Highest-materiality recent filing
Carnival completes DLC unification and redomiciliation to Bermuda; Carnival plc now a subsidiary
All Carnival plc shares exchanged 1-for-1 for Carnival Corporation Ltd. common shares; plc delisted from LSE and NYSE.
Diluted EPS $0.19, adj. EPS $0.20 (+50% YoY); net income $258M, adj. net income $275M.
Carnival and Carnival plc agree to unify DLC structure and redomicile to Bermuda
Unification Agreement signed Feb 20, 2026; DLC to be unified under Carnival Corp with Carnival plc as wholly-owned UK subsidiary.
Carnival amends ADR deposit agreement; termination tied to planned unification of CCL and CUK
Amendment No. 1 to deposit agreement provides for automatic ADR termination upon consummation of Carnival Corp/plc unification and migration to Bermuda.
Carnival reports record FY2025 adjusted net income $3.1B, reinstates dividend, guides FY2026 $3.5B
FY adjusted net income $3.1B (+60% YoY) on record revenue $26.6B; adjusted EBITDA $7.2B.
Carnival closes $1.25B 5.125% notes offering, to redeem $2.0B 6.000% notes due 2029
$1.25B aggregate principal of 5.125% senior unsecured notes due 2029 issued, closing October 15, 2025.
Carnival launches $1.25B notes offering; to redeem $2B 6.000% notes due 2029
Private offering of $1.25B aggregate principal amount of new senior unsecured notes due 2029.
Carnival prices $1.25B 5.125% notes to redeem $2.0B 6.000% notes due 2029
Priced $1.25B aggregate principal of 5.125% senior unsecured notes due 2029.
Carnival Q3 net income $1.9B record, adjusted EPS $1.43 beat; raises FY25 outlook third time
Record Q3 net income $1.9B ($1.33 diluted EPS); adjusted net income $2.0B ($1.43 adjusted EPS), beating June guidance by $182M.
Carnival closes $3.0B 5.75% note offering; redeems $2.4B 2027 notes, repays term loan
Issued $3.0B of 5.75% senior unsecured notes due 2032; interest payable semi-annually starting Feb 1, 2026.
Carnival plc closes €1.0B 4.125% senior unsecured notes; to repay secured term loans
€1.0 billion aggregate principal of 4.125% senior unsecured notes due July 15, 2031.
$2.0B aggregate principal of new senior unsecured notes expected to mature in 2032.
Carnival Corp prices $3.0B 5.75% notes due 2032; upsized to redeem $2.4B 2027 notes
$3.0B aggregate principal of 5.75% senior unsecured notes due 2032 priced; offering upsized.
Carnival launches €1.0B senior unsecured notes offering due 2031 to repay secured term loans
€1.0 billion aggregate principal of new senior unsecured notes due 2031.
Carnival beats Q2 guidance; net income $565M, revs $6.3B, hits 2026 targets early
Adjusted net income $470M ($0.35 EPS) beat March guidance by $185M; net income $565M ($0.42 diluted EPS), ~$475M improvement YoY.
Carnival secures $4.5B revolver, up 50% from prior facility, maturing June 2030
New $4.5B multi-currency revolver replaces existing $1.9B + €0.9B + £0.1B facility.
Carnival launches $1B notes offering to refinance $993M 7.625% notes due 2026
$1.0B senior unsecured notes offering expected to mature in 2031; proceeds used to refinance $993M 7.625% notes due 2026.
Carnival prices $1.0B 5.875% notes due 2031; refinances $993M 7.625% notes due 2026
$1.0B aggregate principal of 5.875% senior unsecured notes due 2031 priced.
Carnival redeems $350M of 7.625% notes due 2026 on May 1 at par
Notice of redemption for $350M of $1.4B 7.625% senior unsecured notes due 2026.
Carnival reports record Q1 revenue $5.8B, adj net income $174M, raises FY25 guidance
Record Q1 revenue $5.8B (+$400M YoY); operating income $543M nearly double prior year.
Carnival issues $1B 5.75% notes due 2030, redeems $1B 10.5% notes, cuts annual interest cost ~$45M
Issued $1.0B 5.750% senior unsecured notes due 2030 in private offering.
Carnival prices $1.0B 5.750% notes due 2030 to refinance 10.500% notes, saving ~$45M/yr interest
Priced private offering of $1.0B aggregate principal of 5.750% senior unsecured notes due March 15, 2030.
Carnival launches $1B notes offering to refinance 10.5% bonds due 2030, cutting interest expense
Plans to redeem $1.0B of 10.500% senior unsecured notes due 2030, conditional on closing new offering.
Carnival closes $2.0B 6.125% notes offering, redeems $2.03B 10.375% notes, saves >$80M/year
Issued $2.0B 6.125% notes due 2033; used proceeds plus cash to redeem $2.03B 10.375% notes due 2028.
Carnival launches $2.0B note offering to refinance 10.375% Senior Priority Notes due 2028
Offering $2.0B in new senior unsecured notes due 2033 to refinance $2.03B 10.375% Senior Priority Notes due 2028.
