Carnival Corporation & plc Q4 2025 Earnings Recap

Carnival Corporation reported a record fourth quarter and full-year performance for 2025, highlighted by a 60% increase in net income, exceeding initial guidance and achieving historical highs across multiple financial metrics.

Key Takeaways

• Fourth quarter revenues, yields, and EBITDA reached all-time highs, contributing to over $3 billion in net income for the year, a record for the company.
• Full-year yields improved by more than 5.5%, outperforming guidance, driven by effective commercial strategies.
• Operating income per ALBD increased significantly, reflecting the highest margins in nearly two decades, supported by strong cost management.
• The company is approximately two-thirds booked for 2026, with booking volumes at record levels and customer deposits hitting an all-time year-end high, demonstrating robust demand.
• Carnival has resumed its dividend at a rate of $0.15 per quarter, signaling confidence in cash flow and ongoing balance sheet improvements, while focusing on share repurchases and future growth initiatives.