Loading...
•
Nov 30, 2025
Carnival Q4 2025 Earnings Report
Carnival reported strong Q4 results with record revenue and significantly higher net income.
Key Takeaways
Carnival delivered a strong Q4 2025 performance, achieving record revenue of $6.3B and a 140% YoY increase in adjusted net income, driven by strong demand and cost control.
Revenue by Segment
Forward Guidance
Carnival expects another year of record performance in 2026 with increased adjusted net income and improved returns on invested capital.
Positive Outlook
- Adjusted net income expected to rise ~12% YoY in FY 2026
- Net yields forecasted to increase ~2.5% in constant currency
- ROIC expected to exceed 13.5%, approaching 20-year high
- Strong booking volumes for 2026 and 2027
- Balance sheet strengthened with net debt to EBITDA at 3.4x
Challenges Ahead
- Adjusted cruise costs excluding fuel per ALBD expected to rise ~3.25%
- First quarter 2026 costs expected to be higher due to timing of expenses
- Fuel expense projected at $1.63B for FY 2026
- Some voyage redeployments may impact Q1 yield normalization
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...