HighGravityDataCarnival — Dec 19, 2025 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001628280-25-058106
Showing in the filing
Adjusted net income
“$3.5 billion”
Period
FY2026
Measure
Company-defined measure
Source
Prose
All guidance in this release · 58
Adjusted net income for FY2026
“$3.5 billion”
Earnings growth for FY2026
“double-digit”
Return on invested capital (ROIC) for FY2026
“exceed 13.5 percent”
Capacity growth for FY2026
“less than one percent capacity growth”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 2.5 percent”
Net yields (in constant currency) for FY2026
“up approximately 2.5 percent compared to record 2025 levels”
Net yields (in constant currency, normalized) for FY2026
“up approximately 3.0 percent”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“up approximately 3.25 percent compared to 2025”
Net yields (in constant currency) for Q1 FY2026
“up approximately 1.6 percent”
Net yields (in constant currency, normalized) for Q1 FY2026
“up approximately 2.4 percent”
Adjusted cruise costs excluding fuel per ALB… for Q1 FY2026
“up approximately 5.9 percent compared to the first quarter 2025”
Quarterly dividend for Q1 FY2026
“$0.15 per share”
Net yields (Current Dollars) for Q1 FY2026
“Approx. 5.1%”
Net yields (Constant Currency) for FY2026
“Approx. 1.6%”
Net yields (Current Dollars) for FY2026
“Approx. 3.7%”
Adjusted cruise costs excluding fuel per ALB… for Q1 FY2026
“Approx. 9.6%”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“Approx. 5.9%”
Adjusted cruise costs excluding fuel per ALB… for FY2026
“Approx. 4.6%”
ALBDs (in millions) for Q1 FY2026
“23.7”
ALBDs (in millions) for Q2 FY2026
“24.7”
ALBDs (in millions) for Q3 FY2026
“24.9”
ALBDs (in millions) for FY2026
“97.4”
Capacity growth compared to prior year for Q1 FY2026
“0.5 %”
Capacity growth compared to prior year for Q2 FY2026
“2.0 %”
Capacity growth compared to prior year for Q3 FY2026
“1.5 %”
Capacity growth compared to prior year for Q4 FY2026
“(0.3) %”
Capacity growth compared to prior year for FY2026
“0.9%”
Fuel consumption in metric tons (in millions) for Q1 FY2026
“0.7”
Fuel consumption in metric tons (in millions) for FY2026
“2.8”
Fuel cost per metric ton consumed (excluding… for Q1 FY2026
“$ 539”
Fuel cost per metric ton consumed (excluding… for FY2026
“$524”
Fuel expense (including emission allowances … for Q1 FY2026
“$ 0.38”
Fuel expense (including emission allowances … for FY2026
“$1.63”
Depreciation and amortization expense (in bi… for Q1 FY2026
“$ 0.70”
Depreciation and amortization expense (in bi… for FY2026
“$2.98”
Interest expense, net of capitalized interes… for Q1 FY2026
“$ 0.29”
Interest expense, net of capitalized interes… for FY2026
“$1.11”
Adjusted EBITDA (in billions) for Q1 FY2026
“Approx. $1.24”
Adjusted EBITDA (in billions) for FY2026
“Approx. $7.63”
Adjusted net income (loss) (in millions) for Q1 FY2026
“Approx. $235”
Adjusted net income (loss) (in millions) for FY2026
“Approx. $3,450”
Adjusted earnings per share - diluted for Q1 FY2026
“Approx. $0.17”
Adjusted earnings per share - diluted for FY2026
“Approx. $2.48”
Weighted-average shares outstanding - basic for Q1 FY2026
“1,379”
Weighted-average shares outstanding - basic for FY2026
“1,385”
Adjusted weighted-average shares outstanding… for Q1 FY2026
“1,388”
Adjusted weighted-average shares outstanding… for FY2026
“1,392”
AUD (USD to 1) for FY2026
“$0.67”
CAD (USD to 1) for FY2026
“$0.73”
EUR (USD to 1) for FY2026
“$1.17”
GBP (USD to 1) for FY2026
“$1.34”
1% change in net yields (impact to adjusted … for FY2026
“$204”
1% change in adjusted cruise costs excluding… for FY2026
“$114”
10% change in fuel cost per metric ton (excl… for FY2026
“$145”
1% change in currency exchange rates (impact… for FY2026
“$5”
Newbuild capital expenditures for FY2026
“$0.6 billion”
Non-newbuild capital expenditures for FY2026
“$2.5 billion”
100 basis point change in variable rate debt… for FY2026
“$42”
Exhibit 99.1 · the passage around this item
… earlier in the release
• Net debt to adjusted EBITDA 1 ratio of 3.4x and recognized by Fitch as investment grade. • Cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices (in constant currency 1 ). • Full year 2026 adjusted net income expected to be $3.5 billion, surpassing record 2025 levels. • Proposes unifying the dual-listed framework to streamline governance and reporting. “2025 was a truly phenomenal year. We set new records across our business, achieved investment grade leverage metrics and, as announced just today, reinstated our dividend. These milestones reflect the collective strength of our cruise line portfolio and confidence in our long-term future,” said Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein. “Our global team’s relentless focus on delivering amazing guest experiences while executing with discipline enabled us to outperform guidance for the fourth time this year. We had record full year net yields (in constant currency) and adjusted net income increased more than 60 percent driven by strong demand that outpaced unit cost increases. The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5 percent, closing in on our 20-year high.” “With our strengthened balance sheet, powerful and diverse portfolio of world-class cruise lines and exclusive destinations, w
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.