Carnival Corporation & plc reported a strong financial performance for the fiscal year ending November 30, 2025, achieving record revenues of $26.6 billion, a 6.4% increase from $25.0 billion in 2024. The company also recorded an operating income of $4.5 billion, up 25% from the previous year, and a net income of $2.76 billion, compared to $1.92 billion in 2024. This growth was driven by a 5.8% increase in passenger ticket revenues, which reached $17.4 billion, and a 7.5% rise in onboard and other revenues, totaling $9.2 billion. The company attributed these results to strong demand, higher ticket prices, and favorable foreign currency translations.
In terms of operational metrics, Carnival carried approximately 13.6 million passengers in 2025, a slight increase from 13.5 million in 2024. The company also reported a capacity increase of 1.0% in available lower berth days (ALBDs), reflecting its ongoing efforts to expand its fleet and enhance customer experiences. The average occupancy rate remained stable at 105%, indicating effective capacity management. The company’s employee headcount was approximately 160,000, reflecting its commitment to providing quality service across its cruise lines.
Strategically, Carnival announced plans to unify its dual-listed company structure under a single corporate entity, Carnival Corporation, which will be listed solely on the New York Stock Exchange. This move aims to streamline governance and reporting, enhance liquidity, and reduce administrative costs. Additionally, the company successfully completed a $19 billion refinancing plan, reducing total debt by over $10 billion since January 2023, which has allowed it to reinstate its dividend at $0.15 per share, effective February 2026.
Looking ahead, Carnival is focused on driving commercial excellence and enhancing its marketing strategies, including leveraging artificial intelligence to improve customer engagement. The company is also committed to sustainability, having achieved a 20% reduction in greenhouse gas emissions intensity relative to its 2019 baseline ahead of its 2030 goal. Furthermore, Carnival plans to expand its exclusive destination offerings, including the recently launched Celebration Key in Grand Bahama, which has already welcomed over one million guests since its opening in July 2025.
Overall, Carnival Corporation & plc's financial results and strategic initiatives position the company for continued growth and shareholder value creation in the coming years, despite potential challenges from market conditions and regulatory changes.
About CARNIVAL CORP
Carnival Corporation & plc is the world’s largest global cruise company, operating a diverse portfolio of cruise brands across contemporary, premium, and luxury segments. It offers multi-generational vacation experiences through its fleet of ocean-going vessels serving markets in North America, Europe, Australia, and beyond. The company’s business model integrates cruise operations, exclusive port destinations, and complementary tour services, leveraging strong brand recognition, extensive itineraries, and a global distribution network.
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