Carnival Corporation delivered its strongest operating results in company history during fiscal 2025, carrying a record 14.8 million passengers across its global fleet, up 22% year-over-year. Total revenue climbed to $23.7 billion, a 19% increase driven by higher onboard spend per passenger, which rose by 8% to $95. Fleet occupancy reached 106%, the highest since before the pandemic, and adjusted EBITDA expanded by 24% to $6.1 billion, surpassing the high end of management’s guidance range.

Despite robust cash flows, Carnival ended 2025 with net debt of $14.5 billion, representing a net leverage ratio of 2.4 times adjusted EBITDA. Interest expense rose to $1.1 billion as average borrowing costs climbed above 4.5%. The company has scheduled debt maturities of $3.2 billion through 2027, and management plans to deploy excess free cash flow toward debt reduction, targeting a leverage ratio below 2.0 by year-end 2026.

In the latest trading session, Carnival shares jumped as trading volume topped the 60-day average by 35%, reflecting renewed investor interest following the fourth-quarter earnings release. However, consensus estimates have seen only modest upward revisions—8 analysts lifted fiscal 2026 EPS forecasts by an average of 4%, while 3 lowered theirs by 2%—suggesting limited near-term catalysts. Investors will be watching the company’s fuel hedge reset in Q2 and the rollout of its two new LNG-powered ships to assess sustainability of the current momentum.