Investing.com • Jeffrey Neal Johnson Carnival’s Dividend Return Marks the End of Survival Mode
12/24/2025 12:40 AM • Carnival Corporation has officially ended its post-pandemic survival phase by reinstating its quarterly dividend (15 cents per share) for the first time since 2020. The cruise operator achieved record financial results in 2025, including $7.2 billion in adjusted EBITDA, $3.1 billion in adjusted net income (60% YoY growth), and reduced debt by over $10 billion. With a net debt-to-adjusted EBITDA ratio of 3.4x (approaching investment grade), two-thirds of 2026 inventory already booked at premium prices, and a planned corporate restructuring to unify its dual-listed structure, Carnival has transitioned from a recovery story to a growth and capital returns story.
CCL - Company has successfully exited survival mode with record financial results, achieved investment-grade leverage ratios, reinstated dividends, reduced debt significantly, and demonstrated strong consumer demand with 2/3 of 2026 inventory pre-booked at premium prices. Strategic initiatives like the new private destination and planned corporate unification provide additional growth catalysts.