Carnival Corp. Sets Company Record for Full-Year Revenue

Carnival Corp. reported strong full-year results during its Q4 earnings call on Friday, raking in an all-time high of $25 billion in revenue, which was 16% higher than the $21.6 billion Carnival compiled in the previous fiscal year.

The company recorded net income of $1.92 billion for the full year, which was $130 million more than the company forecasted in September and up from a $74 million loss in the previous fiscal year.  Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the full year was $6.1 billion, up from $4.2 billion. Full-year operating income came in at $3.57 billion, up from $1.96 billion. 

Prices were up among all brands with percentage increases between the mid single-digits and mid teens, executives said. Meanwhile, onboard spending accelerated each quarter throughout the year. 

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CFO David Bernstein described demand as robust and said demand strength is driving Carnival Corp.'s financial results and "rebuilding our financial fortress while continuing the process of transferring value from debt holders back to shareholders."  

Booking volume over Q4 was higher than a year ago, including in the period leading up to the election, Weinstein said. Meanwhile, booking volume for 2026 is at a record-breaking level, "reflecting sustained demand, even for further-out sailings," he said. 

The company's North American and European brands are having their longest booking windows on record, according to Weinstein. 

"I cannot stress enough to our customers and trade partners that if you want to sail with us this year, book now while there's still space available," he said. 

Truist Securities analyst Patrick Scholes noted Carnival Corp. "now has nearly two-thirds of 2025 already booked, up from nearly half booked at Q3 earnings in September."