Carnival Corp Revenue Hits Record High
The cruise industry is signaling very strong demand for Caribbean travel. Carnival Corporation posted a record $26.1 billion in 2025 revenue and has reinstated its dividend, according to a recent podcast. The robust financial performance suggests a healthy outlook for regional tourism, which typically supports airlift capacity and F&B supply contracts.
Carnival's record 2025 performance included a full-year net income of over $3 billion and an adjusted net income of $3.1 billion, a more than 60% increase from the previous year. The company's net debt to adjusted EBITDA ratio improved to 3.4x, achieving investment grade metrics from Fitch. This financial turnaround has enabled the company to reduce its debt by over $10 billion since its peak. The reinstated dividend is set at $0.15 per share quarterly, payable on February 27, 2026. This move is seen as a shift from balance sheet repair to capital returns, supported by strong bookings and high customer deposits. CEO Josh Weinstein noted that 2025's momentum is carrying into 2026, with bookings for the year already approximately two-thirds complete at historically high prices. The broader Caribbean cruise sector saw record direct spending of $4.27 billion in the 2023-24 period, supporting over 94,000 jobs. Cruise passengers spent an average of $104.36 per onshore visit, with total passenger and crew visits reaching 33.3 million. However, some analyses suggest this figure is low compared to stay-over tourists, who may spend up to 11.5 times more. In response to the surge in cruise tourism, significant port infrastructure projects are underway across the Caribbean. Global Ports Holding is investing around $250 million in developments in Nassau, Antigua, St. Lucia, and San Juan, with projects including new terminals and expanded capacity. Additionally, major port expansions are in progress in Kingston, Jamaica, and Caucedo, Dominican Republic, to enhance container capacity and transshipment capabilities. Cruise lines are increasingly investing in private island destinations, which are projected to account for 24% of all Caribbean port days by 2030, up from 18% in 2024. This trend allows cruise lines to capture more shoreside spending. Carnival is developing a new destination called Celebration Key and upgrading Mahogany Bay, which will be rebranded as Isla Tropicale. Looking ahead, the Caribbean is expected to handle 18.5 million cruise passengers by 2030, a significant increase from the 14.9 million in 2024. To accommodate this growth, 11 new ships are set to join the global fleet in 2025, with 56 more on order through 2036. This expansion includes a focus on larger, more efficient vessels and the development of new homeports to alleviate congestion.
