The earnings call highlights Carnival's strong financial performance, successful strategic initiatives, and improved financial positioning. However, it also acknowledges the potential challenges posed by geopolitical tensions and the initial impact of a new loyalty program on yields.

Company Guidance

During the second quarter of fiscal year 2025, Carnival Corporation reported a series of record-breaking financial metrics. The company achieved its highest ever second-quarter operating results, marking the eighth consecutive quarter of record revenues and yields. EBITDA was up 26% year-over-year, and operating income increased by 67%, with net income more than tripling compared to the previous year. Notably, net income exceeded guidance by $185 million, driven by yields that grew by almost 6.5%, surpassing guidance by 200 basis points. Unit costs also came in 200 basis points better than expected. Carnival's EBITDA margins were 200 basis points higher than in 2019, achieving the highest margins in nearly two decades. Additionally, the company met its 2026 targets for 50% EBITDA per available lower berth day (ALBD) growth and over 12.5% return on invested capital (ROIC) ahead of schedule. The company also reported a 20% reduction in carbon intensity compared to 2019. Looking forward, Carnival plans to set new targets and anticipates yield growth of 16% across 2024 and 2025, with strong booking positions and historically high prices.

Record Revenues and Financial Performance

Achieved record revenues for eight consecutive quarters with second quarter highs for EBITDA and operating income. Year over year, EBITDA was up 26%, operating income increased by 67%, and net income more than tripled.

Exceeded 2026 Financial Targets

Met and exceeded 2026 targets for EBITDA per ALBD growth and ROIC 18 months ahead of schedule, with EBITDA per birthday 52% above the 2023 baseline and ROIC surpassing 12.5%.

Strong Customer Deposits and Yield Growth

Customer deposits reached an all-time high, with yields growing by almost 6.5%, beating guidance by 200 basis points.

Successful Debt Refinancing and Financial Fortification

Prepaid $350 million of notes, refinanced debt at favorable rates, and improved net debt to EBITDA ratio from 4.1x to 3.7x.

Successful Launch of New Loyalty and Private Island Programs

Announced a new loyalty program 'Carnival Rewards' starting in June 2026 and the upcoming launch of Celebration Key as a major cruise destination.

Carnival (GB:CCL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GB:CCL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 26, 2025	2025 (Q3)	0.97 / -	0.947	―	―	―
Jun 24, 2025	2025 (Q2)	0.18 / 0.26	0.087	195.40% (+0.17)	―	―
Mar 21, 2025	2025 (Q1)	0.02 / 0.10	-0.111	190.99% (+0.21)	―	―
Dec 20, 2024	2024 (Q4)	0.06 / 0.11	-0.055	303.64% (+0.17)	―	―
Sep 30, 2024	2024 (Q3)	0.90 / 0.95	0.705	34.33% (+0.24)	―	―
Jun 25, 2024	2024 (Q2)	-0.01 / 0.09	-0.244	135.66% (+0.33)	―	―
Mar 27, 2024	2024 (Q1)	-0.14 / -0.11	-0.448	75.22% (+0.34)	―	―
Dec 21, 2023	2023 (Q4)	-0.10 / -0.06	-0.702	92.17% (+0.65)	―	―
Sep 29, 2023	2023 (Q3)	0.60 / 0.70	-0.52	235.58% (+1.23)	―	―
Jun 26, 2023	2023 (Q2)	-0.27 / -0.24	-1.334	81.71% (+1.09)	―	―

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

GB:CCL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 24, 2025	1540.50p	1722.50p	+11.81%
Mar 21, 2025	1450.50p	1449.00p	-0.10%
Dec 20, 2024	1821.00p	1887.00p	+3.62%
Sep 30, 2024	1271.50p	1218.00p	-4.21%

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.

FAQ

When does Carnival (GB:CCL) report earnings?

Carnival (GB:CCL) is schdueled to report earning on Sep 26, 2025, Before Open (Confirmed).

What is Carnival (GB:CCL) earnings time?

Carnival (GB:CCL) earnings time is at Sep 26, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of Carnival stock?

The P/E ratio of Carnival is N/A.

What is GB:CCL EPS forecast?

GB:CCL EPS forecast for the fiscal quarter 2025 (Q3) is 0.97.

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