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Company Research20 Mar 2024
Companies That Had Their IPO in 1987: From Optimism to Black Monday
An overview of 1987's IPO landscape and stock market sentiment, as conditions turned from unabridged optimism to panic in the wake of Black Monday.
Carnival (CCL) investor relations material
Carnival Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Dec, 2025
Executive summary
Achieved record full-year adjusted net income of $3.1 billion, up over 60% year-over-year, with net income exceeding $3 billion and adjusted ROIC over 13%, the highest in nearly 20 years.
Delivered record revenues, yields, operating income, and EBITDA for 2025, outperforming guidance for both the fourth quarter and full year.
Reinstated quarterly dividend at $0.15 per share and initiated share repurchases, reflecting strong cash flow and investment grade leverage metrics.
Announced plans to unify dual-listed structure and redomicile to Bermuda, with shareholder meetings planned for April and completion targeted for Q2 2026.
Welcomed new ship Star Princess and received multiple industry awards for service, itineraries, and marketing.
Financial highlights
Full-year adjusted EBITDA reached a record $7.2 billion, exceeding guidance by about $600 million, with operating and EBITDA margins up over 250 basis points year-over-year.
Fourth quarter 2025 net income was $454 million, nearly 2.5x prior year and $154 million above guidance.
Record customer deposits of $7.2 billion at year-end, up 7% year-over-year.
ROIC exceeded 13%, the highest in 19 years.
Set all-time high revenues of $26.6 billion and operating income of $4.5 billion.
Outlook and guidance
2026 adjusted net income expected to rise 12% to $3.5 billion, with adjusted EBITDA forecasted at $7.63 billion.
Net yields projected up 2.5% (3.0% normalized) for 2026, marking the fourth consecutive year of low- to mid-single-digit per diem growth.
Unit cost growth guided at 3.25% for 2026, with normalized net cruise cost ex-fuel per ALBD up about 2.5%.
Targeting net debt to EBITDA ratio under 3x by year-end 2026, even with four dividend payments.
Capacity growth for 2026 expected to be less than 1%.
How will unification impact US stock index weighting?
What specific levers drive 2026 yield growth?
Future capital allocation priorities?
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Q1 202620 Mar, 2026
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Frequently asked questions
All Aboard
Carnival Corporation, a name synonymous with cruises, is one of the industry leaders in leisure travel. Operating a fleet of ships that sail to hundreds of ports across the world, the company has for many consumers become synonymous with relaxation, entertainment, and adventure on the high seas. The company today operates under multiple brands offering varied cruise experiences with itineraries and activities catering to a wide range of consumers.
Charting the Course of Carnival’s History
The story of Carnival Corporation began in 1972 when Ted Arison started Carnival Cruise Line with just one ship, the Mardi Gras. This vessel would embark on its maiden voyage, setting the course for a company that would soon grow to become a force to be reckoned with within oceanic travel. Over the decades, Carnival expanded its operations, acquiring other cruise lines and establishing a family of brands providing lots of options for consumers.
Cruising the High Seas
Carnival Corporation’s offerings are expansive and cater to a broad audience. The company operates under multiple brands, including Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn, to name a few. Each brand has its unique flavor and appeal. From the family-friendly adventures onboard Carnival Cruise Line with its activities and entertainment options to the premium experiences on Holland America Line with its gourmet dining and luxury accommodations, there's an experience for every traveler. Whether it's the allure of exploring remote Alaskan landscapes or the romance of the Mediterranean's historic ports Carnival crafts itineraries and onboard experiences ensure there is something for all guests to do.
Navigating the Waters Today
In current operations, Carnival Corporation and its 90 ships sail to over 700 ports worldwide, covering nearly every corner of the globe. From the azure waters of the Caribbean to the icy vistas of Antarctica, Carnival's ships traverse diverse routes, introducing travelers to new cultures, cuisines, and landscapes. Carnival is one of the largest cruise ship companies in the world, together with Royal Caribbean and Norwegian.
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