Carnival Corporation Restores Dividends Following Record 2025 Financial Performance
Miami, Saturday, 20 December 2025.
Driven by a record $3.1 billion in adjusted net income, Carnival has reinstated its dividend, signaling a definitive financial turnaround and strong momentum for 2026.
Dividend Reinstatement Signals Recovery Milestone
Carnival Corporation & plc (CCL) has officially marked the completion of its post-pandemic financial recovery by announcing the reinstatement of its quarterly dividend on December 18, 2025 [1][2]. The Board of Directors declared a dividend of $0.15 per share, payable on February 27, 2026, to shareholders of record as of February 13, 2026 [2][4]. This return of capital to shareholders follows a fiscal year defined by record-breaking performance, including an all-time high adjusted net income of $3.1 billion for the full year 2025, representing a surge of over 60% compared to the prior year [1]. CEO Josh Weinstein characterized 2025 as a “phenomenal year,” noting that the company achieved investment-grade leverage metrics while setting new operational records across its portfolio [1][2].
Q4 Earnings Beat Expectations
For the fourth quarter ended November 30, 2025, the cruise operator reported adjusted earnings per share (EPS) of $0.34, significantly outperforming Wall Street predictions [1]. The result beat the analyst consensus estimate of $0.25 by $0.09 per share [3][5]. Net income for the quarter climbed to $422 million, a substantial increase of 39.274 percent from the $303 million recorded in the same period of 2024 [2]. While the company achieved record fourth-quarter revenues of $6.33 billion, this figure fell slightly short of analyst projections by approximately $43 million [3][4]. Despite the marginal revenue miss, the strong profitability highlights the company’s effective yield management and cost discipline [1].
Balance Sheet Strengthening and Corporate Unification
A central pillar of Carnival’s turnaround has been its aggressive approach to deleveraging. The company has successfully reduced its debt burden by over $10 billion since its peak less than three years ago [1][2]. This fiscal discipline has improved the net debt to adjusted EBITDA ratio to 3.4x for 2025, a threshold that aligns with investment-grade requirements [2]. CFO David Bernstein described this achievement as a “meaningful turning point,” emphasizing the completion of a $19 billion refinancing plan in less than a year [2]. Concurrently, the company is moving to streamline its corporate governance by proposing the unification of its dual-listed framework into a single entity, Carnival Corporation, with shareholder meetings to consider the change scheduled for April 2026 [1][4].
2026 Financial Outlook
Looking toward the future, management remains optimistic about sustaining this momentum. Carnival forecasts a full-year 2026 adjusted net income of approximately $3.5 billion, representing a projected increase of roughly 12% over 2025 [1][2]. The company enters the new fiscal year with a cumulative advanced booked position that aligns with the record levels seen in 2025, achieved at historically high prices [2][4]. Management anticipates that net yields will rise by approximately 2.5% in 2026, further supporting the trajectory for double-digit earnings growth [1].
Summary
Carnival Corporation’s reinstatement of dividends and reduction of debt by over $10 billion underscore a definitive return to financial stability. With 2026 bookings holding strong at record pricing levels and a simplified corporate structure proposed for April 2026, the company is strategically positioned to capitalize on the robust demand for leisure travel [1][2].