposing to unify its dual-listed framework into a single company. Disclaimer*
About this update from Carnival Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n \n \n \n CARNIVAL CORPORATION & PLC ACHIEVES RECORD FULL YEAR ADJUSTED NET INCOME AND INVESTMENT GRADE LEVERAGE METRICS, REINSTATES DIVIDEND \n \n \n \n \n \n \n \n \n Outperforms guidance due to strong close-in demand and effective cost management\n \n \n \n \n MIAMI, Dec. 19, 2025 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced financial results for the fourth quarter and full year 2025 and provided an outlook for the first quarter and full year 2026.\n \n \n \n \n Key Highlights\n \n \n \n \n \n \n \n Full year net income of $2.8 billion with record adjusted net income\n \n \n 1\n \n \n of $3.1 billion, up over 60 percent.\n \n \n \n \n \n \n Full year record revenues of $26.6 billion on record net yields\n \n \n 1\n \n \n (in constant currency), outperforming guidance for the fourth time in 2025 due to strong close-in demand.\n \n \n \n \n \n \n All-time high full year operating income of $4.5 billion, up 25 percent compared to the prior year.\n \n \n \n \n \n \n Record full year adjusted EBITDA\n \n \n 1\n \n \n of $7.2 billion, up over $1 billion compared to the prior year. \n \n \n \n \n \n \n Adjusted return on invested capital\n \n \n 1\n \n \n (\"ROIC\") exceeds 13 percent.\n \n \n \n \n \n \n Net debt to adjusted EBITDA\n \n \n 1\n \n \n ratio of 3.4x and recognized by Fitch as investment grade.\n \n \n \n \n \n \n Cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices (in constant currency\n \n \n 1\n \n \n ).\n \n \n \n \n \n \n Full year 2026 adjusted net income expected to be $3.5 billion, surpassing record 2025 levels.\n \n \n \n \n \n \n Proposes unifying the dual-listed framework to streamline governance and reporting.\n \n \n \n \n \n \"2025 was a truly phenomenal year. We set new records across our business, achieved investment grade leverage metrics and, as announced just today, reinstated our dividend. These milestones reflect the collective strength of our cruise line portfolio and confidence in our long-term future,\" said Carnival Corporation & plc's Chief Executive Officer Josh Weinstein.\n \n \n \"Our global team's relentless focus on delivering amazing guest experiences while executing with discipline enabled us to outperform guidance for the fourth time this year. We had ...