CARNIVAL (CCL) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for CARNIVAL.

Analyst Coverage

Research analysts who have asked questions during CARNIVAL earnings calls.

Brandt Montour

Barclays PLC

9 questions for CCL

Also covers: BALY, BYD, CHDN +23 more

David Katz

Jefferies Financial Group Inc.

9 questions for CCL

Also covers: AGS, BALY, BYD +37 more

James Hardiman

Citigroup

9 questions for CCL

Also covers: BC, CUK, CWH +14 more

Robin Farley

UBS

9 questions for CCL

Also covers: CHH, CUK, DKNG +17 more

Conor Cunningham

Melius Research

8 questions for CCL

Also covers: AAL, ABNB, ALGT +16 more

Benjamin Chaiken

Mizuho Financial Group, Inc.

7 questions for CCL

Also covers: BYD, CHDN, CUK +14 more

Matthew Boss

JPMorgan Chase & Co.

7 questions for CCL

Also covers: , AEO, ANF +39 more

Steven Wieczynski

Stifel

7 questions for CCL

Also covers: BYD, CUK, CZR +11 more

Sharon Zackfia

William Blair & Company

6 questions for CCL

Also covers: BIRK, BJRI, BRCB +17 more

Christopher Stathoulopoulos

Susquehanna Financial Group

5 questions for CCL

Also covers: AAL, AER, ALGT +9 more

Lizzie Dove

Goldman Sachs

4 questions for CCL

Also covers: CAR, CHH, CZR +13 more

Vince Ciepiel

Cleveland Research Company

4 questions for CCL

Also covers: CUK, NCLH, RCL +1 more

Jaime Katz

Morningstar

3 questions for CCL

Also covers: BC, CUK, DOOO +5 more

Patrick Scholes

Truist Financial Corporation

3 questions for CCL

Also covers: BYD, CHH, CUK +15 more

Ben Chaiken

Mitsui

2 questions for CCL

Also covers: BYD, CHDN, DKNG +11 more

Chris Stathoulopoulos

Susquehanna

2 questions for CCL

Also covers: AER, CAR, HTZ +4 more

John Chu

BNP Paribas

2 questions for CCL

Matt Boss

JPMorgan Chase & Co.

2 questions for CCL

Also covers: ANF, BURL, CPRI +11 more

Steve Wieczynski

Stifel Financial Corp.

2 questions for CCL

Also covers: BYD, FUN, NCLH +4 more

Assia Georgieva

Infinity Research

1 question for CCL

Also covers: CUK, OSW, VIK

Daniel Politzer

Wells Fargo

1 question for CCL

Also covers: BYD, CHDN, CHH +20 more

Elizabeth Dove

Goldman Sachs

1 question for CCL

Also covers: ARMK, CAR, CHH +12 more

Frederick Wightman

Wolfe Research, LLC

1 question for CCL

Also covers: BC, CUK, DOOO +9 more

Jamie Katz

Morningstar, Inc.

1 question for CCL

Latest news

Recent press releases and 8-K filings for CCL.

Carnival Corp enters DLC unification and redomiciliation agreement

CCL

M&A

Delisting/Listing Issues

On February 20, 2026 Carnival Corporation and Carnival plc agreed to unify their dual-listed company structure under Carnival Corporation and redomicile from Panama to Bermuda as “Carnival Corporation Ltd.” via a UK scheme of arrangement.
The DLC Unification and Redomiciliation are conditional on shareholder and UK court approval of the scheme, NYSE listing of new shares, SEC Form S-4 effectiveness, Bermuda Registrar approval and necessary antitrust/FDI clearances.
Early condition clearances include HSR early termination on January 29, 2026; German FDI approval on February 4, 2026; and Federal Cartel Office clearance on February 18, 2026.
The agreement sets a long stop date of December 31, 2026, after which it may be terminated if conditions remain unsatisfied or unwaived.
Post-scheme, new CCL shares will be issued and listed on the NYSE, Carnival plc ADSs will be delisted, DLC agreements will terminate, and employee share plans will be adjusted accordingly.

Feb 20, 2026, 9:22 PM

8-K

Carnival Corporation reports Q4 2025 results

CCL

Earnings

Guidance Update

Dividends

Delivered record Q4 and full-year results, with Q4 net income of $454 million (2.5× prior year) and full-year net income exceeding $3 billion (+60% yoy), while Q4 yields rose 5.4% year-over-year.
Reduced debt by over $10 billion since peak and reached an investment-grade net debt/EBITDA ratio of 3.4×, driving a projected $700 million improvement in net interest expense in 2026 vs 2023.
Issued 2026 guidance for ~3% normalized same-ship yield growth, 3.25% cruise costs ex-fuel per ALBD increase (2.5% normalized), and EBITDA > $7.6 billion, supporting an estimated $350 million uplift to net income.
Reinstated quarterly dividend at $0.15 per share and plans to delever further to below 3× net debt/EBITDA, with opportunistic share repurchases.
Achieved strong booking momentum, with two-thirds of 2026 capacity booked at historical high prices and record booking volumes for 2026 and 2027, underscoring demand resilience.

