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Carnival (CCL) FY2025 results: revenue $26.6 billion, up 6.4% on the year

Carnival Corp. Ltd. (CCL) reported revenue of $26.6 billion for fiscal 2025, the year ended 30 November 2025, up 6.4% on the year before. Net income was $2.8 billion, up 44.1%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2026.

Revenue
$26.6 billion
+6.4% on the year
FY2018FY2025
Operating margin
16.8%
14.3% a year earlier
FY2018FY2025
Net income
$2.8 billion
+44.1% on the year
FY2018FY2025
Diluted EPS
$2.02
+40.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 24 new.

  • Record full-year operating income and adjusted income: Full-year operating income reached an all-time high of $4.5 billion, up 25 percent. Full-year net income was $2.8 billion and adjusted net income was $3.1 billion.
  • Fourth-quarter adjusted EPS above September guidance: Fourth-quarter net income was $422 million, or $0.31 diluted EPS. Adjusted EPS was $0.34, with adjusted net income $150 million above September guidance.
  • Net yields at record, above guidance: Fourth-quarter net yields were 5.4 percent higher than 2024 in constant currency and 1.1 points above September guidance. Full-year net yields were at record levels.
  • Two-thirds of 2026 booked at higher prices: About two-thirds of 2026 is booked, the highest booked occupancy for the upcoming year, at higher prices in constant currency.
  • Costs excluding fuel rose 0.5 percent: Fourth-quarter adjusted cruise costs excluding fuel per ALBD rose 0.5 percent in constant currency, 2.7 points better than September guidance, on cost management and expense timing.
Read the Q4 FY2025 earnings call summary

From this 10-K

Carnival runs cruise lines, eight of them: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. The corporate structure has two halves. Carnival Corporation was incorporated in Panama in 1974 and Carnival plc in England and Wales in 2000, and the two are run as a dual listed company: a single economic enterprise with one executive management team and identical boards, but two separate legal identities, two stock exchange listings and two sets of shareholders. The financial year ends on 30 November. During 2025 the P&O Cruises (Australia) brand was sunset and its Australian operations folded into Carnival Cruise Line.

Carnival Corp. Ltd., the 10-K for 2025

Carnival runs cruise lines, eight of them: AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. The corporate structure has two halves. Carnival Corporation was incorporated in Panama in 1974 and Carnival plc in England and Wales in 2000, and the two are run as a dual listed company: a single economic enterprise with one executive management team and identical boards, but two separate legal identities, two stock exchange listings and two sets of shareholders. The financial year ends on 30 November. During 2025 the P&O Cruises (Australia) brand was sunset and its Australian operations folded into Carnival Cruise Line.

The fleet

At the end of 2025 the group operated 94 ships with passenger capacity of 272,380 lower berths, counted on the industry convention of two passengers per cabin even where a cabin holds more. The North America segment held 63 ships and 174,910 berths, 64 percent of capacity: Carnival Cruise Line at 94,340 berths, Princess Cruises at 54,890, Holland America Line at 23,030 and Seabourn at 2,640. The Europe segment held 31 ships and 97,470 berths, 36 percent of capacity, made up of AIDA Cruises, Costa Cruises at 31,140 berths across nine ships, P&O Cruises at 24,300 across seven and Cunard at 9,770 across four.

Ships on order

Two AIDA newbuilds of 4,280 berths each are contracted for February 2030 and December 2031, both subject to financing. Carnival Cruise Line has Carnival Festivale for April 2027 and Carnival Tropicale for March 2028, 5,360 berths each, and three further newbuilds of 6,160 berths each for July 2029, July 2031 and June 2033.

The brands

AIDA sells into the German market. Carnival Cruise Line, which calls itself The World's Most Popular Cruise Line, has been selling multi-generational family holidays for over 50 years. Costa has been going over 75 years and puts a European and Italian character on its onboard service. Cunard, 185 years old, runs transatlantic crossings and world voyages as well as Europe, the Caribbean and Alaska. Holland America Line, over 150 years old and with nearly 80 years in Alaska, carries guests to more than 100 countries. Princess Cruises and Seabourn complete the North American group, Seabourn at the small and luxury end.

The land side

A Cruise Support segment holds the port destinations and exclusive islands and other services, all run for the benefit of the cruise brands. The islands and ports named include Princess Cays and RelaxAway, Half Moon Cay, both in the Bahamas, and Puerta Maya in Cozumel, Mexico. In 2025 the company introduced the Paradise Collection, which includes Celebration Key, a newly launched exclusive port destination. A separate Tour and Other segment holds Holland America Princess Alaska Tours, which owns and operates hotels, lodges, glass-domed railcars and motorcoaches alongside the Alaska cruises.

The proposed unification

The boards of both companies are proposing to collapse the dual listed structure into one entity: Carnival Corporation, listed solely on the New York Stock Exchange, with Carnival plc becoming its wholly owned United Kingdom subsidiary. Carnival plc shareholders would receive Carnival Corporation shares one for one, and Carnival plc shares and American Depositary Receipts would come off the London and New York exchanges. Carnival Corporation also proposes moving its legal incorporation from Panama to Bermuda under the name Carnival Corporation Ltd. The filing states there would be no material change to the business, its strategy, its assets or its operations. Shareholder meetings were to be held in April 2026, and the company says it intends to complete the unification and the Bermuda incorporation in the second quarter of 2026, subject to shareholder, regulatory and United Kingdom court approvals.

People and pricing

Prices for coming seasons are set by each brand and made available mainly over the internet. Collective bargaining agreements cover 48 percent of shipboard employees and 21 percent of shoreside employees.

From Carnival's annual report on Form 10-K for the year ended 30 November 2025. The filing

Written from the 10-K filed 27 January 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue26,62225,02121,593+6.4%
Cost of revenuen/a15,63814,317
Gross profitn/a9,3837,276
Gross marginn/a37.5%33.7%
Selling, general and administrative3,4023,2522,950+4.6%
Operating income4,4833,5741,956+25.4%
Operating margin16.8%14.3%9.1%
Interest expense1,3491,7552,066-23.1%
Pre-tax income2,7721,915-62.0+44.8%
Income tax12.0-1.013.0
Effective tax rate0.4%-0.1%n/a
Net income2,7601,916-74.0+44.1%
Net margin10.4%7.7%-0.3%
Diluted EPS$2.02$1.44-$0.06+40.3%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,2185,9234,281+5.0%
Capital expenditure3,6114,6263,284-21.9%
Free cash flow2,6071,297997+101.0%
Free cash flow margin9.8%5.2%4.6%
Cash from investing-3,321-4,535-2,810
Cash from financing-2,189-2,584-5,089
Depreciation and amortisation2,7902,5572,370+9.1%
Share-based compensation98.062.053.0+58.1%
Diluted shares, weighted1,402m1,398m1,262m+0.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,2849,2516,882+32.8%
Non-controlling interest14.0n/an/a
Debt27,38328,21331,339-2.9%
Operating lease liabilities1,1781,2391,170-4.9%
Other liabilities10,82810,3549,729+4.6%
Total liabilities and equity51,68749,05749,120+5.4%
Fixed assets43,49441,79540,116+4.1%
Goodwill5795795790.0%
Intangible assets1,1771,1631,169+1.2%
Cash and equivalents1,9281,2102,415+59.3%
Receivables678590556+14.9%
Inventory505507528-0.4%
Other assets3,3263,2133,757+3.5%
Total assets51,68749,05749,120+5.4%

10-K for the year ended 30 November 2025, filed 27 January 2026: the filing.