Carnival Corporation & plc (NYSE: CCL) reported fourth-quarter earnings that exceeded analyst expectations and announced the reinstatement of its dividend, sending shares up more than 9% intra-day on Friday.

The cruise operator posted adjusted earnings per share of $0.34 for the fourth quarter, surpassing analyst estimates of $0.25. Revenue totaled $6.3 billion, slightly below the consensus estimate of $6.37 billion but still marking a record fourth-quarter performance for the company.

For the full fiscal year, Carnival reported adjusted net income of $3.1 billion, representing an increase of more than 60% year over year, driven by strong close-in demand and disciplined cost management. Fourth-quarter net yields in constant currency rose 5.4% compared with 2024, exceeding the company's September guidance by 1.1 percentage points.

Looking ahead, Carnival projected adjusted net income growth of approximately 12% in fiscal 2026 relative to record 2025 levels. Net yields in constant currency were expected to increase by about 2.5% as demand trends and pricing remained favorable.