Carnival Corporation & PLC (CCL) 2023 Financial Results Summary
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CARNIVAL CORPORATION & PLC (CCL) Q4 2025 Financial Results Summary
On December 19, 2025, Carnival Corporation & plc announced its financial results for the fourth quarter and the full year of 2025. Below is a summary of the key financial highlights from the report.
Key Highlights
- Full Year Performance:
- Net Income: $2.8 billion, with record adjusted net income of $3.1 billion, marking an increase of over 60% compared to the previous year.
- Revenues: Record revenues of $26.6 billion driven by strong demand, surpassing guidance for the fourth time this year.
- Operating Income: Reached an all-time high of $4.5 billion, up 25% year-over-year.
- Adjusted EBITDA: Record adjusted EBITDA of $7.2 billion, an increase of over $1 billion from the prior year.
- Adjusted Return on Invested Capital (ROIC): Exceeded 13%.
- Net Debt to Adjusted EBITDA Ratio: At 3.4x, acknowledged as investment grade by Fitch.
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Bookings: Cumulative advanced bookings for 2026 maintained record levels at historically high prices.
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Quarterly Performance (Q4 2025):
- Net Income: $422 million, or $0.31 diluted EPS, representing a nearly 40% increase from Q4 2024.
- Adjusted Net Income: $454 million, or $0.34 adjusted EPS, up over 140% year-over-year.
- Adjusted EBITDA: Record $1.5 billion, with adjusted EBITDA margins up nearly 300 basis points compared to Q4 2024.
- Revenues: Total revenues of $6.3 billion, up nearly $400 million from Q4 2024.
- Gross Margin Yields: Up 16% from the same quarter last year.
- Record Net Yields (in constant currency): Increased by 5.4% compared to Q4 2024, surpassing previous guidance by 1.1 points.
- Cruise Costs:
- Cruise costs per available lower berth day (ALBD) rose 2.2% compared to the prior year.
- Adjusted cruise costs excluding fuel per ALBD increased only 0.5%, improving by 2.7 points against prior guidance.
- Fuel Consumption: Decreased by 5.6% year on year, demonstrating effective efforts to reduce fuel usage.
- Record Customer Deposits: Reached $7.2 billion, surpassing the previous record from Q4 2024.
Dividend and Share Repurchase
- The company announced the reinstatement of its quarterly dividend, declaring an initial dividend of $0.15 per share. The record date for this dividend is set for February 13, 2026, with a payment date of February 27, 2026.
2026 Outlook
For the full year 2026, Carnival Corporation anticipates:
– Adjusted Net Income: Expected to rise approximately 12% relative to the record levels of 2025.
– Net Yields (in constant currency): Expected to increase by approximately 2.5% compared to 2025.
– Adjusted Cruise Costs: Excluding fuel, projected to increase by approximately 3.25% compared to the previous year.
For Q1 2026, the expectations include:
– Net Yields: Anticipated increase of about 1.6% compared to the first quarter of 2025.
– Adjusted Cruise Costs (excluding fuel per ALBD): Expected to grow by about 5.9% relative to Q1 2025.
Strategic Developments
- Carnival is proposing the unification of its dual-listed corporate structure, aiming to simplify governance, enhance liquidity, and reduce administrative costs.
- The company has successfully conducted a $19 billion refinancing plan, strengthening its balance sheet and achieving significant credit rating upgrades.
Recent Corporate Initiatives
- Ongoing development of new destinations and fleets, including partnerships with notable figures in the entertainment industry to enhance guest experiences.
- The company continues to implement sustainable practices by modernizing its fleet and diversifying destination offerings.
This summary reflects Carnival Corporation & plc’s solid performance and favorable outlook, emphasizing its operational strength and strategic positioning for continued growth in the coming years.
