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Carnival

CCL Q4 2025 Earnings

Reported Dec 19, 2025 at 9:17 AM ET · SEC Source

Q4 25 EPS

$0.34

BEAT +36.00%

Est. $0.25

Q4 25 Revenue

$6.33B

MISS 0.68%

Est. $6.37B

vs S&P Since Q4 25

-13.8%

TRAILING MARKET

CCL -4.8% vs S&P +9.0%

Full Year 2025 Results

FY 25 EPS

$2.25

BEAT +4.23%

Est. $2.16

FY 25 Revenue

$26.62B

MISS 0.10%

Est. $26.65B

Market Reaction

Did CCL Beat Earnings? Q4 2025 Results

Carnival Corporation capped fiscal 2025 with a stronger-than-expected fourth quarter, posting adjusted EPS of $0.34 against a consensus estimate of $0.25, a beat of 38.61%, even as revenue of $6.33 billion came in fractionally below the $6.37 billion… Read more Carnival Corporation capped fiscal 2025 with a stronger-than-expected fourth quarter, posting adjusted EPS of $0.34 against a consensus estimate of $0.25, a beat of 38.61%, even as revenue of $6.33 billion came in fractionally below the $6.37 billion forecast despite growing 6.6% year over year. The primary engine behind the earnings outperformance was a combination of robust close-in demand and disciplined cost management, which together pushed adjusted net income to $454 million, exceeding the company's own September guidance by more than $150 million. Net yields in constant currency ran 5.4% above the prior-year quarter and finished 1.1 points ahead of guidance, underscoring the pricing power that analysts tracking the broader cruise sector have increasingly highlighted. Carnival also reinstated its quarterly dividend at $0.15 per share and reduced its net debt to adjusted EBITDA ratio to 3.4x, earning an investment-grade rating from Fitch. Looking ahead, management guided full-year 2026 adjusted net income to approximately $3.45 billion, up roughly 12%, with adjusted EBITDA expected near $7.63 billion on less than 1% capacity growth.

Key Takeaways

  • • Strong close-in demand driving outperformance vs guidance for the fourth time in 2025
  • • Record net yields (constant currency) up 5.4% YoY in Q4 and up for full year
  • • Effective cost management with adjusted cruise costs excluding fuel per ALBD (constant currency) up only 0.5% in Q4, 2.7 points better than guidance
  • • Fuel consumption per ALBD decreased 5.6% in Q4 due to efficiency investments
  • • Gross margin yields 16% higher than Q4 2024
  • • Record customer deposits of $7.2 billion
24/7 Wall St

CCL YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

CCL Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 24 Q2 26

“2025 was a truly phenomenal year. We set new records across our business, achieved investment grade leverage metrics and, as announced just today, reinstated our dividend. These milestones reflect the collective strength of our cruise line portfolio and confidence in our long-term future.”

— Josh Weinstein, Q4 2025 Earnings Press Release

Back to CCL Stock Page