We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CCL's Q4 FY25 adjusted EPS of 34 cents beat estimates, while revenues rose 6.6% Y/Y to $6.33B.
Record net yields and onboard spend drove adjusted net income growth of over 60%.
Strong forward bookings and pricing support a double-digit earnings growth outlook for FY26.
Carnival Corporation & plc (CCL - Free Report) reported fourth-quarter fiscal 2025 (ended Nov. 30, 2025) results, with adjusted earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Carnival delivered a strong performance in fiscal 2025, posting record results across its operations. The year was marked by the achievement of investment-grade leverage metrics and the reinstatement of its dividend, reflecting meaningful balance-sheet improvement and solid execution across its cruise portfolio. Performance exceeded management’s expectations for the fourth time during the year, supported by record full-year net yields on a constant-currency basis and disciplined cost control. Adjusted net income increased more than 60%, driven by demand trends that more than offset unit cost pressures.
Looking ahead, the company expects this momentum to carry into fiscal 2026, with management pointing to another year of double-digit earnings growth and return on invested capital projected to exceed 13.5%, nearing a 20-year high. With a stronger financial foundation and a diversified portfolio of established brands and destinations, Carnival remains focused on sustaining yield improvements and supporting earnings visibility over the medium term.
CCL’s Q4 Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of 34 cents, beating the Zacks Consensus Estimate of 25 cents. In the year-ago quarter, CCL posted an adjusted EPS of 14 cents.
Carnival Corporation Price, Consensus and EPS Surprise
Revenues in the quarter totaled $6.33 billion, missing the consensus mark of $6.36 billion. The metric increased 6.6% year over year.
During the quarter, passenger ticket revenues amounted to $4.05 billion, up from $3.85 billion reported in the prior-year quarter. Our estimate for passenger ticket revenues was also pegged at $4.05 billion.
Onboard and other revenues increased to $2.27 billion from $2.08 billion reported in the year-ago quarter. Our estimate for Onboard and other revenues was pegged at $2.21 billion.
Carnival’s Financials
Adjusted net income in the quarter amounted to $454 million, compared with $186 million reported in the prior-year quarter.
Adjusted EBITDA totaled $1.48 billion, up from $1.22 billion reported in the prior-year quarter.
CCL’s Balance Sheet
As of Nov. 30, 2025, cash and cash equivalents were $1.9 billion compared with $1.2 billion in the prior-year period. Carnival ended the quarter with liquidity of $6.4 billion. Total debt (current and long-term) as of Nov. 30, 2025, was $26.64 billion compared with $27.48 billion as of Nov. 30, 2024.
Booking Update of Carnival
The company continues to see solid booking momentum, positioning it to surpass the record yield levels achieved in fiscal 2025. Forward demand remains strong, with booked occupancy for the upcoming year at elevated levels and roughly two-thirds of capacity already secured at higher prices on a constant-currency basis. Pricing has reached historical highs across both North America and Europe, underscoring sustained demand and favorable revenue visibility.
Looking further ahead, booking activity for fiscal 2026 and 2027 sailings has strengthened meaningfully, with record volumes achieved over the past three months. Demand remained resilient through the Black Friday and Cyber Monday period, exceeding last year’s strong performance, a trend that management views as supportive heading into the upcoming wave season.
Total customer deposits as of Nov. 30, 2025, were $7.25 billion compared with $6.77 billion reported in the preceding quarter.
CCL’s FY25 Highlights
Total revenues in fiscal 2025 came in at $26.62 billion compared with $25.02 billion reported in fiscal 2024.
Adjusted EBITDA in fiscal 2025 came in at $7.18 billion compared with $6.11 billion reported in fiscal 2024.
In fiscal 2025, adjusted EPS came in at $2.25 compared with $1.42 reported in the previous year.
CCL’s Q1 & FY26 Outlook
For first-quarter fiscal 2026, the company expects adjusted EBITDA to be approximately $1.24 billion. It expects fiscal first-quarter adjusted net income to be nearly $235 million. It expects fiscal first-quarter adjusted EPS to be 17 cents.
For fiscal 2026, CCL anticipates adjusted EBITDA to be approximately $7.63 billion. Adjusted net income during the year is anticipated to be nearly $3.5 billion. In fiscal 2026, the company expects adjusted EPS to be $2.48.
CROX delivered a trailing four-quarter earnings surprise of 14.3%, on average. The Zacks Consensus Estimate for Crocs’ current financial-year EPS indicates a decline of 7.9% from the year-ago number.
Guess?, Inc. (GES - Free Report) , which is a designer and marketer of casual apparel and accessories, currently carries a Zacks Rank #2 (Buy).
GES delivered a trailing four-quarter earnings surprise of 45%, on average. The Zacks Consensus Estimate for GES’ current financial-year sales indicates growth of 8% from the year-ago number.
