Carnival Corporation has reported financial results for the fourth quarter and full year 2025 and provided an outlook for the first quarter and full year 2026.

Key Highlights

• Full year net income of $2.8 billion with record adjusted net income¹ of $3.1 billion, up over 60 percent.
• Full year record revenues of $26.6 billion on record net yields¹ (in constant currency), outperforming guidance for the fourth time in 2025 due to strong close-in demand.
• All-time high full year operating income of $4.5 billion, up 25 percent compared to the prior year.
• Record full year adjusted EBITDA of $7.2 billion, up over $1 billion compared to the prior year.
• Adjusted return on invested capital (“ROIC”) exceeds 13 percent.
• Net debt to adjusted EBITDA ratio of 3.4x and recognized by Fitch as investment grade.
• Cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices (in constant currency¹).
• Full year 2026 adjusted net income expected to be $3.5 billion, surpassing record 2025 levels.
• Proposes unifying the dual-listed framework to streamline governance and reporting.

 

“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.

“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 record full year net yields (in constant currency) and adjusted net income increased more than 60 percent driven by strong demand that outpaced unit cost increases. The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5 percent, closing in on our 20-year high.”

“With our strengthened balance sheet, powerful and diverse portfolio of world-class cruise lines and exclusive destinations, we are well positioned to capitalize on a tremendous runway to continue driving yield improvement and exceptional returns. We look forward to delivering unforgettable happiness to our guests around the world and long-term value for our shareholders, for years to come,” Weinstein added.

Fourth Quarter 2025 Results

• Net income of $422 million, or $0.31 diluted EPS, up nearly 40 percent compared to 2024. Adjusted net income of $454 million, or $0.34 adjusted EPS¹, up over 140 percent compared to 2024 and outperforming September guidance by over $150 million led by strong close-in demand and effective cost management.
• Record adjusted EBITDA² of $1.5 billion with adjusted EBITDA margins¹ up nearly 300 basis points year over year.
• Record revenues² of $6.3 billion, up nearly $400 million compared to the prior year.
  • Gross margin yields were 16 percent higher than 2024.
  • Record net yields² (in constant currency) were 5.4 percent higher than 2024 and outperformed September guidance by 1.1 points.
• Cruise costs per available lower berth day (“ALBD”) increased 2.2 percent compared to 2024. Adjusted cruise costs excluding fuel per ALBD¹ (in constant currency) increased 0.5 percent compared to 2024, 2.7 points better than September guidance due to effective cost management and the timing of certain expenses between the years.
• Fuel consumption per ALBD decreased 5.6 percent compared to the prior year due to the company’s efforts and investments to continuously reduce the fuel consumption in its operations.
• Record customer deposits² of $7.2 billion surpassed the previous fourth quarter record at November 30, 2024.

 

Bookings

“Looking forward, we are well positioned to top 2025’s record yields. We remain at our highest booked occupancy for the upcoming year at about two-thirds booked at higher prices (in constant currency). In fact, we’re at historical high prices (in constant currency) for both North America and Europe,” Weinstein noted.

Over the last three months, we achieved record booking volumes for 2026 and 2027 sailings. In addition, strong booking volumes continued from Black Friday through Cyber Monday, even outpacing prior year’s robust levels, which is a favorable indicator for wave season,” Weinstein added.

2026 Outlook

For the full year 2026, the company expects:

• Adjusted net income up approximately 12 percent compared to record 2025 on less than one percent capacity growth.
• Net yields (in constant currency) up approximately 2.5 percent compared to record 2025 levels. Net yields (in constant currency) up approximately 3.0 percent after normalizing for the accounting treatment for Carnival Cruise Line’s new loyalty program and the impact of the close-in redeployment of first quarter voyages from the Arabian Gulf.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.25 percent compared to 2025. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.5 percent after normalizing for the partial year of operating expenses from Celebration Key, Grand Bahama and RelaxAway, Half Moon Cay and the timing of certain expenses between the years.

 

For the first quarter 2026, the company expects:

• Net yields (in constant currency) up approximately 1.6 percent compared to record 2025 levels, building on the 7.3 percent increase in 2025 compared to 2024. Net yields (in constant currency) up approximately 2.4 percent after normalizing for the impact of the close-in redeployment of voyages from the Arabian Gulf.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 5.9 percent compared to the first quarter 2025 and higher than the full year due to the timing of certain expenses between the quarters.

 

Successful Early Completion of Refinancing Plan Enables Dividend Reinstatement

“We have reached a meaningful turning point, surpassing the investment grade leverage metric threshold with a net debt to adjusted EBITDA ratio of 3.4x for 2025, representing a nearly one turn improvement from 2024 and successfully completing our $19 billion refinancing plan in less than a year,” commented Carnival Corporation & plc’s Chief Financial Officer David Bernstein.

“These efforts strengthened our balance sheet by simplifying our capital structure, reducing interest expense and debt, optimizing our future debt maturities and enhancing our financial flexibility. In total, we have reduced our debt by over $10 billion since our peak less than three years ago. These efforts and our strong continued operating performance, resulted in multiple credit rating upgrades throughout the year, culminating in reaching investment grade with Fitch and being one notch away with a positive outlook from S&P.”

Based on the company’s ability to generate sustainable cash flow, disciplined capital allocation strategy and strong financial position, the Boards of Directors today approved the reinstatement of the company’s quarterly dividend and declared an initial $0.15 per share dividend with a record date of February 13, 2026 and a payment date of February 27, 2026.

“This decision highlights confidence in our future performance and continued commitment to delivering value to shareholders,” Bernstein added.

During the quarter, the company successfully issued $1.25 billion of senior unsecured notes at 5.125 percent due in 2029. In addition, the company entered into two $250 million loans due 2027. The combined proceeds from these financings, together with cash on hand, were used to repay $2.0 billion of debt.

On December 5, 2025, the company redeemed its outstanding convertible notes and settled conversions during the related conversion period with a combination of $500 million in cash and 69 million common shares, 18 million fewer shares than would have been required for an all equity-settlement.