Carnival Corp Reports Record $3.1 Billion Net Income

By Chris Stiles • Friday, December 19 15:28 • Permanent Link

Carnival Corporation & plc has achieved record full-year adjusted net income of $3.1 billion, up over 60 percent from the previous year. The company's full-year net income reached $2.8 billion, and it reported all-time high full-year operating income of $4.5 billion, representing a 25 percent increase compared to the prior year. Carnival Corporation & plc also saw a record full-year adjusted EBITDA of $7.2 billion, up over $1 billion compared to the prior year.

In the fourth quarter of 2025, the company reported a net income of $422 million, or $0.31 diluted EPS, which is up nearly 40 percent compared to the same period in 2024. Adjusted net income for the fourth quarter was $454 million, or $0.34 adjusted EPS, up over 140 percent compared to 2024.

The company's cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices in constant currency. The full year 2026 adjusted net income is expected to be $3.5 billion, surpassing record 2025 levels.

Carnival Corporation & plc also announced the reinstatement of its quarterly dividend, with an initial $0.15 per share dividend declared, indicating confidence in the company's future performance and commitment to delivering value to shareholders.

The company's successful early completion of its refinancing plan enabled the dividend reinstatement, and it has strengthened its balance sheet by simplifying its capital structure and reducing interest expense and debt.

Looking forward to 2026, the company expects adjusted net income to increase approximately 12 percent compared to the record 2025 levels on less than one percent capacity growth. Net yields in constant currency are projected to increase approximately 2.5 percent compared to record 2025 levels.

Carnival Corporation & plc also proposed unifying the dual-listed framework to streamline governance and reporting, creating a single global share price, and shifting its legal incorporation from Panama to Bermuda.

As a result of these announcements, the company's shares have moved 8.52% on the market, and are now trading at a price of $30.755. For the full picture, make sure to review CARNIVAL CORP's 8-K report.

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