Carnival Corporation & plc (NYSE:CCL) (NYSE:CUK) delivered a decisive earnings beat and reinstated its dividend after posting record fourth-quarter profit and cash flow.

Carnival reported fourth-quarter net income of $422 million, or 31 cents per share, up nearly 40% from a year ago. Adjusted net income was $454 million, or 34 cents per share, up 140% and exceeding guidance by more than $150 million on strong demand and cost controls.

Adjusted EPS of 34 cents topped the consensus by 9 cents. Revenue hit a fourth-quarter record $6.33 billion, up $400 million, though just shy of the $6.37 billion estimate. Adjusted EBITDA was a record $1.5 billion, with margins up nearly 300 basis points.

Also Read: Carnival Q4 Preview: Choppy Results; Analyst Expects 2026 To Be Catalyst-Driven

Gross margin yields rose 16%, and net yields in constant ...