Carnival (US:CCL)2025-12-19 15:00Financial Performance Highlights - Achieved a record full year Adjusted Net Income of $3.1 billion[11], significantly outperforming initial guidance due to strong demand and effective cost management[1]. - Adjusted Earnings Per Share (Diluted) reached $2.25, exceeding the December guidance by approximately $0.55[13]. - Adjusted EBITDA for the full year reached $7.2 billion, surpassing the December guidance by approximately $600 million[13]. - Adjusted ROIC exceeded 13%, the highest in nearly 20 years[11]. - Reduced total debt by over $10 billion since early 2023[45]. Q4 2025 Performance - Q4 2025 Adjusted Net Income was $0.45 billion, nearly 2.5 times the levels of Q4 2024[12]. - Q4 2025 Adjusted EBITDA reached $1.48 billion, exceeding guidance of $1.34 billion[12]. - Net yields outperformed guidance by 110 basis points, reaching 5.4% compared to the guided 4.3%[12]. 2026 Outlook - The company projects Net Debt to Adjusted EBITDA ratio of under 3.0x for 2026, inclusive of over $0.8 billion of dividend payments[49]. - Expects Adjusted Net Income of approximately $3.45 billion and Adjusted Earnings Per Share (Diluted) of $2.48 for FY 2026[14]. - Anticipates Adjusted EBITDA of approximately $7.63 billion for FY 2026[14]. Strategic Initiatives - Reinstated dividend payments at an initial rate of $0.15 per share[1]. - Successfully completed a refinancing plan, refinancing $19 billion of debt in 2025[45]. - Simplified capital structure and optimized future debt maturities[46].