Carnival Corp. (NYSE: CCL) reported record financial metrics across the board for its fiscal year 2025, providing strong momentum heading into the current year. The company posted record revenue of $26.6 billion for the fiscal year ended November 30, 2025, and record adjusted net income of $3.1 billion.
Onboard spending grew faster than ticket sales, serving as a high-margin revenue stream. Customer deposits reached $7.2 billion at the end of the fourth quarter, another record figure that gives the company visibility into near-term trends.
The company's share price has increased 180% over the past 36 months as of January 15, representing an annualized gain of 41%. Carnival shares currently trade around $29 each with a price-to-earnings ratio of 14.7, a discount compared to the S&P 500's multiple of 25.7.
Carnival operates more than 90 ships across multiple brands worldwide. The company faced operational halts during COVID-19 prevention measures, reporting a 66% year-over-year revenue decrease in fiscal 2021 and a $9.5 billion net loss that year.
The business has expanded its product lineup with private destinations including Celebration Key in Grand Bahama, opened last July, and recently announced plans for Ensenada Bay Village in Baja California, Mexico.
Carnival's leadership team noted the company's debt burden totals $26.6 billion, representing 69% of its total market capitalization. This figure has decreased by $10 billion from its peak, leading to improved bond ratings from credit agencies.
The company could face headwinds if macroeconomic conditions deteriorate, as travel demand can be sensitive to consumer confidence, gas prices, unemployment, and GDP growth. However, the Federal Reserve has reduced the federal funds rate three times since September and is implementing quantitative easing measures.
AAA estimates 2026 will see another record number of American travelers taking cruises, with cruises potentially costing 25% to 50% less than land resorts.