10-KPeriod: FY2025

CARNIVAL CORP Annual Report, Year Ended Nov 30, 2025

Filed January 27, 2026For Securities:CCL

Summary

Carnival Corporation & plc reported a strong financial performance for the fiscal year ending November 30, 2025, with record revenues of $26.6 billion and operating income of $4.5 billion, marking a significant increase from the prior year. The company achieved its highest adjusted return on invested capital (ROIC) in 19 years and successfully executed a $19 billion refinancing plan, leading to a reduction of over $10 billion in total debt and surpassing investment grade leverage metrics. This financial strengthening has allowed for the reinstatement of the quarterly dividend, signaling management's confidence in future cash generation. The company is strategically investing in growth initiatives, including new exclusive destination developments like Celebration Key, and is enhancing its commercial strategies with AI integration for improved marketing and personalized guest experiences. Furthermore, Carnival Corporation & plc has made substantial progress on its sustainability goals, achieving its 2030 greenhouse gas emission intensity reduction target ahead of schedule. A significant corporate development is the proposed unification of its dual-listed company structure into a single entity, Carnival Corporation, listed solely on the NYSE, which is expected to streamline governance, reduce costs, and potentially increase liquidity.

Financial Highlights

46 data points
Beta

Revenue

$26.62B

Net Income

$2.76B

10.4% Net Margin

EPS (Diluted)

$2.02

Total Assets

$51.69B

Cash & Equivalents

$1.93B

Free Cash Flow

$2.61B

Financial Statements
Beta
Revenue$26.62B
SG&A Expenses$3.40B
Operating Income$4.48B
Net Income$2.76B
EPS (Basic)$2.10
EPS (Diluted)$2.02
Shares Outstanding (Basic)1.31B
Shares Outstanding (Diluted)1.40B

Key Highlights

  • 1Record Revenues and Operating Income: Achieved $26.6 billion in revenues and $4.5 billion in operating income for FY2025, a significant increase from FY2024.
  • 2Strengthened Balance Sheet and Debt Reduction: Successfully completed a $19 billion refinancing, reducing total debt by over $10 billion since its peak and surpassing investment grade leverage metrics.
  • 3Dividend Reinstatement: Reinstated the quarterly dividend, reflecting confidence in ongoing cash generation and financial health.
  • 4Exclusive Destination Development: Launched Celebration Key and plans further expansions at other key destinations to enhance guest experiences.
  • 5Sustainability Milestones: Achieved the 2030 greenhouse gas emission intensity reduction goal ahead of schedule.
  • 6Dual-Listed Company (DLC) Unification Proposal: Proposed to unify the dual-listed structure into a single entity, Carnival Corporation, listed on the NYSE, expected to simplify governance and operations.
  • 7Record Customer Deposits: Ended FY2025 with record year-end customer deposits, up nearly 7% year-over-year, indicating strong forward demand.

Frequently Asked Questions

Carnival Corporation & plc reported record revenues of $26.6 billion and record operating income of $4.5 billion in fiscal year 2025, a 25% increase compared to the prior year. The company also achieved its highest adjusted ROIC in 19 years and significantly strengthened its balance sheet by reducing total debt by over $10 billion since January 2023, while also surpassing its investment grade leverage metrics.

The company has reinstated its quarterly dividend, signaling confidence in its ability to generate consistent cash flow. Carnival plans to reinvest in its future by focusing on commercial excellence, a disciplined newbuild strategy, ship enhancement initiatives, and exclusive destination development. These efforts are aimed at increasing same-ship revenues, driving higher margins and returns, and creating long-term shareholder value.

Key strategic initiatives include the development and expansion of exclusive destinations like Celebration Key, the integration of AI to enhance marketing effectiveness and guest personalization, and the proposed unification of its dual-listed company structure into a single entity, Carnival Corporation, listed solely on the NYSE. This unification is expected to streamline governance, reduce administrative costs, and increase liquidity. The company is also continuing its commitment to sustainability goals, having already met its 2030 greenhouse gas emission intensity reduction target.

Carnival Corporation faces significant risks including global economic conditions, geopolitical instability, pandemics, adverse weather events, cybersecurity threats, and rising operational costs such as fuel. The company is also subject to evolving environmental regulations, particularly concerning greenhouse gas emissions, and risks associated with its proposed corporate structure unification and redomiciliation to Bermuda. Competitiveness within the cruise and broader leisure travel industry also poses a continuous challenge.