Carnival Corporation (NYSE: CCL) hits record adjusted earnings and restores dividend

Rhea-AI Filing Summary

Carnival Corporation & plc reported that it has achieved record full year adjusted net income and reached investment grade leverage metrics. These comments come from a new press release referenced in this report, highlighting that profitability for the latest full year is higher than in any prior year on an adjusted basis.

The company also announced it is reinstating its dividend, indicating that it plans to resume returning cash to shareholders after a period without dividend payments. Together, the record adjusted earnings, stronger balance sheet metrics described as investment grade, and the return of the dividend suggest a significantly improved financial position for Carnival’s cruise business.

Positive

• Record full year adjusted net income indicates Carnival’s adjusted profitability has surpassed all prior years.
• Investment grade leverage metrics suggest a meaningfully stronger balance sheet and lower leverage levels.
• Reinstatement of the dividend signals renewed capacity and willingness to return cash to shareholders.

Negative

• None.

Insights

Equity earnings and capital structure analyst

Record adjusted earnings, stronger leverage metrics, and a reinstated dividend signal a meaningfully improved financial profile.

Carnival Corporation & plc states it has delivered record full year adjusted net income, indicating that, on an adjusted basis, profitability has surpassed prior years. At the same time, it reports achieving investment grade leverage metrics, which points to a lower ratio of debt to cash flow consistent with higher-quality credit profiles.

The company is also reinstating its dividend, showing a renewed willingness to distribute cash to shareholders after a period of suspension. The combination of record adjusted net income, investment grade-style leverage metrics, and a resumed dividend represents a materially positive shift in financial strength that would typically be considered significant for equity and credit investors.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) December 19, 2025

Carnival Corporation						Carnival plc
(Exact name of registrant as specified in its charter)						(Exact name of registrant as specified in its charter)
Republic of Panama						England and Wales
(State or other jurisdiction of incorporation)						(State or other jurisdiction of incorporation)
001-9610						001-15136
(Commission File Number)						(Commission File Number)
59-1562976						98-0357772
(IRS Employer Identification No.)						(IRS Employer Identification No.)
3655 N.W. 87th Avenue Miami, Florida 33178-2428						Carnival House, 100 Harbour Parade Southampton SO15 1ST, United Kingdom
(Address of principal executive offices) (Zip Code)						(Address of principal executive offices) (Zip Code)
(305) 599-2600						011 44 23 8065 5000
(Registrant’s telephone number, including area code)						(Registrant’s telephone number, including area code)
None						None
(Former name or former address,  if changed since last report.)						(Former name, former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock ($0.01 par value)			CCL			New York Stock Exchange, Inc.
Ordinary Shares each represented by American Depositary Shares ($1.66 par value) Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust			CUK			New York Stock Exchange, Inc.
1.000% Senior Notes due 2029			CUK29			New York Stock Exchange LLC

Indicate by check mark whether the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter).

Emerging growth companies ☐

If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition.

On December 19, 2025, Carnival Corporation & plc issued a press release entitled “CARNIVAL CORPORATION & PLC ACHIEVES RECORD FULL YEAR ADJUSTED NET INCOME AND INVESTMENT GRADE LEVERAGE METRICS, REINSTATES DIVIDEND” A copy of this press release is furnished as Exhibit 99.1 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of either Carnival Corporation or Carnival plc, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 99.1 Press release, dated December 19, 2025 (furnished pursuant to Item 2.02).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARNIVAL CORPORATION

CARNIVAL PLC

By:

/s/ David Bernstein

By:

/s/ David Bernstein

Name:

David Bernstein

Name:

David Bernstein

Title:

Chief Financial Officer and Chief Accounting Officer

Title:

Chief Financial Officer and Chief Accounting Officer

Date:

December 19, 2025

Date:

December 19, 2025

FAQ

What did Carnival Corporation (CCL) report about its latest full year results?

Carnival Corporation & plc reported that it achieved record full year adjusted net income, meaning its adjusted profitability for the latest full year exceeded all prior years.

What does it mean that Carnival reached investment grade leverage metrics?

The company stated that it achieved investment grade leverage metrics, indicating its leverage ratios are now in a range typically associated with investment grade credit quality.

Is Carnival Corporation (CCL) reinstating its dividend?

Yes. Carnival Corporation & plc announced it is reinstating its dividend, signaling a return to paying cash distributions to shareholders.

Where can investors find more details on Carnival’s record adjusted net income?

More detail is provided in a press release titled “CARNIVAL CORPORATION & PLC ACHIEVES RECORD FULL YEAR ADJUSTED NET INCOME AND INVESTMENT GRADE LEVERAGE METRICS, REINSTATES DIVIDEND”, which is referenced as Exhibit 99.1.

Does this report itself contain Carnival’s full financial statements?

No. The report mainly refers to a press release furnished as an exhibit, which contains the detailed financial information.

Are the press release and financial details incorporated into other Carnival SEC filings?

The company specifies that the press release is furnished and not filed and is not incorporated by reference into other Carnival Corporation or Carnival plc filings.