Carnival Q4 revenue slightly misses estimates; co reinstates dividend

) Overview Cruise operator’s Q4 revenue slightly missed analyst expectations Adjusted net income for Q4 beat analyst expectations Company reinstated dividend and plans to simplify corporate structure Outlook Carnival expects 2026 adjusted net income to rise 12% from record 2025 levels Company projects 2026 net yields to increase by 2.5% in constant currency Carnival anticipates adjusted cruise costs excluding fuel to rise 3.25% in 2026 Result Drivers COST MANAGEMENT - Effective cost management contributed to surpassing co’s adjusted net income guidance by over $150 mln STRONG DEMAND - Strong close-in demand drove record revenues and net yields, outperforming company guidance FUEL EFFICIENCY - Fuel consumption per ALBD decreased 5.6% due to operational improvements Key Details Metric Beat/Mis Actual Consensu s s Estimate Q4 Slight $6.33 $6.37 Revenue Miss* bln bln (19 Analysts ) Q4 EPS $0.34 Q4 Beat $454 mln $339.93 Adjusted mln (12 Net Analysts Income ) Q4 Net $422 mln Income Q4 Beat $1.50 $1.36 Adjusted bln bln (19 EBITDA Analysts ) Q4 Beat $735 mln $642.91 Operatin mln (15 g Profit Analysts ) Q4 $404 mln Pretax Profit *Applies to a deviation of less than 1%; not applicable for per-share numbers. Analyst Coverage The current average analyst rating on the shares is “buy” and the breakdown of recommendations is 22 “strong buy” or “buy”, 6 “hold” and no “sell” or “strong sell” The average consensus recommendation for the hotels, motels & cruise lines peer group is “buy” Wall Street’s median 12-month price target for Carnival Corp is $35.50, about 25.3% above its December 18 closing price of $28.34 The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)