Overview
- Carnival reported adjusted EPS of $0.34 versus $0.25 expected and fourth-quarter revenue of $6.33 billion, just below the $6.37 billion consensus.
- Full-year results set records with revenue of $26.6 billion, adjusted net income of $3.1 billion, adjusted EBITDA of $7.2 billion, and leverage at 3.4x net debt to EBITDA.
- Fitch upgraded Carnival to investment grade, reflecting stronger cash flow and balance sheet metrics.
- The board reinstated a quarterly dividend at $0.15 per share, payable Feb. 27, 2026 to holders of record on Feb. 13, 2026.
- Guidance calls for about $2.48 in adjusted EPS and $3.5 billion in adjusted net income for 2026, supported by record $7.2 billion in customer deposits and strong advanced bookings; shares jumped to multi-year highs and lifted cruise peers.