Carnival Corporation & plc Reports Record Full Year Adjusted Net Income and Reinstates Dividend

Carnival Corporation & plc announced strong financial results for the full year 2025, achieving a record adjusted net income of $3.1 billion on record revenues of $26.6 billion. The company also reported a record full year operating income of $4.5 billion and adjusted EBITDA of $7.2 billion. These results outperformed guidance due to robust close-in demand and effective cost management. The company's net debt to adjusted EBITDA ratio improved to 3.4x, achieving investment grade leverage metrics. Looking ahead, Carnival expects full year 2026 adjusted net income to reach $3.5 billion, with net yields projected to increase by approximately 2.5%. The company also announced the reinstatement of its quarterly dividend, with an initial payment of $0.15 per share. Furthermore, Carnival is proposing to unify its dual-listed corporate structure into a single entity, Carnival Corporation, to streamline governance and reduce costs, with a planned legal reincorporation in Bermuda.