Carnival Corporation has reported full year net income of €2.38bn with adjusted net income of €2.635bn.
Full year revenues reached €22.61bn on record net yields in constant currency. Operating income hit €3.825 billion up 25pc from prior year. Adjusted EBITDA totalled €6.12 billion up over €850m from prior year. Adjusted return on invested capital exceeded 13pc with net debt to adjusted EBITDA ratio at 3.4x.
Josh Weinstein shared “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.”
“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 60pc 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 13.5pc, 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. 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.” 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.”
“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 €16.15 billion refinancing plan in less than a year.”
David Bernstein shared “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 €8.5 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.”
“This decision highlights confidence in our future performance and continued commitment to delivering value to shareholders.”
