Cruise operator Carnival Corporation has announced its financial results for the full year 2025, reporting a net income of $2.8 billion.
The company recorded revenues of $26.6 billion and an operating income of $4.5 billion, which represents a 25 per cent increase over the previous year.
Following a period of suspended payments, the board of directors has approved the reinstatement of a quarterly dividend. An initial payment of $0.15 per share is scheduled for February 27, 2026, for shareholders of record as of February 13, 2026.
The company has reduced its total debt by approximately $10 billion over the last three years. The net debt to adjusted EBITDA ratio reached 3.4x by the end of 2025, a level recognised as investment grade by Fitch.
Carnival Corporation has also proposed a restructuring to unify its dual-listed framework. Under the proposal, the company would be listed solely on the New York Stock Exchange and move its legal incorporation from Panama to Bermuda.
The company expects 2026 adjusted net income to reach $3.5 billion. Current booking data indicates that approximately two-thirds of the 2026 capacity is already reserved at prices higher than those recorded in 2025.
Operational developments during the year included the addition of the Star Princess to the fleet and the ongoing modernisation of the Aida Luna as part of a brand-wide upgrade programme.
The company is also moving forward with the development of a new destination site in Mexico.