Carnival Corporation reported another quarter of strong financial performance with record revenues and exceeded targets, despite facing some geopolitical uncertainties and rising costs. The outlook remains positive with strategic investments and successful refinancing efforts.

Company Guidance -

Q3 2025

During Carnival Corporation & plc's second quarter 2025 earnings call, the company reported record results across multiple metrics, marking eight consecutive quarters of record revenues on record yields. EBITDA was up 26% year over year, operating income increased by 67%, and net income more than tripled, exceeding guidance by $185 million. Yields grew by nearly 6.5%, outperforming guidance by 200 basis points, and customer deposits reached an all-time high. The company's EBITDA margins surpassed 2019 levels by 200 basis points, achieving the highest margins in nearly 20 years. Additionally, Carnival met its Return on Invested Capital (ROIC) target of 12.5%, more than doubling in less than two years, and achieved its carbon intensity reduction goal of 20% compared to 2019 levels. These results allowed Carnival to set new targets for 2026 ahead of schedule, anticipating yield growth of 16% across 2024 and 2025, with a strong focus on enhancing fleet offerings and expanding private island destinations to drive future growth.

Record Revenue and Profit Growth

Carnival Corporation achieved record revenues for the eighth consecutive quarter, with EBITDA up 26%, operating income up 67%, and net income more than tripling year over year. EBITDA margins were the highest in nearly twenty years, exceeding 2019 levels by 200 basis points.

Achievement of 2026 Targets Ahead of Schedule

Carnival met and exceeded its 2026 targets a full eighteen months ahead of schedule, with EBITDA per ALBD growth at 52% above the 2023 baseline and ROIC surpassing 12.5%.

Successful Destination and Fleet Enhancements

The company reported progress on its new destination, Celebration Key, and enhancements in existing destinations and fleets, including the Aida Evolution program. These are expected to drive further demand and pricing improvements.

Improved Financial Guidance for 2025

Full-year 2025 net income guidance improved by $200 million, with anticipated EBITDA increase of 13% over 2024.

Debt Refinancing Efforts

Carnival prepaid $350 million of notes and extended other credit facilities, reducing interest expenses and improving net debt to EBITDA ratio to 3.7x.

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)	1.32 / -	1.27	―	―	―
Jun 24, 2025	2025 (Q2)	0.25 / 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.