Dec 19, 2025, 3:00 PM

Transcript

Carnival Corporation & PLC reports Q4 2025 results

CCL

Earnings

Guidance Update

Dividends

Record FY 2025 adjusted net income of $3.1 billion and adj. ROIC over 13%, both highest in nearly 20 years
Q4 2025 outperformance: net yields +5.4% vs. 2024, adj. EBITDA $1.48 billion (vs. $1.34 billion guidance) and adj. net income $0.45 billion (vs. $0.30 billion guidance)
Net debt to adj. EBITDA improved to 3.4× (from 4.3× in 2024) and achieved a BBB– rating from Fitch in Q4 2025
FY 2026 guidance: adj. EBITDA of $7.63 billion, adj. net income $3.45 billion, diluted EPS $2.48 and >13.5% ROIC
Dividend reinstated at $0.15 per share with potential for opportunistic share buybacks

Dec 19, 2025, 3:00 PM

Presentation

Carnival delivers record Q4 and full-year 2025 results and provides 2026 guidance

CCL

Earnings

Guidance Update

Dividends

Carnival achieved record Q4 and full-year 2025 results, delivering over $3 billion in net income (up 60% YoY), full-year yields +5.5%, unit costs +2.6%, operating/EBITDA margins +250 bps, and ROIC >13%—the highest in 19 years.
Booking momentum remains strong with ~66% of 2026 capacity sold at historical high prices, record booking volumes for 2026/2027, onboard revenue per diem ahead of prior year, and year-end customer deposits +7% YoY.
2026 guidance calls for normalized same-ship yield growth of 3%, net cruise cost ex-fuel per ALBD up 3.25% (2.5% normalized), net income > $3.45 billion (+12% YoY), and EBITDA > $7.6 billion.
Carnival is resuming dividends at $0.15 per quarter, targeting net debt/EBITDA < 3× by end-2026 and retaining capacity for opportunistic share repurchases after achieving investment-grade leverage of 3.4×.

Dec 19, 2025, 3:00 PM

Transcript

Carnival announces record FY2025 adjusted net income, investment grade leverage, and dividend reinstatement

CCL

Earnings

Dividends

Guidance Update

Carnival reported record adjusted net income of $3.1 billion (up over 60%) and net income of $2.8 billion, alongside record revenues of $26.6 billion and operating income of $4.5 billion for 2025
Achieved record adjusted EBITDA of $7.2 billion, an adjusted ROIC above 13%, and reduced net debt to adjusted EBITDA to 3.4x, earning Fitch investment grade status
Boards reinstated a $0.15 per share quarterly dividend, with a record date of February 13, 2026 and payment on February 27, 2026
Issued 2026 outlook forecasting $3.5 billion in adjusted net income (≈12% growth) and net yields up ~2.5% on minimal capacity increase

Dec 19, 2025, 2:15 PM

Press Release

Carnival Corporation closes $1.25 B 5.125% senior notes offering

CCL

Debt Issuance

Carnival closed a $1.25 billion private offering of 5.125% senior unsecured notes due May 1, 2029, with interest payable semi-annually from May 1, 2026.
Proceeds, together with cash on hand, will redeem $2.0 billion of 6.000% senior unsecured notes due 2029 on November 1, 2025, at 101.5% of principal plus accrued interest.
The notes are unsecured, jointly guaranteed by Carnival plc and certain subsidiaries, and governed by an indenture featuring investment-grade-style covenants.
Offered under Rule 144A to qualified institutional buyers and under Regulation S to non-U.S. investors; the notes are unregistered under the Securities Act.

Oct 15, 2025, 8:05 PM

Press Release

Carnival Corp announces pricing of $1.25 B 5.125% senior unsecured notes offering

CCL

Debt Issuance

On September 30, 2025, Carnival Corporation priced a private offering of $1.25 billion aggregate principal amount of 5.125% senior unsecured notes due May 1, 2029.
The company will use the proceeds, together with cash on hand, to redeem $2.0 billion of 6.000% senior unsecured notes due 2029.
The Notes will pay interest semi-annually on May 1 and November 1, beginning May 1, 2026.
The offering is expected to close on October 15, 2025, subject to customary closing conditions.

Sep 30, 2025, 9:08 PM

8-K

Carnival prices $1.25B 5.125% senior unsecured notes offering

CCL

Debt Issuance

Carnival Corporation priced a private offering of $1.25 billion aggregate principal of 5.125% senior unsecured notes due May 1, 2029, expected to close October 15, 2025.
Proceeds, together with cash on hand, will be used to redeem $2.0 billion of 6.000% senior unsecured notes due 2029 to reduce interest expense.
The notes will pay interest semi-annually on May 1 and November 1, beginning May 1, 2026, are unsecured and fully guaranteed by Carnival plc and certain subsidiaries.
The indenture features investment-grade style covenants and the offering is made to qualified institutional buyers under Rule 144A and Regulation S.

Sep 30, 2025, 8:05 PM

Press Release

Carnival Corp launches senior unsecured notes offering

CCL

Debt Issuance

Carnival Corporation & plc commenced a private offering of $1.25 billion in new senior unsecured notes due 2029.
The proceeds, together with cash on hand, will be used to fully redeem the existing $2.0 billion 6.000% senior unsecured notes due 2029, with the goal of reducing interest expense.
The new notes’ indenture is expected to include investment grade-style covenants.
The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, and will not be registered under the Securities Act.

Sep 30, 2025, 12:39 PM

8-K

Carnival Corporation launches $1.25B senior unsecured notes offering

CCL

Debt Issuance

Carnival Corporation & plc commenced a private offering of $1.25 billion senior unsecured notes maturing in 2029.
The company plans to use the proceeds, along with cash on hand, to fully redeem its $2.0 billion 6.000% senior unsecured notes due 2029.
The new notes will feature investment grade–style covenants and are being offered under Rule 144A and Regulation S to qualified institutional and non-U.S. investors.
These notes are not registered under the Securities Act and may only be sold to qualified institutional buyers in the U.S. and non-U.S. investors under applicable exemptions.

Sep 30, 2025, 12:30 PM

Press Release