01—Abstract
Summary
Summary of the 10-K filed January 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Carnival Corporation & plc reported a strong financial performance for the fiscal year ending November 30, 2025, with record revenues of $26.6 billiona 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 billionb 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.
02—Key points
Key Highlights
- Record Revenues and Operating Income: Achieved $26.6 billion in revenues and $4.5 billion in operating income for FY2025, a significant increase from FY2024.
- Strengthened 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.
- Dividend Reinstatement: Reinstated the quarterly dividend, reflecting confidence in ongoing cash generation and financial health.
- Exclusive Destination Development: Launched Celebration Key and plans further expansions at other key destinations to enhance guest experiences.
- Sustainability Milestones: Achieved the 2030 greenhouse gas emission intensity reduction goal ahead of schedule.
- Dual-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.
- Record Customer Deposits: Ended FY2025 with record year-end customer deposits, up nearly 7% year-over-year, indicating strong forward demand.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed January 27, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $26.62B$25.02B | +6.4% |
| SG&A Expenses | $3.40B$3.25B | +4.6% |
| Operating Income | $4.48B$3.57B | +25.4% |
| Net Income | $2.76B$1.92B | +44.1% |
| EPS (Basic) | $2.10$1.50 | +40.0% |
| EPS (Diluted) | $2.02$1.44 | +40.3% |
| Shares Outstanding (Basic) | 1.31B1.27B | +3.0% |
| Shares Outstanding (Diluted) | 1.40B1.40B | +0.3% |
05—Questions
Frequently Asked Questions
What were Carnival Corporation's key financial achievements in fiscal year 2025?
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.
What is the company's outlook regarding shareholder returns and future investments?
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.
What are the key strategic initiatives Carnival Corporation is undertaking?
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.
What are the primary risks and uncertainties facing Carnival Corporation?
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.
06—Continue