Is Carnival Cruise Lines profitable?
Profitability is the most critical factor determining whether a company can grow shareholder value over the long term. Typically, a company's stock price rises along with its earnings.
After sinking following the COVID-19 pandemic, Carnival's revenue and profitability have recovered in recent years due to strong demand. The company's revenues hit an all-time high of $25 billion in 2025, a 15% increase from the prior year. The company also posted record adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) ($6.1 billion, a 40% increase) and operating income ($3.6 billion, an 80% increase). Meanwhile, its net income was $1.9 billion for the year.
The company foresees continued profit improvement in the coming years. Its 2025 adjusted EBITDA rose $1 billion from the previous year to $7.2 billion, while its adjusted net income hit a record $3.1 billion, more than 60% higher than the previous year. Driving that growth is continued strong demand for cruises and the company's SEA change strategy -- setting three-year financial and sustainability targets -- to boost its earnings. Carnival is also investing in expanding its fleet, adding an average of one new ship per year over the next several years to grow capacity.
Does Carnival Cruise Lines pay a dividend?
Carnival made dividend payments until early 2020. However, the company suspended its dividend in March 2020 to conserve cash because of the pandemic's impact on its operations. Before that, Carnival and its predecessors had paid quarterly dividends since 2001.
The company said in its 2024 annual report that it didn't plan to pay dividends for at least the next couple of years, and would focus on shoring up its balance sheet and investing in expanding its fleet. However, Carnival reinstated its dividend in late 2025.
