Carnival Corporation's earnings call reflected strong financial performance with record revenues and profits, successful achievement of strategic targets, and promising future plans with new destinations and fleet upgrades. However, there are concerns about geopolitical uncertainties and rising cruise costs. The introduction of a new loyalty program is a strategic move, though it will have short-term accounting impacts. Overall, the positives significantly outweigh the negatives.

Company Guidance -

Q3 2025

During the second quarter of 2025, Carnival Corporation & plc reported record financial performance, achieving its highest-ever EBITDA and operating income for this period, both in total and per ALBD basis. The company exceeded its guidance for net income by $185 million, driven by a 6.5% growth in yields, which surpassed guidance by 200 basis points. Year-over-year, EBITDA increased by 26%, operating income rose by 67%, and net income more than tripled. Carnival met its 2026 financial targets ahead of schedule, with EBITDA per ALBD up 52% from the 2023 baseline and ROIC surpassing 12.5%. The company also reached its carbon intensity reduction goal of 20% compared to 2019. Looking forward, Carnival anticipates yield growth of 16% over 2024 and 2025, maintaining strong 4% yield growth into the year's second half, despite geopolitical and macroeconomic volatility.

Record Revenue and Profit Growth

Carnival Corporation achieved record revenues for the eighth consecutive quarter with EBITDA up 26% and operating income up 67% year-over-year. Net income more than tripled and outperformed guidance by $185 million.

Exceeded 2026 Targets Ahead of Schedule

The company met and exceeded its 2026 targets for 50% EBITDA per ALBD growth and 12% return on invested capital a full eighteen months ahead of schedule.

New Destination Developments

Carnival is set to open Celebration Key and expand Relax Away Half Moon Cay and Isla Tropical, enhancing guest experiences with new private beach destinations.

Strong Booking and Pricing Strategy

Carnival's booking position is in line with last year's records, with yield expectations affirmed for the remainder of the year. The company maintains a strong pricing strategy with an elongated advanced booking window.

Successful Fleet Upgrades and Future Plans

The Aida Evolution upgrade program has been successful, and new builds for Aida and Carnival's Excel class ships are underway, promising future growth.

Loyalty Program Relaunch

Carnival Cruise Line will launch a new and improved loyalty program in June 2026, expected to enhance customer engagement and loyalty.

Carnival (CCL) Earnings, Revenues Date & History

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CCL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 26, 2025	2025 (Q3)	1.31 / -	1.27	―	―	―
Jun 24, 2025	2025 (Q2)	0.24 / 0.35	0.11	218.18% (+0.24)	―	―
Mar 21, 2025	2025 (Q1)	0.03 / 0.13	-0.14	192.86% (+0.27)
Dec 20, 2024	2024 (Q4)	0.07 / 0.14	-0.07	300.00% (+0.21)
Sep 30, 2024	2024 (Q3)	1.18 / 1.27	0.86	47.67% (+0.41)	―
Jun 25, 2024	2024 (Q2)	-0.01 / 0.11	-0.31	135.48% (+0.42)	―
Mar 27, 2024	2024 (Q1)	-0.18 / -0.14	-0.55	74.55% (+0.41)	―
Dec 21, 2023	2023 (Q4)	-0.13 / -0.07	-0.85	91.76% (+0.78)	―
Sep 29, 2023	2023 (Q3)	0.75 / 0.86	-0.581	248.02% (+1.44)	―
Jun 26, 2023	2023 (Q2)	-0.34 / -0.31	-1.639	81.09% (+1.33)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CCL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 24, 2025	$24.04	$25.70	+6.91%
Mar 21, 2025	$21.20	$20.94	-1.23%
Dec 20, 2024	$25.18	$26.80	+6.43%
Sep 30, 2024	$18.54	$18.48	-0.32%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.