The world’s largest cruise ship company wants to move its legal incorporation from Panama to Bermuda.

Carnival Corporation and Plc, coming off of record profits and projecting an even better fiscal year ahead, has chosen Bermuda because it is “a jurisdiction widely recognised and aligned with international financial standards”.

Carnival, which declared full year net income of $2.8 billion on Friday, said it planned to consolidate the business under one Bermuda-domiciled company with a sole listing on the New York Stock Exchange.

The company, which has some 90 ships in total, operates with two companies – Carnival Corporation and Carnival Plc – with listings on the New York Stock Exchange and the London Stock Exchange, respectively.

Carnival Plc will be a wholly owned subsidiary of Carnival Corporation under the new structure.

Carnival Plc shareholders would receive Carnival Corporation shares on a one-for-one basis and Carnival Plc shares and American Depositary Receipts would be delisted from the stock exchanges in London and New York.

This would create a single global share price, streamline governance and reporting, reduce administrative costs and is expected to increase liquidity and weighting in major US stock indices, all of which the company believes will strengthen its ability to deliver long-term shareholder value.

The move to Bermuda by the second quarter of 2026, under the name Carnival Corporation Ltd, will mean no material changes to the company's business fundamentals, including strategy, underlying assets and operations or to the company's commitment to what is to them, a vital UK market.

“The unification and legal incorporation in Bermuda are expected to preserve key shareholder voting and economic rights,” the company said in a statement.

“These proposals will be subject to certain conditions, including the approval of shareholders in April and receipt of regulatory and UK court approvals.”

Carnival had record revenues of $26.6 billion and an all-time high full-year operating income of $4.5 billion, up 25 per cent compared with the previous year.

Cumulative advanced booked position for 2026 remains in line with 2025 record levels at historical high prices in constant currency.

The full year 2026 adjusted net income is expected to be $3.5 billion, surpassing record 2025 levels.

Carnival Corporation & PLC's chief executive officer Josh Weinstein said on Friday: “2025 was a truly phenomenal year. We set new records across our business, achieved investment grade leverage metrics and, as announced just today, reinstated our dividend. These milestones reflect the collective strength of our cruise line portfolio and confidence in our long-term future.

“Our global team's relentless focus on delivering amazing guest experiences while executing with discipline enabled us to outperform guidance for the fourth time this year.

“We had record full-year net yields (in constant currency) and adjusted net income increased more than 60 per cent driven by strong demand that outpaced unit cost increases.

“The momentum is carrying into 2026, which is shaping up to surpass even these remarkable results with another year of double-digit earnings growth and return on invested capital expected to exceed 13.5 per cent, closing in on our 20-year high.”

He added: “With our strengthened balance sheet, powerful and diverse portfolio of world-class cruise lines and exclusive destinations, we are well positioned to capitalise on a tremendous runway to continue driving yield improvement and exceptional returns.

“We look forward to delivering unforgettable happiness to our guests around the world and long-term value for our shareholders, for years to come.”

Seven Carnival ships are expected to make 26 visits to Bermuda in 2026, bringing some 150,000 people.

Carnival officials visited Bermuda last week and expressed interest in expanding the company’s presence on the island.