Carnival Corp. reported record third-quarter results and said it has refinanced over $12 billion in debt this year as it pushes to regain an investment-grade credit rating.
The world's largest cruise operator posted net income of $1.85 billion for the three months ended Aug. 31, up from $1.74 billion a year earlier, according to a regulatory filing.
Revenue rose to a record $8.15 billion from $7.9 billion in the same period last year, marking the tenth consecutive quarter of record sales.
The company said it has opportunistically refinanced over $11 billion of debt and prepaid another $1 billion this year, simplifying its capital structure.
As part of the effort, Carnival also issued a notice to redeem all of its outstanding 5.75% convertible senior notes due in 2027.
"With our current refinancing strategy nearly complete, we've continued taking decisive actions to strengthen our balance sheet," Chief Financial Officer David Bernstein said in a statement.
The strong performance was driven by higher ticket prices and increased onboard spending amid robust demand, the company said.
Carnival raised its full-year profit outlook for the third time and noted that its booked position for 2026 remains strong and at historically high prices.
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Carnival Corp. on Tuesday said it priced a $1.25 billion offering of senior unsecured notes as part of its ongoing effort to lower borrowing costs.
Carnival Corp. on Tuesday launched a private offering of $1.25 billion in new senior unsecured notes as it continues to overhaul its debt in a push to regain an investment-grade credit rating.
Carnival Corp. posted a record third-quarter profit and raised its full-year outlook for the third time, as strong demand and higher onboard spending propelled revenues to an all-time high.
Carnival said it priced an upsized $3 billion offering of senior unsecured notes as it continues to shift its debt structure away from secured borrowings.