When the Covid-19 pandemic grounded the cruise industry, high-profile outbreaks and a more than yearlong U.S. hiatus left ships empty. Cruise giants watched revenues collapse as debt loads ballooned. At Carnival, CFO David Bernstein made a solemn commitment to investors: He would not leave the company until it successfully repaid its massive pandemic-era debt.

Now, nearly five years after the cruise operator’s first ship returned to sea, Bernstein says he and other Carnival insiders have delivered on that promise. The company has undergone a significant financial transformation to stabilize its position in the market.

Since 2022, debt has been reduced by $10 billion, bringing the total down to roughly $26 billion. As a result of these aggressive repayment efforts, Carnival has regained its investment-grade status. With a strengthened balance sheet, cash is once again flowing back to shareholders through dividends and stock buybacks, signaling a full recovery from the industry's most challenging era.