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Carnival — Dec 19, 2025 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001628280-25-058106
Open on SEC.gov ↗
Showing in the filing
Adjusted EBITDA (in billions)
“Approx. $1.24”
Period
Q1 FY2026
Measure
Company-defined measure
Source
Guidance table
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
3.25% 2026 1Q 2Q 3Q 4Q Full Year ALBDs (in millions) (a) 23.7  24.7  24.9  24.1  97.4  Capacity growth compared to prior year 0.5  % 2.0  % 1.5  % (0.3) % 0.9  % (a)    See “Notes to Statistical Information” 1Q 2026 Full Year 2026 Fuel consumption in metric tons (in millions) 0.7 2.8 Fuel cost per metric ton consumed (excluding emission allowances) $ 539  $ 524  Fuel expense (including emission allowances expense) (in billions) $ 0.38  $ 1.63  Depreciation and amortization expense (in billions) $ 0.70  $ 2.98  Interest expense, net of capitalized interest and interest income (in billions) $ 0.29  $ 1.11  Adjusted EBITDA (in billions) Approx. $1.24 Approx. $7.63 Adjusted net income (loss) (in millions) Approx. $235 Approx. $3,450 Adjusted earnings per share - diluted Approx. $0.17 Approx. $2.48 Weighted-average shares outstanding - basic 1,379 1,385 Adjusted weighted-average shares outstanding - diluted 1,388 1,392 Currencies (USD to 1) 1Q 2026 Full Year 2026 AUD $ 0.67  $ 0.67  CAD $ 0.73  $ 0.73  EUR $ 1.17  $ 1.17  GBP $ 1.34  $ 1.34  Sensitivities (impact to adjusted net income (loss) in millions) 1Q 2026 Full Year 2026 1% change in net yields $ 43  $ 204  1% change in adjusted cruise costs excluding fuel per ALBD $ 27  $ 114  10% change in fuel cost per metric ton (excluding emission allowances) $ 37  $ 145  100 basis point change in variable rate debt —  $ 42  1% change in currency exchange rates $ 5  $ 27  Capital Expenditures For full year 2026, newbuild capital expenditures are $0.6 billion and non-newbuild capital expenditures are $2.5 billion. These future capital expenditures will fluctuate with foreign currency movements relative to the U.S. Dollar. In addition, these figures do not include potential stage payments for ship orders that the company may place in the future. Conference Call The company has schedule
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.