Can Carnival's Favorable Leverage Trends Unlock a Shareholder Windfall?

Key Takeaways Carnival reduced secured debt by $2.5B, refinanced $11B and prepaid $1B in Q3.CCL ended Q3 FY25 with a net debt-to-EBITDA ratio of 3.6x and is targeting below 3x by 2026.With fewer ship deliveries, Carnival eyes a stronger cash flow and a dividend return once leverage stabilizes.Carnival Corporation & plc (CCL) is steering its financial ship toward calmer waters. After years of pandemic-driven leverage, the cruise leader is now executing one of the sector’s most aggressive deleveraging program ...