Every material Form 8-K Carnival filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Carnival reported record full-year 2025 revenue of $26.6 billion and adjusted net income of $3.1 billion, up over 60 percent, with fourth-quarter revenue of $6.3 billion and net income of $422 million. The board reinstated a quarterly dividend of $0.15 per share and guided to full-year 2026 adjusted net income of $3.5 billion. The company also proposed unifying its dual-listed structure into a single Carnival Corporation listing on the New York Stock Exchange, subject to shareholder and court approvals.
Full-year 2025 net income was $2.8 billion and adjusted net income was $3.1 billion, up over 60 percent.
Fourth-quarter 2025 revenue was $6.3 billion, up nearly $400 million, and diluted EPS was $0.31 on net income of $422 million.
Initial dividend of $0.15 per share has a record date of February 13, 2026 and a payment date of February 27, 2026.
2026 outlook calls for adjusted net income up approximately 12 percent, or $3.5 billion, with shareholder meetings planned for April 2026.
Carnival Corporation closed a $1.25 billion private offering of 5.125% senior unsecured notes due 2029 and issued a notice to redeem all $2.0 billion of its 6.000% notes due 2029 on November 1, 2025. The company said the refinancing is part of its strategy to reduce interest expense, and the filing contains no earnings, revenue or guidance figures.
New notes: $1.25 billion of 5.125% senior unsecured notes maturing May 1, 2029, with interest paid semi-annually starting May 1, 2026.
Redemption: all $2.0 billion of 6.000% notes due 2029 to be redeemed November 1, 2025 at 101.500% of principal, plus accrued interest.
Funding: redemption to be paid with proceeds from the new notes and cash on hand.
Company states the transaction continues its strategy to reduce interest expense.
Carnival reported third quarter 2025 net income of $1.9 billion and revenue of $8.2 billion, both up from the prior-year quarter, and raised its full-year 2025 adjusted net income guidance to growth of nearly 55 percent. The company also called for redemption of all its 5.75% convertible senior notes due 2027 on December 5, 2025, which it says is part of its strategy to deleverage and reduce interest expense.
Q3 2025 net income was $1,852 million, up from $1,735 million a year earlier; diluted EPS was $1.33 versus $1.26.
Q3 adjusted net income was $1,982 million, or $1.43 adjusted EPS, versus $1.27 a year earlier.
Full-year 2025 adjusted net income is expected to be up nearly 55 percent from 2024 and $235 million better than June guidance.
If all convertible notes are converted, the company will pay $500 million in cash, with the rest settled in shares.
Carnival Corporation entered compensation protection and restrictive covenant agreements on August 6, 2025, with CEO Josh Weinstein, CFO David Bernstein, Chief Human Resources Officer Bettina Deynes and General Counsel Enrique Miguez. The agreements set severance terms if an officer is terminated without cause, through position elimination, certain reassignments or pay cuts, or by mutual agreement, and include non-compete and non-solicitation periods. The filing is routine governance disclosure, with no change in leadership and no dollar severance amounts stated.
Agreements dated August 6, 2025, cover CEO Josh Weinstein, CFO David Bernstein, CHRO Bettina Deynes and General Counsel Enrique Miguez.
CEO severance: two times annualized base salary plus two times target cash bonus, paid over two years, conditional on a release.
Other officers: one times base salary plus 0.5 times target cash bonus, paid over one year.
Non-compete and non-solicitation periods run two years for the CEO and one year for other officers after termination.
Carnival Corporation closed a private offering of $3.0 billion of 5.75% senior unsecured notes maturing August 1, 2032. Proceeds will fully repay a first-priority senior secured term loan maturing in 2028, and remaining proceeds with cash on hand will redeem $2.4 billion of 5.750% notes due 2027, a redemption set for July 17, 2025. The company says the transaction continues its strategy to deleverage and reduce secured debt.
$3.0 billion of 5.75% senior unsecured notes issued, maturing August 1, 2032
Proceeds fully repay the first-priority senior secured term loan maturing in 2028
$2.4 billion of 5.750% senior unsecured notes due 2027 to be redeemed on July 17, 2025
Interest payable semi-annually on February 1 and August 1, starting February 1, 2026
Carnival plc closed a private offering of €1.0 billion in 4.125% senior unsecured notes maturing July 15, 2031, under an indenture dated July 7, 2025. Proceeds will fully repay the 2027 first-priority senior secured term loan and partly repay a 2028 term loan, which the company says will reduce interest expense and extend its maturity profile.
Notes: €1.0 billion principal, 4.125% annual interest, maturing July 15, 2031; first coupon due July 15, 2026
Proceeds to fully repay the term loan maturing in 2027 and repay part of the term loan maturing in 2028
Notes guaranteed on a senior unsecured basis by Carnival Corporation and certain subsidiaries; redeemable before April 15, 2031 with a make-whole premium
CFO David Bernstein said the company is one notch away from an investment grade credit rating
Carnival reported second-quarter 2025 net income of $565 million, or $0.42 per diluted share, compared with $92 million, or $0.07, a year earlier. The company raised its full-year 2025 outlook, with adjusted net income now expected to rise more than 40% from 2024 and adjusted EBITDA of approximately $6.9 billion, which matters to shareholders because it signals stronger expected earnings for the year.
Q2 2025 net income was $565 million, or $0.42 diluted EPS, versus $92 million, or $0.07, in Q2 2024.
Q2 2025 revenues were $6.3 billion, up nearly $550 million from the prior year.
Full-year 2025 adjusted EBITDA is expected at approximately $6.9 billion, up over 10% from 2024.
Third-quarter 2025 net yields are expected to rise approximately 3.5% in constant currency compared with 2024.
Carnival Corporation and Carnival plc entered into a new $4.5 billion multi-currency revolving credit agreement on June 13, 2025, which replaces an existing revolver of $1.9 billion, €0.9 billion and £0.1 billion. The company said the facility adds liquidity and extends the maturity, which matters to shareholders because it increases the funding available for working capital and general corporate purposes, while the new borrowings are an additional obligation.
New revolver totals $4.5 billion and matures June 13, 2030, with JPMorgan Chase Bank, N.A. as administrative agent.
It replaces the existing $1.9 billion, €0.9 billion and £0.1 billion multi-currency revolver held by Carnival Holdings (Bermuda) II Limited.
An accordion feature allows up to $1.0 billion of additional revolving commitments.
The facility is unsecured and initially guaranteed on an unsecured basis by the same subsidiaries that guarantee the senior secured term loans.
Carnival closed a $1.0 billion private offering of 5.875% senior unsecured notes due 2031 and will use the proceeds to redeem its $993 million 7.625% notes due 2026 on May 22, 2025. The company expects this and a earlier $350 million partial redemption to reduce net interest expense by over $20 million through the 2026 notes' maturity, and says the new indenture has investment grade-style covenants.
$1.0 billion of 5.875% senior unsecured notes due June 15, 2031, closed May 21, 2025
Proceeds to redeem the $993 million 7.625% senior unsecured notes due 2026 on May 22, 2025
Company expects to reduce net interest expense by over $20 million through the 2026 notes' maturity
Notes are guaranteed by Carnival plc and certain subsidiaries; holders may require repurchase at 101% upon specified change of control
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Carnival filing is on SEC EDGAR ↗. 8-K briefs of other companies →