Earnings summaries and quarterly performance for CARNIVAL.
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
DK
David Katz
Jefferies Financial Group Inc.
9 questions for CCL
Also covers: AGS, BALY, BYD +34 more
James Hardiman
Citigroup
9 questions for CCL
Also covers: BC, CUK, CWH +14 more
RF
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
BC
Benjamin Chaiken
Mizuho Financial Group, Inc.
7 questions for CCL
Also covers: BYD, CHDN, CUK +14 more
MB
Matthew Boss
JPMorgan Chase & Co.
7 questions for CCL
Also covers: , AEO, ANF +38 more
SW
Steven Wieczynski
Stifel
7 questions for CCL
Also covers: BYD, CUK, CZR +11 more
SZ
Sharon Zackfia
William Blair & Company
6 questions for CCL
Also covers: BIRK, BJRI, BROS +16 more
Christopher Stathoulopoulos
Susquehanna Financial Group
5 questions for CCL
Also covers: AER, ALGT, ALK +8 more
LD
Lizzie Dove
Goldman Sachs
4 questions for CCL
Also covers: CAR, CZR, FUN +10 more
VC
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
PS
Patrick Scholes
Truist Financial Corporation
3 questions for CCL
Also covers: CHH, CUK, H +12 more
BC
Ben Chaiken
Mitsui
2 questions for CCL
Also covers: CHDN, DKNG, FUN +6 more
Chris Stathoulopoulos
Susquehanna
2 questions for CCL
Also covers: AER, CAR, LUV +1 more
JC
John Chu
BNP Paribas
2 questions for CCL
MB
Matt Boss
JPMorgan Chase & Co.
2 questions for CCL
Also covers: ANF, BURL, CPRI +10 more
SW
Steve Wieczynski
Stifel Financial Corp.
2 questions for CCL
Also covers: BYD, NCLH, VIK +1 more
Assia Georgieva
Infinity Research
1 question for CCL
Also covers: CUK, OSW, VIK
DP
Daniel Politzer
Wells Fargo
1 question for CCL
Also covers: BYD, CHDN, CHH +20 more
ED
Elizabeth Dove
Goldman Sachs
1 question for CCL
Also covers: ARMK, CAR, CHH +11 more
FW
Frederick Wightman
Wolfe Research, LLC
1 question for CCL
Also covers: BC, CUK, DOOO +9 more
JK
Jamie Katz
Morningstar, Inc.
1 question for CCL
Recent press releases and 8-K filings for CCL.
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.
4 days ago
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
4 days ago
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×.
4 days ago
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
4 days ago
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
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
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
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
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
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
Quarterly earnings call transcripts for CARNIVAL.
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