**Summary**
Carnival Corporation & plc released its joint Annual Report on Form 10-K for the fiscal year ended November 30, 2025, reporting strong financial performance and strategic advancements. Key highlights include
1. **Financial Performance**
Record revenues of $26.6 billionup from $25.0 billion in 2024.
Operating income of $4.5 billion, a 25% increase from the previous year.
Net income of $2.76 billioncompared to $1.92 billion in 2024.
Reinstated quarterly dividend of $0.15 per share, reflecting improved financial health.
2. **Operational Milestones**
Record booking trends and customer deposits, up nearly 7% year-over-year.
Opened Celebration Key, a new exclusive destination in Grand Bahama, hosting over 1 million guests since July 2025.
Continued expansion of Paradise Collection properties, including RelaxAway, Half Moon Cay, and Isla Tropicale.
3. **Strategic Initiatives**
Strengthened demand generation efforts through targeted marketing and AI-driven strategies.
Progress towards sustainability goals, including a 20% reduction in greenhouse gas emissions intensity by 2030 (achieved ahead of schedule) and a 47% reduction in food waste.
Proposed unification of the dual listed company structure under a single corporate entity to streamline governance and enhance liquidity.
4. **Shareholder Actions**
Approved a proposal to seek authority for Carnival plc to repurchase up to 10% of its ordinary shares.
Continued focus on creating shareholder value through reinvestment in growth initiatives.
5. **Segment Performance**
North America segment revenues increased to $17.6 billion, driven by higher ticket prices and capacity expansion.
Europe segment revenues grew to $8.5 billion, supported by favorable currency translation and increased occupancy.
6. **Liquidity and Capital Structure**
Completed a $19 billion refinancing plan, reducing total debt by over $10 billion since January 2023.
Maintained strong liquidity with $6.4 billion in cash and available borrowing capacity.
7. **Future Outlook**
Well-positioned for growth with a focus on commercial excellence, disciplined newbuild strategy, and destination development.
Commitment to sustainability and long-term shareholder value creation.
Overall, Carnival Corporation & plc demonstrated resilience and growth in 2025, achieving record financial results and advancing strategic priorities despite ongoing industry challenges.