| Three Months Ended November 30, | Twelve Months Ended November 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Passenger ticket | $ 4,053 | $ 3,854 | $ 17,419 | $ 16,463 |
| Onboard and other | $ 2,277 | $ 2,084 | $ 9,202 | $ 8,558 |
| Total Revenues | $ 6,330 | $ 5,938 | $ 26,622 | $ 25,021 |
| Cruise and tour operating expenses: | ||||
| Commissions, transportation and other | $ 728 | $ 721 | $ 3,331 | $ 3,232 |
| Onboard and other | $ 663 | $ 634 | $ 2,816 | $ 2,678 |
| Payroll and related | $ 673 | $ 653 | $ 2,589 | $ 2,464 |
| Fuel | $ 425 | $ 461 | $ 1,808 | $ 2,007 |
| Food | $ 375 | $ 358 | $ 1,499 | $ 1,457 |
| Other operating | $ 1,046 | $ 1,005 | $ 3,904 | $ 3,801 |
| Total Cruise and tour operating expenses | $ 3,910 | $ 3,833 | $ 15,947 | $ 15,638 |
| Selling and administrative expense | $ 959 | $ 886 | $ 3,402 | $ 3,252 |
| Depreciation and amortization expense | $ 727 | $ 659 | $ 2,790 | $ 2,557 |
| Operating Income | $ 735 | $ 561 | $ 4,483 | $ 3,574 |
| Interest income | $ 17 | $ 16 | $ 51 | $ 93 |
| Interest expense, net of capitalized interest | $ -315 | $ -403 | $ -1,349 | $ -1,755 |
| Debt extinguishment and modification costs | $ -43 | $ -1 | $ -409 | $ -79 |
| Other income (expense), net | $ 10 | $ 117 | $ -4 | $ 83 |
| Income Before Income Taxes | $ 404 | $ 290 | $ 2,772 | $ 1,915 |
| Income tax benefit (expense), net | $ 18 | $ 13 | $ -12 | $ 1 |
| Net Income (Loss) | $ 422 | $ 303 | $ 2,760 | $ 1,916 |
| Earnings Per Share | ||||
| Basic | $ 0.32 | $ 0.23 | $ 2.10 | $ 1.50 |
| Diluted | $ 0.31 | $ 0.23 | $ 2.02 | $ 1.44 |
| Weighted-Average Shares Outstanding – Basic | 1,313 | 1,300 | 1,312 | 1,274 |
| Weighted-Average Shares Outstanding – Diluted | 1,403 | 1,399 | 1,402 | 1,398 |
| ASSETS | November 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents | $ 1,928 | $ 1,210 |
| Trade and other receivables, net | $ 678 | $ 590 |
| Inventories | $ 505 | $ 507 |
| Prepaid expenses and other | $ 1,108 | $ 1,070 |
| Total current assets | $ 4,219 | $ 3,378 |
| Property and Equipment, Net | $ 43,494 | $ 41,795 |
| Operating Lease Right-of-Use Assets, Net | $ 1,328 | $ 1,368 |
| Goodwill | $ 579 | $ 579 |
| Other Intangibles | $ 1,177 | $ 1,163 |
| Other Assets | $ 890 | $ 775 |
| $ 51,687 | $ 49,057 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities | ||
| Current portion of long-term debt | $ 2,603 | $ 1,538 |
| Current portion of operating lease liabilities | $ 175 | $ 163 |
| Accounts payable | $ 1,245 | $ 1,133 |
| Accrued liabilities and other | $ 2,239 | $ 2,358 |
| Customer deposits | $ 6,831 | $ 6,425 |
| Total current liabilities | $ 13,092 | $ 11,617 |
| Long-Term Debt | $ 24,037 | $ 25,936 |
| Long-Term Operating Lease Liabilities | $ 1,178 | $ 1,239 |
| Other Long-Term Liabilities | $ 1,097 | $ 1,012 |
| Shareholders’ Equity | ||
| Carnival Corporation common stock, $0.01 par value; 1,960 shares authorized; 1,298 shares issued at 2025 and 1,294 shares issued at 2024 | $ 13 | $ 13 |
| Carnival plc ordinary shares, $1.66 par value; 217 shares issued at 2025 and 2024 | $ 361 | $ 361 |
| Additional paid-in capital | $ 17,267 | $ 17,155 |
| Retained earnings | $ 4,817 | $ 2,101 |
| Accumulated other comprehensive income (loss) | $ -1,810 | $ -1,975 |
| Treasury stock, 131 shares at 2025 and 130 shares at 2024 of Carnival Corporation and 72 shares at 2025 and 73 shares at 2024 of Carnival plc, at cost | $ -8,364 | $ -8,404 |
| Total shareholders’ equity | $ 12,284 | $ 9,251 |
| $ 51,687 | $ 49,057 | |