Carnival PLC & Corporation made a splash with its final results for 2025 as it reinstated its dividend, forecast further earnings growth and proposed unifying its dual-listed structure into a single New York-listed entity.
Shares in the FTSE 100-listed cruise operator sailed 16.7% higher in London to 2,315p, the highest since the first Covid lockdown of 2020, while rising 9.7% to $31.08 on the NYSE.
Adjusted net income for the year rose over 60% to $3.1 billion, as revenues reached an all-time high of $26.6 billion, up from $25.2 billion a year earlier.
“2025 was a truly phenomenal year,” said chief executive officer Josh Weinstein. “We set new records across our business, achieved investment grade leverage metrics and, as announced just today, reinstated our dividend.”
The company’s net debt to EBITDA ratio improved to 3.4x, earning investment grade recognition from Fitch. A $0.15 per share quarterly dividend was declared, with payment due in February 2026.
For 2026, adjusted net income is expected to increase to $3.5 billion.
Carnival said it plans to unify its corporate structure into a single New York-listed company, subject to shareholder and regulatory approvals.
Under this plan, shareholders in the PLC would receive Corporation shares on a one-for-one basis, and both PLC shares and ADRs would be de-listed from both the London and the New York stock exchanges to "create a single global share price, streamline governance and reporting, reduce administrative costs and is expected to increase liquidity and weighting in major US stock indexes, all of which the company believes will strengthen its ability to deliver long-term shareholder value".