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
Capacity growth
“less than one percent capacity growth”
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
In addition, strong booking volumes continued from Black Friday through Cyber Monday, even outpacing prior year’s robust levels, which is a favorable indicator for wave season,” Weinstein added. 2026 Outlook For the full year 2026, the company expects: • Adjusted net income up approximately 12 percent compared to record 2025 on less than one percent capacity growth. • Net yields (in constant currency) up approximately 2.5 percent compared to record 2025 levels. Net yields (in constant currency) up approximately 3.0 percent after normalizing for the accounting treatment for Carnival Cruise Line’s new loyalty program and the impact of the close-in redeployment of first quarter voyages from the Arabian Gulf. • Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.25 percent compared to 2025. Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 2.5 percent after normalizing for the partial year of operating expenses from Celebration Key, Grand Bahama and RelaxAway, Half Moon Cay and the timing of certain expenses between the years. For the first quarter 2026, the company expects: • Net yields (in constant currency) up approximately 1.6 percent compared to record 2025 levels, building on the 7.3 percent increase in 2025 compared to 2024. Net yields (in constant currency) up approximately 2.4 percent after normalizing for the impact of the close-in redeployment of voyages from the Arabian Gulf. • Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.