Unidentified Host
Investor Relations
Replay available
Carnival Corporation Ltd. Common Shares (CCL) Q4 2025 Earnings Call
Carnival Corporation Ltd. Common Shares (NYSE: CCL) Q4 2025 earnings conference call, held 2025-12-19. Replay captured from the company's public earnings webcast.
Hosted by
Featured presenters
Josh Weinstein
CEO
David Bernstein
CFO
Robin Farley
Analyst, UBS
Brant Montour
Analyst, Barclays
Matthew Boss
Analyst, J.P. Morgan
Steve Wozinski
Analyst, Stifel
Ben Chagan
Analyst, Mizuho Securities
Investor webinar replay
Watch the replay and follow the connected company analysis, news, and investor updates for Carnival Corporation Ltd..
Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:05.499 Earnings Conference call. I'm joined today by our CEO, Josh Weinstein, our CFO, 00:00:05.499 -- 00:00:08.904 David Bernstein, and our Chair, Mickey Erson. 00:00:08.904 -- 00:00:13.250 Before we begin, please note that some of our remarks on this call will be forward-looking. 00:00:13.250 -- 00:00:17.797 Therefore, I will refer you to today's press release and our filings with the SEC for 00:00:17.797 -- 00:00:20.818 additional information on 00:01:28.760 -- 00:01:34.085 operating income, and EBITDA, we achieved these record results in 00:01:34.085 -- 00:01:37.548 each and every quarter of the year and for the full year. 00:01:37.548 -- 00:01:39.389 2025 00:01:39.389 -- 00:01:43.112 was clearly another step change forward for us. 00:01:43.112 -- 00:01:48.337 We delivered over $3 billion to the bottom line, a 60% increase 00:01:48.337 -- 00:01:49.998 over 2024, 00:01:49.998 -- 00:01:53.942 and an all-time high net income for our company. 00:01:53.942 -- 00:01:58.291 This was over 30% greater than our initial guidance. 00:01:58.291 -- 00:02:03.477 Full year yields improved more than 5.5% over last year and 00:02:03.477 -- 00:02:08.963 topped our initial guidance by almost a point and a half driven by successful commercial 00:02:08.963 -- 00:02:14.189 execution across our industry leading cruise lines and all while absorbing 00:02:14.189 -- 00:02:19.174 the heightened volatility we encountered periodically throughout the year. 00:02:19.174 -- 00:02:25.361 We also brought unit costs in over a point better than initial guidance at a 2.6% 00:02:25.361 -- 00:02:30.711 increase for the year. with successful cost management mitigating inflation, 00:02:30.711 -- 00:02:36.624 higher dry dock expenses, and the inclusion of costs for our amazing...