What were the key takeaways from Carnival’s earnings call?

What is the market's earnings forecast for Carnival next quarter?

What is Carnival's latest dividend and current dividend yield?

What is Carnival's gross profit margin?

What is the revenue and EPS growth rate for Carnival year over year?

What guidance did Carnival's management provide for the next earnings period?

What factors drove the changes in Carnival's revenue and profit?

Did Carnival beat or miss consensus estimates last quarter?

- **Record Financial Performance**: Q4 2025 net income of $454M (2.5x YoY), full-year net income of $3.1B (60% YoY growth). 
- **2026 Growth Guidance**: 3% normalized yield growth, $3.45B net income (12% YoY), and $7.6B EBITDA. 
- **Cost Efficiency**: 2.5% normalized cost growth, with 1.1% efficiency gains offsetting inflation. 
- **Strategic Initiatives**: Resumed $0.15/share dividend, Celebration Key reaching 1M guests, and new destination developments. 
- **Resilience**: Booking volumes at record highs despite macro volatility, with 2/3 of 2026 bookings locked in at higher prices.

**【CEO Summary Section】**
- **Record Q4 and Full-Year Results**: Delivered historical highs for Q4 2025, including $454M net income (2.5x YoY), and a full-year net income of $3.1B (60% YoY growth). Full-year yields improved 5.5% YoY, driven by strong commercial execution and cost management. 
- **2026 Outlook**: Guided for 3% normalized yield growth (2.5% when accounting for program changes), with booking volumes at record levels for 2026 and 2027. 2/3 of 2026 bookings are already on the books at higher prices. 
- **Strategic Initiatives**: Celebration Key Grand Bahama and RelaxAway, Half Moon Cay are performing as expected, with 1M guests at Celebration Key. Resumed dividend at $0.15/share, targeting 3x net debt/EBITDA by end-2026. 

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Net income of $454M (2.5x YoY), exceeding guidance by $154M. Yield growth of 5.4% YoY (vs. 7% prior year), with cost control driving 0.5% YoY increase in cruise costs ex-fuel. 
- **2026 Guidance**: 
  - **Revenue**: 2.5% yield growth (3% normalized), driven by ticket price and onboard spending. 
  - **Costs**: 3.25% unit cost growth (2.5% normalized), including 0.5% impact from new destinations and 0.3% timing shifts. 
  - **Net Income**: $3.45B (12% YoY growth), with EBITDA of $7.6B. 
  - **Dividends**: $0.15/share quarterly, with potential for future growth. 
- **Liquidity**: Reduced debt by $10B since 2023 peak, achieving 3.4x net debt/EBITDA ratio. 

**【Q&A Highlights】**
- **Booking Momentum**: 2026 bookings 2/3 complete at historical highs, with record 2027 booking volumes. Close-in demand and onboard spending outperformed expectations. 
- **Caribbean Capacity**: Industry-wide 14% capacity growth in 2026, but CCL's 4% growth driven by differentiated product and portfolio diversification. 
- **Cost Management**: 1.1% cost mitigation from efficiency initiatives, offsetting 3% inflation. 
- **Dividend Strategy**: Dividend resumption reflects confidence in cash flow and balance sheet strength. 
- **Destination Development**: Celebration Key and RelaxAway performing as expected, with Isla Tropicale and Ensenada projects to enhance competitive advantage.

Carnival Corporation & plc(CCL)-20251219-2025 Q4 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CCL

CCL fundamentals

You can ask Aime