The earnings call reflects a strong performance with record-breaking revenue and successful strategic initiatives significantly outweighing concerns over geopolitical impacts and increased costs. The sentiment remains positive as the company continues to exceed its targets and enhance customer experiences.

Company Guidance -

Q3 2025

During the second quarter of 2025 earnings call, Carnival Corporation reported a series of remarkable financial achievements, including record revenues and yields for the eighth consecutive quarter. The company set new highs for EBITDA and operating income, both in total and on a per Available Lower Berth Day (ALBD) basis. Year-over-year, EBITDA increased by 26%, operating income rose by 67%, and net income more than tripled, surpassing guidance by $185 million. Yields grew by nearly 6.5%, outperforming guidance by 200 basis points. Carnival also achieved a 200-basis-point improvement in unit costs, and EBITDA margins surpassed 2019 levels by 200 basis points, marking the highest margins in nearly two decades. The company exceeded its 2026 targets for EBITDA growth and Return on Invested Capital (ROIC) 18 months ahead of schedule, with ROIC reaching 12.5%. Additionally, Carnival met its carbon intensity reduction target, highlighting its commitment to sustainability. The company plans to set new targets in 2025, driven by continued strong demand and strategic investments in its cruise offerings.

Record Revenue and Earnings Growth

Carnival Corporation achieved record revenues for eight consecutive quarters, with EBITDA up 26%, operating income up 67%, and net income more than tripled year-over-year. Margins reached the highest levels in nearly twenty years.

Exceeded 2026 Targets Ahead of Schedule

The company surpassed its 2026 targets for EBITDA per ALBD growth and return on invested capital (ROIC) by 18 months, achieving a 52% increase in EBITDA per ALBD and a ROIC of 12.5%.

Strong Booking and Yield Growth

Customer deposits reached an all-time high, and yield expectations for the remainder of the year were reaffirmed, with a projected 16% increase in yields across 2024 and 2025.

New Cruise Destinations and Upgrades

New destinations such as Celebration Key and Relax Away Half Moon Cay are set to enhance the cruise experience. The Aida Evolution program is also upgrading ships, leading to significant demand and positive guest feedback.

Debt Refinancing and Improved Leverage

Carnival prepaid $350 million of notes due 2026, reducing net interest expense and improving the net debt to EBITDA ratio from 4.1x to 3.7x. The company is on track to achieve investment-grade leverage metrics.

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)	0.96 / -	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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