Carnival prices $2.0B 6.125% notes due 2033; to redeem $2.03B 10.375% senior notes due 2028
$2.0B aggregate principal of 6.125% senior unsecured notes due 2033 priced.
Carnival reprices ~$2.45B in senior secured term loans, expects ~$18M annual interest savings
Repriced $700M 2027 and $1.75B 2028 first-lien term loans; new rate SOFR + 2.00% (0.75% floor).
Full year revenue $25B (all-time high), up >15% YoY; net income $1.9B, adjusted net income beats guidance by $130M.
Carnival Q3 net income $1.7B (+60% YoY); raises FY2024 adjusted EBITDA guidance to ~$6.0B
Revenue hit record $7.9B, up $1.0B YoY; net yields in constant currency rose 8.7%.
Carnival Q2 net income up ~$500M YoY; beats guidance, raises FY2024 outlook
Q2 net income improved by nearly $500M compared to 2023.
Closed €500M 5.75% senior notes due 2030; proceeds to redeem €500M 7.625% notes due 2026 (interest expense reduction ~2%).
€500M of 5.75% senior unsecured notes due 2030; proceeds with cash to redeem €500M 7.625% notes due 2026, cutting interest expense ~2%.
Carnival Q1 revenue $5.4B record; all-time high booking levels
Record Q1 net yields (constant currency) and net per diems significantly above 2023.
Carnival reports all-time record bookings, reroutes Red Sea transits, redeems $571M second lien debt
Bookings volumes since November hit all-time high; 2024 best booked position on record with pricing and occupancy well above 2023.
Carnival redeems entire 9.875% second-priority senior secured notes due 2027
Redemption of all outstanding 9.875% Second-Priority Senior Secured Notes due 2027.
Carnival reports record FY 2023 revenue $21.6B; Q4 also record; cash from ops $4.3B
Full year revenue hit all-time high of $21.6 billion.
Carnival posts record Q3 revenue, GAAP net income $1.07B, adjusted EPS $0.86 beat
U.S. GAAP net income of $1.07B ($0.79 diluted EPS); adjusted net income of $1.18B ($0.86 EPS).
Carnival closes $500M notes & $1.3B term loan; redemption of 2026 notes saves >$120M/year
Closed $500M 7.00% senior secured notes due 2029 and upsized $1.3B first lien term loan maturing 2027.
Carnival issues $500M 7% notes, upsizes term loan to $1.3B; redeems $1.2B of 10%+ debt
Priced $500M aggregate 7.00% first-priority senior secured notes due 2029.
New $1.0B first lien term loan B facility expected to mature in 2027.
Carnival Q2 net loss $407M beats guidance; unveils 2026 SEA Change Program
GAAP net loss $407M (-$0.32 diluted EPS); adjusted net loss $395M (-$0.31 adj EPS).
On January 9, 2025, Sara Mathew notified Carnival Corporation and Carnival plc (together, the “Company”) that she has made the decision not to stand for re-election at the 2025 Annual Meetings of Shareholders to allow her to focus on her other business ventures.
Lars Ljoen, who is currently Chief Operations Officer of Carnival Cruise Line, will assume the role of Chief Maritime Officer of the Company effective February 1, 2025.
William Burke, Chief Maritime Officer and a named executive officer of Carnival Corporation and Carnival plc (the “Company”), notified the Company that he is stepping down from this role effective February 1, 2025.
Michael Thamm, Group Chief Executive Officer of Costa Group and Carnival Asia and a named executive officer of Carnival Corporation and Carnival plc (together, the “Companies”), is no longer with the Companies effective as of April 5, 2023.
On January 17, 2023, Richard J. Glasier announced he will not stand for re-election to the Boards of Directors of Carnival Corporation and Carnival plc
On November 14, 2022, the Boards of Directors of Carnival Corporation and Carnival plc appointed Sara Mathew to serve as a member of the Carnival Corporation and Carnival plc Boards of Director effective immediately.
On November 14, 2022, Sir John Parker announced he will not stand for re-election to the Boards of Directors of Carnival Corporation and Carnival plc (together, the “Companies”) at the next Annual Shareholders Meetings, which are expected to take place in April 2023.
On November 2, 2022, Arnold W. Donald announced his resignation from his position as a Director of Carnival Corporation and Carnival plc (together, the “Companies”), including his role as Vice Chair, effective November 30, 3022.
On June 23, 2022, the Boards of Directors of Carnival Corporation and Carnival plc (together, the “Companies”) appointed Josh Weinstein, currently Chief Operations Officer, to serve as an executive member of the Boards of Directors, effective August 1, 2022.
Mr. Weinstein will also assume the roles of President, Chief Executive Officer and Chief Climate Officer on August 1, 2022.
Peter C. Anderson, Chief Ethics and Compliance Officer and a named executive officer of Carnival Corporation and Carnival plc (together, the “Companies”), notified the Companies on May 13, 2022, that he is resigning effective May 16, 2022.
Richard Brilliant, currently Chief Audit Officer of the Companies, will replace Mr. Anderson, assuming a new role of Chief Risk and Compliance Officer.
Max materiality 0.90 · Median 0.70 · Most common event debt