Q4 25 EPS
$0.34
BEAT +36.00%
Est. $0.25
Q4 25 Revenue
$6.33B
MISS 0.42%
Est. $6.36B
vs S&P Since Q4 25
-18.9%
TRAILING MARKET
CCL -13.0% vs S&P +5.9%
Full Year 2025 Results
FY 25 EPS
$2.25
BEAT +4.23%
Est. $2.16
FY 25 Revenue
$26.62B
MISS 0.10%
Est. $26.65B
Market Reaction
Did CCL Beat Earnings? Q4 2025 Results
Carnival Corporation closed out fiscal 2025 with a standout fourth quarter, posting adjusted EPS of $0.34 against a consensus estimate of $0.25, a 36.00% beat, even as revenue of $6.33 billion fell just 0.42% short of the $6.36 billion Wall Street ha… Read more Carnival Corporation closed out fiscal 2025 with a standout fourth quarter, posting adjusted EPS of $0.34 against a consensus estimate of $0.25, a 36.00% beat, even as revenue of $6.33 billion fell just 0.42% short of the $6.36 billion Wall Street had anticipated, still representing 6.6% growth year-over-year. The earnings strength reflected a broader record-breaking year, with full-year adjusted net income climbing over 60% to $3.08 billion and the company achieving investment grade leverage metrics for the first time since the pandemic. Disciplined cost management and robust close-in demand drove Q4 adjusted net income to $454 million, exceeding management's own September guidance by more than $150 million. In a signal of renewed financial confidence, the board reinstated a quarterly dividend of $0.15 per share, the first since the pandemic-era suspension. Heading into fiscal 2026, Carnival guided for adjusted net income of approximately $3.45 billion, roughly 12% growth on less than 1% capacity expansion, with the cumulative advance booked position sitting at historical high prices, distinguishing its trajectory from peers that faced post-earnings pressure.
Key Takeaways
- • Strong close-in demand driving revenue outperformance for fourth consecutive quarter
- • Effective cost management with adjusted cruise costs excluding fuel per ALBD up only 0.5% in constant currency, 2.7 points better than guidance
- • Net yields in constant currency 5.4% higher than prior year in Q4, outperforming guidance by 1.1 points
- • Gross margin yields 16% higher than Q4 2024
- • Fuel consumption per ALBD decreased 5.6% year-over-year
- • Adjusted EBITDA margins up nearly 300 basis points year-over-year in Q4
CCL YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CCL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Josh Weinstein, Q4 2025 Earnings Press Release
CCL Earnings Trends
CCL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCL EPS Trend
Earnings per share: estimate vs actual
CCL Revenue Trend
Quarterly revenue: estimate vs actual
CCL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $0.20 | — | $6.17B | +0.43% |
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $0.25 | $0.34 | +36.00% | $6.33B | -0.42% |
| FY Full Year | $2.16 | $2.25 | +4.23% | $26.62B | -0.10% |
| Q3 25 BEAT | $1.32 | $1.43 | +8.54% | $8.15B | +0.56% |
| Q2 25 BEAT | $0.24 | $0.35 | +45.29% | $6.33B | +1.86% |
| Q1 25 BEAT | $0.02 | $0.13 | +485.59% | $5.81B | +1.16% |