Kontoor Brands, Inc. (KTB - Free Report) , which is an apparel company, currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for KTB’s current financial-year EPS is expected to rise 12.5% from the corresponding year-ago reported figure. KTB delivered a trailing four-quarter earnings surprise of 14%, on average.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Carnival Q4 Earnings Beat Estimates, Revenues Increase Y/Y
Key Takeaways
Carnival Corporation & plc (CCL - Free Report) reported fourth-quarter fiscal 2025 (ended Nov. 30, 2025) results, with adjusted earnings beating the Zacks Consensus Estimate and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Carnival delivered a strong performance in fiscal 2025, posting record results across its operations. The year was marked by the achievement of investment-grade leverage metrics and the reinstatement of its dividend, reflecting meaningful balance-sheet improvement and solid execution across its cruise portfolio. Performance exceeded management’s expectations for the fourth time during the year, supported by record full-year net yields on a constant-currency basis and disciplined cost control. Adjusted net income increased more than 60%, driven by demand trends that more than offset unit cost pressures.
Looking ahead, the company expects this momentum to carry into fiscal 2026, with management pointing to another year of double-digit earnings growth and return on invested capital projected to exceed 13.5%, nearing a 20-year high. With a stronger financial foundation and a diversified portfolio of established brands and destinations, Carnival remains focused on sustaining yield improvements and supporting earnings visibility over the medium term.
CCL’s Q4 Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of 34 cents, beating the Zacks Consensus Estimate of 25 cents. In the year-ago quarter, CCL posted an adjusted EPS of 14 cents.
Carnival Corporation Price, Consensus and EPS Surprise
Carnival Corporation price-consensus-eps-surprise-chart | Carnival Corporation Quote
Revenues in the quarter totaled $6.33 billion, missing the consensus mark of $6.36 billion. The metric increased 6.6% year over year.
During the quarter, passenger ticket revenues amounted to $4.05 billion, up from $3.85 billion reported in the prior-year quarter. Our estimate for passenger ticket revenues was also pegged at $4.05 billion.
Onboard and other revenues increased to $2.27 billion from $2.08 billion reported in the year-ago quarter. Our estimate for Onboard and other revenues was pegged at $2.21 billion.
Carnival’s Financials
Adjusted net income in the quarter amounted to $454 million, compared with $186 million reported in the prior-year quarter.
Adjusted EBITDA totaled $1.48 billion, up from $1.22 billion reported in the prior-year quarter.
CCL’s Balance Sheet
As of Nov. 30, 2025, cash and cash equivalents were $1.9 billion compared with $1.2 billion in the prior-year period. Carnival ended the quarter with liquidity of $6.4 billion. Total debt (current and long-term) as of Nov. 30, 2025, was $26.64 billion compared with $27.48 billion as of Nov. 30, 2024.
Booking Update of Carnival
The company continues to see solid booking momentum, positioning it to surpass the record yield levels achieved in fiscal 2025. Forward demand remains strong, with booked occupancy for the upcoming year at elevated levels and roughly two-thirds of capacity already secured at higher prices on a constant-currency basis. Pricing has reached historical highs across both North America and Europe, underscoring sustained demand and favorable revenue visibility.
Looking further ahead, booking activity for fiscal 2026 and 2027 sailings has strengthened meaningfully, with record volumes achieved over the past three months. Demand remained resilient through the Black Friday and Cyber Monday period, exceeding last year’s strong performance, a trend that management views as supportive heading into the upcoming wave season.
Total customer deposits as of Nov. 30, 2025, were $7.25 billion compared with $6.77 billion reported in the preceding quarter.
CCL’s FY25 Highlights
Total revenues in fiscal 2025 came in at $26.62 billion compared with $25.02 billion reported in fiscal 2024.
Adjusted EBITDA in fiscal 2025 came in at $7.18 billion compared with $6.11 billion reported in fiscal 2024.
In fiscal 2025, adjusted EPS came in at $2.25 compared with $1.42 reported in the previous year.
CCL’s Q1 & FY26 Outlook
For first-quarter fiscal 2026, the company expects adjusted EBITDA to be approximately $1.24 billion. It expects fiscal first-quarter adjusted net income to be nearly $235 million. It expects fiscal first-quarter adjusted EPS to be 17 cents.
For fiscal 2026, CCL anticipates adjusted EBITDA to be approximately $7.63 billion. Adjusted net income during the year is anticipated to be nearly $3.5 billion. In fiscal 2026, the company expects adjusted EPS to be $2.48.
CCL’s Zacks Rank & Stocks to Consider
Currently, Carnival has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Crocs, Inc. (CROX - Free Report) , which is a leading footwear company, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CROX delivered a trailing four-quarter earnings surprise of 14.3%, on average. The Zacks Consensus Estimate for Crocs’ current financial-year EPS indicates a decline of 7.9% from the year-ago number.
Guess?, Inc. (GES - Free Report) , which is a designer and marketer of casual apparel and accessories, currently carries a Zacks Rank #2 (Buy).
GES delivered a trailing four-quarter earnings surprise of 45%, on average. The Zacks Consensus Estimate for GES’ current financial-year sales indicates growth of 8% from the year-ago number.
Kontoor Brands, Inc. (KTB - Free Report) , which is an apparel company, currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for KTB’s current financial-year EPS is expected to rise 12.5% from the corresponding year-ago reported figure. KTB delivered a trailing four-quarter earnings surprise of 14%, on average.