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Carnival ( (GB:CCL) ) has issued an update.
Carnival Corporation & plc reported a record 2025, with net income of $2.8 billion and adjusted net income of $3.1 billion, more than 60% higher year-on-year, on record revenue of $26.6 billion and all-time high operating income of $4.5 billion. The company outperformed its guidance for the fourth time in 2025, driven by strong close-in demand, record net yields in constant currency, and tight cost control that limited adjusted cruise cost growth excluding fuel, while fuel consumption per berth continued to decline. Fourth-quarter adjusted net income surged over 140% versus 2024, record EBITDA and margins expanded, and customer deposits hit a new high, underscoring robust demand and strong pricing. Carnival has achieved a net debt to adjusted EBITDA ratio of 3.4x, completed a $19 billion refinancing plan in under a year, reduced total debt by over $10 billion from its peak, and secured investment-grade status from Fitch, enabling the reinstatement of a quarterly dividend of $0.15 per share. Looking ahead, the company expects another year of double-digit earnings growth in 2026, with adjusted net income projected to rise about 12% on minimal capacity growth, net yields to improve further, and return on invested capital to exceed 13.5%, supported by record advance bookings at historically high prices and a proposed simplification of its dual-listed corporate structure to streamline governance and reporting.
The most recent analyst rating on (GB:CCL) stock is a Buy with a £2012.00 price target. To see the full list of analyst forecasts on Carnival stock, see the GB:CCL Stock Forecast page.
Spark’s Take on GB:CCL Stock
According to Spark, TipRanks’ AI Analyst, GB:CCL is a Outperform.
Carnival Corporation’s overall stock score reflects a strong financial recovery and positive earnings call insights, which are the most significant factors. The company’s technical indicators suggest caution, while the valuation is reasonable. Corporate events add a positive strategic dimension. However, high leverage remains a risk that needs careful management.
To see Spark’s full report on GB:CCL stock, click here.
More about Carnival
Carnival Corporation & plc is a global cruise operator and one of the largest leisure travel companies, running a diversified portfolio of world-class cruise brands and exclusive destinations across North America and Europe. The group focuses on mass-market and premium cruise experiences, leveraging scale to drive yield improvement, enhance guest experiences and deliver long-term returns to shareholders.
Average Trading Volume: 534,098
Technical Sentiment Signal: Buy
Current Market Cap: £27.29B
For detailed information about CCL stock, go to TipRanks’ Stock Analysis page.