Carnival Corporation & plc Earnings Recaps
Q4 2025
Dec 19, 2025
Carnival Corporation delivered record fourth-quarter revenue, yields, and EBITDA in 2025, with a remarkable 60% increase in net income year-over-year, marking a significant achievement in financial performance.
Key takeaways
- Achieved all-time high net income of over $3 billion, exceeding initial guidance by 30%.
- Full-year yield improvement exceeded 5.5%, driven by effective commercial execution.
- Operating margins and EBITDA margins rose by over 250 basis points year-over-year, with historical highs for operating income per ALBD.
- The company plans to reinstate dividends at $0.15 per quarter, reflecting strong cash generation and balance sheet improvements.
- Strong demand forecasts for 2026, with bookings at record levels and expectations for continued yield growth despite increased market capacity.