Overview
- Carnival posted adjusted EPS of $0.34 versus $0.25 expected as fourth-quarter revenue reached a company record $6.33 billion, narrowly below consensus.
- The board reinstated a quarterly dividend at $0.15 per share, payable Feb. 27, 2026 to shareholders of record on Feb. 13, 2026.
- Management guided to roughly $2.48 in adjusted EPS and about $3.5 billion in adjusted net income for 2026, with Q1 adjusted EPS projected at $0.17 and net yields expected to rise in constant currency.
- Record customer deposits of $7.2 billion and advanced 2026 bookings in line with 2025 at historically high prices underscore sustained pricing power.
- Full-year 2025 delivered record revenue of $26.6 billion and record adjusted net income of $3.1 billion as Fitch lifted the company to investment grade, and shares rallied alongside gains in Royal Caribbean and Norwegian.