Carnival’s full-year revenue increased by 6.4% to $26.6bn, driven by growth in both ticket sales and onboard revenue.
Underlying cash profit (EBITDA) grew 17.5% to a record $7.2bn, helped by disciplined cost management. Strong demand for last minute sailings in the final quarter contributed to a small beat on guidance.
Free cash flow more than doubled to $2.6bn largely due to a reduction in capital expenditure. Year-end net debt was $24.7bn.
The company has reinstated dividends with an initial quarterly payment of $0.15 per share.
Underlying cash profit for 2026 is expected to increase to around $7.6bn.
Carnival has also proposed an overhaul of its corporate structure which likely includes moving to a single listing on the New York Stock Exchange.
The shares were up 8.0% in afternoon trading.
Our view
HL view to follow.
Carnival key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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