CARNIVAL (CCL) Company Report

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

Carnival reports Q3 2025 earnings with record profitability

CCL

Earnings

Guidance Update

Debt Issuance

Record Q3 net income of $2.0 billion, driven by 4.6% same-ship yield growth and 1.5-point cost outperformance; ROIC of 13% and net debt/EBITDA at 3.6×, prompting a third full-year guidance raise
2026 capacity set to grow 0.8%, with ~50% of sailings already booked at higher prices; new Carnival Rewards loyalty program and island destination openings will modestly impact yields (-0.5 pp) and costs (-1.5 pp)
Convertible note redemption on December 5 will use $500 million cash and equity, reducing net debt by $600 million and lowering diluted share count by 13 million shares for 2026
Continued deleveraging: $4.6 billion of unsecured financings repaid >$5 billion of debt, cut secured debt by $2.5 billion, and refinanced $11 billion since January, targeting sub-3× net debt/EBITDA and investment-grade status

Sep 29, 2025, 2:00 PM

Transcript

Carnival achieves record Q3 2025 earnings and raises 2025 outlook

CCL

Earnings

Guidance Update

Debt Issuance

Delivered all-time high Q3 adjusted net income of $2.0 B, with record revenues, net yields up 4.6% (constant currency), and adjusted EBITDA of $3.0 B, on 2.5% lower capacity vs. Q3 2024.
Raised full-year 2025 guidance: net yields +5.3% vs 2024, adjusted EBITDA $7.1 B, adjusted net income $2.9 B, and adjusted EPS $2.14.
Achieved record customer deposits, up ~45% vs. Q3 2019, and booked nearly 50% of 2026 sailings at historical high prices.
Strengthened balance sheet via €1.0 B (4.125% 2031) and $3.0 B (5.75% 2032) note issuances, repaid >$5 B of debt, cut secured debt to $3.1 B, with net debt/EBITDA projected at 3.6x by YE 2025; credit ratings upgraded by Fitch, S&P, and Moody’s.

Sep 29, 2025, 2:00 PM

Presentation

Carnival reports record Q3 profit, raises 2025 income guidance

CCL

Earnings

Guidance Update

Carnival Corporation reported record-high Q3 net income of $1.86 billion, up 6.9% year-over-year, driven by strong demand and increased onboard spending.
Third-quarter revenue reached $8.15 billion, a 5.8% increase, marking the tenth consecutive quarter of record revenues.
Raised full-year adjusted net income guidance by 55%, reflecting confidence from strong booking trends with nearly half of 2026 bookings secured at historic prices.
Maintains robust liquidity with $6.3 billion available and $8.7 billion in undrawn export credit facilities to fund ship deliveries through 2033.

Sep 29, 2025, 1:39 PM

Bloomberg

Carnival reports record third quarter 2025 results

CCL

Earnings

Guidance Update

Debt Issuance

Carnival achieved an all-time high net income of $1.9 billion and adjusted net income of $2.0 billion in Q3 2025, driven by strong yields and cost management.
The company delivered record revenues of $8.2 billion for the tenth consecutive quarter, with net yields up 4.6% in constant currency.
Carnival raised its full‐year 2025 adjusted net income guidance to be up nearly 55% year over year, marking the third upward revision this year.
During the quarter, the company refinanced $4.5 billion of debt and prepaid an additional $0.7 billion, simplifying its capital structure.

Sep 29, 2025, 1:15 PM

Press Release

Carnival completes redemption of remaining $322 million 5.750% senior notes due 2027

CCL

Carnival Corporation & plc redeemed the remaining $322 million of its 5.750% senior unsecured notes due 2027, eliminating the last outstanding balance on this debt series.
The redemption is intended to strengthen the balance sheet, optimize capital structure and reduce interest expense as part of efforts to regain investment-grade ratings.
CFO David Bernstein called the move a “confident step in our journey to rebuild our investment-grade balance sheet and reduce our interest expense”.

Aug 29, 2025, 8:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CARNIVAL.

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