Carnival Completes $19B Refinancing, Targets Further Leverage Decline

Key Takeaways Carnival closed FY25 with a stronger balance sheet after cutting debt by over $10B.CCL completed a $19B refinancing, lowering interest costs and reaching 3.4x net debt-to-EBITDA.Carnival projects leverage below 3x in 2026 and reinstated a $0.15 quarterly dividend.Carnival Corporation & plc (CCL) closed fiscal 2025 with a materially stronger balance sheet, underscoring the progress of its multi-year deleveraging effort. Management reported that the company has reduced total debt by more than $1 ...