Carnival Corporation & plc announced record adjusted net income of $3.1 billion for 2025, a 60 % year‑over‑year increase that tops the $1.85 billion figure previously cited. Total revenue reached $26.6 billion, while operating income hit an all‑time high of $4.5 billion. In the fourth quarter, net income was $422 million and diluted earnings per share were $0.34, beating the consensus estimate of $0.25 by $0.09 or 36 %. The company also reinstated its quarterly dividend at $0.15 per share, with a record date of February 13 2026 and a payment date of February 27 2026.
The results were driven by a combination of strong demand and disciplined cost management. Revenue growth was supported by higher occupancy and average daily rates across the company’s flagship brands, while the company maintained a favorable mix of high‑margin itineraries. Adjusted EBITDA margins expanded by roughly 300 basis points, reflecting pricing power and operational leverage. Net debt to adjusted EBITDA fell to 3.4×, a near‑one‑turn improvement from 2024, and the company completed a $19 billion refinancing program in less than a year, reducing interest expense and simplifying its capital structure.
Management guided for 2026 adjusted net income of approximately $3.5 billion, up from the $3.1 billion reported for 2025. The outlook signals confidence that demand will remain robust and that the company will continue to reduce leverage and improve cash‑flow generation. The guidance also reflects expectations of a steady rise in operating income and a modest increase in free cash flow, underscoring the firm’s focus on debt reduction and yield improvement.
CEO Josh Weinstein said the year was “a truly phenomenal one” and that the dividend reinstatement “reflects the collective strength of our cruise line portfolio and confidence in our long‑term future.” CFO David Bernstein added that the company’s “net debt to adjusted EBITDA ratio of 3.4×” demonstrates a “meaningful turning point” and that the refinancing “strengthened the balance sheet by simplifying the capital structure and reducing interest expense.”
Shares of Carnival rose more than 9 % in pre‑market trading on December 19, a reaction that analysts attribute to the dividend reinstatement and the achievement of investment‑grade leverage metrics. The market viewed the earnings beat and margin expansion as evidence of strong execution, while the modest revenue miss was largely overlooked in favor of the company’s improved financial health.
Additional context highlights Carnival’s plan to unify its dual‑listed structure into a single NYSE‑listed entity, a move expected to streamline governance and increase liquidity. The company also received credit rating upgrades, reaching investment grade with Fitch and a positive outlook from S&P, and has reduced debt by over $10 billion since the pandemic peak. These developments reinforce the company’s trajectory toward a more resilient balance sheet and a renewed focus on shareholder returns.
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